Portland, Sept. 03, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the U.S. surplus lines insurance market generated $52.15 billion in 2019, and is estimated to reach $125.92 billion by 2027, registering a CAGR of 15.2% from 2020 to 2027. The report offers an extensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenarios.
Growing underwriting divisions and surge in number of large business corporations drive the growth of the U.S. surplus lines insurance market. However, seamless management of claim systems & policies is expected to restrain the market growth. Furthermore, surge in investment in the development of unique customer solutions is anticipated to create new growth opportunities for market players during the forecast period.
Get Instant Access – Download Free PDF Brochure: https://www.alliedmarketresearch.com/request-sample/6908
Covid-19 scenario:
- During the Covid-19 pandemic, insurance companies and agencies are allowed to continue their businesses and have been placed under “essential businesses” category.
- In April 2020, the U.S. congress introduced the “Business Interruption Insurance Coverage Act of 2020”. If this act passes, the insurance companies have to cover business interruption losses due to viral pandemics such Covid-19.
- The U.S. government might introduce the “Pandemic Risk Insurance Act of 2020” or PRIA. If this act is taken into consideration, it will take a lot of time to pass.
The report offers a detailed segmentation of the U.S. surplus lines insurance market based on coverage, distribution model, and application.
Based on coverage, the general business liability insurance segment held the highest share in 2019, contributing to nearly half of the total share, and is estimated to maintain its dominant position during the forecast period. However, the inland marine segment is estimated to portray the highest CAGR of 16.8% during the forecast period.
Based on distribution model, the wholesaler segment accounted for the largest share in 2019, holding more than four-fifths of the total share, and is expected to maintain the largest share throughout the forecast period. However, the retail agents segment is expected to register the highest CAGR of 18.0% from 2020 to 2027.
Enquire For More Details: https://www.alliedmarketresearch.com/purchase-enquiry/6908
Based on application, the commercial segment contributed the highest share, accounting for more than four-fifths of the total market share in 2019, and will maintain its dominance throughout the forecast period. However, the personal segment is projected to witness the highest CAGR of 19.1% from 2020 to 2027.
Leading market players analyzed in the research include American International Group, AXA, Berkshire Hathaway Inc., Aegis Security Insurance Company, Lloyd's, Chubb, Swiss Re, ProSight Global, Inc., Zurich American Insurance Company, and The Travelers Indemnity Company.
Access Avenue (Premium on-demand, subscription-based pricing model) @ https://www.alliedmarketresearch.com/Avenue-Membership-details
Avenue, a user-based library of global market report database, provides comprehensive reports pertaining to the world's largest emerging markets. It further offers e-access to all the available industry reports just in a jiffy. By offering core business insights on the varied industries, economies, and end users worldwide, Avenue ensures that the registered members get an easy as well as single gateway to their all-inclusive requirements.
Related Studies:
Global Health Insurance Market Expected to Reach $4,475 Billion by 2026
Dental Insurance Market Size 2030: Full Industry Coverage and Trends
About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.