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Specialty Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027

Market Overview:

The global specialty insurance market reached a value of US$ 78.97 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 131.21 Billion by 2027, exhibiting a growth rate (CAGR) of 8.50% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.

Specialty insurance is designed specifically for businesses that need unusual coverage. It covers high-risk holdings or assets, which are not covered by conventional insurance policies. Besides this, it also offers protection against lawsuits under a specialty policy, known as errors and omissions (E&O), to help an organization recover financially. As a result, it is adopted by businesses from different industry verticals, such as healthcare, construction, and energy. Presently, key players are offering art, entertainment, political risk and credit, livestock and aquaculture, and marine, aviation and transport (MAT) insurances globally.

 

 
 

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Specialty Insurance Market Trends:

Specialty insurance provides flexibility in the duration, coverage, and conditions of the policy. It also safeguards businesses from commercial obligations, negligence claims, and other potential threats that are not covered by conventional business insurance plans. This represents one of the key factors bolstering the growth of the market. Moreover, numerous insurers, brokers, and policyholders are nowadays relying on specialized expertise to offer specialty coverages that aid in meeting the requirements of enterprises with unique risk profiles. This, coupled with the expansion of businesses around the world, is positively influencing the market. Apart from this, there is a rise in natural disasters, human-caused catastrophes, and sudden or gradual property damages in the real estate industry, which in turn, is catalyzing the demand for specialty insurance worldwide. Furthermore, leading players are adopting innovative digital solutions for extending their operations and offering better services to end users. In addition, they are investing in technologies, such as blockchain, artificial intelligence (AI), and the internet of things (IoT) that assist in facilitating loss prediction and prevention, risk monitoring, and simplifying claims processing. These advancements are expected to facilitate the growth of the market.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global specialty insurance market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on type, distribution channel and end user.

Breakup by Type:

  • Marine, Aviation and Transport (MAT)
    • Marine Insurance
    • Aviation Insurance  
  • Political Risk and Credit Insurance
  • Entertainment Insurance
  • Art Insurance
  • Livestock and Aquaculture Insurance
  • Others
     

Breakup by Distribution Channel:

  • Brokers
  • Non-Brokers
     

Breakup by End User:

 

 
 

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  • Business
  • Individuals  
     

Breakup by Region:

 

 
 

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  • North America
    • United States
    • Canada
  • Asia-Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Indonesia
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Italy
    • Spain
    • Russia
    • Others
  • Latin America
    • Brazil
    • Mexico
    • Others
  • Middle East and Africa
     

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being American International Group Inc., Assicurazioni Generali S.P.A., Axa XL (Axa S.A), Hiscox Ltd., Manulife Financial Corporation, Mapfre S.A., Munich Reinsurance Company, Nationwide Mutual Insurance Company, RenaissanceRe Holdings Ltd., Selective Insurance Group Inc., The Hanover Insurance Group Inc. and Zurich Insurance Group Ltd.

Report Coverage:

Report Features Details
Base Year of the Analysis 2021
    Historical Period 2016-2021
Forecast Period 2022-2027
Units US$ Billion
Segment Coverage Type, Distribution Channel, End User, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered American International Group Inc., Assicurazioni Generali S.P.A., Axa XL (Axa S.A), Hiscox Ltd., Manulife Financial Corporation, Mapfre S.A., Munich Reinsurance Company, Nationwide Mutual Insurance Company, RenaissanceRe Holdings Ltd., Selective Insurance Group Inc., The Hanover Insurance Group Inc. and Zurich Insurance Group Ltd
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

 

Key Questions Answered in This Report:

  • How has the global specialty insurance market performed so far and how will it perform in the coming years?
  • What has been the impact of COVID-19 on the global specialty insurance market?
  • What are the key regional markets?
  • What is the breakup of the market based on the type?
  • What is the breakup of the market based on the distribution channel?
  • What is the breakup of the market based on the end user?
  • What are the various stages in the value chain of the industry?
  • What are the key driving factors and challenges in the industry?
  • What is the structure of the global specialty insurance market and who are the key players?
  • What is the degree of competition in the industry?

