Press release
Specialty Insurance Market Positioned for Growth: Predicting a 10.6% CAGR by 2031
Allied Market Research published a report, titled, "Specialty Insurance Market by Type (Marine, Aviation and Transport (MAT) Insurance, Political Risk and Credit Insurance, Entertainment Insurance, Art Insurance, Livestock and Aquaculture Insurance, Others), by Distribution Channel (Brokers, Non-brokers), by End User (Business, Individuals): Global Opportunity Analysis and Industry Forecast, 2021-2031". According to the report, the global specialty insurance industry generated $104.7 billion in 2021, and is anticipated to generate $279.0 billion by 2031, witnessing a CAGR of 10.6% from 2022 to 2031.
➡️𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 & 𝐓𝐎𝐂 : https://www.alliedmarketresearch.com/request-sample/2973
Businesses involved in a high-risk holding prefer specialty insurance plans, which help with an unusual coverage that are not covered under standard policies. Moreover, unusual characteristics such as diamond necklace, exotic insurance, title insurance, body part insurance, and jet ski insurance are covered in the specialty insurance. Factors such as surge in demand for specialized expertise, technological advancements, and numerous benefits provided by specialty insurance along with covering unique needs & preferences propel the global specialty insurance market growth. In addition, incorporation of technologies in specialty insurance product lines and untapped potential of emerging economies are expected to provide lucrative opportunities for the specialty insurance solution providers in the coming years.
Prime determinants of growth
The surge in demand for specialized expertise, the increased integration of technology into specialty insurance solutions, and increase in demand for specialty insurance among Program Administrators (PAs) drive the growth of the global specialty insurance market. However, an extremely volatile market and lack of awareness & understanding toward specialty insurance restrict the market growth. Moreover, specialty insurance offers a wide range of coverage alternatives with great flexibility regarding the policy term, policy duration, and coverages, which is considerably presenting new opportunities in the coming years.
Covid-19 Scenario
The outbreak of the Covid-19 pandemic had a negative impact on the global specialty insurance market. This is attributed to the fact that businesses operating in the market had changed their business model, therefore, the demand for specialty insurance was affected.
However, the market has already recovered in the post pandemic.
The marine, aviation and transport (MAT) insurance segment to maintain its leadership status throughout the forecast period
Based on type, the marine, aviation and transport (MAT) insurance segment held the highest market share in 2021, accounting for more than three-fourths of the global specialty insurance market, and is estimated to maintain its leadership status throughout the forecast period. Rise in expenditure on international airlines contributes toward the growth of the specialty insurance market. Furthermore, increased demand & awareness toward marine insurance among ship owners, cargo owners, and charterers facing huge losses such as damage caused to ships, cargo vessels, and terminals is another major factor that propels the specialty insurance market growth. However, the art insurance segment is projected to manifest the highest CAGR of 17.9% from 2022 to 2031. Flexibility in terms of designing the policy based on partial or full loss and other additional coverages such as exhibition coverage are usually provided in the specialty insurance. This flexibility in terms of choosing customized policy propels the specialty insurance market growth.
➡️𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐚𝐭𝐢𝐨𝐧 𝐖𝐞 𝐨𝐟𝐟𝐞𝐫 𝐜𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐞𝐝 𝐫𝐞𝐩𝐨𝐫𝐭 𝐚𝐬 𝐩𝐞𝐫 𝐲𝐨𝐮𝐫 𝐫𝐞𝐪𝐮𝐢𝐫𝐞𝐦𝐞𝐧𝐭 : https://www.alliedmarketresearch.com/request-for-customization/2973
The brokers segment to maintain its lead position during the forecast period
Based on distribution channel, the brokers segment accounted for the largest share in 2021, contributing to more than two-thirds of the global specialty insurance market, and is projected to maintain its lead position during the forecast period. Increase in speed and efficiency of delivering the insurance policy and rise in need to streamline the claim settlement process boost the growth of the specialty insurance market in this segment. However, the non-brokers segment is expected to portray the largest CAGR of 12.6% from 2022 to 2031. Non-broker or direct selling is a cost-effective process for distributing specialty insurance directly to customers with reducing advertising costs, avoiding overhead expenses, and building long-lasting customer relationships. These are the major growth factors for direct sales of specialty insurance.
