Specialty Insurance Market Report

The global specialty insurance market size reached US$ 78.97 Bn in 2021. By 2027, It will reach a value of US$ 131.21 Bn, exhibiting a CAGR of 8.50% (2022-2027)

SHERIDAN, WYOMING, UNITED STATES, September 10, 2022 /EINPresswire.com/ — 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.

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.

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COVID-19 Impact on Market: (Positive Impact)

As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.

Global Specialty Insurance Market Trends and Drivers:

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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Global Specialty Insurance Market 2022-2027 Analysis and Segmentation:

Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

Some of these top key players include:

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.

The report has segmented the market on the basis of region, type, distribution channel and end user.

Breakup by Type:
• Marine, Aviation and Transport (MAT)
o Marine Insurance
o Aviation Insurance
• Political Risk and Credit Insurance
• Entertainment Insurance
• Art Insurance
• Livestock and Aquaculture Insurance
• Others

Breakup by Distribution Channel:
• Brokers
• Non-Brokers

Breakup by End User:
• Business
• Individuals

Breakup by Region:
• 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

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If you want latest primary and secondary data (2022-2027) with Cost Module, Business Strategy, Distribution Channel, etc. Click request free sample report, published report will be delivered to you in PDF format via email within 24 to 48 hours of receiving full payment.

Key highlights of the report:
• Market Performance (2016-2021)
• Market Outlook (2022- 2027)
• Porter’s Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

Elena Anderson
IMARC Services Private Limited
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