U.S. Surplus Lines Insurance Market Expected to Reach $125.9 Billion by 2027 | Top Aegis Security Insurance Company, Berkshire, Hathaway Inc., Chubb, Lloyd's

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.

➡️𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 & 𝐓𝐎𝐂 :
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Surplus lines insurance provides coverage for personal belongings &events, commercial property, and other risks associated with unusual needs in the market. It covers unique and non-traditional insurance items which are typically not covered under standard insurance policies. Valuable collectibles, unforeseen wedding postponement, special jewelry, guns & antiques, renters insurance, and private mortgage insurance among others are some of the examples of U.S. surplus lines.

Drivers, Restraints, and Opportunities

Increase in number of large corporations, rise of underwriting divisions, and surge in mergers & acquisitions drive the growth of the U.S. surplus lines insurance market. However, efficient management of legacy claims & policy systems and emergence of technologies for customized solutions hinder the market growth. On the other hand, development of unique customer & industry solutions and untapped potential in emerging regions create new opportunities in the coming years.

The uncertainty from COVID-19 has a moderate impact on the U.S. surplus lines market. Several states have issued various emergencies for insurance regulations, bulletins and orders related to COVID-19 applicable to the surplus lines market. Moreover, many of the U.S. jurisdictions are actively seeking COVID-19-related data from surplus lines insurers and managing the pandemic situation effectively. For instance, in Missouri, under the Department of Commerce & Insurance; surplus lines insurers are strongly encouraged not to cancel or terminate existing coverages.

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.

➡️𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐚𝐭𝐢𝐨𝐧 𝐖𝐞 𝐨𝐟𝐟𝐞𝐫 𝐜𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐞𝐝 𝐫𝐞𝐩𝐨𝐫𝐭 𝐚𝐬 𝐩𝐞𝐫 𝐲𝐨𝐮𝐫 𝐫𝐞𝐪𝐮𝐢𝐫𝐞𝐦𝐞𝐧𝐭 :
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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 retail agent segment is anticipated to exhibit significant growth during the forecast period, owing to their customized products offerings, and allowing customers to research for the coverage provided under U.S. surplus lines market offerings. This, as a result becoming major growth factors for retail agents helps in improving the customer experience in accessing enhanced coverage for their valuable assets.

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.

➡️𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠:
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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

𝐓𝐫𝐞𝐧𝐝𝐢𝐧𝐠 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐁𝐮𝐲 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 𝐚𝐭 𝐃𝐢𝐬𝐜𝐨𝐮𝐧𝐭𝐞𝐝 𝐏𝐫𝐢𝐜𝐞 @

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