SME Insurance Market Scope
SME insurance helps cover the costs of liability and property damage claims. It can also replace lost income if the business has to close temporarily because of a loss. The coverage includes property damage, legal liability, and employee-related risks. The risks vary according to the environment they are working in. Apart from this business insurance coverage, it provides additional ones. Moreover, the SME insurance protects the financial assets, intellectual and physical properties of the business from events such as lawsuits, thefts, loss of income, employee injuries and others.
The market study is being classified by Type (Property Insurance, Public Liability Insurance, Business Interruption Insurance, Workers Compensation Insurance, Goods in Transit Insurance and Others) and major geographies with country level break-up.
The SME insurance market is fragmented as the market has a number of companies that offer various insurance such as SME Insurance. The companies are exploring the market by expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies.The Players having a strong hold in the market are Berkshire Hathaway, Liberty Mutual, Allstate Corp, and Farmers Insurance Group. Research Analyst at AMA predicts that United States and European Players will contribute to the maximum growth of Global SME Insurance market throughout the predicted period.
Berkshire Hathaway (United States), Liberty Mutual (United States), Allstate Corp (United States), Farmers Insurance Group (United States), Allianz global corporate and specialty (Germany), CNA (Singapore), Zurich (Switzerland), AXA (France), CGI Insurance (England) and State farm (United States) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are The Travelers Companies (United States), American International Group, Inc. (United States), Nationwide (United Kingdom), AIA Group Limited (China), Chubb Corporation (United States), Progressive commercial (United States), Hartford insurance company (United States), Hanover insurance group (United States) and ICICI Lombard (India).
AdvanceMarketAnalytics has segmented the market of Global SME Insurance market by Type, Application and Region.
On the basis of geography, the market of SME Insurance has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Market Leaders and their expansionary development strategies
In June 2019, Zurich has completed the acquisition of life insurance business of ANZ. This acquisition helps the company to expand its distribution footprint.
Recently, Next Insurance has launched a live certificate, a real-time insurance verification. This includes verifiable additional insurance and policy expiry information.
- Adoption of Automation and Artificial Intelligence in Insurance Processes
- Rising Number of InsurTech Firms which are Offering Specific Functionalities or Parts of Value Chain
- Ability to Distribute Insurance Policies in Small Businesses in a Cost-Effective way that covers Various Risks
- Risks Such as Legal Liability, Employee Illness and Natural Disasters to Businesses are leading to Investment in Business Insurance
- Rising Number of Small and Medium Enterprises in Emerging Economies is Boosting the Market Growth
- Rise in Inflation Rates are Causing in Cancellation of Policies
- Lack of Awareness about the Insurance for Small Businesses
Key Target AudienceSME Insurance Providers, Potential Technology Investors, Regulatory & Government Bodies, Downstream Vendors, End Users and Other
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