LONDON, May 09, 2023 (GLOBE NEWSWIRE) — Business Research Company’s study of the commercial insurance market predicts that the market size will increase from $660.9 billion in 2022 to $715.8 billion in 2023 at a compound annual growth rate (CAGR) of over 8%. It is also expected to reach $987.2 billion in 2027 at the same CAGR. In 2022 Asia-Pacific region it was the largest region in the commercial insurance market.
One of the main drivers of growth in the commercial insurance market is growing number of insurance providers. As the number of providers increases, there is a greater variety of business coverage options available to companies. Not only does this give companies more choices, it also makes insurance more affordable for small businesses that may have avoided it because of the high costs.
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Major commercial insurance companies include Allianz Life Insurance Company of North America, American International Group Inc., Aon PLC., Aviva PLC., AXA SA, Chubb Corporation, Direct Line Insurance Group PLC., Marsh Mclennan Agency, Willis Towers Watson Public Ltd. , Zurich Insurance Group Ltd., The Travelers Companies Inc., Liberty Mutual Group, Nationwide Mutual Insurance Company, The Hartford Financial Services Group Inc., Tokio Marine Holdings Inc., State Farm Insurance and Farmers Insurance Group.
Adoption of modern technologies, such as artificial intelligence and the Internet of Things (IoT), is another key trend in the commercial insurance market. Big companies use these technologies to maintain their market position.
For example, NeuralMetrics launched MarketEdge in September 2022, a proprietary solution based on artificial intelligence and natural language processing (NLP) technology. It helps insurance companies research and filter US-based businesses that could be potential customers for their commercial insurance offerings. The new solution uses databases such as OSHA, the Centers for Medicare and Medicaid Services, the Environmental Protection Agency, wage protection recipients, licenses, permits, inspections and other databases to find potential customers.
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The global commercial insurance market is segmented into –
1) By Type: Commercial Auto Insurance, Commercial Property Insurance, Liability Insurance, Marine Insurance, Other Types
2) By enterprise size: large enterprises, small and medium-sized enterprises
3) By distribution channel: agents and brokers, direct response, other distribution channels
4) By industry verticals: manufacturing, construction, IT and telecommunications, healthcare, energy and utilities, transport and logistics, other industry verticals
This report on the global commercial insurance market further offers in-depth information on the anticipated growth drivers of the market, including the increasing number of insurance providers, the adoption of advanced technologies, and the major players in the market.
Commercial insurance Global Market Report 2023 from The Business Research Company provides insight into Commercial Insurance market size, Commercial Insurance market segments, Commercial Insurance market trends, drivers and restraints, major competitors’ market positioning, revenue and market shares.
The business research company has published over 4,500+ industry reports covering more than 2,500+ market segments and 60 geographies. The reports are based on 1,500,000 datasets, extensive secondary research and exclusive insights from interviews with industry leaders.
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