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.
www.imarcgroup.com
Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.
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:
Breakup by End User:
www.imarcgroup.com
Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.
Breakup by Region:
To get more information on the regional analysis of this market, Request Sample
- North America
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- 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?