Steve Smith
The Global Commercial Insurance Market size is valued at USD 1.2 billion in 2023 & is estimated to grow at a CAGR of around 7.9% during the forecast period, i.e., 2024-30.
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Key Findings of the Study: Commercial Insurance Market
Global Commercial Insurance Market Opportunity: Rising Adoption of Electric Vehicles (EVs) to Open New Doors for Market Growth
The global shift towards electric vehicles has created a significant opportunity for Commercial Insurance Industry. The phenomenon of climate change and global warming has prompted governments and businesses to look for cleaner alternatives to fossil fuels. The responses to such changes gave rise to the popularity of EVs. EVs use lithium-ion batteries as a fuel instead of fossil fuels. These batteries require efficient thermal management to obtain optimal performance, which is where the TIMs come in.
As EV adoption grows, the demand for TIMs will grow parallel to it due to need for the advanced thermal management solutions. These TIMs are a necessary component to ensure that the Lithium-Ion batteries work in the range of safe temperature and not leading to overheating or potential thermal runaways. Moreover, as the investments in making an efficient battery pack increase, giving rise to a consequent innovation in TIMs, bringing in accelerated growth in the Market.
Scope of the Report and Commercial Insurance Market Segmentation
By Type
-Liability Insurance
-Commercial Motor Insurance
-Commercial Property Insurance
-Marine Insurance
By Industry
-Transportation and Logistics
-Manufacturing
-Construction
-IT and Telecom
-Healthcare
-Energy and Utilities
By Enterprise Size
-Large Enterprises
-Small & Medium-sized Enterprises
- The large enterprises segment holds the largest market share. This is owing to rising awareness of risk management specifically for large enterprises.
By Distribution Channel
-Agents & Brokers
-Direct Response
Top leading companies in the Commercial Insurance Market includes:
Allianz SE, American International Group Inc., Aon plc., Aviva plc., Axa S.A., Chubb Limited, Direct Line Insurance Group plc., Marsh & McLennan Companies Inc., Willis Towers Watson Public Limited Company, and Zurich Insurance Group Ltd.
Commercial Insurance Market Development
- 2023: American International Groups Inc., declared that it has finalized its agreement with funds managed by Stone Point Capital LLC, focused on investing in business within the global financial services industry, to form Private Client Select Insurance Services (PCS), an independent Managing General Agency (MGA) to serve High New Worth and Ultra High Net Worth markets.
- 2023: Aviva PLC acquired a significant stake in Fox Factory Holding Corp. during the first quarter of the year.
- 2023: AON PLC declared its partnership with Cover Whale to expand trucking insurance offerings.
For more detailed information about the Commercial Insurance market report, click here – https://www.marknteladvisors.com/research-library/commercial-insurance-market.html
Geographical analysis:
North America: The US, Canada, Mexico
South America: Brazil, Rest of South America
Europe: Germany, France, Italy, The UK, Spain, Russia, Rest of Europe
Asia-Pacific: China, Japan, India, South Korea, Australia, Indonesia Rest of Asia Pacific
Middle East & Africa: GCC, South Africa, Rest of Middle East and Africa
- North America leads the commercial insurance sector and is anticipated to hold the largest market share during the forecast period.
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