Europe to maintain its dominance by 2031
Based on region, Europe held the highest market share in terms of revenue in 2021, accounting for more than one-third of the global specialty insurance market. Increase in usage of chatbots and voice assistant' platforms for assisting businesses & individuals demanding specialty insurance has become one of the major trends in the market in this region. However, the Asia-Pacific region is expected to witness the fastest CAGR of 14.4% from 2022 to 2031, and is likely to dominate the market during the forecast period. Continuous growth in corporates and small & medium enterprises demanding customized coverages further boosts the growth of the specialty insurance market in the region.
Leading Market Players: -
Allianz,
AXA,
Chubb,
Zurich,
Tokio Marine HCC,
Berkshire Hathaway Inc.,
PICC,
Assicurazioni Generali S.p.A.,
Munich Re,
American International Group, Inc
➡️𝐁𝐮𝐲 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 𝐚𝐭 𝐃𝐢𝐬𝐜𝐨𝐮𝐧𝐭𝐞𝐝 𝐏𝐫𝐢𝐜𝐞 @ https://www.alliedmarketresearch.com/checkout-final/b8da408b0e32ad68ee9f731bd541f0bc
Key benefits for stakeholders
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the specialty insurance market analysis from 2022 to 2031 to identify the prevailing specialty insurance market opportunity.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the specialty insurance market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes an analysis of the regional as well as global specialty insurance market trends, key players, market segments, application areas, and market growth strategies.
➡️𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠: https://www.alliedmarketresearch.com/purchase-enquiry/2973
Type
Political Risk and Credit Insurance
Entertainment Insurance
Art Insurance
Livestock and Aquaculture Insurance
Others
Marine, Aviation and Transport (MAT) Insurance
Distribution Channel
Brokers
Non-brokers
End User
Business
Individuals
𝐎𝐭𝐡𝐞𝐫 𝐓𝐨𝐩 𝐓𝐫𝐞𝐧𝐝𝐢𝐧𝐠 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐢𝐧 𝗕𝗙𝗦𝗜 𝐃𝐨𝐦𝐚𝐢𝐧 -
Wealth Management Market: https://www.alliedmarketresearch.com/wealth-management-market-A13068
Auto Finance Market: https://www.alliedmarketresearch.com/auto-finance-market-A10390
Crop Insurance Market: https://www.alliedmarketresearch.com/crop-insurance-market-A06791
Blockchain in Insurance Market: https://www.alliedmarketresearch.com/blockchain-in-insurance-market-A11767
Embedded Finance Market: https://www.alliedmarketresearch.com/embedded-finance-market-A110805
David Correa
1209 Orange Street, Corporation Trust Center, Wilmington, New Castle, Delaware 19801 USA.
Int'l: +1-503-894-6022 Toll Free: +1-800-792-5285
UK: +44-845-528-1300
India (Pune): +91-20-66346060 Fax: +1-800-792-5285 help@alliedmarketresearch.com
https://www.quora.com/profile/Pooja-BFSI
https://medium.com/@psaraf568
https://www.scoop.it/topic/banking-finance-insurance
About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
➡️𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 & 𝐓𝐎𝐂 : https://www.alliedmarketresearch.com/request-sample/2973
Businesses involved in a high-risk holding prefer specialty insurance plans, which help with an unusual coverage that are not covered under standard policies. Moreover, unusual characteristics such as diamond necklace, exotic insurance, title insurance, body part insurance, and jet ski insurance are covered in the specialty insurance. Factors such as surge in demand for specialized expertise, technological advancements, and numerous benefits provided by specialty insurance along with covering unique needs & preferences propel the global specialty insurance market growth. In addition, incorporation of technologies in specialty insurance product lines and untapped potential of emerging economies are expected to provide lucrative opportunities for the specialty insurance solution providers in the coming years.
