Surety Market Ensure to Reach US$ US$ 28.77 Bn by 2027 - Leading Players IFIC Surety Group, Crum & Forster, CNA Financia, American Financial Group, AmTrust Financial Services, The Travelers Indemnity Company and Hartford Financia
The Surety market penetration rates in 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 ruled by insurers, and banks play only a minor role. In APAC region, the Surety market is expected to flourish during the forecast period. This growth is highly attributed to the increasing commercial and residential construction in the emerging economies of the region.
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• The study provides an in-depth analysis of the market along with the current trends and future estimations to elucidate the imminent investment pockets.
• Comprehensive analysis of all geographical regions is provided, to determine the prevailing opportunities.
• Key players are profiled and their strategies are analysed thoroughly to determine the competitive outlook of the global market.
Top Dominating Key Players:
1. AmTrust Financial Services, Inc.
2. Crum & Forster
3. CNA Financial Corporation
4. American Financial Group, Inc.
5. The Travelers Indemnity Company
6. Liberty Mutual Insurance Company
7. Hartford Financial Services Group, Inc.
8. HCC Insurance Holdings
9. IFIC Surety Group
10. Chubb Limited
Contract surety bond holding nearly half of the surety market share
Contract Surety Bonds deliver financial security as well as construction assurance on construction and building projects by guaranteeing the project owner that the contractor is competent to accomplish the work and will pay certain subcontractors, material suppliers, and laborers. These bonds are used principally in the construction industry. The growth of both public and private construction sector coupled with stringent government regulations for contract surety bonds, the market is anticipated to flourish during the forecast period.
Acceptance of Public Private Partnership (PPP) Model to propel surety market growth
The gaining popularity of PPP 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 globe. 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 assets. The enduring evolution in PPP model is noticed with increased demand for infrastructure development as well as growing fiscal constraints, to support governments’ fulfill these escalating infrastructure challenges.
Merger & Acquisition to be the key strategy
Merger and acquisition is expected to be the key growth strategy to be adopted by players for next two-three years. However, this strategy could impact competition, it is also expected to generate new market as well as product opportunities as recently combined companies will thrive to maintain position and profitability.
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