10/14/2026
💡Small commercial market (SCM) grew to roughly $158 billion of direct premium as of year-end 2025, according to Conning, which based its estimate on 2025 statutory data from S&P alongside its own market-sizing methodology. The market remains highly fragmented, with well over 1,000 insurers competing, though the top 50 account for roughly 74% of premium.
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The U.S. small commercial insurance market expanded amid healthy business formation and growing carrier interest, though a Conning report points to potential headwinds.