SME Insurance Market: Key Competitors, SWOT Analysis, Business opportunities, Trend Analysis, Forecast Analysis

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The global SME Insurance market size was valued at $23.14 Billion in 2020 and is expected to reach $38.99 Billion by 2028 growing at the CAGR of 6.68% from 2021 to 2028.

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Global SME Insurance Drivers:

The rise in fire accidents is the major factor responsible for the growth of the global SME Insurance Market. These accidents have severely affected the overall profit and survival of small businesses around the world as they operate on a small scale and do not place much value on insurance policies covering these events because it can be very expensive to continue to run their business while paying off claims. Therefore, insurance policies covering this aspect are likely to boost market growth.

Furthermore, theft losses occurring in the transit of goods could also promote market growth.

Covid-19 Scenario:

  • Impact on Market Size
  • End-User Trend, Preferences, and Budget Impact
  • Regulatory Framework/Government Policies
  • Key Players Strategy to Tackle Negative Impact
  • Opportunity Window

Global SME Insurance Market Segments:

The global SME Insurance market is further segmented into Type, End-User, and geography.

●        By Type: Micro 0-9 employees, Small 10-49 employees, Medium 50-250 employees

●        By End-user: Agriculture, Construction, Hospitality, Professional Services, Utility sector, Retail, Real Estate, Others

Key Region/ Countries Covered

  • North America (US, Canada, Mexico)
  • Europe (Germany, U.K., France, Italy, Russia, Rest of Europe)
  • Asia-Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
  • Rest of the World (the Middle East & Africa and South America)

Asia Pacific accounts for the largest share of the SME Insurance market. The factors that are expected to drive the market are the emerging economies in this region, increasing awareness about insurance among SMEs, social insurance schemes are also expected to drive the market in this region.

The factors that are expected to restrain the market are risk aversion toward insurance due to low awareness level about insurance among SMEs, difficulties in raising funds to invest in insurance products to manage risks are expected to restrain the market. Thus, Asia-Pacific is expected to hold the largest share of the SME Insurance market during the forecast period.

Key Players of Global SME Insurance Market:

  • Allianz
  • Lloyds
  • Hiscox
  • Aviva
  • Zurich insurance group
  • NFU Mutual
  • RSA
  • Direct Line
  • Travelers
  • AXA


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Key Questions Answered Through The Report:

  • The Impact of COVID-19 on the global market
  • What are the potential opportunities for new entrants in the global market
  • What is the market Size and Forecast from 2020 to 2028?
  • Key Players associated with the global SME Insurance Market
  • Value Chain Analysis of Global SME Insurance Market
  • What is the CAGR of the global SME Insurance Market from 2021 to 2028
  • Major Growth Factor, Challenges, Trends, and Opportunities in the global market
  • Key outcomes of SWOT Analysis

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