1    Preface
2    Scope and Methodology

    2.1    Objectives of the Study
    2.2    Stakeholders
    2.3    Data Sources
        2.3.1    Primary Sources
        2.3.2    Secondary Sources
    2.4    Market Estimation
        2.4.1    Bottom-Up Approach
        2.4.2    Top-Down Approach
    2.5    Forecasting Methodology
3    Executive Summary
4    Introduction

    4.1    Overview
    4.2    Key Industry Trends
5    Global Specialty Insurance Market
    5.1    Market Overview
    5.2    Market Performance
    5.3    Impact of COVID-19
    5.4    Market Forecast
6    Market Breakup by Type
    6.1    Marine, Aviation and Transport (MAT)
        6.1.1 Market Trends
        6.1.2 Key Segments
           6.1.2.1 Marine Insurance
           6.1.2.2 Aviation Insurance  
        6.1.3 Market Forecast
    6.2    Political Risk and Credit Insurance
        6.2.1 Market Trends
        6.2.2 Market Forecast
    6.3    Entertainment Insurance
        6.3.1 Market Trends
        6.3.2 Market Forecast
    6.4    Art Insurance
        6.4.1 Market Trends
        6.4.2 Market Forecast
    6.5    Livestock and Aquaculture Insurance
        6.5.1 Market Trends
        6.5.2 Market Forecast
    6.6    Others
        6.6.1 Market Trends
        6.6.2 Market Forecast
7    Market Breakup by Distribution Channel
    7.1    Brokers
        7.1.1 Market Trends
        7.1.2 Market Forecast
    7.2    Non-Brokers
        7.2.1 Market Trends
        7.2.2 Market Forecast
8    Market Breakup by End User
    8.1    Business
        8.1.1 Market Trends
        8.1.2 Market Forecast
    8.2    Individuals  
        8.2.1 Market Trends
        8.2.2 Market Forecast
9    Market Breakup by Region
    9.1    North America
        9.1.1 United States
           9.1.1.1 Market Trends
           9.1.1.2 Market Forecast
        9.1.2 Canada
           9.1.2.1 Market Trends
           9.1.2.2 Market Forecast
    9.2    Asia-Pacific
        9.2.1 China
           9.2.1.1 Market Trends
           9.2.1.2 Market Forecast
        9.2.2 Japan
           9.2.2.1 Market Trends
           9.2.2.2 Market Forecast
        9.2.3 India
           9.2.3.1 Market Trends
           9.2.3.2 Market Forecast
        9.2.4 South Korea
           9.2.4.1 Market Trends
           9.2.4.2 Market Forecast
        9.2.5 Australia
           9.2.5.1 Market Trends
           9.2.5.2 Market Forecast
        9.2.6 Indonesia
           9.2.6.1 Market Trends
           9.2.6.2 Market Forecast
        9.2.7 Others
           9.2.7.1 Market Trends
           9.2.7.2 Market Forecast
    9.3    Europe
        9.3.1 Germany
           9.3.1.1 Market Trends
           9.3.1.2 Market Forecast
        9.3.2 France
           9.3.2.1 Market Trends
           9.3.2.2 Market Forecast
        9.3.3 United Kingdom
           9.3.3.1 Market Trends
           9.3.3.2 Market Forecast
        9.3.4 Italy
           9.3.4.1 Market Trends
           9.3.4.2 Market Forecast
        9.3.5 Spain
           9.3.5.1 Market Trends
           9.3.5.2 Market Forecast
        9.3.6 Russia
           9.3.6.1 Market Trends
           9.3.6.2 Market Forecast
        9.3.7 Others
           9.3.7.1 Market Trends
           9.3.7.2 Market Forecast
    9.4    Latin America
        9.4.1 Brazil
           9.4.1.1 Market Trends
           9.4.1.2 Market Forecast
        9.4.2 Mexico
           9.4.2.1 Market Trends
           9.4.2.2 Market Forecast
        9.4.3 Others
           9.4.3.1 Market Trends
           9.4.3.2 Market Forecast
    9.5    Middle East and Africa
        9.5.1 Market Trends
        9.5.2 Market Breakup by Country
        9.5.3 Market Forecast
10    SWOT Analysis
    10.1    Overview
    10.2    Strengths
    10.3    Weaknesses
    10.4    Opportunities
    10.5    Threats
11    Value Chain Analysis
12    Porters Five Forces Analysis

