While the market is anticipated to rise, a lack of insurance education among small businesses owners could constrain growth, the research company reported. (Credit: investment/stock.adobe.com)
The worldwide commercial insurance market is anticipated to see a compound annual growth rate of 8.5% by 2028, reaching a value of more than $1.22 trillion, according to Valuates Reports. The market was valued at $692 billion in 2020.
The gains are expected to be propelled by the increasing need for insurance among businesses, while government regulations that mandate coverage for workers' comp and liability coverage are also expected to lift the market.
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Steve Hallo
Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]