Prime determinants of growth
The surge in demand for specialized expertise, the increased integration of technology into specialty insurance solutions, and increase in demand for specialty insurance among Program Administrators (PAs) drive the growth of the global specialty insurance market. However, an extremely volatile market and lack of awareness & understanding toward specialty insurance restrict the market growth. Moreover, specialty insurance offers a wide range of coverage alternatives with great flexibility regarding the policy term, policy duration, and coverages, which is considerably presenting new opportunities in the coming years.
Covid-19 Scenario
The outbreak of the Covid-19 pandemic had a negative impact on the global specialty insurance market. This is attributed to the fact that businesses operating in the market had changed their business model, therefore, the demand for specialty insurance was affected.
However, the market has already recovered in the post pandemic.
The marine, aviation and transport (MAT) insurance segment to maintain its leadership status throughout the forecast period
Based on type, the marine, aviation and transport (MAT) insurance segment held the highest market share in 2021, accounting for more than three-fourths of the global specialty insurance market, and is estimated to maintain its leadership status throughout the forecast period. Rise in expenditure on international airlines contributes toward the growth of the specialty insurance market. Furthermore, increased demand & awareness toward marine insurance among ship owners, cargo owners, and charterers facing huge losses such as damage caused to ships, cargo vessels, and terminals is another major factor that propels the specialty insurance market growth. However, the art insurance segment is projected to manifest the highest CAGR of 17.9% from 2022 to 2031. Flexibility in terms of designing the policy based on partial or full loss and other additional coverages such as exhibition coverage are usually provided in the specialty insurance. This flexibility in terms of choosing customized policy propels the specialty insurance market growth.
➡️𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐚𝐭𝐢𝐨𝐧 𝐖𝐞 𝐨𝐟𝐟𝐞𝐫 𝐜𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐞𝐝 𝐫𝐞𝐩𝐨𝐫𝐭 𝐚𝐬 𝐩𝐞𝐫 𝐲𝐨𝐮𝐫 𝐫𝐞𝐪𝐮𝐢𝐫𝐞𝐦𝐞𝐧𝐭 : https://www.alliedmarketresearch.com/request-for-customization/2973
The brokers segment to maintain its lead position during the forecast period
Based on distribution channel, the brokers segment accounted for the largest share in 2021, contributing to more than two-thirds of the global specialty insurance market, and is projected to maintain its lead position during the forecast period. Increase in speed and efficiency of delivering the insurance policy and rise in need to streamline the claim settlement process boost the growth of the specialty insurance market in this segment. However, the non-brokers segment is expected to portray the largest CAGR of 12.6% from 2022 to 2031. Non-broker or direct selling is a cost-effective process for distributing specialty insurance directly to customers with reducing advertising costs, avoiding overhead expenses, and building long-lasting customer relationships. These are the major growth factors for direct sales of specialty insurance.
Europe to maintain its dominance by 2031
Based on region, Europe held the highest market share in terms of revenue in 2021, accounting for more than one-third of the global specialty insurance market. Increase in usage of chatbots and voice assistant' platforms for assisting businesses & individuals demanding specialty insurance has become one of the major trends in the market in this region. However, the Asia-Pacific region is expected to witness the fastest CAGR of 14.4% from 2022 to 2031, and is likely to dominate the market during the forecast period. Continuous growth in corporates and small & medium enterprises demanding customized coverages further boosts the growth of the specialty insurance market in the region.
Leading Market Players: -
Allianz,
AXA,
Chubb,
Zurich,
Tokio Marine HCC,
Berkshire Hathaway Inc.,
PICC,
Assicurazioni Generali S.p.A.,
Munich Re,
American International Group, Inc
➡️𝐁𝐮𝐲 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 𝐚𝐭 𝐃𝐢𝐬𝐜𝐨𝐮𝐧𝐭𝐞𝐝 𝐏𝐫𝐢𝐜𝐞 @ https://www.alliedmarketresearch.com/checkout-final/b8da408b0e32ad68ee9f731bd541f0bc
Key benefits for stakeholders
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the specialty insurance market analysis from 2022 to 2031 to identify the prevailing specialty insurance market opportunity.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the specialty insurance market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes an analysis of the regional as well as global specialty insurance market trends, key players, market segments, application areas, and market growth strategies.
