Specialty Insurance Market Global Size, Share, Industry Trends 2022-2027
Market Overview 2022-2027:
The latest research study “Specialty Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” by IMARC Group, finds 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 CAGR of 8.50% during 2022-2027.
Industry Definition and Application:
Specialty insurance is specially designed for companies that require unusual coverage. It covers high-risk investments or assets not protected by conventional insurance plans. Some commonly available policies include livestock, aquaculture, marine, aviation and transport (MAT), arts, entertainment, and political risk and credit insurance. It also protects against lawsuits under specialty insurance known as errors and omissions (E&O) to help an organization recover financially. As a result, specialty insurance is gaining immense popularity among businesses across the healthcare, construction, and energy industries.
The global specialty insurance market is primarily driven by the rising need to safeguard businesses from potential risks, commercial obligations, and negligence claims not typically covered by conventional business insurance plans. Additionally, numerous insurers, brokers, and policyholders rely on specialized knowledge to provide specialty coverages that help fulfill the needs of organizations with unique risk profiles. In line with this, the rapid expansion of businesses worldwide has catalyzed market growth.
Besides this, the rising instances of human-caused catastrophes, natural disasters, and sudden or gradual property damages in the real estate industry have augmented product demand. Furthermore, the surging adoption of innovative digital solutions by key players to offer better services to customers and extend their operations is positively influencing the market growth. Other factors, including technological advancements, surging demand for specialized expertise, and increasing implementation of the Internet of Things (IoT), are also anticipated to drive the market further.
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The report has been segmented the market into following categories:
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
Breakup by Distribution Channel:
Breakup by End User:
Breakup by Geography:
- 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 with Key Player:
- American International Group Inc.
- Assicurazioni Generali S.P.A.
- Mapfre S.A.
- Munich Reinsurance Company
- Nationwide Mutual Insurance Company
- RenaissanceRe Holdings Ltd.
- Axa XL (Axa S.A)
- Hiscox Ltd.
- Manulife Financial Corporation
- Selective Insurance Group Inc.
- The Hanover Insurance Group Inc.
- Zurich Insurance Group Ltd.
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