Liability Insurance Market Global Opportunity Analysis and Industry Forecast, 2021-2031

Allied Market Research published a report, titled, "Liability Insurance Market by Coverage Type (General Liability Insurance, Professional Liability Insurance, Insurance for Directors and Officers), by Enterprise Size (Medium-sized Enterprises, Large Enterprises, Small Enterprises), by Application (Commercial, Personal): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global liability insurance industry generated $252.34 billion in 2021, and is expected to reach $432.81 billion by 2031, witnessing a CAGR of 5.7% from 2022 to 2031.

Drivers, Restraints, and Opportunities

Benefits such as minimization of business risks and reduced out-of-pocket costs and rise in awareness of third party liability insurance in developing countries drive the growth of the global liability insurance market. However, surge in liability insurance premium costs and lack of knowledge about coverage included in liability insurance policies hinder the market growth. On the other hand, increase in cases of work-related accidents presents opportunities for the market in the coming years.

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Covid-19 Scenario

Underwriters of directors & officers and employment practice liability insurance became concerned about the uncertainty created due to the Covid-19 pandemic. Risks related to litigation and others increased considerably during the pandemic.
Many liability insurance providers changed their way of operation during the pandemic. They began to provide service and assistance through online portals, chats, or calling instead of opening their physical offices.
The General Liability Insurance Segment to Maintain Its Leadership Status During the Forecast Period

Based on coverage type, the general liability insurance segment accounted for the highest market share in 2021, contributing to more than two-fifths of the global liability insurance market, and is projected to maintain its leadership status during the forecast period. This is due to value added to small business beyond liability protection and protection of the insured against costs incurred for bodily injury or property damage suffered by third parties on the premises of their business or caused by their products or services. However, the insurance for directors and officers segment is estimated to manifest the largest CAGR of 9.3% from 2022 to 2031, owing to reimbursement offered to a business or non-profit organization for the legal fees or other costs incurred in defending against lawsuits.

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The Commercial Segment to Maintain Its Lead Position Throughout the Forecast Period

Based on application, the commercial segment contributed the highest market share in 2021, accounting for around three-fourths of the global liability insurance market, and is expected to maintain its lead position throughout the forecast period. This is attributed to protection of the financial interests of commercial owners from penalties that they may face from litigation waged against them and covering of the associated legal costs. However, the personal segment is expected to witness the highest CAGR of 7.3% from 2022 to 2031, owing to rise in number of independent consultants leaving the corporate world or large enterprises to form a sole proprietorship or limited liability company.

North America to Maintain Its Dominance in Terms of Revenue By 2031

Based on region, North America accounted for the highest market share in terms of revenue in 2021, holding nearly two-fifths of the global liability insurance market, and is expected to maintain its dominance in terms of revenue by 2031. This is due to the presence of large number of companies demanding claims handling services of workers' compensation, auto liability, medical claim assistance, and others. However, Asia-Pacific is estimated to register the fastest CAGR of 8.0% during the forecast period. This is due to wide financial protection that includes claims other than traffic collisions such as theft, keying, weather, or natural disasters and damage caused by colliding with stationary objects.

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Leading Market Players

American International Group, Inc.
Allianz
AXA SA
CNA Financial Corporation
Chubb
IFFCO-Tokio General Insurance Company Limited
Liberty General Insurance Limited
The Hartford
The Travelers Indemnity Company
Zurich American Insurance Company

Key Benefits For Stakeholders:
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the liability insurance market analysis from 2021 to 2031 to identify the prevailing liability insurance market forecast.

The market research is offered along with information related to key drivers, restraints, and opportunities.
In-depth analysis of the liability insurance market segmentation assists to determine the prevailing market opportunities.
The report includes the analysis of the regional as well as global liability insurance market trends, key players, market segments, application areas, and market growth strategies.

Liability Insurance Market Report Highlights

By Coverage Type
General Liability Insurance
Professional Liability Insurance
Insurance for Directors and Officers

By Enterprise Size
Medium-sized Enterprises
Large Enterprises
Small Enterprises

By Application
Commercial
Personal

By Region
North America (U.S., Canada)
Europe (United Kingdom, Germany, France, Italy, Spain, Netherlands, Rest of Europe)
Asia-Pacific (China, India, Japan, Australia, South Korea, Rest of Asia-Pacific)
LAMEA (Latin America, Middle East, Africa)

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