Surety Market Growth Strategies 2027- Top Companies IFIC Surety Group, Crum & Forster, CNA Financia, American Financial Group, AmTrust Financial Services, The Travelers Indemnity Company and Hartford Financia
Surety market accounted for US$ 15.33 Bn in 2018 and is expected to grow at a CAGR of 7.5% over the forecast period 2019–2027, to account for US$ 28.77 Bn in 2027.
This growth is highly attributed to the increasing commercial and residential construction in the emerging economies of the region.
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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 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.
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 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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GLOBAL SURETY MARKET SEGMENTATION
By Bond Type
Contract Surety Bond
Commercial Surety Bond
Fidelity Surety Bond
Court Surety Bond
Reasons to Buy the Report:
• Learn about the driving factors, affecting the market growth.
• Imbibe the advancements and progress in the market during the forecast period.
• Understand where the market opportunities lies.
• Compare and evaluate various options affecting the market.
• Pick up on the leading market players within the market.
• Envision the restrictions and restrains that are likely to hamper the market.
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