Fintech PR
Commercial Property Insurance Market to Reach $724 Billion, Globally, by 2032 at 11.3% CAGR: Allied Market Research
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The commercial property insurance market is driven by factors such as increasing awareness of risk management among businesses, stringent regulations mandating insurance coverage, and the growing frequency and severity of natural disasters and man-made incidents.
PORTLAND, Ore., Aug. 30, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Commercial property insurance Market by Coverage (Open Perils, and Named Perils), Distribution Channel (Agents and Brokers, Direct Response, and Others), Enterprise Size (Large Enterprises, and Small and Medium-sized Enterprises) and Industry Vertical (Manufacturing, Construction, IT & Telecom, Healthcare, Energy and utilities, Transport & Logistics, and Others): Global Opportunity Analysis and Industry Forecast, 2022-2032″. According to the report, the global commercial property insurance industry generated $254.9 billion in 2022 and is anticipated to generate $724 billion by 2032, witnessing a CAGR of 11.3% from 2023 to 2032.
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The commercial property insurance market plays a vital role in safeguarding businesses’ physical assets and financial stability. This market encompasses a wide range of industries, offering insurance coverage for various types of properties, including office spaces, manufacturing facilities, retail outlets, and more. Commercial property insurance policies typically provide protection against perils such as fire, theft, vandalism, and natural disasters, ensuring that businesses can recover from unexpected damages and losses. The market’s dynamics are influenced by factors like property value, location, risk assessment, and the overall economic climate. As businesses continue to evolve, the commercial property insurance market adapts by offering tailored coverage options and risk management solutions to meet the diverse needs of enterprises.
Prime determinants of growth
The commercial property insurance market is driven by factors such as increasing awareness of risk management among businesses, stringent regulations mandating insurance coverage, and the growing frequency and severity of natural disasters and man-made incidents. Additionally, the expansion of businesses globally is fueling demand for property insurance. However, the market is restrained by challenges including rising insurance fraud, volatility in property values, and the complexities of underwriting large-scale properties. Despite these restraints, opportunities lie in the adoption of advanced technologies like AI and data analytics for risk assessment, the development of customized insurance products, and the potential for market expansion in emerging economies where insurance penetration is relatively low, presenting a favorable landscape for sustained market growth.
Report coverage & details:
Report Coverage |
Details |
Forecast Period |
2023–2032 |
Base Year |
2022 |
Market Size in 2022 |
$254.9 billion |
Market Size in 2032 |
$724 billion |
CAGR |
11.3 % |
No. of Pages in Report |
495 |
Segments Covered |
Coverage, Distribution Channels, Enterprise Size, Industry Vertical, and Region. |
Drivers |
Strong financial backing and adequate reserves for claim payouts Customized solutions for specific industry risks for specific client Expansion of customer base and risk diversification through international presence |
Opportunities |
Growth in infrastructure projects |
Restraints |
High premiums of commercial insurance Economic recessions or downturns |
Covid-19 Scenario:
- Lockdowns and reduced activity led to a surge in claims for business interruption coverage, prompting disputes over coverage eligibility due to the need for physical property damage.
- Remote work, supply chain disruptions, and uncertain economic conditions prompted insurers to adjust premiums, coverage options, and underwriting practices, leading to a more complex and challenging insurance environment.
Procure Complete Report (435 Pages PDF with Insights, Charts, Tables, and Figures) @ https://bit.ly/47ShMwa
The open perils segment to maintain its leadership status throughout the forecast period
Based on coverage, the open perils segment held the highest market share in 2022, accounting for around three-fifths of the global commercial property insurance market revenue, and is estimated to maintain its leadership status throughout the forecast period, This is attributed to the fact that offering multiple coverage alternatives may become a growth element as risks and requirements of firms vary. Furthermore, the types of risks that commercial properties address could change as businesses expand and new sectors arise is expected to aid the market growth. The same segment is also projected to manifest the fastest CAGR of 12.3% from 2023 to 2032., This is due to the fact that if offered, open perils coverage could attract organizations searching for an all-encompassing insurance solution that protects against a wide range of dangers, which is expected to positively impact market growth.
