Rising number of commercial insurance providers fuels growth

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Global commercial insurance market

Global commercial insurance market

DUBLIN, May 26, 2023 (GLOBE NEWSWIRE) — The Commercial Insurance Global Market Report 2023 has been added to ResearchAndMarkets.com’s offering.

This report provides strategists, marketers and executives with the crucial information they need to assess the market.

This report focuses on the commercial insurance market, which is showing strong growth. The report provides an overview of the trends that will shape the market over the next decade and beyond.

Major players in the commercial insurance market 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 and 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, Farmers Insurance Group.

Reasons to Buy

Get a truly global perspective with the most comprehensive report available on this market, covering more than 50 regions.

Understand how the market has been impacted by COVID-19 and how it will react as the impact of the virus wears off.

Evaluate the impact of the war between Russia and Ukraine on agriculture, energy and mineral supplies, and its direct and indirect impact on the market.

Measure the impact of high global inflation on market growth.

Create regional and country strategies based on local data and analysis.

Identify growth segments for investments.

Outperform your competitors using forecast data and the drivers and trends shaping the market.

Understand customers based on the latest market shares.

Compare performance to key competitors.

Suitable for supporting your internal and external presentations with reliable, high-quality data and analysis

Commercial insurance is a protection plan that protects businesses from financial loss caused by injury, theft, cyberattacks, and other disasters. This is very helpful in protecting the company’s assets from damage.

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The main types of commercial insurance are commercial vehicle insurance, commercial property insurance, liability insurance, marine insurance, and others. Commercial car insurance is business insurance that protects company vehicles from accidents and theft. It is available to large corporations as well as small and medium-sized businesses through various distribution channels including agents and brokers, direct response and others for manufacturing, construction, IT and telecom, healthcare, energy and utilities, transport and logistics and other industries.

The introduction of advanced technologies is a major trend that is gaining popularity in the commercial insurance market. Big companies in the market use technologies like artificial intelligence and the Internet of Things (IoT) to assert their position in the market.

The story goes on

For example, in September 2022, NeuralMetrics, a US-based InsurTech company, launched MarketEdge, a proprietary solution based on artificial intelligence and natural language processing (NLP) technology that helps insurance companies connect to US-based companies Research and filter who can be perceived as potential customers for your commercial insurance offering. The new offering uses databases such as OSHA, the Centers for Medicare and Medicaid Services, the Environmental Protection Agency, salary protection recipients, licenses, permits, inspections, and other databases to find leads.

In December 2022, World Insurance Associates, a US-based insurance provider, acquired DG and M Insurance Agency for an undisclosed amount. The acquisition is conditional on providing consumers with exceptional service by providing quality insurance products and services that meet their needs and exceed their expectations. DG and M is a US-based commercial insurance service provider.

Asia Pacific was the largest region in the commercial insurance market in 2022. The regions covered in this report are Asia Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in Commercial Insurance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.

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The growing number of commercial insurance providers is driving the commercial insurance market into the future. Insurance providers are companies that provide insurance services. The diversity of corporate insurance grows with the number of insurance providers. This gives businesses more choices. It also lowers the cost of premiums, making it more affordable for small businesses who choose not to because of the high cost.

For example, according to Ibisworld, a US-based industry data provider, there were approximately 420056 insurance brokers and agencies in the US in 2023, a 0.3% increase from 2022. Additionally, in 2020, according to the Insurance Information Institute, a U.S.-based trade association dedicated to increasing understanding of insurance, the insurance industry employed approximately 2,853,000 people, compared to 2,802,300 people in 2019. As a result, it’s drifting the increasing number of commercial insurance providers is affecting the commercial insurance market.

The commercial insurance market includes revenue that companies generate from the provision of services such as insurance, consulting, and claims adjustment. Market value includes the value of related goods sold by the service provider or included in the service offering. Only goods and services traded between businesses or sold to end consumers are included.

Market value is defined as the revenue earned by businesses from the sale of goods and/or services within the specified market and region through sales, grants or donations in the applicable currency (in USD unless otherwise noted).

The revenue for a given region is consumption values, which is revenue generated by organizations in the specified region within the market, regardless of where it is produced. This does not include proceeds from resales along the supply chain, neither further down the supply chain nor as part of other products.

Key Features:

report attribute


number of pages


forecast period

2023 – 2027

Estimated market value (USD) in 2023

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$715.87 billion

Projected market value (USD) by 2027

$987.29 billion

Annual growth rate


Regions Covered


Main topics covered:

1. Summary

2. Characteristics of the commercial insurance market

3. Commercial Insurance Market Trends and Strategies

4. Commercial Insurance Market – Macroeconomic Scenario
4.1. Impact of COVID-19 on the commercial insurance market
4.2. Effects of the war between Ukraine and Russia on the commercial insurance market
4.3. Effects of high inflation on the commercial insurance market

5. Commercial insurance market size and growth
5.1. Global Historical Commercial Insurance Market, 2017-2022, US$ Billion
5.1.1. drivers of the market
5.1.2. restrictions in the market
5.2. Global Commercial Insurance Forecast Market, 2022-2027F, 2032F, $Billion
5.2.1. drivers of the market
5.2.2. restrictions in the market

6. Commercial Insurance Market Segmentation
6.1. Global Commercial Insurance Market, Segmentation by Type, Historical & Forecast, 2017-2022, 2022-2027F, 2032F, US$ Billion

6.2. Global Commercial Insurance Market, Segmentation by Company Size, Historical & Forecast, 2017-2022, 2022-2027F, 2032F, US$ Billion

6.3. Global Commercial Insurance Market, Segmentation by Distribution Channel, Historical and Forecast, 2017-2022, 2022-2027F, 2032F, US$ Billion

6.4. Global Commercial Insurance Market, Segmentation by Industry, Historical and Forecast, 2017-2022, 2022-2027F, 2032F, US$ Billion

7. Regional and country analysis of commercial insurance market
7.1. Global Commercial Insurance Market Split by Region, Historical and Forecast, 2017-2022, 2022-2027F, 2032F, Billion US$
7.2. Global Commercial Insurance Market Split by Country, Historical and Forecast, 2017-2022, 2022-2027F, 2032F, US$ Billion

For more information about this report, visit https://www.researchandmarkets.com/r/61bhg0

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