Surety Market Anticipated to Garner $24,371.2 Million, Growing at a 4.4% CAGR in the 2022-2031 Timeframe

The global surety market is expected to grow primarily owing to the increasing demand for innovative insurance solutions. The market in the North America region is predicted to grow at a high CAGR by 2031.

As per the report published by Research Dive, the global surety market is expected to register a revenue of $24,371.2 million by 2031 at a CAGR of 4.4% during the forecast period 2022-2031.

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Dynamics of the Market

The rising need for innovative construction insurance in high-growth regions such as China is expected to make the surety market a highly profitable one in the forecast period. Additionally, rapidly developing countries are emphasizing urban expansion and, as a result, are investing extensively in the construction sector, which is increasing demand for surety bonds. However, the increased threat of a contracting party defaulting and the lack of awareness among the people with surety might become a restraint in the growth of the market. Surety bonds reduce the risk for lenders while also potentially lowering interest rates for borrowers, which is predicted to offer numerous growth opportunities to the market in the forecast period. Moreover, the increase in small and medium-sized businesses trying to enter the international market and the many benefits offered by surety insurance are expected to propel the surety market forward in the coming period.

COVID-19 Impact on the Global Surety Market

The COVID-19 pandemic caused severe economic losses and led to standstill businesses worldwide, including the construction sector. This resulted in a slow growth rate for the sector in 2021, impacting the surety market negatively, which relies significantly on the construction industry. The surety sector was expecting a recovery in 2020, but the pandemic further affected it. The credit surety industry was also impacted, and insurers increased premiums due to an increase in claims during the pandemic, which could have an immediate impact on business revenue.

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Segments of the Surety Market

The report has divided the market into bond type, end-user, and region.

Based on bond type, the contract surety bond sub-segment was the most dominant in 2021. Contract surety bonds is becoming more and more essential as the construction industry expands. This is expected to push the growth of this sub-segment further.

Based on end-user, the enterprises sub-segment held the highest market share in 2021. The demand for surety bonds in enterprises is rising as companies in this category involve bulk trading and huge volumes of data, which is anticipated to push the market forward.

Based on region, the North America surety market accounted for the largest market share in 2021. Increased trader awareness about surety insurance and international companies collaborating with regulatory agencies to conduct business abroad is predicted to propel the market in the forecast period.

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Key Players of the Market

The major players of the global surety market include The Travelers Indemnity Company, American Financial Group, Inc., Liberty Mutual Insurance Company, CNA Financial Corporation, HCC Insurance Holdings Inc., The Hartford, Chubb, IFIC Security Group, AmTrust Financial Services, Crum & Forster, and others. These players are working on developing strategies, such as product development, merger and acquisition, partnerships, and collaborations to sustain market growth.

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