SME Insurance Market Report 2024 (Global Edition)

Global SME Insurance Market Report 2024 Market Size Split by Type (Insurance for Non-employing, Insurance for 1-9 Employees, Insurance for above 10 Employees), by Application (Bancassurance, Digital &...

SME Insurance Market Report Description

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Competitive Landscape of the SME Insurance Market

The competitive landscape of the SME insurance market is characterized by dynamic rivalry, innovation, and diverse offerings. Insurers strive to differentiate through tailored solutions, efficient distribution channels, and responsive customer service. Continuous adaptation to market trends and regulatory changes shapes the competitive strategies within this evolving sector.

Top Companies Market Share in SME Insurance Industry: (In no particular order of Rank)

• AIA
• AIG
• AXA
• Tokio Marine
• Sompo
• Allianz
• PingAn
• Chubb
• Great Eastern
• China Life
• Confidential Data
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• Data Hidden

*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.

Regional Analysis of SME Insurance Market

Which Region Dominates the SME Insurance Market in 2024?

According to Cognitive Market Research, North America dominated the market in 2024 and accounted for around 40% of the global revenue. Increasing regulatory requirements drive demand for comprehensive coverage, while rising awareness of cyber security threats prompts investment in cyber insurance. Technological advancements in digital platforms enhance accessibility and efficiency, fuelling sales growth. Moreover, a shifting demographic landscape, including the rise of gig workers, creates new opportunities for tailored insurance solutions. As businesses prioritize risk mitigation and continuity planning, the demand for SME insurance in North America is expected to continue its upward trajectory.

Which Region is Expanding at the Fastest CAGR?

Asia-Pacific is the fastest-growing region. Rapid economic growth and urbanization drive the expansion of small and medium enterprises, increasing the need for insurance coverage. Government initiatives promoting entrepreneurship and financial inclusion further stimulate market growth. Additionally, rising awareness of natural disasters and geopolitical uncertainties underscores the importance of risk management, boosting demand for insurance products. Technological innovations such as mobile-based insurance platforms and digital payment systems enhance market accessibility, particularly in emerging economies. With evolving consumer behaviours and regulatory environments, Asia-Pacific presents lucrative opportunities for insurers to capitalize on the expanding SME insurance market.

The current report Scope analyzes SME Insurance Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America SME Insurance Market

According to Cognitive Market Research, the global SME insurance market size was estimated at USD 23512.2 Million out of which North America held the major market of around 40% of the global revenue with a market size of USD 9404.88 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.7% from 2024 to 2031. Sales of SME insurance in North America are poised for growth due to several factors. The region's robust economy fosters business expansion, prompting increased demand for insurance coverage to mitigate risks. Moreover, evolving regulatory landscapes and heightened awareness of cyber security threats drive businesses to invest in comprehensive insurance policies. Additionally, the rise of gig economy workers necessitates flexible coverage options tailored to their unique needs. In this region, property insurance holds the highest market share, projected to grow further as businesses prioritize safeguarding physical assets amidst evolving risks and uncertainties.

• According to Cognitive Market Research, The United States SME insurance market had a market share of USD 7420.45 million in 2024 and is projected to grow at a CAGR of 4.5% during the forecast period. Rising natural disasters prompt businesses to invest in property insurance. Regulatory changes necessitate liability coverage. Cyber security threats drive demand for comprehensive insurance solutions. Evolving healthcare landscape boosts health insurance uptake.
• Canada SME insurance market had a market share of USD 1128.59 million in 2024 and is projected to grow at a CAGR of 5.5% during the forecast period. Economic growth fuels business expansion, increasing demand for insurance coverage. Stringent regulatory requirements drive compliance-related insurance purchases. Heightened awareness of cyber threats stimulates cyber security insurance uptake. Changing demographics spur health insurance demand.
• Mexico SME insurance market had a market share of USD 855.84 million in 2024 and is projected to grow at a CAGR of 5.2% during the forecast period.

 

Europe SME Insurance Market

According to Cognitive Market Research, with a market value of USD 23512.2 million in 2024 and projected to expand at a compound annual growth rate (CAGR) of 5.0% from 2024 to 2031. Europe accounted for a share of around 30% of the global market size of USD 7053.66 million. In Europe, SME insurance sales are expected to surge owing to diverse factors. Economic integration and the proliferation of small and medium enterprises drive demand for insurance coverage to protect against various risks. Furthermore, stringent regulatory requirements compel businesses to invest in compliance-related insurance products. The region's aging population and evolving healthcare landscape create opportunities for insurance providers to offer innovative coverage solutions tailored to healthcare professionals. Notably, public liability insurance holds the highest market share, driven by the increasing emphasis on liability protection in Europe's litigious environment.

