Global Specialty Insurance Market Size, Share, Price, Trends, Growth, Report and Forecast 2023-2028
According to the report by Expert Market Research (EMR), the Global Specialty Insurance Market Size reached a value of USD 109.9 billion in 2022. Aided by the increasing need for risk management solutions and the growing applications of specialty insurance in various industries, the market is projected to further grow at a CAGR of 9.10% between 2023 and 2028 to reach a value of USD 185.3 billion by 2028.
Specialty insurance is a unique category of insurance that covers uncommon or higher-risk, specific items or events. This type of insurance often includes coverages that aren’t typically offered in standard insurance policies, including insurance for collectibles, pet health, travel, employment practices liability, professional liability, and many more. These insurance products play a vital role in risk management, providing protection against financial losses resulting from specific risks.
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The increasing need for tailored risk management solutions is a primary driver of the global specialty insurance market growth. With the rising complexities in various personal and commercial activities, there is a growing demand for insurance products that can address specific risks, leading to a surge in demand for specialty insurance products. Additionally, global economic expansion, coupled with advancements in technology, has further contributed to the increasing popularity of specialty insurance, as these factors have given rise to novel risk landscapes in many sectors.
The expanding applications of specialty insurance in various sectors also play a significant role in propelling the specialty insurance market demand. In the financial industry, specialty insurance products like directors and officers liability insurance, professional indemnity insurance, and cyber risk insurance have become increasingly important due to heightened regulatory scrutiny and rising cyber threats. In the energy sector, specialty insurance covers risks associated with oil and gas exploration, renewable energy projects, and power generation facilities, among others, thus fuelling the specialty insurance market development. Moreover, in the healthcare sector, specialty insurance products address unique risks associated with medical malpractice and patient data privacy.
Further, the growing awareness and demand for tailored insurance solutions in various industries have led to an increased focus on specialty insurance. With the rise of globalisation and the increasing complexities in both personal and commercial activities, specialty insurance has emerged as a critical component in risk management strategies, thereby boosting the specialty insurance market expansion.
Specialty Insurance Market Segmentation
The market can be divided based on type, end user, distribution channel, and region.
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Market Breakup by Type
- Art Insurance
- Political Risk and Credit Insurance
- Marine, Aviation, and Transport (MAT) Insurance
- Cargo Insurance
- Hull and Machinery Insurance
- Offshore Energy Insurance
- Aviation Insurance
- Marine Liability Insurance
- Livestock and Aquaculture Insurance
- Entertainment Insurance
Market Breakup by End User
Market Breakup by Distribution Channel
Market Breakup by Region
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global specialty insurance companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- Allianz Group
- American International Group, Inc.
- AXA Group
- Argo Group
- Assicurazioni Generali S.p.A.
- Munich Reinsurance America, Inc.
- Tokio Marine Group
- Zurich Insurance Group
- Chubb Limited
- Berkshire Hathaway Specialty Insurance