Outlook on the Commercial Insurance Global Market to 2030 - Adoption of Advanced Technology in Commercial Insurance Presents Opportunities - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Nov 24, 2021--
The “Commercial Insurance Market By Type, Distribution Channel Enterprise Size and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2021-2030” report has been added to ResearchAndMarkets.com’s offering.
A commercial insurance plan offers various types of insurance policies such as liability insurance, fire insurance, burglary insurance, plant & machinery insurance, business insurance, and others. Moreover, these insurance policies are specially designed to cover any type of risk associated with business. In addition, commercial insurance helps minimize the financial losses of businesses and promotes business continuity. It further protects image of the business by managing risk and protecting the owners, customers, and shareholders associated to the business.
With an increased competition among the commercial insurance providers to offer better services in terms of coverage and polices along with premium rates, the demand for commercial insurance has increased in the market. In addition, business owners have a variety of polices from number of commercial insurance providers to choose, according to their needs & preferences.
In addition, increase in competition among small & medium sized business and increase in need for insurance policies among the enterprises to protect business from pandemic scams are some of the factors propelling the market growth. However, high insurance premium of commercial insurance and lack of information among small-sized businesses about commercial insurance are some of the major factors limiting the growth of the commercial insurance market.
On the contrary, increase in adoption of advanced technologies such as artificial intelligence, machine learning, predictive analysis, and others aimed at gaining consumer loyalty and to strengthen the commercial insurance market presence by offering advanced services with decreased premium cost. Therefore, this is attributed to offer lucrative opportunities for the commercial insurance market in the upcoming years.
The commercial insurance market is segmented on the basis of type, distribution channel, enterprise size, industry vertical, and region. On the basis of type, the market is segmented into commercial motor insurance, commercial property insurance, liability insurance, marine insurance, and others. By distribution channel, it is segmented into agents & brokers, direct response, and others.
Based on enterprise size, it is segregated into large enterprises, medium-sized enterprises, and small-sized enterprises. By industry verticals, the market is segmented into manufacturing, construction, it & telecom, healthcare, energy & utilities, transportation & logistics, and others. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
- The study provides in-depth analysis of the global commercial insurance market along with the current & future trends to illustrate the imminent investment pockets.
- Information about key drivers, restrains, & opportunities and their impact analysis on the global commercial insurance market size are provided in the report.
- Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
- The quantitative analysis of the global commercial insurance market from 2021 to 2030 is provided to determine the market potential.
- Increase in need for insurance policies among the enterprises to protect business from pandemic scams
- Increase in competition among the small & medium sized business
- Availability of large number of insurance providers
- High insurance premium
- Lack of awareness among small sizes enterprises
- Surge in usage of telematics device in the retail, construction and healthcare industries
- Adoption of advanced technology in commercial insurance
- American International Group Inc.
- Aon plc
- Direct Line Insurance Group plc
- Willis Towers Watson
For more information about this report visit https://www.researchandmarkets.com/r/u10wv5
View source version on businesswire.com:https://www.businesswire.com/news/home/20211124005908/en/
Laura Wood, Senior Press Manager
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
INDUSTRY KEYWORD: INSURANCE PROFESSIONAL SERVICES
SOURCE: Research and Markets
Copyright Business Wire 2021.
PUB: 11/24/2021 05:11 AM/DISC: 11/24/2021 05:11 AM