• The United Kingdom SME insurance market had a market share of USD 1185.01 million in 2024 and is projected to grow at a CAGR of 5.8% during the forecast period. Brexit uncertainties drive businesses to mitigate risks through insurance coverage. Regulatory reforms necessitate liability and compliance-related insurance. Rising cybercrime rates prompt investment in cyber security insurance. Evolving healthcare systems boost demand for health insurance products.
• France SME insurance market had a market share of USD 648.94 million in 2024 and is projected to grow at a CAGR of 4.2% during the forecast period.
• Germany SME insurance market had a market share of USD 1396.62 million in 2024 and is projected to grow at a CAGR of 5.2% during the forecast period. Strong manufacturing sector emphasizes property and liability coverage. Increasing regulatory requirements drive demand for compliance-related insurance. Growing awareness of environmental risks fuels property insurance uptake. Aging population drives demand for healthcare insurance solutions.
• Italy SME insurance market had a market share of USD 606.61 million in 2024 and is projected to grow at a CAGR of 4.4% during the forecast period.
• Russia SME insurance market had a market share of USD 1093.32 million in 2024 and is projected to grow at a CAGR of 4.0% during the forecast period.
• Spain SME insurance market had a market share of USD 578.40 million in 2024 and is projected to grow at a CAGR of 4.1% during the forecast period.
• Luxembourg SME insurance market had a market share of USD 218.66 million in 2024 and is projected to grow at a CAGR of 5.1% during the forecast period.
• Portugal SME insurance market had a market share of USD 148.13 million in 2024 and is projected to grow at a CAGR of 4.8% during the forecast period.
• Greece SME insurance market had a market share of USD 84.64 million in 2024 and is projected to grow at a CAGR of 5.3% during the forecast period.
• Rest of Europe SME insurance market had a market share of USD 1093.32 million in 2024 and is projected to grow at a CAGR of 3.7% during the forecast period.

 

Asia Pacific SME Insurance Market

According to Cognitive Market Research, the global SME insurance market size was estimated at USD 23512.2 Million out of which Asia Pacific held the market of around 23% of the global revenue with a market size of USD 5407.81 million in 2024 and will grow at a compound annual growth rate (CAGR) of 8.5% from 2024 to 2031. The Asia Pacific region presents promising growth prospects for SME insurance sales, propelled by various drivers. Rapid economic development and urbanization fuel the expansion of small businesses, driving the need for insurance coverage. Technological advancements enhance market accessibility, enabling insurers to reach previously underserved segments. Moreover, increasing awareness of environmental risks encourages businesses to invest in property insurance to protect against natural disasters. Notably, healthcare insurance emerges as the highest market share segment in this region, reflecting the growing demand for affordable healthcare coverage amid rising medical costs.

• According to Cognitive Market Research, China SME insurance market had a market share of USD 2433.51 million in 2024 and is projected to grow at a CAGR of 8.0% during the forecast period. Rapid economic growth fuels business expansion, increasing demand for insurance coverage. Technological advancements enhance market accessibility. Environmental concerns drive demand for property insurance. Rising healthcare costs stimulate health insurance uptake.
• Japan SME insurance market had a market share of USD 746.28 million in 2024 and is projected to grow at a CAGR of 7.0% during the forecast period.
• India SME insurance market had a market share of USD 648.94 million in 2024 and is projected to grow at a CAGR of 10.3% during the forecast period. Booming start up ecosystem increases demand for insurance coverage. Regulatory reforms mandate insurance purchases in certain sectors. Growing awareness of cyber security threats drives cyber security insurance uptake. Rising healthcare costs stimulate health insurance demand.
• South Korea SME insurance market had a market share of USD 540.78 million in 2024 and is projected to grow at a CAGR of 7.6% during the forecast period.
• Australia SME insurance market had a market share of USD 281.21 million in 2024 and is projected to grow at a CAGR of 8.2% during the forecast period.
• South East Asia SME insurance market had a market share of USD 373.14 million in 2024 and is projected to grow at a CAGR of 9.5% during the forecast period.
• Rest of Asia Pacific SME insurance market had a market share of USD 383.95 million in 2024 and is projected to grow at a CAGR of 8.3% during the forecast period.

