Commercial insurance market to grow 7.9% yearly until 2030

APAC is expected to record the fastest growth.

The global commercial insurance market, valued at $1.2b in 2023, is projected to grow to nearly $1.89b by 2030, expanding at a compound annual growth rate (CAGR) of 7.9% from 2024 to 2030, according to a new analysis by MarkNtel Advisors.

Growth is being driven by rising risk awareness, regulatory reforms, and the rapid adoption of insurtech. 

Demand is also climbing as businesses face mounting exposure to cyberattacks, climate risks, and geopolitical uncertainty.

North America currently holds the largest market share, supported by advanced regulations and digital adoption, whilst Asia-Pacific is expected to record the fastest growth, led by China, India, and Southeast Asia. 

Europe’s market is being shaped by stricter climate risk and ESG mandates, whilst South America and the Middle East & Africa are seeing increased demand linked to infrastructure expansion and economic reforms.

Liability insurance is set to lead the sector, spurred by regulatory mandates and industry demand, particularly in healthcare, food, chemicals, and construction. 

Large enterprises remain the dominant buyers, though SME uptake is expected to grow.