The global business income insurance market revenue was around US$ 16.24 billion in 2022 and is estimated to reach US$ 34.6 billion by 2031, growing at a compound annual growth rate (CAGR) of 8.8% during the forecast period from 2023 to 2031.
Business income insurance coverage provides a variety of coverage, including casualty and property insurance, insurance for business structures, insurance for laptop and IT equipment, commercial insurance, stock insurance, and insurance for machinery and plant, all while guarding numerous employees and stakeholders. Additionally, business income coverage helps in minimizing monetary defeats for a company in the event of bad circumstances such as theft and fire.
Market Driving Factors
The surge in the requirement for insurance policies among enterprises is estimated to boost market growth. The business is subject to several risks as there are numerous dangers involved in operating a business. In addition, insurance aids in decreasing responsibilities. Business income insurance can assist the firm in carrying on functions in the case of a disaster. Additionally, the danger of a major failure or closure impacts both the business and the insurance provider. Furthermore, a business can lower the hazard of doing business by purchasing commercial credit risk insurance, which protects against buyer bankruptcy. As a result, the business can pay for litigation and claims without experiencing a significant financial failure due to the commercial liability insurance coverage which is included in business income insurance.
The adoption of business income insurance in handling business liabilities is estimated to boost market growth. It is never certain that a firm will continue to turn a profit every year. The company could at some time experience an incredible loss. In such conditions, insurance can provide financial help to lower the risk. There can be a possibility of outcomes in the fatal loss. As a result, such circumstances can be avoided if the firm has current business income insurance.
The availability of a large number of insurance providers is estimated to drive the market growth. This is due to the increase in the number of business income insurance coverage carriers, mostly as a result of a growth in the number of enterprises and the type of company coverage. There is intense rivalry among various companies that provide a variety of coverage for companies of all sizes owing to the abundance of insurance carriers. In addition, the existence of various business insurance carriers has assisted the market environment because a broad range of insurance products are now accessible for all types and sizes of businesses.
A shortage of knowledge among small enterprises about the sector is estimated to hinder market growth.
Regional Analysis
North America dominated the market in terms of the largest share and is predicted to maintain its dominance. This can be attributed to the partnership between conventional insurance companies and InsurTech firms has led to an increase in unique models and revenue streams, higher profitability, and decreased operational prices in the region.
Segmentation Insights
In terms of the distribution channel, the agents & brokers segment dominated the market in terms of the growth rate and is estimated to maintain its dominance. This can be attributed to the surge in purchasers preferring agents & brokers to acquired business income insurance as buyers have a slight understanding of proper plans to buy for their industry.
Prominent Companies
Segmentation Outline
The global business income insurance market segmentation focuses on the Type, Coverage, Loss Type, Distribution Channel, Industry Vertical, and Region.
By Type
By Coverage
By Loss Type
By Distribution Channel
By Industry Vertical
By Region
[TABLE OF CONTENTS]
1 INTRODUCTION OF GLOBAL BUSINESS INCOME INSURANCE MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: BUSINESS INCOME INSURANCE MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL BUSINESS INCOME INSURANCE MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL BUSINESS INCOME INSURANCE MARKET, BY TYPE
