Surety Market Expectation Surges with Rising Demand and Changing Trends

According to the new research report published by The Insight Partners, titled "Surety Market - Global Analysis and Forecast 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; Global acceptance of public private partnership model anticipated to drive the surety market growth at 6.4% CAGR during 2020-2027

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Key Companies:
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, IFIC Security Group

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 global surety market encompasses a substantial number of market players operating in it, resulting in a fragmented global market. However, the surety market include a selected number of prominent market players, such as The Travelers Indemnity Company, Liberty Mutual Insurance Company, The Hartford, Chubb, and CNA Financial Corporation, with the considerable customer base and strong market position. At present, the global surety market is dominated by the developed regions, such as North America and Europe, accounting for more than 75% of the global surety market collectively. Factors such as aging infrastructure in developed countries,need for massive restoration investment, and acceptance of P3 models are contributing significant market share consolidation of the surety marketcompanies in North America and Europe. However, the surety market in South Americais anticipated to gain a significant traction and expected to witness the most attractive growth rate during the forecast period.

Surety Market Insights
Rising need for innovative insurance solutions to offer prosperous opportunity to surety market

There is a high requirement for innovative construction insurance in high growth markets such as China since, One Belt One Road Initiative is anticipated to offer growth opportunities to the surety market. In 2013, China's President launched the One Belt, One Road Initiative as a foreign policy directive. The determined investment strategy aims to encourage Chinese as well as global economic growth. Considered as a "mega infrastructure project," the initiative focus on attracting investment chiefly in the transportation and energy sectors, which includes roads, bridges, railways, ports, and power grids. Commercial insurance is expected to notice consequent progress in project-related premium income across the fastest growing global insurance market.As per Swiss Re, around US$7 million in commercial premium has been already produced by projects in progress. Moreover, an additional expected premium of US$ 27 billion could be generated to fund future investments leading to completion of lined up projects by 2030. Considering these factors, the surety market is anticipated to be benefitted by the One Belt, One Road Initiative.

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