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DUBLIN--(BUSINESS WIRE)--Nov 8, 2022--
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 has been added to ResearchAndMarkets.com's offering.
According to the report the business income insurance market was valued at $14.93 billion in 2021, and is estimated to reach $33.54 billion by 2031, growing at a CAGR of 8.8% from 2022 to 2031.
Business income insurance coverage offers a variety of coverage, including property and casualty insurance, insurance for business structures, insurance for IT equipment and laptops, stock insurance, commercial insurance, and insurance for plant and machinery, all while protecting multiple stakeholders and employees. In addition, business income coverage aids in minimizing monetary losses for a company in the event of bad occurrences such as fire and theft.
Furthermore, key players in the global business income insurance market are improving their services and trying to provide a better support and services to insurers. For instance, possible effects on the insurance sector of ongoing war in Ukraine are increasingly being questioned. In addition to the fact that hundreds of leased aircraft are grounded in Russia, the combat 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 & videos, and information provided by customers and its local staff to assess the situation on a preliminary basis.
By distribution channel, the agents & brokers segment acquired a major share in the business income insurance market in 2021. This is attributed to the fact that purchasers prefer agents & brokers to acquire business income insurance as consumers have little understanding of appropriate plans to buy for their industry.
Region wise, North America dominated the business income insurance market in 2021. It is attributed to the fact that collaboration between traditional insurance companies and InsurTech firms has led to rise in newer models and revenue streams, higher profitability, and reduced operational costs in the North America.
The demand for business income insurance industry has increased considerably during the COVID-19 pandemic. This is attributed to increased awareness toward business income insurance among various businesses. However, business income insurance had a negative impact of pandemic as there were business interruptions experienced by a number of worldwide industries.
On the contrary, digitalization in the insurance sector is expected to help the business income insurance market growth in upcoming years. The market is anticipated to have a number of opportunities in the future, owing to increase in adoption of advanced technologies such as artificial intelligence, machine learning, and predictive analysis that are intended to increase consumer loyalty and strengthen the market presence of business income insurance by providing advanced services at reduced premium costs.
Key Findings of the Study
Key Market Segments
By Type
By Coverage
By Loss Type
By Distribution Channel
By Industry Vertical
By Region
Key Market Players
For more information about this report visit https://www.researchandmarkets.com/r/j3yccq
View source version on businesswire.com:https://www.businesswire.com/news/home/20221108005995/en/
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KEYWORD:
INDUSTRY KEYWORD: INSURANCE PROFESSIONAL SERVICES
SOURCE: Research and Markets
Copyright Business Wire 2022.
PUB: 11/08/2022 12:07 PM/DISC: 11/08/2022 12:07 PM
http://www.businesswire.com/news/home/20221108005995/en