Press release
Soaring Demand Set to Propel Specialty Insurance Market to $163.06 Billion by 2029
Specialty Insurance
What Is the Expected CAGR for the Specialty Insurance Market Through 2025?
The dimensions of the specialty insurance market have been swiftly expanding in the past few years. The market value will elevate from $98.85 billion in 2024 to a substantial $108.8 billion in 2025, resulting in a compound annual growth rate (CAGR) of 10.1%. This upwards trajectory during the historic timeframe can be ascribed to factors like the necessities of risk management, shifts in regulations, influence of globalization, the rise of new industries, and evolving litigation patterns.
What's the Projected Size of the Global Specialty Insurance Market by 2029?
There is an expectation of swift expansion of the specialty insurance market in the coming years with its size projected to reach $163.06 billion by 2029, evidencing a compound annual grow rate (CAGR) of 10.6%. Factors contributing to this anticipated growth during the forecast period include the increase in cybersecurity risks, climate change effects, preparedness for pandemics, advancements in technology, changes within the healare sector and the evolving legal environment. The forecast period is also projected to witness significant trends such as tailored insurance solutions for the industry, heightened demand for space insurance in the aerospace industry, bespoke coverage for fine arts and collectables, the rise of renewable energy project insurance and a heightened emphasis on employee benefits liability coverage.
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Top Growth Drivers in the Specialty Insurance Industry: What's Accelerating the Market?
The specialty insurance market is forecasted to expand due to the increase in natural disasters. These disasters, which can be atmospheric, geological, or hydrological, result in loss of lives, property damage, and disruption of social and environmental systems. Specialty insurance offers customized coverage for a broad spectrum of damages induced by catastrophes such as earthquakes, hurricanes, etc. It also provides cover for real and personal assets for captives, including business income, thus reducing financial risk. As per a report released by the Fair Tech Institute, a non-profit organization based in Singapore, in March 2022, it is anticipated that the annual incidence of natural disasters may surge by 37% from 2025 to 2029. Consequently, the proliferation of natural disasters is fuelling the growth of the specialty insurance market.
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What Trends Will Shape the Specialty Insurance Market Through 2029 and Beyond?
The rise of technological advancements is becoming a key trend in the specialty insurance market. With evolving business models, insurance entities are utilizing innovative digital tools to expand their operations and create product lines based on specific client needs, greatly influencing the growth of specialty insurance. For example, Kingstone Insurance, a US-based firm, launched Sure AI Assistant, an AI-based product aimed at modernizing the claims process, in November 2022. Leveraging a natural language model, Sure AI Assistant makes use of data from actual insurance claims calls to efficiently guide customers through the claims process. This AI-powered assistant proves particularly useful following natural disasters when claims need to be filed rapidly due to high call volumes.
What Are the Main Segments in the Specialty Insurance Market?
The specialty insurancemarket covered in this report is segmented -
1) By Type: Marine, Aviation And Transport (Mat), Political Risk And Credit Insurance, Entertainment Insurance, Art Insurance, Livestock And Aquaculture Insurance, Other Types
2) By Distribution Channel: Brokers, Non-Brokers
3) By End User: Business, Individuals
Subsegments:
1) By Marine, Aviation, And Transport (MAT): Marine Cargo Insurance, Marine Hull Insurance, Aviation Insurance, Transit Insurance, Logistics And Freight Insurance
2) By Political Risk And Credit Insurance: Country Risk Insurance, Expropriation Insurance, Currency Inconvertibility Insurance, Trade Credit Insurance, Political Violence Insurance
3) By Entertainment Insurance: Film Production Insurance, Event Cancellation Insurance, Liability Insurance For Productions, Equipment Insurance, Cast Insurance
4) By Art Insurance: Fine Art Insurance, Museum And Exhibition Insurance, Valuation And Appraisal Insurance, Collection Insurance, Auction Insurance
5) By Livestock And Aquaculture Insurance: Livestock Mortality Insurance, Aquaculture Production Insurance, Disease And Health Coverage, Feed And Supply Insurance
6) By Other Types: Cyber Insurance, Environmental Liability Insurance, Professional Liability Insurance, Contingency Insurance
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Which Top Companies are Driving Growth in the Specialty Insurance Market?
Major companies operating in the specialty insurance market include Berkshire Hathaway Specialty Insurance, Allianz Group, AXA SA, Assicurazioni Generali SpA, Zurich Insurance Group Ltd., Nationwide Mutual Insurance Company, American International Group Inc., Chubb Corp, QBE Insurance Group Limited, The People's Insurance Company of China Limited, Manulife Reinsurance Limited, Everest Group Ltd., Markel Group Inc., Fidelity National Financial Inc., W.R. Berkley Corporation, Arch Capital Group Ltd., The Hanover Insurance Group Inc., AXIS Capital Holdings Limited, RenaissanceRe Holdings Ltd., Hiscox Ltd., Munich Reinsurance America Inc., Selective Insurance Group Inc., Tokio Marine HCC, Alleghany Corporation, Argo Group International Holdings Ltd., Lancashire Holdings Limited, Cincinnati Financial Corporation, Aspen Insurance Holdings Limited, Fairfax Financial Holdings Limited, CNA Financial Corporation, Sompo International Holdings Ltd., AmTrust Financial Services Inc., Sirius International Insurance Group Ltd., RLI Corp
Which Regions Will Dominate the Specialty Insurance Market Through 2029?
Europe was the largest region in the specialty insurance market in 2024. Asia-Pacific is expected to be the fastest-growing region in the global specialty insurance market report during the forecast period. The regions covered in the specialty insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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