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Liability Insurance Carriers Global Market Size, Share Analysis And Trends By 2033
Liability Insurance Carriers Global Market Size
According to The Business Research Company's, The liability insurance carrier market size has grown strongly in recent years. It will grow from $290.76 billion in 2023 to $307.8 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The growth in the historic period can be attributed to lifetime coverage, tax advantages, financial stability in economic downturns, conservative investment option, legacy and estate planning..
The liability insurance carrier market size is expected to see strongly grown in the next few years. It will grow to $393.07 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The growth in the forecast period can be attributed to rise in financial literacy, shift in consumer preferences, health and wellness incentives, wealth transfer and estate planning, innovative product offerings.. Major trends in the forecast period include customization and tailored policies, innovative product features, evolving customer expectations, wealth transfer and estate planning, technology integration in underwriting..
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Market Drivers and Trends:
Increasing medical inflation is driving the liability insurance carriers market. Medical inflation refers to an increase in medical costs due to changing medical trends. Increasing medical costs make medical care unaffordable for individuals and small enterprises in case of third-party accidents or damage. Liability insurance comes off as useful in these cases as medical costs are basic coverage provided in liability insurance. For instance, in 2022, according to the Kaiser Family Foundation, a US-based non-profit organization, the costs of medical products and services increased by 7.7% as compared to 2021. The medical care cost increased by 5%. Additionally, in 2022, a survey of 257 leading health insurers conducted by Willis Towers Watson, a UK-based insurance advisor, global medical cost growth increased from 8.2% in 2021 to 8.8% in 2022 and the rate is expected to increase to 10% in 2023. As a result, the increasing medical inflation is driving the liability insurance carrier's market.
Major companies in the liability insurance carriers' market are incorporating technologically advanced solutions for simplified operations and sustaining their position in the market. For instance, in December 2021, CorVel Corporation, a US-based workers' liability insurance, and claim management company, launched the CogencyIQSM workers' liability and claim management platform. The new solution leverages artificial intelligence and predictive analytics technology to provide insights into worker's claim data and liability insurance guidance.
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Major Key Players of the Market:
American International Group Inc.; Allianz SE; AXIS Capital Holdings Limited; CNA Financial Corporation; Chubb Corp.; IFFCO-Tokio General Insurance Company Limited; Liberty General Insurance Limited; The Hartford Financial Services Group Inc.; The Travelers Indemnity Company; Zurich American Insurance Company; Hiscox Ltd.; Berkshire hathaway GUARD Insurance Companies; Great American Insurance Group; Progressive Commercial; Thimble Insurance; Nationwide Mutual Insurance Company; Markel Corporation; Munich Re Group; Westfield Insurance Company; QBE Insurance Group Limited; COUNTRY Financial; Acuity A Mutual Insurance Co.; Erie Insurance Group; The Hanover Insurance Group; The Cincinnati Insurance Company; The Main Street America Group; The United States Liability Insurance Group; The Zenith Insurance Company; Tokio Marine America Insurance Company; Tower Group Companies
Liability Insurance Carriers Market 2024 Key Insights:
• The liability insurance carrier market size will grow to $393.07 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%.
• Surging Medical Inflation Fuels Growth In The Liability Insurance Carriers Market
• Innovative Solutions Propel Leading Liability Insurance Carriers
• North America was the largest region in the liability insurance carriers' market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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