U.S. Surplus Lines Insurance Market : Invest In Developing Unique Customer & Industry Segment | 2023 - 2032

According to the report, the U.S. surplus lines insurance market garnered $52.15 billion in 2019, and is expected to generate $125.92 billion by 2027, witnessing a CAGR of 15.2% from 2020 to 2027. Allied Market Research published a report, titled, "U.S. Surplus Lines Insurance Market by Coverage (General Business Liability Insurance, Allied Lines Insurance, Fire Insurance, Inland Marine Insurance, Commercial Multi-Peril Insurance, Commercial Auto Insurance, and Others), Distribution Model (Retail Agents, Wholesalers, and Others), and Application (Commercial and Personal): Country Opportunity Analysis and Industry Forecast, 2020-2027."

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The growth of the U.S. surplus lines insurance market is propelled by various factors. Firstly, there is an increase in the number of large corporations, which creates a greater demand for surplus lines insurance coverage. Additionally, the rise of underwriting divisions within companies contributes to the expansion of the market. Furthermore, the surge in mergers and acquisitions activities drives the need for surplus lines insurance to mitigate risks associated with these transactions.

However, certain challenges hinder the market growth. Efficient management of legacy claims and policy systems poses a challenge for insurers operating in the surplus lines market. Moreover, the emergence of technologies that offer customized insurance solutions creates a competitive landscape and adds complexity to the market.

On the other hand, the market presents new opportunities. Insurers can capitalize on the development of unique customer and industry solutions to cater to specific needs and requirements. Furthermore, there is untapped potential in emerging regions, which opens up avenues for market expansion and growth.

Leading Market Players

AXA
American International Group, Inc.
Aegis Security Insurance Company
Berkshire Hathaway Inc.
Chubb
Lloyd's
ProSight Global, Inc.
Swiss Re
The Travelers Indemnity Company
Zurich American Insurance Company

The general business liability insurance segment to maintain dominant share by 2027

Based on coverage, the general business liability insurance segment contributed to the largest market share in 2019, accounting for nearly half of the U.S. surplus lines insurance market, and is estimated to continue its dominant share during the forecast period. This is attributed to insurers offering flexible coverage options along with specialty products & premises risks that can be negotiated fully. However, the inland marine segment is expected to portray the highest CAGR of 16.8% from 2020 to 2027, owing to surge in requirements for raw materials & other high-value properties through water and land.

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The wholesaler segment to maintain its lion's share in terms of revenue by 2027

Based on distribution model, the wholesaler segment contributed to more than four-fifths of the U.S. surplus lines insurance market in 2019, and is projected to maintain its lion's share in terms of revenue by 2027. This is attributed to the maintenance of standard policies and offering different types of protection to fulfill particular needs of the customers. In addition, wholesalers have been improving their systems and procedures to benefit both groups & their customers. However, the retail agents segment would grow at the highest CAGR of 18.0% during the forecast period. This is due to retail agents being operational in large independent agencies that offer different coverage and personalized services.

The commercial segment to maintain its dominance during the forecast period

Based on application, the commercial segment accounted for nearly 88% of the U.S. surplus lines insurance market in 2019, and is estimated to maintain its dominance during the forecast period. This is due to unique features and coverage offered to commercial users as per individual business requirements and avoidance of intricate application & claims processes. However, the personal segment is expected to register at the highest CAGR of 19.1% from 2020 to 2027, owing to increased income, geographical locations, and changing personal preferences that influence expenditures over customized coverage.

Key Benefits for Stakeholders:
The study provides an in-depth analysis of the U.S. surplus lines insurance market share along with the current & future trends to elucidate the imminent investment pockets.

Information about key drivers, restrains, and opportunities and their impact analysis on the market size is provided in the report.
Porter's five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.

An extensive analysis of the key segments of the industry helps to understand the U.S. surplus lines insurance market trends.

The quantitative analysis of the U.S. surplus lines insurance market from 2020 to 2027 is provided to determine the market potential.

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