Global Commercial Insurance Market to Reach $1.89B by 2030, Driven by Regulatory and Tech Adoption

The global commercial insurance market is projected to grow from $1.2 billion in 2023 to nearly $1.89 billion by 2030, at a compound annual growth rate (CAGR) of 7.9% from 2024 to 2030. This growth is driven by increased risk awareness, regulatory reforms, and the rapid adoption of insurtech solutions. Businesses are increasingly seeking insurance due to rising exposures to cyberattacks, climate risks, and geopolitical uncertainties.

North America currently leads the commercial insurance market with significant market share, supported by advanced regulatory frameworks and digital adoption. Meanwhile, Asia-Pacific is anticipated to experience the fastest market growth, driven primarily by China, India, and Southeast Asia. Europe is influenced by stricter climate risk and ESG regulations, while South America and the Middle East & Africa are seeing increased demand tied to infrastructure development and economic reforms.

Liability insurance is poised to lead the sector, fueled by regulatory requirements and demand across industries such as healthcare, food, chemicals, and construction. Large enterprises remain the main buyers, though small and medium-sized enterprises (SMEs) are expected to increase their insurance uptake as awareness and needs grow.