    12.1    Overview
    12.2    Bargaining Power of Buyers
    12.3    Bargaining Power of Suppliers
    12.4    Degree of Competition
    12.5    Threat of New Entrants
    12.6    Threat of Substitutes
13    Price Analysis
14    Competitive Landscape

    14.1    Market Structure
    14.2    Key Players
    14.3    Profiles of Key Players
        14.3.1    American International Group Inc.
           14.3.1.1 Company Overview
           14.3.1.2 Product Portfolio
           14.3.1.3 Financials
           14.3.1.4 SWOT Analysis
        14.3.2    Assicurazioni Generali S.P.A.
           14.3.2.1 Company Overview
           14.3.2.2 Product Portfolio
        14.3.3    Axa XL (Axa S.A)
           14.3.3.1 Company Overview
           14.3.3.2 Product Portfolio
        14.3.4    Hiscox Ltd.
           14.3.4.1 Company Overview
           14.3.4.2 Product Portfolio
           14.3.4.3 Financials
           14.3.4.4 SWOT Analysis
        14.3.5    Manulife Financial Corporation
           14.3.5.1 Company Overview
           14.3.5.2 Product Portfolio
           14.3.5.3 Financials
           14.3.5.4 SWOT Analysis
        14.3.6    Mapfre S.A.
           14.3.6.1 Company Overview
           14.3.6.2 Product Portfolio
        14.3.7    Munich Reinsurance Company
           14.3.7.1 Company Overview
           14.3.7.2 Product Portfolio
           14.3.7.3 Financials
        14.3.8    Nationwide Mutual Insurance Company
           14.3.8.1 Company Overview
           14.3.8.2 Product Portfolio
           14.3.8.3 SWOT Analysis
        14.3.9    RenaissanceRe Holdings Ltd.
           14.3.9.1 Company Overview
           14.3.9.2 Product Portfolio
           14.3.9.3 Financials
        14.3.10    Selective Insurance Group Inc.
           14.3.10.1 Company Overview
           14.3.10.2 Product Portfolio
           14.3.10.3 Financials
           14.3.10.4 SWOT Analysis
        14.3.11    The Hanover Insurance Group Inc.
           14.3.11.1 Company Overview
           14.3.11.2 Product Portfolio
           14.3.11.3 Financials
           14.3.11.4 SWOT Analysis
        14.3.12    Zurich Insurance Group Ltd
           14.3.12.1 Company Overview
           14.3.12.2 Product Portfolio
           14.3.12.3 Financials
           14.3.12.4 SWOT Analysis

