2024: Small Commercial Insurance Market: Opportunities to Compete

Price : $2,750.00

The small business sector remains a highly competitive market for property-casualty insurers. Small business continues to be the backbone of the U.S. economy, accounting for more than 90% of all domestic enterprises. SCM firms have continued to evolve, both before and during the pandemic, and have bespoke needs that small commercial insurers must meet, ranging from multiple distribution avenues to product needs and digital capabilities.

This report—the tenth in a series on the small commercial insurance market—provides an analysis of trends in the SCM (small commercial market), focusing on insurance industry developments and important trends in the customer base. The analysis uses data from 2022 statutory reports to size the insurance market, with data and events through 2023 to assess key developments in the customer base.

Table of Contents:

  • Introduction

  • Executive Summary

  • The Small Commercial Insurance Market

    • Definition of Small Business

    • The Insurance Market for Small Business

    • Where Does SCM Fit within the Total Commercial Market?

  • The State of Small Businesses in the US

    • Employment

    • New Business Formations

    • Firmographics

    • Small Business Industry Sector Catalog

  • Trends in Small Commercial Insurance Distribution

    • Consolidation of Independent Agents

  • The Near-Term Outlook: Opportunities and Concerns

    • Opportunities

    • Concerns

  • Appendices

    • The Small Commercial Market Landscape

    • Small Commercial Market Premiums

    • Small Business Firms

    • Small Businesses by Industry Sector


The report covers the small business insurance market characteristics and sizing, the general state of small business in the U.S., trends in small commercial insurance distribution, and an outlook for the future, providing an overview of the sector’s current opportunities and concerns.

Overall, the small commercial market appears to be in a healthy position. Insurers of all sizes are interested in the space, and there are multiple avenues to take to the small commercial market, including independent agents, exclusive agents, and direct distribution.