 

South America SME Insurance Market

According to Cognitive Market Research, the global SME insurance market size was estimated at USD 23512.2 Million out of which Latin America market of around 5% of the global revenue with a market size of USD 1175.61 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.9% from 2024 to 2031. In Latin America, sales of SME insurance are set to increase due to several factors. Economic growth and market liberalization foster entrepreneurship, driving the expansion of small businesses. Regulatory reforms mandating insurance coverage in certain sectors further boost demand. Additionally, heightened awareness of cyber threats prompts businesses to invest in cyber security insurance to safeguard their digital assets. Notably, public liability insurance holds the highest market share in this region, driven by the need for protection against third-party liabilities in a competitive business environment.

• According to Cognitive Market Research, Brazil SME insurance market had a market share of USD 503.16 million in 2024 and is projected to grow at a CAGR of 6.5% during the forecast period. Economic diversification drives SME growth, boosting insurance demand. Regulatory changes necessitate insurance coverage in various sectors. Heightened awareness of cyber threats prompts cyber security insurance purchases. Evolving healthcare landscape stimulates health insurance demand.
• Argentina SME insurance market had a market share of USD 197.50 million in 2024 and is projected to grow at a CAGR of 6.8% during the forecast period. Economic reforms drive SME growth, increasing insurance uptake. Regulatory changes mandate insurance coverage in key sectors. Heightened awareness of cyber threats stimulates cyber security insurance purchases. Aging population drives health insurance demand.
• Colombia SME insurance market had a market share of USD 104.63 million in 2024 and is projected to grow at a CAGR of 5.7% during the forecast period.
• Peru SME insurance market had a market share of USD 96.40 million in 2024 and is projected to grow at a CAGR of 6.1% during the forecast period.
• Chile SME insurance market had a market share of USD 84.64 million in 2024 and is projected to grow at a CAGR of 6.2% during the forecast period.
• Rest of Latin America SME insurance market had a market share of USD 189.27 million in 2024 and is projected to grow at a CAGR of 5.0% during the forecast period.

 

Middle East and Africa SME Insurance Market

According to Cognitive Market Research, the global SME insurance market size was estimated at USD 23512.2 Million out of which Middle East and Africa held the major market of around 2% of the global revenue with a market size of USD 470.24 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.2% from 2024 to 2031. The Middle East and Africa (MEA) region offer significant growth opportunities for SME insurance sales. Economic diversification efforts and infrastructure development drive the expansion of small businesses, increasing the demand for insurance coverage. Moreover, geopolitical uncertainties underscore the importance of risk mitigation, prompting businesses to invest in comprehensive insurance solutions. Additionally, increasing urbanization and population growth fuel demand for property insurance to protect against construction and infrastructure risks. Notably, property insurance emerges as the highest market share segment in this region, reflecting the emphasis on safeguarding tangible assets amidst evolving risks.

• According to Cognitive Market Research, GCC Countries SME insurance market had a market share of USD 201.26 million in 2024 and is projected to grow at a CAGR of 7.0% during the forecast period. Infrastructure development fosters SME growth, driving insurance demand. Geopolitical uncertainties underscore the importance of risk mitigation. Rising cyber threats prompt cyber security insurance purchases. Expatriate workforce boosts health insurance uptake.
• Egypt SME insurance market had a market share of USD 49.38 million in 2024 and is projected to grow at a CAGR of 6.5% during the forecast period.
• South Africa SME insurance market had a market share of USD 74.30 million in 2024 and is projected to grow at a CAGR of 7.2% during the forecast period. Economic development fuels SME expansion, increasing insurance demand. Regulatory reforms drive compliance-related insurance purchases. Heightened awareness of cyber threats stimulates cyber security insurance uptake. Aging population drives health insurance demand.
• Turkey SME insurance market had a market share of USD 40.44 million in 2024 and is projected to grow at a CAGR of 5.7% during the forecast period.
• Nigeria SME insurance market had a market share of USD 49.38 million in 2024 and is projected to grow at a CAGR of 5.3% during the forecast period.
• Rest of MEA SME insurance market had a market share of USD 55.49 million in 2024 and is projected to grow at a CAGR of 5.2% during the forecast period.

 

SME Insurance Market Analysis

SME Insurance Type Segment Analysis

According to Cognitive Market Research, insurance for 1-9 employees held the major market share due to the proliferation of start-ups and small businesses. These enterprises recognize the necessity of insurance coverage to mitigate risks and ensure continuity. Additionally, tailored insurance packages catering to the specific needs and budget constraints of smaller businesses drive sales. Moreover, regulatory requirements mandating certain types of coverage further boost demand in this segment.

Insurance for non-employing is the fastest-growing category over the forecast period, propelled by several factors. Increasing entrepreneurial activities and the rise of sole proprietorships drive demand for basic insurance coverage to protect personal assets and liabilities. Additionally, heightened awareness of potential risks, such as liability claims or property damage, prompts individuals operating small-scale businesses to seek insurance protection. Moreover, the availability of affordable and customizable insurance solutions tailored for sole proprietors fuels market growth in this segment.