5.1 OVERVIEW
5.2 STANDARD BUSINESS INCOME INSURANCE
5.3 EXTENDED BUSINESS INCOME INSURANCE
6 GLOBAL BUSINESS INCOME INSURANCE MARKET, BY COVERAGE
6.1 OVERVIEW
6.2 PROFITS/LOST REVENUE
6.3 TAXES AND LOAN PAYMENTS
6.4 MORTGAGE AND RENT PAYMENTS
6.5 EMPLOYEE’S WAGES AND PAYROLL
6.6 RELOCATION COSTS
6.7 OTHERS
7 GLOBAL BUSINESS INCOME INSURANCE MARKET, BY LOSS TYPE
7.1 OVERVIEW
7.2 FIRE
7.3 THEFT
7.4 WIND
7.5 LIGHTNING
7.6 OTHERS
8 GLOBAL BUSINESS INCOME INSURANCE MARKET, BY DISTRIBUTION CHANNEL
8.1 OVERVIEW
8.2 AGENTS & BROKERS
8.3 DIRECT RESPONSE
8.4 OTHERS
9 GLOBAL BUSINESS INCOME INSURANCE MARKET, BY INDUSTRY VERTICAL
9.1 OVERVIEW
9.2 MANUFACTURING
9.3 RETAIL
9.4 CONSTRUCTION
9.5 IT & TELECOM
9.6 HEALTHCARE
9.7 ENERGY & UTILITIES
9.8 TRANSPORTATION & LOGISTICS
9.9 OTHERS
10 GLOBAL BUSINESS INCOME INSURANCE MARKET, BY GEOGRAPHY
10.1 OVERVIEW
10.2 NORTH AMERICA
10.2.1 NORTH AMERICA MARKET SNAPSHOT
10.2.2 U.S.
10.2.3 CANADA
10.2.4 MEXICO
10.3 EUROPE
10.3.1 EUROPE MARKET SNAPSHOT
10.3.2 WESTERN EUROPE
10.3.2.1 THE UK
10.3.2.2 GERMANY
10.3.2.3 FRANCE
10.3.2.4 ITALY
10.3.2.5 SPAIN
10.3.2.6 REST OF WESTERN EUROPE
10.3.3 EASTERN EUROPE
10.3.3.1 POLAND
10.3.3.2 RUSSIA
10.3.3.3 REST OF EASTERN EUROPE
10.4 ASIA PACIFIC
10.4.1 ASIA PACIFIC MARKET SNAPSHOT
10.4.2 CHINA
10.4.3 JAPAN
10.4.4 INDIA
10.4.5 AUSTRALIA & NEW ZEALAND
10.4.6 ASEAN
10.4.7 REST OF ASIA PACIFIC
10.5 MIDDLE EAST & AFRICA
10.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
10.5.2 UAE
10.5.3 SAUDI ARABIA
10.5.4 SOUTH AFRICA
10.5.5 REST OF MEA
10.6 SOUTH AMERICA
10.6.1 SOUTH AMERICA MARKET SNAPSHOT
10.6.2 BRAZIL
10.6.3 ARGENTINA
10.6.4 REST OF SOUTH AMERICA
11 GLOBAL BUSINESS INCOME INSURANCE MARKET COMPETITIVE LANDSCAPE
11.1 OVERVIEW
11.2 COMPANY MARKET RANKING
11.3 KEY DEVELOPMENT STRATEGIES
11.4 COMPETITIVE DASHBOARD
11.5 PRODUCT MAPPING
11.6 TOP PLAYER POSITIONING, 2022
11.7 COMPETITIVE HEATMAP
11.8 TOP WINNING STRATEGIES
12 COMPANY PROFILES
12.1 ASSURANT INC
12.1.1 OVERVIEW
12.1.2 FINANCIAL PERFORMANCE
12.1.3 PRODUCT OUTLOOK
12.1.4 KEY DEVELOPMENTS
12.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.2 STATE FARM MUTUAL AUTOMOBILE INSURANCE COMPANY
12.2.1 OVERVIEW
12.2.2 FINANCIAL PERFORMANCE
12.2.3 PRODUCT OUTLOOK
12.2.4 KEY DEVELOPMENTS
12.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.3 THE TRAVELERS INDEMNITY COMPANY
12.3.1 OVERVIEW
12.3.2 FINANCIAL PERFORMANCE
12.3.3 PRODUCT OUTLOOK
12.3.4 KEY DEVELOPMENTS
12.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.4 AMTRUST FINANCIAL
12.4.1 OVERVIEW
12.4.2 FINANCIAL PERFORMANCE
12.4.3 PRODUCT OUTLOOK
12.4.4 KEY DEVELOPMENTS
12.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.5 NEXT INSURANCE INC.
12.5.1 OVERVIEW
12.5.2 FINANCIAL PERFORMANCE
12.5.3 PRODUCT OUTLOOK
12.5.4 KEY DEVELOPMENTS
12.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.6 EMPLOYERS MUTUAL CASUALTY COMPANY
12.6.1 OVERVIEW
12.6.2 FINANCIAL PERFORMANCE
12.6.3 PRODUCT OUTLOOK
12.6.4 KEY DEVELOPMENTS
12.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.7 ZURICH
12.7.1 OVERVIEW
12.7.2 FINANCIAL PERFORMANCE
12.7.3 PRODUCT OUTLOOK
12.7.4 KEY DEVELOPMENTS
12.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.8 AMERICAN INTERNATIONAL GROUP INC.
12.8.1 OVERVIEW
12.8.2 FINANCIAL PERFORMANCE
12.8.3 PRODUCT OUTLOOK
12.8.4 KEY DEVELOPMENTS
12.8.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.9 THE HARTFORD
12.9.1 OVERVIEW
12.9.2 FINANCIAL PERFORMANCE
12.9.3 PRODUCT OUTLOOK
12.9.4 KEY DEVELOPMENTS
12.9.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.10 CHUBB
12.10.1 OVERVIEW
12.10.2 FINANCIAL PERFORMANCE
12.10.3 PRODUCT OUTLOOK
12.10.4 KEY DEVELOPMENTS
12.10.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.11 MUNICH RE
12.11.1 OVERVIEW
12.11.2 FINANCIAL PERFORMANCE
12.11.3 PRODUCT OUTLOOK
12.11.4 KEY DEVELOPMENTS
12.11.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.12 ALLIANZ
12.12.1 OVERVIEW
12.12.2 FINANCIAL PERFORMANCE
12.12.3 PRODUCT OUTLOOK
12.12.4 KEY DEVELOPMENTS
12.12.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.13 LIBERTY MUTUAL INSURANCE COMPANY
12.13.1 OVERVIEW
12.13.2 FINANCIAL PERFORMANCE
12.13.3 PRODUCT OUTLOOK
12.13.4 KEY DEVELOPMENTS
12.13.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.14 ALLSTATE INSURANCE COMPANY
12.14.1 OVERVIEW
12.14.2 FINANCIAL PERFORMANCE
12.14.3 PRODUCT OUTLOOK
12.14.4 KEY DEVELOPMENTS
12.14.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.15 NATIONWIDE MUTUAL INSURANCE COMPANY
12.15.1 OVERVIEW
12.15.2 FINANCIAL PERFORMANCE
12.15.3 PRODUCT OUTLOOK
12.15.4 KEY DEVELOPMENTS
12.15.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.16 SWISS RE
12.16.1 OVERVIEW
12.16.2 FINANCIAL PERFORMANCE
12.16.3 PRODUCT OUTLOOK
12.16.4 KEY DEVELOPMENTS
12.16.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
12.17 AXA
12.17.1 OVERVIEW
12.17.2 FINANCIAL PERFORMANCE
12.17.3 PRODUCT OUTLOOK
12.17.4 KEY DEVELOPMENTS
12.17.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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