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SME Insurance Market Share

Report ID: GMI9511
Published Date: May 2024
Report Format: PDF

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SME Insurance Market Share

Allianz and AXA hold a significant market share of over 18% in the SME insurance industry. Allianz provides a diverse selection of tailored insurance solutions and products crafted for small and medium-sized enterprises (SME). These offerings include customizable coverage options, supplementary services, and specialized packages tailored to address the unique requirements of SME operating in various industries.

AXA adopts digital transformation strategies to improve SME' insurance experience and simplify insurance operations. This involves investing in digital platforms, online resources, and mobile apps to facilitate policy administration, claims processing, and interaction with SME customers.

SME Insurance Market Companies

Major companies operating in the SME insurance industry are:

Allianz
American International Group, Inc.
AXA
Chubb
CNA
Hartford
Nationwide
Sompo
Tokio Marine
Zurich

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of SME insurance reached USD 417.2 billion in 2023 and is set to witness 7% CAGR between 2024 and 2032, owing to the increasing awareness of the risks associated with running a business.

The small segment held over 49% share in 2023, as it creates a wider pool of prospective consumers for insurance firms.

Asia Pacific market recorded over 33% revenue share in 2023, accounting for a sizable share of firms and contributing substantially to GDP.

Allianz, American International Group, Inc., AXA, Chubb, CAN, Hartford, Nationwide, Sompo, Tokio Marine, and Zurich.