About SME Insurance
SME insurance helps cover the costs of liability and property damage claims. It can also replace lost income if the business has to close temporarily because of a loss. The coverage includes property damage, legal liability, and employee-related risks. The risks vary according to the environment they are working in. Apart from this business insurance coverage, it provides additional ones. Moreover, the SME 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.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 4.61% |
The SME insurance market is fragmented as the market has a number of companies that offer various insurance such as SME Insurance. The companies are exploring the market by expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies.The Players having a strong hold in the market are Berkshire Hathaway, Liberty Mutual, Allstate Corp, and Farmers Insurance Group. Analyst at AMA Research estimates that United States and European Players will contribute the maximum growth to Global SME 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.
Berkshire Hathaway (United States), Liberty Mutual (United States), Allstate Corp (United States), Farmers Insurance Group (United States), Allianz global corporate and specialty (Germany), CNA (Singapore), Zurich (Switzerland), AXA (France), CGI Insurance (England) and State farm (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are The Travelers Companies (United States), American International Group, Inc. (United States), Nationwide (United Kingdom), AIA Group Limited (China), Chubb Corporation (United States), Progressive commercial (United States), Hartford insurance company (United States), Hanover insurance group (United States) and ICICI Lombard (India).
Segmentation Overview
AMA Research has segmented the market of Global SME Insurance market by Type (Property Insurance, Public Liability Insurance, Business Interruption Insurance, Workers Compensation Insurance, Goods in Transit Insurance and Others) and Region.
On the basis of geography, the market of SME 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 Agent, the sub-segment i.e. Bancassurance will boost the SME Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Coverage Type, the sub-segment i.e. Short Term will boost the SME Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End User, the sub-segment i.e. Contractors & Construction will boost the SME Insurance market. 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 in Emerging Economies is Boosting the Market Growth
Market Leaders and their expansionary 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.
Recently, Next Insurance has launched a live certificate, a real-time insurance verification. This includes verifiable additional insurance and policy expiry information.
Key Target Audience
SME Insurance Providers, Potential Technology Investors, Regulatory & Government Bodies, Downstream Vendors, End Users and Other
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.