New York, USA, Aug. 31, 2022 (GLOBE NEWSWIRE) -- A new report on the global specialty insurance market has been added by Research Dive to its repository. According to the report, the global market is expected to hit $243.70 billion by 2028, rising at a striking CAGR of 7.6% from 2021 to 2028. This report is an in-depth study offering meticulous insights into the present situation and future scope of the global industry. The report is drafted by expert market analysts and assures to be a reliable source of data and comprehensive market insights for new market players, investors, prevalent players, stakeholders, shareholders, etc.
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The report segments the global specialty insurance market into type, distribution channel, end-users, and region.
Life Insurance Sub-Segment to Experience Remarkable Growth
Among the type segment, the life insurance sub-segment is expected to grab highest market share and surpass $200.21 billion during the forecast period. The growth of this sub-segment is mostly because of the rising demand for life insurance mostly among people who face problems in qualifying for standard coverage, as life insurance offers guaranteed as well as simplified life insurance plans.
Direct Channel Sub-Segment to Witness Maximum Growth
Among the distribution channel segment, the direct channel sub-segment is projected to grab foremost market share and garner $149.41 billion during the estimated timeframe. This is mostly because direct response method is very reasonable for consumers, as marketing insurance products is considerably inexpensive than through a network of an agency, and also the competition is very high.
Businesses Insurance Sub-Segment to Observe Highest Growth
Among the end-users segment, the businesses insurance sub-segment is projected to grab leading market share and grow with 7.8% CAGR during the estimated timeframe. This is mostly because specialty insurance policies are turning out to be very vital for businesses to guard themselves against unexpected losses. Thus, the growing adoption of specialty insurance by various businesses is fueling the specialty insurance market growth.
Asia-Pacific Specialty Insurance Market to Observe Rapid Growth
The report analyzes the global specialty insurance market across several regions such as North America, Europe, Asia Pacific, and LAMEA. Among these, the Asia-Pacific region market is estimated to observe accelerated growth and hit $69.11 billion in the forecast period. The growth of the region market is mainly because of the rising adoption of cloud technologies by insurance companies and growing internet penetration among people. Also, the existence of numerous developing economies as well as financial centers in various countries Singapore, India, and Hong Kong in this region is boosting the regional market growth.
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Impact of COVID-19 Pandemic on the Specialty Insurance Market:
The abrupt rise of COVID-19 pandemic in 2020 has had an adverse impact on the growth of the global specialty insurance market. The implementation of stringent restrictions on tourism, trade, and novel developments has ceased which significantly affected industries including marine, aviation, and construction. Consequently, the use of primary assets has reduced significantly, and losses in these fields have led to a decline in the adoption of specialty insurance coverage policies. All these factors are greatly hampering the growth of the specialty insurance market amidst the pandemic period. However, various market players are undertaking numerous initiatives to recuperate the industry from losses by launching novel insurance polies. This is likely to fuel the specialty insurance market growth post-pandemic period.
Factors Impacting the Specialty Insurance Market Growth:
The key factor boosting the growth of the global specialty insurance market is the rising adoption of digital solutions by insurance companies to enhance their processes and develop new products by considering the niche client demands, owing to the changing business models. Moreover, emerging countries, mainly growing economies such as India, Australia, Singapore, China, and South Korea offer a significant opportunity for specialty insurance providers to increase and advance their product lines; which is projected to open doors to beneficial opportunities for the growth of the market in the forecast period. However, dearth of awareness and knowledge about specialty insurance policies and their benefits is expected to obstruct the market growth.
Key Players of the Specialty Insurance Market
The report lists some of the foremost players operating in the global specialty insurance industry market
- AXA
- American International Group Inc.
- Allianz
- Assicurazioni Generali S.P.A.
- Berkshire Hathaway Inc.
- Chubb
- Munich Re
- PICC
- Tokio Marine HCC
- Zurich, and others.
The report also offers several industry-top tactics and approaches such as top strategic moves & developments, product/service range, business performance, Porter five forces analysis, and SWOT analysis of the foremost players, functioning in the global industry. – Buy the Full Report Here!
For instance, in October 2020, Munich Re Specialty Insurance, a foremost global provider of reinsurance, primary insurance & insurance-related risk solutions, unveiled novel cyber and technology errors and omissions (E&O) insurance solutions intended to safeguard the U.S.-domiciled organizations with domestic and/or worldwide exposure.
More about Specialty Insurance Market:
- Global Specialty Insurance Market to Surpass $243.70 Billion by 2028, Owing to the Constant Technological Advancements across the Globe
- How does Specialty Insurance Help High-Risk Businesses to Overcome Unavoidable Circumstances?
