Specialty Insurance Market Report by Growth, Share, Size, Analysis and Forecast 2022 to 2027

According to the latest report by IMARC Group, "Global Specialty Insurance Market Size, Share, Growth, Industry Trends, Opportunity and Forecast 2022-2027", 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.

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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.

Market Trends:

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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Specialty Insurance Market 2022-2027 Competitive Analysis and Segmentation:

Competitive Landscape With Key Players:

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

Some of these key players include:

Mapfre S.A., Munich Reinsurance Company, Nationwide Mutual Insurance Company, American International Group Inc., Assicurazioni Generali S.P.A., Axa XL (Axa S.A), Hiscox Ltd., Manulife Financial Corporation, RenaissanceRe Holdings Ltd., Selective Insurance Group Inc., The Hanover Insurance Group Inc. and Zurich Insurance Group Ltd.

Key Market Segmentation:

The report has segmented the global specialty insurance market based on type, distribution channel, end user and region.

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
• Asia Pacific
• Europe
• Latin America
• Middle East and Africa

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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.

This release was published on openPR.