The Commercial Property Insurance Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
Learn More On The Commercial Property Insurance Market:
https://www.thebusinessresearchcompany.com/report/commercial-property-insurance-global-market-report
According to The Business Research Company’s Commercial Property Insurance Global Market Report 2024, The commercial property insurance market size has grown rapidly in recent years. It will grow from $302.12 billion in 2023 to $339.29 billion in 2024 at a compound annual growth rate (CAGR) of 11.6%. The growth in the historic period can be attributed to economic growth, industrial expansion, increased real estate investments, urbanization, regulatory changes, rising property values, and the frequency of natural disasters.
The commercial property insurance market size is expected to see rapid growth in the next few years. It will grow to $531.20 billion in 2028 at a compound annual growth rate (CAGR) of 11.9%. The growth in the forecast period can be attributed to increasing awareness of climate change impacts, the growth of e-commerce, regulatory enhancements, rising property development projects, shifts in global economic conditions, and evolving insurance needs due to emerging risks are expected to drive the commercial property insurance market in the future. Major trends in the forecast period includeincreasing adoption of advanced technologies, rising demand for cyber insurance, greater emphasis on climate change adaptation, customized coverage solutions for diverse industries, growing interest in sustainability and green building coverage, evolving regulatory requirements, and expansion into emerging markets.
The rising number of natural disasters is expected to propel the growth of the commercial property insurance market going forward. Natural disasters are catastrophic events caused by natural processes of the Earth, such as earthquakes, floods, hurricanes, and wildfires, which lead to extensive damage to property, loss of life, and significant disruption to daily life. The frequency and severity of natural disasters are rising due to climate change, intensifying weather patterns and human activities and impacting the environment. Commercial property insurance offers financial protection to businesses against damage from natural disasters by covering repair costs, property loss, and business interruptions. For instance, in April 2024, according to Our World in Data (OWID), a UK-based open public source, the global number of earthquakes increased from 16 in 2021 to 32 in 2023. Therefore, the rising number of natural disasters is driving the growth of the commercial property insurance market.
Get A Free Sample Of The Report (Includes Graphs And Tables):
https://www.thebusinessresearchcompany.com/sample.aspx?id=18314&type=smp
The commercial property insurance market covered in this report is segmented –
1) By Type: Buildings Insurance, Contents Insurance, Flood Insurance, Earthquake Insurance, Other Types
2) By Enterprise Size: Large-Scaled Enterprises, Small And Medium-Sized Enterprises
3) By Distribution Channel: Agents And Brokers, Direct Response, Other Distribution Channels
4) By Application: Open Perils, Named Perils
5) By Industry Vertical: Manufacturing, Construction, Information Technology (IT) And Telecommunications, Healthcare, Energy And Utilities, Transportation And Logistics, Other Industry Verticals
Major companies operating in the commercial property insurance market are expanding their offerings through Insurtech solutions to help companies stay competitive and adapt to rapidly changing technological advancements in the insurance sector. Insurtech, or insurance technology, refers to the use of technological innovations designed to improve the efficiency, effectiveness, and customer experience of the insurance industry. This can include the use of artificial intelligence, big data analytics, blockchain, mobile applications, and other digital technologies to streamline processes. For instance, in May 2024, Janover, a US-based commercial property lending company, launched Janover Insurance, its Insurtech subsidiary for commercial property insurance and more. Leveraging its proficiency in handling complex real estate transactions, Janover aims to offer a comprehensive range of insurance services, enhancing client value and reducing costs. This subsidiary aims to offer enhanced value and efficiency by combining insurance with financial services.
The commercial property insurance market report table of contents includes:
1. Executive Summary
2. Commercial Property Insurance Market Characteristics
3. Commercial Property Insurance Market Trends And Strategies
4. Commercial Property Insurance Market – Macro Economic Scenario
5. Global Commercial Property Insurance Market Size and Growth
.
.
.
32. Global Commercial Property Insurance Market Competitive Benchmarking
33. Global Commercial Property Insurance Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Commercial Property Insurance Market
35. Commercial Property Insurance Market Future Outlook and Potential Analysis
36. Appendix
Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: [email protected]
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
Facebook: https://www.facebook.com/TheBusinessResearchCompany
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Blog: https://blog.tbrc.info/
Healthcare Blog: https://healthcareresearchreports.com/
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model
