SME insurance market to grow 6.5% annually through 2032
It is also forecasted to bag $45.61b.
The global small and medium enterprise (SME) insurance market was valued at $27.37b in 2023 and is projected to increase from $28.64b in 2024 to $45.61b by 2032, according to Market Research Future.
This also equates to a compound annual growth rate (CAGR) of 6.5% over the forecast period.
Market Research Future attributed the expansion to stronger risk management practices among SMEs, increasing regulatory requirements, and the availability of more tailored insurance products designed for smaller businesses.