Dublin, Nov. 27, 2020 (GLOBE NEWSWIRE) -- The "Surety Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Bond Type, and Geography" report has been added to ResearchAndMarkets.com's offering.
Global acceptance of public private partnership model anticipated to drive the surety market growth at 6.4% CAGR during 2020-2027.
The gaining popularity of PPP (public private partnership) in both developed as well as emerging economies worldwide is one of a major driver for surety market. Infrastructure investment and development are the main concern for governments across the world. With increasing urbanization, the emerging economies are witnessing a need to develop their critical infrastructure, while developed economies are in need to expand or reconstruct their existing infrastructures. The enduring evolution in PPP model is noticed with increased demand for infrastructure development as well as growing fiscal constraints, to support governments' to fulfill these escalating infrastructure challenges.
For instance, EU member countries have aided wide-ranging pan-national initiatives to enhance the adeptness of PPP financing, which include measures such as the Europe 2020 Project Bond Initiative. This initiative is intended to allow eligible infrastructure project developers; generally, PPP, to attract private finance from institutional investors including insurance companies as well as pension funds.
Moreover, the US government continually supports to finance PPP using long-term debt instruments, and taking initiatives such as Infrastructure Finance and Innovation Act, TIFIA, and tax concessions for municipal and government bonds. Moreover, the Canadian government supports PPP at all its levels and encourages PPP development at the municipal level as well. These factors are expected to catalyze the surety market during the coming years.
Slower Growth of Surety Market due to COVID-19 Outbreak
The recent outbreak of the COVID-19 has significantly affected the world and is continuing to shatter several countries. The construction industry across the world was witnessing significant growth prior to the emergence of COVID-19 in late 2019. The outbreak of COVID-19 has led the construction industry players to temporarily call off their respective projects. The unprecedented impact of COVID-19 and uncertainty in economic conditions of developed and developing countries, the construction industry is expected to witness a slower growth till 2021. Attributing to the fact that surety market is heavily driven by construction industry, the slowdown in growth of construction industry is reflecting downfall in surety market globally.
Several associations in the surety market and construction industry are extensively seeking a positive approach to build a growth path for the construction industry and thereby catalyzing the surety market in a short span of time. The imposition of lockdown measures by majority of the countries have been negatively affecting construction industry irrespective of residential, commercial, or industrial. This factor is adversely affecting the growth of surety market.
Key Topics Covered:
1. Introduction
2. Key Takeaways
3. Surety Market Landscape
3.1 Market Overview
3.2 Market Segmentation
3.3 Pest Analysis
4. Surety Market - Key Industry Dynamics
4.1 Key Market Drivers
4.1.1 Ageing infrastructure of developed economies creating a need for massive investments in its restoration
4.1.2 Global acceptance of Public Private Partnership Model anticipated to drive the Surety market growth
4.2 Key Market Restraints
4.2.1 Shortage of properly trained underwriter in the Surety Industry
4.3 Key Market Opportunities
4.3.1 Rising need for innovative insurance solutions to offer prosperous opportunity to Surety market
4.4 Future Trends
4.4.1 Adoption of Surety bond by diverse end-use industries
4.5 Impact Analysis Of Drivers And Restraints
5. Surety - Global Market Analysis
5.1 Global Surety Market Overview
5.2 Global Surety Market Forecast And Analysis
6. Surety Market Revenue And Forecasts To 2027 - Bond Type
6.1 Overview
6.2 Global Surety Market Breakdown, By Bond Type, 2019 & 2027
6.3 Contract Surety Bond
6.4 Commercial Surety Bond
6.5 Fidelity Surety Bond
6.6 Court Surety Bond
7. Global Surety Market - Geographical Analysis
8. Impact Of Covid-19 Outbreak
8.1 Impact Of Covid-19 Pandemic On Global Surety Market
9. Industry Landscape
9.1 Market Initiative
9.2 Merger And Acquisition
10. Competitive Landscape
10.1 Competitive Service Mapping
10.2 Market Positioning - Global Top 5 Players Ranking
11. Surety Market, Key Company Profiles
- CRUM & FORSTER
- CAN Financial Corporation
- American Financial Group, Inc.
- The Travellers Indemnity Company
- Liberty Mutual Insurance Company
- The Hartford
- HCC Insurance Holdings, Inc.
- CHUBB
- AmTrust Financial Services
- IFIC Security Group
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