Contractors Insurance Market May see a Big Move | Major Giants State Farm, Allianz SE, American International Group

HTF Market Intelligence released a new research report of 144 pages on title 'Global Contractors Insurance Market Insights by Application, Product Type, Competitive Landscape & Regional Forecast 2027' with detailed analysis, forecast and strategies. The study covers key regions and important players such as Hartford Financial Services Group, Inc. (United States), State Farm (United States), Allianz SE (Germany), American International Group, Inc. (United States), Axa S.A. (France), Munich Re Group (Germany) and Nationwide Mutual Insurance Company (United States).

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Summary

What is Contractors Insurance?

Contractor insurance is done to protect the business operation and the whole process at the time of uncertain mishappening. It provides the business income data breach, contractors tools, installation coverage, and other coverages according to the chosen plans. It includes the protection of business assets and employees. This contractor's insurance is used for electricians, plumbers, HVAC contractors, construction workers, and others who work under the contractual operations.

The market study is broken down by Type (General Liability Insurance, Workers Compensation Insurance and Other Insurance), by Application (Agency, Bancassurance and Digital & Direct Channels) and major geographies with country level break-up.

Hartford Financial Services Group, Inc. (United States), State Farm (United States), Allianz SE (Germany), American International Group, Inc. (United States), Axa S.A. (France), Munich Re Group (Germany) and Nationwide Mutual Insurance Company (United States) are some of the key players that are part of study coverage.

Segmentation Overview

HTF MI has segmented the market of Global Contractors Insurance market by Type, Application and Region.

On the basis of geography, the market of Contractors Insurance has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Coverage, the sub-segment i.e. Business Income Coverage will boost the Contractors Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End User, the sub-segment i.e. Construction Workers will boost the Contractors Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.

Market Leaders and their expansionary development strategies

On 1st September 2020, Hudson Insurance Group announced the launch of its new Commercial Trucking Coverage for Independent Contractors that are now offered through retail producers in select states. Coverage includes Occupational Accident, Contingent Liability, Truck Physical Damage, and Workers’ Compensation, as well as Non-Trucking Liability.
On 12th August 2020, AXA XL's North America Construction insurance business has teamed up with Procore, a leading provider of project management software, to help contractors step up productivity and project risk management. Procore joins the Tech Library of AXA XL's Construction Ecosystem, an integrated digital platform helping clients manage risks on their job sites and across their organizations.

Market Trend

The popularity of Workers Compensation Insurance under Contractors Insurance

Market Drivers

Need for Protection against the Uncertain Losses in Business
High Risk Involved in the Contractual Operation Like in Construction Site Work which Requires Coverage

Opportunities

Growing Construction and Industrial Operation Along with the Risk will Boost the Contractors Insurance Market

Restraints

Presence of Companies with the High Coverage Prices

Challenges

Problems with the Terms and Condition of Contractors Insurance

Key Target Audience

Contractors Insurance Providers, Contractors Insurance Industry Association, Research and Development Institutes, Potential Investors, Regulatory Bodies and Others

About Approach

During this study the evaluation and validation of the market size is done through various sources including primary and secondary analysis. AMA Research & Media follows industrial and regulatory standards such as NAICS/SIC/ICB/TRCB, to have the better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with purpose to understand company’s positioning regarding market value, volume and their market share for regional as well as global.

Further to bring relevance specific to any niche market we set and apply number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders etc. and work towards appointment generation.

The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, analyst team keeps preparing set of questionnaires and after getting appointee list; the target audience are then tapped and segregated with various mediums and channels that are feasible for making connection that includes email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey etc.

Customization available in this Study:

The Study can be customized to meet your requirements. Please connect with our representative, who will ensure you get a report that suits your needs.
Data related to EXIM [Export- Import], production & consumption by country or regional level break-up can be provided based on client request**
** Confirmation on availability of data would be informed prior purchase

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Strategic Points Covered in Table of Content of Global Contractors Insurance Market Insights by Application, Product Type, Competitive Landscape & Regional Forecast 2027 Market:
Chapter 1: Introduction, market driving force product Objective of Study and Research Scope the Global Contractors Insurance Market Insights by Application, Product Type, Competitive Landscape & Regional Forecast 2027market. (Introduction, Scope of the Report)Chapter 2: Exclusive Summary – the basic information of the Global Contractors Insurance Market Insights by Application, Product Type, Competitive Landscape

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Thanks for reading this article; you can also get individual chapter wise section or region wise report version like North America, MINT, BRICS, G7, Western / Eastern Europe or Southeast Asia. Also, we can serve you with customize research services as HTF MI holds a database repository that includes public organizations and Millions of Privately held companies with expertise across various Industry domains.

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