The Agents and Brokers segment to maintain its leadership status throughout the forecast period
Based on distribution channels, the agents and brokers segment held the highest market share in 2022, accounting for more than one-third of the global commercial property insurance market revenue, owing to agents and brokers evaluate particular risks that businesses face, such as property location, construction type, industry, and others. They customize commercial property insurance solutions that give comprehensive coverage customized to the specific risks that a business encounters by recognizing these risk variables, which is driving the growth of the market. However, the direct response segment is projected to manifest the highest CAGR of 13.7% from 2022 to 2032, commercial property insurance firms collect feedback from businesses that have interacted with their direct response platforms. Customer surveys provide vital information on the user experience, the ease of accessing the platform, the clarity of the information provided, and any areas for improvement.
The large enterprises segment to maintain its leadership status throughout the forecast period
Based on enterprise size, the large enterprises segment held the highest market share in 2022, accounting for around three-fifths of the global commercial property insurance market revenue. This is attributed to the fact that large enterprises are frequently engaging dedicated risk management teams or consultants to identify and minimize risks. They work with insurance companies to establish customized coverage options that are tailored to their individual risk profiles. However, small and medium-sized enterprises segment is projected to manifest the highest CAGR of 12.9% from 2023 to 2032. This is because workshops, seminars, and instructional campaigns can help SMEs understand the risks they face and the types of coverage available will create opportunities for corporate lending in the healthcare industry.
The manufacturing segment to maintain its leadership status throughout the forecast period
Based on industry vertical, the manufacturing segment held the highest market share in 2022, accounting for nearly one-fifth of the global commercial property insurance market revenue, This is attributed to the growing demand for equipment and technology finance in the healthcare industry to protect physical assets such as factories, warehouses, and machinery. Stricter regulations regarding safety standards and environmental protection drive manufacturers to invest in comprehensive insurance coverage to mitigate compliance risks. However, the healthcare segment is projected to manifest the highest CAGR of 16.4% from 2023 to 2032. The significant factor driving the segment growth is the escalating value of medical equipment and technology. These assets require protection against damage, theft, and breakdowns.
North America to maintain its dominance by 2032
Based on region, North America held the highest market share in terms of revenue in 2022, The increasing growth of businesses across diverse sectors drives the demand for commercial property insurance to protect their assets and operations. The market players are innovating digital solutions for small business customers and brokers by opting for strategic acquisition and development initiatives. For instance, in April 2023, Arch Insurance acquired Thimble, a leading insurance platform for small business customers and agents. Thimble enables small businesses to quickly get insurance coverage by the job, month, or year using its award-winning app, website, or over the phone. This acquisition helps to grow the business with its existing carrier partners and offers innovative solutions through Arch. However, the Asia-Pacific region is expected to witness the fastest CAGR of 15.0% from 2023 to 2032 and is likely to dominate the market during the forecast period, as companies are targeting more on risk management and mitigating potential losses, leading to higher adoption of commercial property insurance. These factors drive the interests of market players to collaborate and expand their market presence and product offerings across untapped opportunities.
Leading Market Players: –
- Allianz SE
- Allstate Insurance Company
- American International Group, Inc.
- AXA Group
- Berkshire Hathaway Homestate Companies (BHHC)
- Chubb Limited
- Liberty Mutual Insurance Company
- Progressive
- The Travelers Indemnity Company
- Zurich Insurance Group
The report provides a detailed analysis of these key players in the global Commercial property insurance market. These players have adopted different strategies such as expansion, merger, and product launches to increase their market share and maintain dominant shares in different regions.
Key Benefits for Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the commercial property insurance market forecast from 2022 to 2032 to identify the prevailing commercial property insurance market opportunity.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the commercial property insurance market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global commercial property insurance market trends, key players, market segments, application areas, and market growth strategies.
