Surety Market Size by Top Companies, Trends by Types and Application, Forecast to 2027

"Surety Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Bond Type (Contract Surety Bond, Commercial Surety Bond, Fidelity Surety Bond, and Court Surety Bond), and Geography", The surety market was valued at US$ 16.07 billion in 2019 and is projected to reach US$ 25.18 billion by 2027; it is expected to grow at a CAGR of 6.4%from 2020 to 2027.

Ageing power generation and distribution infrastructure are becoming a key biggest challenge for utilities in developed countries. For instance, in the U.S., the power grid is believed to be valued an estimated US $876 Bn, renovating infrastructure would cost hundreds of US$ Bn, as per the U.S Department of Energy. Furthermore, certain countries in the European region are citing the same issues.Upgrading generation, as well as transmission facilities in these countries, would draw significant investments hence, the Surety market is expected to bolster.

Report Coverage Details
Market Size Value in US$ 16.07 Billion in 2019
Market Size Value by US$ 25.18 Billion by 2027
Growth rate CAGR of 6.4% from 2020-2027
Forecast Period 2020-2027
Base Year 2020
No. of Pages 134
No. Tables 29
No. of Charts & Figures 58
Historical data available Yes
Segments covered Bond Type , and Geography
Regional scope North America; Europe; Asia Pacific; Latin America; MEA
Country scope US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Surety Market: Competitive Landscape and Key Developments
Crum & Forster, CNA Financial Corporation, American Financial Group, Inc., The Travelers Indemnity Company, Liberty Mutual Insurance Company, The Hartford, HCC Insurance Holdings Inc., Chubb, AmTrust Financial Services, and IFIC Security Group are among key players profiled during the study of the Surety market.

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The gaining popularity of PPP (public private partnership) 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 world. 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 infrastructures. The enduring evolution in PPP model is noticed with increased demand for infrastructure development as well as growing fiscal constraints, to support governments' to fulfill these escalating infrastructure challenges. For instance, EU member countries have aided wide-ranging pan-national initiatives to enhance the adeptness of PPP financing, which include measures such as the Europe 2020 Project Bond Initiative. This initiative is intended to allow eligible infrastructure project developers; generally, PPP, to attract private finance from institutional investors including insurance companies as well as pension funds.

Moreover, the US government continually supports to finance PPP using long-term debt instruments, and taking initiatives such as Infrastructure Finance and Innovation Act, TIFIA, and tax concessions for municipal and government bonds. Moreover, the Canadian government supports PPP at all its levels and encourages PPP development at the municipal level as well. These factors are expected to catalyze the surety market during the coming years.

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The recent outbreak of the COVID-19 has significantly affected the world and is continuing to shatter several countries. The construction industry across the world was witnessing significant growth prior to the emergence of COVID-19 in late 2019. The outbreak of COVID-19 has led the construction industry players to temporarily call off their respective projects. The unprecedented impact of COVID-19 and uncertainty in economic conditions of developedand developing countries, the construction industry is expected to witness a slower growth till 2021. Attributing to the fact that surety market is heavily driven by construction industry, the slowdown in growth of construction industry is reflecting downfall in surety market globally.

Several associations in the surety market and construction industry are extensively seeking a positive approach to build a growth path for the construction industry and thereby catalyzing the surety market in a short span of time. The imposition of lockdown measures by majority of the countries have been negatively affecting construction industry irrespective of residential, commercial, or industrial. This factor is adversely affecting the growth of surety market.

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