➡️𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠: https://www.alliedmarketresearch.com/purchase-enquiry/2973
Type
Political Risk and Credit Insurance
Entertainment Insurance
Art Insurance
Livestock and Aquaculture Insurance
Others
Marine, Aviation and Transport (MAT) Insurance
Distribution Channel
Brokers
Non-brokers
End User
Business
Individuals
𝐎𝐭𝐡𝐞𝐫 𝐓𝐨𝐩 𝐓𝐫𝐞𝐧𝐝𝐢𝐧𝐠 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐢𝐧 𝗕𝗙𝗦𝗜 𝐃𝐨𝐦𝐚𝐢𝐧 -
Wealth Management Market: https://www.alliedmarketresearch.com/wealth-management-market-A13068
Auto Finance Market: https://www.alliedmarketresearch.com/auto-finance-market-A10390
Crop Insurance Market: https://www.alliedmarketresearch.com/crop-insurance-market-A06791
Blockchain in Insurance Market: https://www.alliedmarketresearch.com/blockchain-in-insurance-market-A11767
Embedded Finance Market: https://www.alliedmarketresearch.com/embedded-finance-market-A110805
David Correa
1209 Orange Street, Corporation Trust Center, Wilmington, New Castle, Delaware 19801 USA.
Int'l: +1-503-894-6022 Toll Free: +1-800-792-5285
UK: +44-845-528-1300
India (Pune): +91-20-66346060 Fax: +1-800-792-5285 help@alliedmarketresearch.com
https://www.quora.com/profile/Pooja-BFSI
https://medium.com/@psaraf568
https://www.scoop.it/topic/banking-finance-insurance
About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage
to this press release on woodPRI. woodPRI disclaims liability for any content contained in
this release.
Recommend
/newsMicroencapsulation Market Deep Analysis on Key Players - Dow Corning, Encapsys, Syngenta Crop Protection, Evonik Industries, 3M and Bayer
Market Study Report Adds Global Microencapsulation Market Size, Status and Forecast 2024 added to its database. The report provides key statistics on the current state of the industry and other analytical data to understand the market.
Extensive research is required for choosing the appropriate cor...
/newsGermany Airbag Market Size 2023: Global Share, Industry And Report Analysis By 2030 | Hyundai Mobis Co., Ltd. Key Safety Systems, Inc. Robert Bosch GmbH
Germany airbag market is expected to grow at a CAGR of around 6% during the forecast period. Germany Airbag Market research report refers to gathering and analyzing significant market data serve as best medium for various industry players to launch novel product or service. It is vital for key firms...
/newsSecurities Brokerages And Stock Exchanges Market Outlook 2021: Big Things are Happening
A new intelligence report released by HTF MI with title "Global Securities Brokerages And Stock Exchanges Market Survey & Outlook" is designed covering micro level of analysis by Insurers and key business segments, offerings and sales channels. The Global Securities Brokerages And Stock Exchange...
/newsRenewable Chemicals Market Emerging Trends and Competitive Landscape Forecast to 2028
The renewable chemicals market was valued at US$ 80,566.30 million in 2021 and is projected to reach US$ 1,76,750.76 million by 2028 it is expected to grow at a CAGR of 11.9% from 2021 to 2028. The research report focuses on the current market trends, opportunities, future potential of the market, a...
/newsHow Coronavirus is Impacting Cold Brew Coffee, Global Market Volume Analysis, Size, Share and Key Trends 2020-2026
"Market Latest Research Report 2020:
Los Angles United States, February 2020: The Cold Brew Coffee market has been garnering remarkable momentum in the recent years. The steadily escalating demand due to improving purchasing power is projected to bode well for the global market. QY Research's lates...
/newsCorporate E-Learning Market - Global Industry Size, Share, Key Players Analysis that are Infor, SkillSoft Corporation, Adrenna, CERTPOINT Systems and others with Regional Forecast to 2022
Overview:
E-Learning is used to enhance the learning procedures for newer job requirements and to make employees sound about the internal and external changes in the market and respective organizations. This method has created considerable differences in the ways of training and developing employee...