Want to Access the Statistical Data and Graphs, Key Players’ Strategies: https://www.alliedmarketresearch.com/commercial-property-insurance-market/purchase-options
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About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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Fintech PR
Board the TOKEN2049 Treasure Express With Bybit and Dive Into an $80,000 Prize Pool
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DUBAI, UAE, Sept. 6, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, set out to make the community’s TOKEN2049 journey more rewarding. Gearing up for the most anticipated blockchain and Web3 event in the region, Bybit is thrilled to announce three bonus events to enable both attendees and remote fans to both be part of the experience.
The winning opportunities are open to both attendees of TOKEN2049 and followers from afar. Through trading and offline events, participants stand to get free tickets, a share of the $80,000 prize pool in airdrops and coupons, and Bybit merchandise.
Event 1: TOKEN2049 Treasure Express
From now to Sep. 26, 2024, Bybit users may register for the event and complete tasks by depositing and trading assets to earn lucky draw tickets. The wheel of fortune will turn to one of the three prizes:
1. A pair of tickets to TOKEN2049;
2. A share of the airdrop prize pool valued at $50,000 featuring the hottest tokens, including DOGS, PEPE, SOL, XRP, TON and USDT; or
3. Up to 50 USDT in spot coupons.
Even more rewards await in referrals and social media giveaways. For details, visit: TOKEN2049 Treasure Express
Event 2: Share and Unlock
From now to Sep. 30, 2024, unleash your social media magic for a chance to win a 10 USDT spot trading coupon. Share a Bybit blog link and your thoughts on Bybit and Web3. Remember to tag @Bybit_Official and use the hashtag #UnlockWeb3Future and submit the form with us here: #UnlockWeb3Future at TOKEN2049 with Bybit
Event 3: Meet us offline at TOKEN2049
Spot our logo at TOKEN2049 and capture a photo at the Bybit booth (M50) to win Bybit merchandise. Remember to share to your social media channels and use the right hashtag. For details, visit: #UnlockWeb3Future at TOKEN2049 with Bybit
An advocate for a sustainable Web3 ecosystem, Bybit will be featured prominently at TOKEN2049 on a series of keynote panels, thought leadership and community events, and booth M50.
#Bybit / #TheCryptoArk
About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 40 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.
For more details about Bybit, please visit Bybit Press.
For media inquiries, please contact: [email protected]
For more information, please visit: https://www.bybit.com
For updates, please follow: Bybit’s Communities and Social Media
Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube
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Fintech PR
Bybit Expands Global Reach, Receives Formal Consent for Full Authorization in Kazakhstan
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DUBAI, UAE, Sept. 6, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, is excited to announce it’s among the first to be granted consent to a full authorization by the Astana Financial Service Authority (AFSA). This milestone brings Bybit closer to becoming a fully regulated Digital Asset Trading Facility (DATF).
As part of a rigorous process, Bybit Kazakhstan has passed a full AML check, business conduct audit, and detailed compliance inspections. This is part of Bybit’s focus on securing new user opportunities in Kazakhstan and the broader Commonwealth of Independent States (CIS) region.
“Kazakhstan has become a key player in the global crypto ecosystem, and we are thrilled to be expanding our services in such a dynamic market,” said Ben Zhou, co-founder and CEO of Bybit. “We are committed to bringing our cutting-edge technology, security, and transparency to crypto traders in Kazakhstan, ensuring they can access the best possible tools and services to thrive in this fast-growing industry.”
Once the full license is in place, Bybit Kazakhstan will offer various digital assets related products and services. The expansion into Kazakhstan aligns with Bybit’s mission to provide reliable and transparent services, catering to the unique needs of crypto traders and investors in the region.
This development follows Bybit’s receipt of its initial operating and custody licenses from AFSA in June 2023, reinforcing its commitment to local regulatory requirements. Bybit’s ongoing efforts to strengthen its presence in Kazakhstan underscore its belief in responsible growth and ensuring a compliant and secure trading environment.
