Surety Market will Exhibit a Steady 7.5% CAGR through 2027 - Leading Players 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.
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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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.
The market cycles for surety and construction have been stable, resulting in increased competition. With the falling oil & gas prices, the current market scenario requires diligence as well as constant high underwriting standards. Terms and conditions related to underwriting are loosening as surety players are fiercely endeavoring to grow market share. Some of the key developments noticed in the surety market are listed below:
2018: AmTrust Financial Services, Inc. entered into an amendment to the merger agreement with Evergreen Parent, L.P., under this agreement Evergreen parent will acquire approximately 45% of the Company's shares of common stock.
2018: American Financial Group announced entering into an agreement to acquire ABA Insurance Services Inc. for approximately US$ 28 Mn. This acquisition is aimed to strengthen the position of the company in the market.
2018: Chubb Limited entered into an agreement with Citibanamex which is a subsidiary of Citi Bank to market Chubb’s products through its branches and other marketing channels. Citibanamex also agreed to market surety products to Citibanamex commercial customers.
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