Global Surety Market to 2027 - SWOT Analysis By Leading Players Crum & Forster, American Financial Group, Liberty Mutual Insurance Company; Hartford Financial Services Group, IFIC Surety Group
Global surety market is expected to grow from US$ 15.33 Bn in 2018 to US$ 28.77 Bn in 2027 at a CAGR of 7.5% between 2019 and 2027.
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The major companies operating in the surety market include AmTrust Financial Services, Inc.; Crum & Forster; CNA Financial Corporation; American Financial Group, Inc.; The Travelers Indemnity Company; Liberty Mutual Insurance Company; Hartford Financial Services Group, Inc.; HCC Insurance Holdings; IFIC Surety Group; and Chubb Limited among others.
The global surety market for the bond type is fragmented into Contract Surety Bond, Commercial Surety Bond, Fidelity Surety Bond, and Court Surety Bond. Commercial Bonds are general surety bonds that are required by various government agencies state local or federal. Commercial bonds are primarily used by companies or working professionals as per state licensing and permit regulations. Commercial bonds are easy to qualify as they incur low-risk. Commercial bonds protect the general public from that interact with the principal being licensed. The claim is made by someone who faced losses due to the violation of rules and regulations by the bonded principal. The agency checks various parameters before fixing the bond amount such as the number of employees, number of physical locations, and the type of business. Usually, the commercial bonds are annual bonds that are to be renewed every year in some cases bonds are also required for multi-year increments like service tax bond.
Further, surety market is expected to experience significant growth in the coming years due to the increasing demand of commercial bonds. The commercial bonds are gaining popularity in the markets of North America and Europe. Commercial bonds are replacing LOC as they provide a better method for risk management. Some of the big insurance like Crum & Forster, CAN Insurance Group, American Financial Group, Inc., and The Travelers Indemnity Company has a strong focus in providing commercial surety products.
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The report aims to provide an overview of the global surety market with detailed market segmentation. Also, it analyzes the current surety market scenario and forecasts the market till 2027. The report covers market dynamics affecting the surety market during the forecast period. Furthermore, the report analyzes the competitive scenario, geographic trends, and opportunities in the surety market with respect to all geographic regions. The report also includes the detailed company profiles of the key players in the surety market along with their market strategies. The report also provides the SWOT analysis for all company profiled in the report.
Currently, the surety market penetration rates in the North America region is higher than any other markets across the globe. This is attributed to most of U.S. State governments’ laws that mandate surety bonds. Both the U.S. and Canada Surety markets are majorly ruled by insurers, while banks also play a significant role. However, SAM and APAC region are anticipated to grow at the highest CAGR.
The report segments the Global Surety Market as follows:
Global Surety Market - By Bond Type
Contract Surety Bond
Commercial Surety Bond
Fidelity Surety Bond
Court Surety Bond
Global Surety Market - By Geography
Rest of Europe
Asia Pacific (APAC)
Rest of APAC
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