WASHINGTON, July 20, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research's recent analysis report on the Global Specialty Insurance Market finds that increasing concerns related to property and accidental damage and rising demand for professional expertise are some factors that augment the growth of the Specialty Insurance Market in recent years. The Global Market revenue was valued at USD 74.1 Billion in 2021.
Vantage Market Research, in a report titled "Specialty Insurance Market Size, Share & Trends Analysis Report by Type (Marine, Aviation & Transport (MAT), Political Risk & Credit Insurance, Entertainment Insurance, Art Insurance, Livestock & Aquaculture Insurance), by Distribution Channel (Brokers, Non-Brokers), by End User (Business, Individuals), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" forecasts to reach USD 124.9 Billion by the year 2028. The report also states that the Global Specialty Insurance Market is forecast to grow by exhibiting a Compound Annual Growth Rate (CAGR) of 9.1% during the forecast period.
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Key Insights & Findings from the Report:
- According to our primary respondents’ research, the Specialty Insurance market is predicted to grow at a CAGR of roughly 9.1% during the forecast period.
- The Specialty Insurance market was estimated to be worth roughly USD 74.1 Billion in 2021 and is expected to reach USD 124.9 Billion by 2028; based on primary research.
- On the basis of region, Europe is projected to dominate the worldwide Specialty Insurance market.
Market Dynamics:
Drivers:
Increasing Concerns Related to Property and Accidental Damage
Over the past few years, the global market has seen a dramatic increase in demand for Specialty Insurance Market. A key driver influencing the market for Specialty Insurance Market growing concerns related to the loss of property and accidents due to natural disasters and undermining the profits of special carriers in an unfortunate event is forcing people to take out property and accident insurance. For example, according to the Insurance Information Institute, about 61 disasters occurred in the U.S. in 2019, compared to 55 in 2018. Property / Injury (P / C) insurers paid over $ 24.4 billion in disaster-related losses in 2019. Also, about 1 in 20 homeowners have an insurance policy every year. Claims by homeowners connected to the wind or hail are the most frequent; the most expensive is related to fire and lightning in the U.S. Net premiums on sector paper reached $ 637.7 billion by 2019. The homeowner's insurance rate increased by 1.6 percent in 2017, following a 1.6 percent increase in 2016. Hence, growing concerns related to property and accidental damage further propelling the market growth.
Increasing Demand for Professional Expertise
The industry has seen an increased need for specialized expertise in Specialty Insurance Market systems as it offers both custom and complete design to effectively meet the needs of business categories with different risk profiles. The growing demand for specialized insurance among Program Managers (PAs), some of the critical distributors of specialized insurance products, is expected to further market growth in the forecast period. These regulators act as specialists as they deeply understand targeted market exposure. Consumers, policyholders, and specialty insurers rely heavily on management knowledge to provide a specialized installation to their customers. In addition, a few Specialty Insurance Market providers, retailers, and policymakers are increasingly relying on this technology to provide a unique niche entry to the market. As a result, the growing demand for specialized technology among businesses and other end users increases the need for specialized insurance globally.
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Segmentation of the Global Specialty Insurance Market:
- Type
- Marine, Aviation & Transport (MAT)
- Political Risk & Credit Insurance
- Entertainment Insurance
- Art Insurance
- Livestock & Aquaculture Insurance
- Other Types
- Distribution Channel
- Brokers
- Non-Brokers
- End-User
- Business
- Individuals
- Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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COVID-19 Impact Analysis:
The outbreak of COVID-19 has affected almost all industries globally. Several manufacturing and development facilities across the globe were forced to shut down their operations during the initial stages of the pandemic. State and National Governments globally implemented lockdown measures and ensured social distancing norms to restrict the fast spread of the pandemic. In addition, the financial crisis which followed right after the pandemic led to a significant delay in the commercial roll-out of the pharmaceutical and other industries. As a result, several small and medium-scale companies witnessed a substantial drop in income. These industries are considered the backbone of various technology providers and are trying to recover since the emergence of the COVID-19 pandemic in 2020. As a result, market players faced numerous challenges in the view of disruptions in the supply chain due to the pandemic.