• Insurance for Non-employing
• Insurance for 1-9 Employees
• Insurance for above 10 Employees

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of SME Insurance Industry. Request a Free Sample PDF!

SME Insurance Application Segment Analysis

According to Cognitive Market Research, digital & direct channels hold a prominent market share due to their convenience and accessibility. Customers increasingly prefer the ease of researching, comparing, and purchasing insurance products online. Additionally, advancements in digital technologies enhance customer engagement through personalized experiences and targeted marketing efforts. The ability to provide instant quotes and streamline the purchasing process further drives sales through digital platforms.

Banc assurance is the fastest-growing category over the forecast period due to its strategic partnerships with banks, leveraging their extensive customer base. Banks offer insurance products alongside financial services, enhancing customer convenience and trust. Moreover, banc assurance benefits from cross-selling opportunities, where insurance products are bundled with banking services, enticing customers with comprehensive financial solutions. Regulatory support and favourable market conditions further propel the growth of banc assurance in the forecast period.

• Bancassurance
• Digital & Direct Channels
• Brokers
• Agency

The above Graph is for representation purposes only. This chart does not depict actual Market share.

SME Insurance Product Type Segment Analysis

According to Cognitive Market Research, property insurance hold a prominent market share due to several factors. Heightened awareness of natural disasters and property-related risks prompts businesses to invest in comprehensive coverage. Regulatory requirements and mortgage stipulations mandate property insurance, driving demand. Additionally, the rise of smart technology enables insurers to offer more accurate risk assessments and tailored coverage, further boosting sales in this segment.

Public liability insurance is the fastest-growing category over the forecast period, driven by various factors. Businesses recognize the importance of protecting themselves against legal liabilities arising from third-party injury or property damage. With growing consumer awareness and a litigious environment, demand for public liability coverage escalates. Moreover, regulatory mandates and contract requirements often necessitate public liability insurance, contributing to its robust growth over the forecast period.

• Property Insurance
• Public Liability Insurance
• Workers Compensation Insurance
• Goods in Transit Insurance

SME Insurance Coverage Type Segment Analysis

According to Cognitive Market Research, short term hold a prominent market share due to various factors. Businesses favor short-term policies for their flexibility, allowing them to adjust coverage based on changing needs and market conditions. Additionally, short-term policies are often more affordable and easier to obtain, making them attractive to small and medium enterprises. The rise of temporary projects and events also drives demand for short-term coverage, further solidifying its market position.

Long term is the fastest-growing category over the forecast period. Businesses seek the stability and predictability offered by long-term policies, providing comprehensive protection over extended periods. Regulatory requirements for continuous coverage and the desire for cost savings through long-term contracts also contribute to the growth of this segment. Moreover, as businesses prioritize long-term risk management strategies, the demand for sustainable and comprehensive insurance solutions continues to rise, driving sales in the long-term coverage segment.

• Short Term
• Long Term

SME Insurance End User Segment Analysis

According to Cognitive Market Research, retail hold a prominent market share due to various factors. The steady growth of consumer spending and the expansion of retail businesses drive demand for insurance coverage to protect assets and liabilities. Additionally, regulatory requirements and lease agreements often mandate insurance coverage for retail establishments. Furthermore, the rise of e-commerce and Omni channel retailing creates new risks, spurring demand for specialized insurance products tailored to the retail sector.

Healthcare is the fastest-growing category over the forecast period. The growing demand for healthcare services and rising medical costs drive the need for comprehensive insurance coverage. Regulatory changes and the expansion of healthcare networks also contribute to increased insurance uptake in the healthcare sector. Moreover, with the aging population and the prevalence of chronic diseases, individuals and healthcare providers alike prioritize insurance coverage to mitigate financial risks associated with medical emergencies and treatments.

• Contractors & Construction
• Finance & insurance
• Healthcare
• Manufacturing
• Professional services
• Real estate
• Restaurants
• Retail
• Wholesalers & Distributors
• Others

Author's Detail

Sneha Mali

Research Analyst at Cognitive Market Research

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I am a research analyst working in various domains including the Consumer Goods domain, and my primary responsibility is to conduct thorough research on various subjects and provide valuable insights to support client requirements. I have knowledge of research methodologies, and data mining which enables me to analyze large data sets, draw meaningful conclusions, and communicate them effectively. I stay up-to-date with the latest research trends, methodologies, and technologies to ensure that my research is accurate, relevant, and impactful.

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