United States Commercial Insurance Market to Reach US$ 470.4 Billion by 2032, Propelled by the Rising Need for Protection Against Fraudulent Activities

April 24, 2023 | BFSI

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The latest report by IMARC Group, titled “United States Commercial Insurance Market Report by Type (Liability Insurance, Commercial Motor Insurance, Commercial Property Insurance, Marine Insurance, and Others), Enterprise Size (Large Enterprises, Small and Medium-sized Enterprises), Distribution Channel (Agents and Brokers, Direct Response, and Others), Industry Vertical (Transportation and Logistics, Manufacturing, Construction, IT and Telecom, Healthcare, Energy and Utilities, and Others), and Region 2024-2032,” finds that the United States Commercial Insurance market size reached US$ 277.9 Billion in 2023. Commercial insurance provides financial protection to companies against various common risks, including legal action from clients, employee injuries, and property theft or damage. It also encompasses coverage for marine, construction, fire, burglary, plant and machinery, the liability of directors and officers, general and public liability, and cyber security. In addition, it provides more coverage due to the involvement of several physical properties compared to personal insurance. As a result, commercial insurance is gaining immense traction in the United States due to the growing number of small, medium-sized, and large businesses.

United States Commercial Insurance Market Trends:

The market is primarily driven by the growing reliance on commercial insurance to protect against fraudulent activities. In addition, the increasing competition among small and medium-sized enterprises (SMEs) and the easy availability of commercial insurance providers to businesses are contributing to the market growth. Moreover, the widespread adoption of advanced technologies such as machine learning (ML) and artificial intelligence (AI) represents another major growth-inducing factor. Besides this, the US government is investing heavily in promoting commercial insurance usage, accelerating the product adoption rate. Along with this, the widespread adoption of predictive analytics by numerous corporations to collect various data and understand and anticipate business risks, thus mitigating losses and gaining customer loyalty while ensuring easy and convenient insurance plans with a low premium cost propelling the market growth. Furthermore, the increasing digitization, the rising popularity of startup businesses, and mergers and acquisitions (M&A) among key players are creating a positive market outlook. Looking forward, IMARC Group expects the market value to reach US$ 470.4 Billion by 2032, exhibiting a CAGR of 6.02% during the forecast period (2024-2032).

Market Summary:

Based on the type, the market has been categorized into liability, commercial motor, commercial property, and marine and other insurances.
On the basis of the enterprise size, the market has been bifurcated into large, and small and medium-sized enterprises.
Based on the distribution channel, the market has been classified into agents and brokers, direct response, and others.
On the basis of the industrial vertical, the market has been segregated into transportation and logistics, manufacturing, construction, IT and telecom, healthcare, energy and utilities, and others.
Region-wise, the market has been divided into Northeast, Midwest, South, and West.
The competitive landscape of the industry has also been examined in the report, along with the profiles of the key players operating in the industry.

Report Coverage:

Report Features	Details
Base Year of the Analysis	2023
Historical Period	2018-2023
Forecast Period	2024-2032
Units	US$ Billion
Segment Coverage	Type, Enterprise Size, Distribution Channel, Industry Vertical, Region
Region Covered	Northeast, Midwest, South, West
Customization Scope	10% Free Customization
Report Price and Purchase Option	Single User License: US$ 3699 Five User License: US$ 4699 Corporate License: US$ 5699
Post-Sale Analyst Support	10-12 Weeks
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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United States Commercial Insurance Market to Reach US$ 470.4 Billion by 2032, Propelled by the Rising Need for Protection Against Fraudulent Activities

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