LONDON, May 11, 2023 (GLOBE NEWSWIRE) -- According to The Business Research Company, the specialty insurance market is expected to experience significant growth in the coming years. The market size is projected to increase from $81.5 billion in 2022 to $90.1 billion in 2023, with a compound annual growth rate (CAGR) of more than 10%. By 2027, the specialty insurance market share is expected to reach $130.1 billion at a CAGR of more than 9.6%. Europe was the largest region in the specialty insurance market in 2022.
The rising frequency and intensity of natural disasters also drive the specialty insurance market's growth. Specialty insurance provides tailored coverage for damages caused by catastrophic events such as earthquakes, hurricanes, and others, covering real and personal property for captives, including business income, and minimizing financial risk.
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The major speciality insurance companies include 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., and Argo Group International Holdings Ltd.
Technological advancements are another trend contributing to the specialty insurance market's growth. Insurance businesses are leveraging innovative digital solutions to extend their operations and establish product lines based on niche client demand, resulting in the growth of specialty insurance.
For example, Kingstone Insurance introduced an artificial intelligence-powered product called Sure AI Assistant to optimize the claims process. It guides policyholders through the claims process with ease and can be used in the case of a natural disaster, where claims need to be filed quickly.
In October 2022, Core Specialty Insurance Holdings acquired Hallmark Financial Services Inc. for $40 million, aiming to strengthen its portfolio in specialty insurance solutions to gain a competitive advantage in the market.
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The global specialty insurance market is segmented as-
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
As per the specialty insurance market report, the market will continue to grow consistently in the forecast period. The report provides valuable information to players in this sector, such as the major drivers and socioeconomic factors that might affect the market and various trend-based strategies that they can adopt. In addition, the report highlights how major players are focusing on mergers and acquisitions to expand their offerings and sustain their position in the market.
Specialty Insurance Global Market Report 2023 by The Business Research Company provides insights on the specialty insurance market size, specialty insurance market segments, specialty insurance market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 4,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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