Global Specialty Insurance Market Report 2023: Rising Natural Disasters are Expected to Propel Growth
DUBLIN, June 22, 2023 /PRNewswire/ -- The "Specialty Insurance Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
This report provides strategists, marketers and senior management with the critical information they need to assess the market.
The global specialty insurance market is expected to grow from $81.57 billion in 2022 to $90.13 billion in 2023 at a compound annual growth rate (CAGR) of 10.5%. The specialty insurance market is expected to reach $130.15 billion in 2027 at a CAGR of 9.6%.
Major players in the specialty insurance market are AXA XL, American International Group Inc., Allianz Group, Assicurazioni Generali SpA, Berkshire Hathaway Specialty Insurance, Chubb Corp, Munich Reinsurance America Inc., The People's Insurance Company of China Limited, Tokio Marine HCC, Zurich Insurance, Hiscox Ltd., Manulife Reinsurance, Nationwide Specialty Insurance, RenaissanceRe Holdings, Selective Insurance, The Hanover Insurance Group, and Argo Group International Holdings Ltd.
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Specialty insurances are a kind of insurance that is created especially for companies that require particular coverage. These commercial accounts can contain high-risk holdings or contain assets that aren't typically protected by common commercial insurance policies.
The main types of specialty insurance are marine, aviation, and transport (mat), political risk and credit insurance, entertainment insurance, art insurance, livestock and aquaculture insurance, and others. Marine, aviation, and transport (MAT) refer to the mode of transportation that uses ships, freight, terminals, and airplanes for the transfer of people by air and sea, in which specialty insurance in marine, aviation, and transport (MAT) is used to provide insurance for the actual fabric of aircraft and ships, and goods in transit. Major distribution channels are brokers and non-brokers and are used by businesses and individuals.
Technological advancements are a key trend gaining popularity in the specialty insurance market. Insurance businesses are leveraging innovative digital solutions to extend their operation and establish product lines based on niche client demand as a result of shifting business models, which contributes considerably to specialty insurance growth.
For instance, in November 2022, Kingstone Insurance, a US-based insurance company, introduced Sure AI Assistant, an artificial intelligence-powered product to modernize the claims process. Sure AI Assistant uses a natural language model to optimize the insurance domain using data from real claims calls to guide policyholders through the claims process with ease. Additionally, Sure AI Assistant can be used in the case of a natural disaster when customers need to file their claims quickly and call volumes are the highest.
In October 2022, Core Specialty Insurance Holdings, a US-based insurer providing insurance to the small-to-medium sized business acquired Hallmark Financial Services Inc. for a deal of $40 million. Through this acquisition, Core Specialty Insurance Holdings aims to strengthen its portfolio in specialty insurance solutions to gain a competitive advantage in the market. Hallmark Financial Services Inc. is a US-based diversified specialty property and casualty insurer.
Europe was the largest region in the specialty insurance market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the specialty insurance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
The rising natural disasters are expected to propel the growth of the specialty insurance market going forward. Natural disasters are catastrophic events with atmospheric, geological, and hydrological origins that can cause fatalities, property damage, and social environmental disruption.
Specialty insurance provides tailored insurance to cover a wide range of damages caused by catastrophic events that include earthquakes, hurricanes, and others, and insurance covers covering real and personal property for captives, including business income and minimizes the financial risk.
For instance, the National Centers For Environmental Information, a US-based agency for providing coastal, geophysical, and oceanic data, approximately 18 weather/climate crisis incidents that occurred in 2022 caused the United States to sustain losses of more than $1 billion apiece that claims the lives of 474 people and significantly damaged the local economy. Therefore, the rising natural disasters driving the growth of the specialty insurance market.
The specialty Insurance market includes revenues earned by entities by providing managed services, digital client engagement, customer-centric propositions, and data management related to insurance. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Key Topics Covered:
1. Executive Summary
2. Specialty Insurance Market Characteristics
3. Specialty Insurance Market Trends And Strategies
4. Specialty Insurance Market - Macro Economic Scenario
4.1. COVID-19 Impact On Specialty Insurance Market
4.2. Ukraine-Russia War Impact On Specialty Insurance Market
4.3. Impact Of High Inflation On Specialty Insurance Market
5. Specialty Insurance Market Size And Growth
5.1. Global Specialty Insurance Historic Market, 2017-2022, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Specialty Insurance Forecast Market, 2022-2027F, 2032F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market
6. Specialty Insurance Market Segmentation
6.1. Global Specialty Insurance Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Marine, Aviation And Transport (MAT)
- Political Risk And Credit Insurance
- Entertainment Insurance
- Art Insurance
- Livestock And Aquaculture Insurance
- Other Types
6.2. Global Specialty Insurance Market, Segmentation By Distribution Channel, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Brokers
- Non-Brokers
6.3. Global Specialty Insurance Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Business
- Individuals
7. Specialty Insurance Market Regional And Country Analysis
7.1. Global Specialty Insurance Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Specialty Insurance Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
For more information about this report visit https://www.researchandmarkets.com/r/317p1o
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