Crime Insurance Market is Experiencing Considerable Growth | Business Development Strategies by Morris & Reynolds Insurance, Chubb, Allianz SE, The Travelers Companies, Inc., HDFC ERGO General Insurance Company Ltd, JS Downey Insurance Service

The global market from crime insurance is experiencing considerable growth, and is expected to grow as crime incidents continue to rise. Crime insurance policy provides extensive coverages and safeguards against theft by staff and other consequences resulting from forgery, software abuse, and others. In addition, crime insurance is largely preferred by financial organizations, banks, private companies, and other businesses. In case of any criminal fraud, it is the obligation of insurance provider to defend policyholders from potential claims or liabilities suffered by the insured.

Companies covered

Major players analyzed include Nationwide Mutual Insurance Company, American International Group, Inc., Morris & Reynolds Insurance, Chubb, Allianz SE, The Travelers Companies, Inc., HDFC ERGO General Insurance Company Limited., JS Downey Insurance Service, The Guarantee Company of North America.

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COVID-19 scenario analysis:

• The COVID-19 pandemic has created a lot of business interruptions and forced workers to operate from home.

• The situation has triggered several companies to protect themselves and their organizational details from cybercrimes.

• Theft-involving practices have been adopted to manipulate existing crisis by criminals, including, for instance, scammers incorporating portrayal of public officials.

• Furthermore, commercial premises and healthcare centers are increasingly targeted in this pandemic situation. As a result, premium rates for crime insurance is on the rise as criminals exploit new vulnerabilities provided by the COVID-19 outbreak.

Top impacting factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis:

Increase in willingness to protect organizations from unforeseen future losses occurred from workers and other third-party criminals are one of the major factors that drive the crime insurance market growth. However, factors such as evolution of policy regulations and increase in competition are expected to hinder the market growth.

Conversely, conventional frauds such as theft of funds by workers, third-party computerized frauds, and other such criminal acts continue to rise both in terms of occurrence and intensity. These factors are expected to provide lucrative opportunities for the market in the upcoming years.

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The global crime insurance market trends are as follows:

New offers to flourish the market:

For instance, Coalition, an insurance firm in Canada, provides their clients with cyber-security platform to assist risk mitigation support, such as help preventing instances of crimes in the first place and free support to attract new clients. Moreover, policyholders are granted 24/7/365 access to security and incident management experts team at Coalition. It helps firms to connect to their partner firms, which include specialists in corporate communications, law, crisis management, restoring clients from cyber incidents, and others. Thus, these benefits insured with advanced services and insurer with improved customer loyalty & retention rates in the market boost the market growth.

Crime insurance premium rates on rise:

With rise in renewal rates for fidelity or crime insurance, insurers remain focused on identifying risks and key factors for renewals in the market. For instance, recent rise in the UK cybercrime activities in light of the pandemic has caused insurers to increase rates. The main reason to raise premiums is assumed to manage expected risk from policy coverage on account of rising incidents.

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Key segments covered:

Coverage:

• Fraud Cover
• Forgery Cover
• Theft Cover
• Kidnapping Cover
• Others

End-User:

• Individuals
• Small & Medium-Sized Enterprises
• Large Enterprises

Key benefits of the report:

• This study presents analytical depiction of the global crime insurance market along with the current trends and future estimations to determine the imminent investment pockets.

• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global crime insurance market share.

• The current market is quantitatively analyzed from 2020 to 2027 to highlight the market growth scenario.

• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.

• The report provides a detailed market analysis based on the present and future competitive intensity of the market.

Questions answered in the global crime insurance market research report:

• Who are the leading market players active in the global crime insurance market?

• What would be the detailed impact of COVID-19 on the global crime insurance market?

• What current trends would influence the market in the next few years?

• What are the driving factors, restraints, and opportunities in the global crime insurance market?

• What are the projections for the future that would help in taking further strategic steps?

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