Report on the global business income insurance market to 2031 – including Allianz, Allstate Insurance, AmTrust Financial and ASSURANT – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–Added the “Business Income Insurance Market by Type, By Coverage, By Loss Type, By Distribution Channel, By Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2021-2031” report ResearchAndMarkets.com Offer.

According to the report, the business income insurance market was valued at US$14.93 billion in 2021 and is estimated to reach US$33.54 billion by 2031, growing at a CAGR of 8.8% from 2022 to 2031.

Business income insurance coverage offers a variety of coverages, including property and casualty, business structure, IT equipment and laptops, stocks, commercial, and plant and machinery, while protecting multiple stakeholders and employees. In addition, business income coverage helps minimize a company’s financial losses in the event of dire events such as fire and theft.

Additionally, key players in the global business income insurance market are improving their services and trying to offer better support and services to the insurers. For example, possible effects of the ongoing war in Ukraine on the insurance sector are increasingly being questioned. In addition to the fact that hundreds of leased planes are stationed in Russia, the fighting in Ukraine has also damaged or destroyed businesses, factories and residential areas.

In May 2022, Allianz Global Corporate & Specialty (AGCS) announced that it will provide its services by relying on publicly available satellite imagery, photos and videos, as well as information provided by customers and employees on the ground, to make a preliminary assessment of the situation.

By distribution channel, the agents and brokers segment acquired a large share of the commercial income insurance market in 2021. This is due to buyers preferring brokers and brokers when purchasing business income insurance as consumers have little understanding of appropriate buying plans in their industry.

On a regional basis, North America dominated the business income insurance market in 2021. This is attributed to the fact that the collaboration between traditional insurance companies and InsurTech companies has led to an increase in new models and revenue streams, higher profitability and lower operating costs in North America.

Demand for business income insurance has increased significantly during the COVID-19 pandemic. This is attributed to increased awareness of business income insurance among various companies. However, business income insurance has been negatively impacted by the pandemic as a number of industries around the world experienced business disruptions.

On the contrary, digitization in the insurance sector is expected to support the growth of the income insurance market in the coming years. Due to the increasing adoption of advanced technologies such as artificial intelligence, machine learning and predictive analytics, which aim to increase customer retention and strengthen the market presence of business income insurance, the market is expected to offer a number of opportunities in the future to provide advanced services at reduced premium costs.

Key Findings of the Study

  • By coverage, the wins/losses segment led the highest revenue market share in business income insurance in 2021.

  • Based on the industry vertical, the healthcare segment is expected to exhibit the fastest growth rate over the forecast period.

  • In terms of region, North America realized the highest revenue in terms of Business Income Insurance market size in 2021.

Important market segments

By type

  • Standard Business Income Insurance

  • Extended Business Income Insurance

After cover

  • Winnings/Revenue Losses

  • taxes and loan payments

  • Mortgage and Rent Payments

  • Employee wages and payroll

  • moving expenses

  • Other

By type of loss

  • Fire

  • Theft

  • wind

  • lightning

  • Other

By distribution channel

  • agent broker

  • Direct answer

  • Other

By Industry

  • manufacturing

  • retail trade

  • construction

  • IT telecom

  • healthcare

  • energy supplier

  • Transportation & Logistics

  • Other

By region

  • North America

  • US

  • Canada

  • Europe

  • United Kingdom

  • Germany

  • France

  • Italy

  • Spain

  • Netherlands

  • rest of Europe

  • Asia Pacific

  • China

  • Japan

  • India

  • Australia

  • South Korea

  • Singapore

  • Rest of Asia Pacific

  • LAMEA

  • Latin America

  • middle East

  • South Africa

Important market participants

  • American International Group, Inc.

  • alliance

  • Allstate insurance company

  • AmTrust Financial

  • ASSURANT, INC.

  • AXA

  • Chubb

  • Employer Mutual Casualty Company

  • farmers

  • Liberty mutual insurance company

  • Munich RE

  • Nationwide mutual insurance company

  • Next Insurance, Inc.

  • State Farm Mutual Automobile Insurance Company

  • Swiss Re

  • The Hartford

  • The Travelers Indemnity Company

  • Zurich

For more information about this report, visit https://www.researchandmarkets.com/r/j3yccq

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