A11622 | Pages: NA | May 2022 | 1382 Views | | |
Author(s) : Vijay poola | Tables: NA | Charts: NA |
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Commercial Property Insurance Market
Request Now !Commercial property insurance is a type of insurance used as a safeguarding service to cover losses caused by unexpected future events. It is used for protecting losses occurred due to fire, theft, explosions, and natural disaster. Property insurance is used by a diverse range of businesses, including manufacturers, retailers, service-oriented businesses, and non-profits. Property insurance has become a significant expense for businesses that use heavy equipment and manufacturers to cover the cost.
The global commercial property insurance market is segmented on the basis of type, application, enterprise size, and region. Based on type, the market is divided into buildings insurance, contents insurance, flood insurance, earthquake insurance, and others. In terms of application, the market is bifurcated into open perils and named perils. On the basis of enterprise size, the market is segregated into small-sized enterprises, medium-sized enterprises, and large enterprises. Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).
Key players operating in the global commercial property insurance industry include Sumitomo Life Insurance Company, MetLife Services and Solutions, Nationwide, Insureon, The Hartford, Prudential, Allianz, State Farm, AEGON, AXA, and Aviva. These companies have adopted several strategies such as product launches, partnerships, collaborations, mergers & acquisitions, and joint ventures to strengthen their foothold in the global market.
Expansion of small & medium enterprises (SME) and increased foreign direct investment in real estate drive the market growth. However, high insurance premium is one of the major factors expected to hamper the market growth. In contrast, lucrative investment opportunities and government initiatives toward industries to adopt commercial property insurance have become major opportunities for the commercial property insurance market.
In 2020, a study conducted by McKinsey Global Institute (MGI) states that small & medium businesses are a major contributor to economic growth in both developing and developed countries. These businesses are target segments for commercial property insurance. However, during the COVID-19 pandemic, risk in the property market has increased, and thus the demand for commercial insurance has been growing significantly during the forecast period.
The Regulation and Development Act 2016 (RERA) provides statutory recognition to the concept of property insurance & purpose of indemnity insurance against financial loss. In addition, generally, government allows 100% foreign direct investment (FDI) in real estate, and overseas investments have been a profitable opportunity for the real estate business to protect their monetary losses. As a result, investments in real estate projects are expected to drive the growth of the market in the coming years.
Key Benefits of the Report
Market Scope and Structure Analysis
Report Metric | Details |
Market Size Available For Years | 2020–2030 |
Base Year Considered | 2020 |
Forecast Period | 2021-2030 |
Forecast Unit | Value (USD) |
Segments Covered | Type, Application, Enterprise Size, and Region |
COVID-19 Impact Analysis
Questions Answered in the Commercial Property Insurance Market Research Report
Key Market Segments
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Key Market Players
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