Things are expected to improve in the second half of 2022 as operations of the players are resuming leading to more supplies returning on track.
Vantage Market Research's study on the Global Specialty Insurance Market has taken the purview of the impact of the COVID-19 pandemic on the global market demand. The study has evaluated and forecasted the market size and growth trends for all the regions and countries based on the following data points:
COVID-19 Impact Analysis:
1. Impact Assessment of COVID-19 Pandemic
a. North America
b. Europe
c. Asia Pacific
d. Latin America
e. The Middle East & Africa
2. Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
3. Key Strategies Undertaken by Companies to Tackle COVID-19
4. Long-Term Dynamics
5. Short-Term Dynamics
The report on Specialty Insurance Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historical Data, Estimates, and Forecast
- Company Profiles
- Global and Regional Dynamics
Browse market data Tables and Figures spread through 142 Pages and in-depth TOC on "Specialty Insurance Market Size, Share & Trends Analysis Report by Type (Marine, Aviation & Transport (MAT), Political Risk & Credit Insurance, Entertainment Insurance, Art Insurance, Livestock & Aquaculture Insurance), by Distribution Channel (Brokers, Non-Brokers), by End User (Business, Individuals), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)".
Regional Analysis:
Europe Holds Largest Market Share
Europe is expected to dominate the growth of the Specialty Insurance Market in 2021. Developing economies, such as India, South Korea, Taiwan, and Vietnam, are seeing significant growth in the construction, health, and environmental sectors. Therefore, the increase in business and the involvement of overseas parties are expected to provide a substantial opportunity in the Specialty Insurance Market. In addition, insurance brokers are investing heavily in this technology, and incorporating technologies such as blockchain and the Internet of things (IoT) into their existing specialty product lines also promotes the need for special insurance in the coming years. Hence, anticipated to drive the market growth.
List of Prominent Players in the Specialty Insurance Market:
- AXA
- American International Group Inc.
- Allianz
- Assicurazioni Generali S.P.A.
- Berkshire Hathaway Inc.
- Chubb
- Munich Re
- PICC
- Tokio Marine HCC
Recent Developments:
September 2021 - Ategrity Specialty, a specialty property & casualty insurance provider, announced that it had raised USD 75 million in capital led by Sequentis Financial LLC to strengthen its product offerings and support its continued growth. The company is expected to use this capital to invest in data and analytics capabilities and move to the next growth phase.
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Specialty Insurance Market?
- How will the Specialty Insurance Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Specialty Insurance Market?
- What is the Specialty Insurance market drivers and restrictions?
- What will be the CAGR and size of the Specialty Insurance Market throughout the forecast period?
This market titled “Specialty Insurance Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Parameter | Details |
| Market Size Provided for Years | 2016-2028 |
| Base Year | 2021 |
| Historic Years | 2016-2020 |
| Forecast Years | 2022-2028 |
| Segments Covered | • Type • Marine, Aviation & Transport (MAT) • Political Risk & Credit Insurance • Entertainment Insurance • Art Insurance • Livestock & Aquaculture Insurance • Other Types • Distribution Channel • Brokers • Non-Brokers • End-User • Business • Individuals • Region • North America • Europe • Asia Pacific • Latin America • Middle East & Africa |
| Region & Counties Covered | • North America • U.S. • Canada • Mexico • Europe • U.K • France • Germany • Italy • Spain • Rest Of Europe • Asia Pacific • China • Japan • India • South Korea • South East Asia • Rest Of Asia Pacific • Latin America • Brazil • Argentina • Rest Of Latin America • Middle East & Africa • GCC Countries • South Africa • Rest Of Middle East & Africa |
| Companies Covered | • AXA • American International Group Inc. • Allianz • Assicurazioni Generali S.P.A. • Berkshire Hathaway Inc. • Chubb • Munich Re • PICC • Tokio Marine HCC |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis |
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