The Worldwide Liability Insurance Industry is Expected to Reach $432 Billion by 2031

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Aug 17, 2022, 16:15 ET

DUBLIN, Aug. 17, 2022 /PRNewswire/ -- The "Liability Insurance Market by Coverage Type, Enterprise Size, Application: Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.

According to this report the liability insurance market size was valued at $252.34 billion in 2021, and is estimated to reach $432.81 billion by 2031, growing at a CAGR of 5.7% from 2022 to 2031.

Liability insurance is a policy that offers protection to businesses and individuals from risk, which they may be held legally or sued for negligence, malpractice or injury. This insurance policy protects the insured from legal payouts and costs, for which the policyholder is deemed to be responsible.

In addition, it provides an insured party with protection against claims resulting from injuries and damage to other people or property. Liability insurance policies cover any legal costs and payouts for which an insured party is responsible for if they are found legally liable. Intentional damage and contractual liabilities are generally not covered in liability insurance policies.

Liability insurance minimizes the business risk, such as bodily injury caused to any person because of faulty machines or any other circumstances. In addition, it reduces out of pocket costs for the insured, since the importance of liability insurance is that every business faces claims that can come up during normal operations. Without coverage, the insured have to pay out of pocket to cover claims, which can put their business at financial risk. Surge in awareness of liability insurance in developing countries is a factor that propels the market growth.

However, increase in liability insurance premium cost and lack of knowledge about coverage included in liability insurance policy are some major factors that limit the growth of the liability insurance market. On the contrary, liability insurance is an essential coverage for providing compensation for employees to recover from a work-related injury or illness. Therefore, rise in cases of work related accidents is expected to provide major lucrative opportunities for the growth of the liability insurance market.

The liability insurance market is segmented on the basis of coverage type, enterprise size, application, and region. By coverage type, it is segmented into general liability insurance, professional liability insurance (errors and omissions), and insurance for directors and officers. By enterprise size, it is divided into medium-sized enterprises, large enterprises, and small enterprises. By application, it is bifurcated into personal and commercial. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The report analyzes the profiles of key players operating in the liability insurance market such as 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, AND Zurich American Insurance Company. These players have adopted various strategies to increase their market penetration and strengthen their position in the liability insurance market.

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.

Key Topics Covered:

CHAPTER 1: INTRODUCTION

CHAPTER 2: EXECUTIVE SUMMARY

CHAPTER 3: MARKET OVERVIEW
3.1. Market definition and scope
3.2. Key findings
3.2.1. Top investment pockets
3.3. Porter's five forces analysis
3.4. Top player positioning
3.5. Market dynamics
3.5.1. Drivers
3.5.2. Restraints
3.5.3. Opportunities
3.6. COVID-19 Impact Analysis on the market

CHAPTER 4: LIABILITY INSURANCE MARKET, BY COVERAGE TYPE
4.1 Overview
4.1.1 Market size and forecast
4.2 General Liability Insurance
4.2.1 Key market trends, growth factors and opportunities
4.2.2 Market size and forecast, by region
4.2.3 Market analysis by country
4.3 Professional Liability Insurance
4.3.1 Key market trends, growth factors and opportunities
4.3.2 Market size and forecast, by region
4.3.3 Market analysis by country
4.4 Insurance for Directors and Officers
4.4.1 Key market trends, growth factors and opportunities
4.4.2 Market size and forecast, by region
4.4.3 Market analysis by country

CHAPTER 5: LIABILITY INSURANCE MARKET, BY ENTERPRISE SIZE
5.1 Overview
5.1.1 Market size and forecast
5.2 Medium-sized Enterprises
5.2.1 Key market trends, growth factors and opportunities
5.2.2 Market size and forecast, by region
5.2.3 Market analysis by country
5.3 Large Enterprises
5.3.1 Key market trends, growth factors and opportunities
5.3.2 Market size and forecast, by region
5.3.3 Market analysis by country
5.4 Small Enterprises
5.4.1 Key market trends, growth factors and opportunities
5.4.2 Market size and forecast, by region
5.4.3 Market analysis by country

CHAPTER 6: LIABILITY INSURANCE MARKET, BY APPLICATION
6.1 Overview
6.1.1 Market size and forecast
6.2 Commercial
6.2.1 Key market trends, growth factors and opportunities
6.2.2 Market size and forecast, by region
6.2.3 Market analysis by country
6.3 Personal
6.3.1 Key market trends, growth factors and opportunities
6.3.2 Market size and forecast, by region
6.3.3 Market analysis by country

CHAPTER 7: LIABILITY INSURANCE MARKET, BY REGION

CHAPTER 8: COMPANY LANDSCAPE
8.1. Introduction
8.2. Top winning strategies
8.3. Product Mapping of Top 10 Player
8.4. Competitive Dashboard
8.5. Competitive Heatmap
8.6. Key developments

CHAPTER 9: COMPANY PROFILES
9.1 American International Group Inc
9.1.1 Company overview
9.1.2 Company snapshot
9.1.3 Operating business segments
9.1.4 Product portfolio
9.1.5 Business performance
9.1.6 Key strategic moves and developments
9.2 Allianz
9.2.1 Company overview
9.2.2 Company snapshot
9.2.3 Operating business segments
9.2.4 Product portfolio
9.2.5 Business performance
9.2.6 Key strategic moves and developments
9.3 AXA SA
9.3.1 Company overview
9.3.2 Company snapshot
9.3.3 Operating business segments
9.3.4 Product portfolio
9.3.5 Business performance
9.3.6 Key strategic moves and developments
9.4 CNA Financial Corporation
9.4.1 Company overview
9.4.2 Company snapshot
9.4.3 Operating business segments
9.4.4 Product portfolio
9.4.5 Business performance
9.4.6 Key strategic moves and developments
9.5 Chubb
9.5.1 Company overview
9.5.2 Company snapshot
9.5.3 Operating business segments
9.5.4 Product portfolio
9.5.5 Business performance
9.5.6 Key strategic moves and developments
9.6 IFFCO-Tokio General Insurance Company Limited
9.6.1 Company overview
9.6.2 Company snapshot
9.6.3 Operating business segments
9.6.4 Product portfolio
9.6.5 Business performance
9.6.6 Key strategic moves and developments
9.7 Liberty General Insurance Limited
9.7.1 Company overview
9.7.2 Company snapshot
9.7.3 Operating business segments
9.7.4 Product portfolio
9.7.5 Business performance
9.7.6 Key strategic moves and developments
9.8 The Hartford
9.8.1 Company overview
9.8.2 Company snapshot
9.8.3 Operating business segments
9.8.4 Product portfolio
9.8.5 Business performance
9.8.6 Key strategic moves and developments
9.9 The Travelers Indemnity Company
9.9.1 Company overview
9.9.2 Company snapshot
9.9.3 Operating business segments
9.9.4 Product portfolio
9.9.5 Business performance
9.9.6 Key strategic moves and developments
9.10 Zurich American Insurance Company
9.10.1 Company overview
9.10.2 Company snapshot
9.10.3 Operating business segments
9.10.4 Product portfolio
9.10.5 Business performance
9.10.6 Key strategic moves and developments