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.

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Surplus lines insurance provides coverage for personal belongings &events, commercial property, and other risks associated with unusual needs in the market. It covers unique and non-traditional insurance items which are typically not covered under standard insurance policies. Valuable collectibles, unforeseen wedding postponement, special jewelry, guns & antiques, renters insurance, and private mortgage insurance among others are some of the examples of U.S. surplus lines.

Development in underwriting divisions of surplus line such as pricing adequacy, risk selection, and capacity optimization & coverage, and rapid growth in mergers & acquisitions are some of the major factors fueling the market growth. In addition, directors & officers (D&O), fiduciary & employment practices liability (EPL), and other such significant risk transfer coverages, which are highly demanded by large corporate institutions. This is one of the major U.S. surplus lines insurance market trends.

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.

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.

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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 the 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.

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.

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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.

Key Benefits for Stakeholders:
The study provides an in-depth analysis of the U.S. surplus lines insurance market share along with the current & future trends to elucidate the imminent investment pockets.
Information about key drivers, restrains, and opportunities and their impact analysis on the market size is provided in the report.
Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
An extensive analysis of the key segments of the industry helps to understand the U.S. surplus lines insurance market trends.
The quantitative analysis of the U.S. surplus lines insurance market from 2020 to 2027 is provided to determine the market potential.

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