Kazakhstan has quickly emerged as a hub for crypto innovation, and Bybit is proud to play a leading role in fostering this development. For example, Bybit hosted a “Foundations of Blockchain, Web3 and Crypto Exchange Activities” course for Banks of Kazakhstan in 2024. This event was part of Bybit’s drive to make blockchain education more accessible in the CIS region.
By securing this full authorization, Bybit is poised to enhance crypto adoption, provide institutional-grade security, and offer advanced trading features to its growing regional user base.
#Bybit / #TheCryptoArk
About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 40 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.
For more details about Bybit, please visit Bybit Press.
For media inquiries, please contact: [email protected]
For more information, please visit: https://www.bybit.com
For updates, please follow: Bybit’s Communities and Social Media
Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube
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View original content:https://www.prnewswire.co.uk/news-releases/bybit-expands-global-reach-receives-formal-consent-for-full-authorization-in-kazakhstan-302240634.html
Fintech PR
Integrum ESG and CSRHub enable fund managers to monitor both long-term trends and short-term movements in ESG ratings for companies, across a 10-year time series
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LONDON, Sept. 6, 2024 /PRNewswire/ — Integrum ESG, the leading alternative ESG data provider, has today announced the launch of their Consensus ESG Ratings module.
Just as investors monitor movements in consensus earnings estimates or credit ratings, investors now are aware of the demand for the ability to monitor long-term trends and short-term movements in consensus ESG ratings.
This new feature enables Integrum ESG’s asset manager clients to now see the consensus ESG score for any company, either as an absolute rating or a relative percentile ranking, across a 10-year time series.
These scores will indicate to any investor what the capital markets have ‘priced in’ for a company’s ESG performance, allowing users to quickly understand the market’s view on a company and easily conduct relative ESG analysis on the positions they hold within their Portfolio.
This regularly updated data is provided by CSRHub, the world’s leading provider of consensus ESG ratings. CSRHub has spent years aggregating and normalising a vast range of licensed sources – from large ESG ratings firms such as MSCI, ISS, S&P Global, and Sustainalytics to specialists such as CDP and Better World Companies.
Shai Hill, Founder and CEO of Integrum ESG, commented: “Many investors have told us they want a sense of ‘what is priced in’ in terms of a company’s ESG performance, so they can compare this to what anyone ESG ratings firm is saying. CSRHub is the only firm to have credibly achieved this, thanks to a model refined over years and a vast data lake – so we are delighted to be partnering with them.”
Bahar Gidwani, Co-Founder of CSRHub, added: “Investors need to fine tune their ESG-related investment strategies to improve their returns and better match the preferences of their clients. Combining CSRHub’s expert outside-in, consensus view of ESG with Integrum ESG’s detailed real-time data stream provides a strong solution for these needs.”
About Integrum ESG
Integrum ESG is the leading alternative ESG data and ratings platform for investors, blending human analysis and award-winning artificial intelligence models to capture, verify and display granular and relevant ESG data for analysis and assessment. Their Platform allows clients to dissect ESG scores, real-time sentiment, and more with a variety of unique-to-market features, empowering industry professionals and investors and giving them complete oversight of ESG risk across their portfolio.
For more information, visit www.integrumesg.com
About CSRHub
CSRHub offers the most comprehensive global set of Consensus ESG (Environmental, Social, and Governance) ratings, information, and tools. CSRHub’s business intelligence system measures the ESG business impact that drives corporate and investor sustainability decisions. Founded in 2007, CSRHub covers 56,545 public and private companies, and provides ESG performance scores on over 37,899 companies from 135 industries in 210 countries. Our Big Data platform uses algorithms to aggregate, normalize and weight ESG metrics from 957 sources to produce a strong consensus signal on corporate sustainability performance.
For more information, visit www.csrhub.com
Media Contact
Harish Karunalingam
Integrum ESG
[email protected]
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