List of Figures

Figure 1: Global: Specialty Insurance Market: Major Drivers and Challenges
Figure 2: Global: Specialty Insurance Market: Sales Value (in Billion US$), 2016-2021
Figure 3: Global: Specialty Insurance Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 4: Global: Specialty Insurance Market: Breakup by Type (in %), 2021
Figure 5: Global: Specialty Insurance Market: Breakup by Distribution Channel (in %), 2021
Figure 6: Global: Specialty Insurance Market: Breakup by End User (in %), 2021
Figure 7: Global: Specialty Insurance Market: Breakup by Region (in %), 2021
Figure 8: Global: Specialty Insurance (Marine, Aviation and Transport (MAT)) Market: Sales Value (in Million US$), 2016 & 2021
Figure 9: Global: Specialty Insurance (Marine, Aviation and Transport (MAT)) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 10: Global: Specialty Insurance (Political Risk and Credit Insurance) Market: Sales Value (in Million US$), 2016 & 2021
Figure 11: Global: Specialty Insurance (Political Risk and Credit Insurance) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 12: Global: Specialty Insurance (Entertainment Insurance) Market: Sales Value (in Million US$), 2016 & 2021
Figure 13: Global: Specialty Insurance (Entertainment Insurance) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 14: Global: Specialty Insurance (Art Insurance) Market: Sales Value (in Million US$), 2016 & 2021
Figure 15: Global: Specialty Insurance (Art Insurance) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 16: Global: Specialty Insurance (Livestock and Aquaculture Insurance) Market: Sales Value (in Million US$), 2016 & 2021
Figure 17: Global: Specialty Insurance (Livestock and Aquaculture Insurance) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 18: Global: Specialty Insurance (Other Types) Market: Sales Value (in Million US$), 2016 & 2021
Figure 19: Global: Specialty Insurance (Other Types) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 20: Global: Specialty Insurance (Brokers) Market: Sales Value (in Million US$), 2016 & 2021
Figure 21: Global: Specialty Insurance (Brokers) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 22: Global: Specialty Insurance (Non-Brokers) Market: Sales Value (in Million US$), 2016 & 2021
Figure 23: Global: Specialty Insurance (Non-Brokers) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 24: Global: Specialty Insurance (Business) Market: Sales Value (in Million US$), 2016 & 2021
Figure 25: Global: Specialty Insurance (Business) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 26: Global: Specialty Insurance (Individuals) Market: Sales Value (in Million US$), 2016 & 2021
Figure 27: Global: Specialty Insurance (Individuals) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 28: North America: Specialty Insurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 29: North America: Specialty Insurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 30: United States: Specialty Insurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 31: United States: Specialty Insurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 32: Canada: Specialty Insurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 33: Canada: Specialty Insurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 34: Asia-Pacific: Specialty Insurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 35: Asia-Pacific: Specialty Insurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 36: China: Specialty Insurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 37: China: Specialty Insurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 38: Japan: Specialty Insurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 39: Japan: Specialty Insurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 40: India: Specialty Insurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 41: India: Specialty Insurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 42: South Korea: Specialty Insurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 43: South Korea: Specialty Insurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 44: Australia: Specialty Insurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 45: Australia: Specialty Insurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 46: Indonesia: Specialty Insurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 47: Indonesia: Specialty Insurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 48: Others: Specialty Insurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 49: Others: Specialty Insurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 50: Europe: Specialty Insurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 51: Europe: Specialty Insurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 52: Germany: Specialty Insurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 53: Germany: Specialty Insurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 54: France: Specialty Insurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 55: France: Specialty Insurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 56: United Kingdom: Specialty Insurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 57: United Kingdom: Specialty Insurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 58: Italy: Specialty Insurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 59: Italy: Specialty Insurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 60: Spain: Specialty Insurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 61: Spain: Specialty Insurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 62: Russia: Specialty Insurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 63: Russia: Specialty Insurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 64: Others: Specialty Insurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 65: Others: Specialty Insurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 66: Latin America: Specialty Insurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 67: Latin America: Specialty Insurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 68: Brazil: Specialty Insurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 69: Brazil: Specialty Insurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 70: Mexico: Specialty Insurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 71: Mexico: Specialty Insurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 72: Others: Specialty Insurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 73: Others: Specialty Insurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 74: Middle East and Africa: Specialty Insurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 75: Middle East and Africa: Specialty Insurance Market: Breakup by Country (in %), 2021
Figure 76: Middle East and Africa: Specialty Insurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 77: Global: Specialty Insurance Industry: SWOT Analysis
Figure 78: Global: Specialty Insurance Industry: Value Chain Analysis
Figure 79: Global: Specialty Insurance Industry: Porter's Five Forces Analysis

List of Tables

Table 1: Global: Specialty Insurance Market: Key Industry Highlights, 2021 and 2027
Table 2: Global: Specialty Insurance Market Forecast: Breakup by Type (in Million US$), 2022-2027
Table 3: Global: Specialty Insurance Market Forecast: Breakup by Distribution Channel (in Million US$), 2022-2027
Table 4: Global: Specialty Insurance Market Forecast: Breakup by End User (in Million US$), 2022-2027
Table 5: Global: Specialty Insurance Market Forecast: Breakup by Region (in Million US$), 2022-2027
Table 6: Global: Specialty Insurance Market: Competitive Structure
Table 7: Global: Specialty Insurance Market: Key Players


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