What is B2B Insurance Market?
Business insurance covers losses occurred by the events while conducting normal course of business. The coverage includes property damage, legal liability and employee related risks. The risks varies according to the environment they are working in. Apart from these business insurance coverage, it provides additional ones. Moreover, the business insurance protects the financial assets, intellectual and physical properties of the business from events such as lawsuits, thefts, loss of income, employee injuries and others.
Highlights from B2B Insurance Market Study
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | Berkshire Hathaway (United States), Liberty Mutual (United States), Allstate Corp (United States), Farmers Insurance group (United States), Zurich (Switzerland), AXA (France), Allianz global corporate and speciality (Germany), CNA (Singapore), CGI Insurance (England) and State farm (United States) |
Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global B2B Insurance market throughout the forecasted period.
Berkshire Hathaway (United States), Liberty Mutual (United States), Allstate Corp (United States), Farmers Insurance group (United States), Zurich (Switzerland), AXA (France), Allianz global corporate and speciality (Germany), CNA (Singapore), CGI Insurance (England) and State farm (United States) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Chubb Corporation (United States), Progressive commercial (United States), Hartford insurance company (United States), Hanover insurance group (United States), The Travelers Companies (United States), American International Group, Inc. (United States), Nationwide (United Kingdom), AIA Group Limited (China) and ICICI Lombard (India). B2B Insurance Market Segmentation:
Scope | Sub-Segments |
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Type | Commercial liability, Commercial Property and Worker’s compensation |
Industry vertical | Contractors & construction,Finance & insurance,Healthcare,Manufacturing,Professional services,Real estate,Restaurants,Retail,Technology,Wholesalers & distributors |
Coverage type | Short term,Long term |
Organisation size | SMEs,Large Enterprises |
On the basis of geography, the market of B2B Insurance has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Adoption of Automation and Artificial Intelligence in Insurance Processes and Rising Number of InsurTech Firms which are Offering Specific Functionalities or Parts of Value Chain
Market Growth Drivers:
Ability to Distribute Insurance Policies in Small Businesses in a Cost Effective way that covers Various Risks. and Risks Such as Legal Liability, Employee Illness and Natural Disasters to Businesses are leading to Investment in Business Insurance
Challenges:
Lack of Awareness about the Insurance for Small Businesses
Restraints:
Rise in Inflation Rates are Causing in Cancellation of Policies
Opportunities:
Rising Number of Small and Medium Enterprises is Boosting the Market Growth
Key Target Audience
Manufacturers, Raw Material Suppliers, Distributors and Traders, Research Organisations, Government Agencies and Organisations
Market Leaders & Development Strategies
In June 2019, Zurich has completed the acquisition of life insurance business of ANZ. This acquisition helps the company to expand its distribution footprint.
In March 2018, Next Insurance has launched live certificate, a real time insurance verification. This includes verifiable additional insurance and policy expiry information.