About Business Insurance
Business insurance coverage protects the businesses from losses due to events which may occur during the normal course of business. There are many types of insurance for businesses which include coverage for legal liability, property damage, and employee-related risks. The market of business insurance is increasing due to the growing technological advancement in every field also growing stringent government rules and regulations due to rising property threat is further driving the overall market. While there are some aspects which are hindering the market due to tricky terms and conditions there can be negative perception related to it.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Analyst at AMA Research estimates that Japanese and United States Players will contribute the maximum growth to Global Business Insurance market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Allianz (Germany), AXA (France), Nippon Life Insurance (Japan), American Intl. Group (United States), Aviva (United Kingdom), Assicurazioni Generali (Italy), State Farm Insurance (United States), Dai-ichi Mutual Life Insurance (Japan), Munich Re Group (Germany), Zurich Financial Services (Switzerland), Prudential (United States), Asahi Mutual Life Insurance (Japan), Sumitomo Life Insurance (Japan), Aegon (Netherlands), MetLife (United States), Swiss Reinsurance (Switzerland), CNP Assurances ( France), Meiji Yasuda Life Insurance Company (Japan), Standard Life Assurance (United Kingdom) and WanaArtha Life (Indonesia) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Asian Life Insurance Company (India), AIA Group Limited (China), China Life Insurance Company Limited (China), China Ping An Life Insurance Company Limited (China) and ACE Group (Vietnam).
Segmentation Overview
AMA Research has segmented the market of Global Business Insurance market by Type (Property Insurance, Product liability insurance, Business interruption insurance, Workers’ compensation insurance, Professional liability insurance, Commercial Auto Insurance and Other), Application (Large Corporations and Small and Medium-Sized Companies) and Region.
On the basis of geography, the market of Business 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). If we see Market by Coverage Area, the sub-segment i.e. Small Coverage will boost the Business Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Collaboration between traditional insurance and InsurTech firms will give rise to newer models and revenue streams, higher profitability and reduced operational costs and AI & Automation for faster claims
Market Growth Drivers:
Increased adoption of cloud-based technologies and Increasing stringency of government regulations and growing personal property threats
Challenges:
Tricky terms and conditions and Potential crime incidents
Restraints:
Additional expenses from the from a business point of view and Limited Scope with regards to the number of things business cover
Opportunities:
Rapid economic developments, globalization, digitalization, and the increased adoption of insurance policies are expected to drive the business insurance market
Market Leaders and their expansionary development strategies
Allianz expanded African footprint with the acquisition of Ensure Insurance in Nigeria
Axa announced that it has obtained all regulatory approvals required to complete the proposed acquisition of XL Group Ltd and Nippon Life Insurance completes 49% acquisition in Reliance Nippon Life
Key Target Audience
Business Insurance service Vendors, Business Insurance Association, Regulatory Bodies, End Users, Government Bodies, Consulting firms and Emerging Companies
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.