Insurance is an important element that helps secure certain aspects of life. It is also a necessity for businesses – small, medium and large as they are at a high risk of being subjected to legal complications, robberies as well as any issues an employee might be facing. These problems can be resolved and the businesses can find solutions to and recover from them using commercial insurance.
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Impact of COVID-19 on the Global Commercial Insurance Market
In early 2020, the world witnessed the rapid spread of the coronavirus which due to its intensity was declared a pandemic. As a result of this, society experienced a drastic shift in the way things functioned. The guidelines issued by several healthcare organizations, especially the World Health Organization stressed on the need to maintain social distancing which led to the implementation of lockdowns all over the world. Also, most nations shut their borders affecting the supply chain immensely which further led to a loss for businesses. Most of the insurance companies found opportunities to maintain their growth by playing a major role in helping businesses sustain through these testing times. Thus, the pandemic had a mild effect on the commercial insurance market due to which it also recovered easily in the analysis period.
Key Developments in the Industry
Various experts of the industry have been working on innovations and enhancing their services to cement their position in the market. The organizations have also been utilizing novel methods to ensure the best of facilities for the customer’s satisfaction.
In February 2019, Berkshire Hathaway Guard Insurance Companies, renowned leader in the insurance market announced their plans to launch a new insurance plan-the Commercial Package Product. This type of insurance is expected to cover commercial property, umbrella, employment-related practices liability insurance, as well as general liability with a limit ranging between $1 million to $6 million. The target companies are expected to be wholesalers and distributors, resorts, light to medium manufacturing companies and country clubs.
Also, in December 2020, Assurant, another global expert in insurance solutions acquired EPG Insurance, an expert in facilities such as physical damage insurance and loss damage waivers. This initiative is predicted to expand the product inventory of the company while also enhancing its presence in the market.
Forecast Analysis of the Market
A recently published report by Research Dive states that the global commercial insurance market is expected to witness a rise in revenue from $3,49,127.3 million in 2020 to over $6,61,743.0 million by 2028 at a stable CAGR of 8.1% from 2021-2028.
Several small and medium businesses have been demanding commercial insurance policies that will help secure the organizations. To add further, the pandemic affected many businesses severely which stated the importance of having valid insurance policies. This demand as well as the introduction of new and enhanced policies along with the presence of multiple renowned insurance companies has contributed to the growth of the global commercial insurance market.
On the contrary, small businesses are unaware of most aspects of commercial insurance which also include the coverage it assures their businesses. Also, most insurances have extremely high commercial insurance premiums which some of the businesses may not be able to afford. These factors are anticipated to hamper the growth of the market in the forecast period.
Also, the market has been experiencing a rapid increase in the presence of small businesses which has also led to advancements in technology. Also, predictive analysis, a method which collects a large amount of data to help analyze the corporate risks and losses, is mostly used by insurers to help businesses understand any risks they may be at. A majority of the companies have also been providing easy and user-oriented policies to people while ensuring that the premium rates are lowered. These factors are predicted to provide the market with an opportunity to grow further in the estimated timeframe.
Moreover, a large number of industry experts have worked towards the benefit of businesses by providing them with best solutions according to their requirements. Some of them are
- Allianz
- American International Group, Inc.
- Aon plc
- Aviva
- AXA
- Chubb Limited
- Direct Line Insurance Group plc
- Marsh
- Willis Towers Watson
- Zurich
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