Liability Insurance Market to Reach $432.81 Bn, Globally, by 2031 at 5.7% CAGR: Allied Market Research

News provided by

Jun 13, 2022, 03:30 ET

Benefits such as minimization of business risks and reduced out-of-pocket costs and rise in awareness of third-party liability insurance in developing countries drive the growth of the global liability insurance market.

PORTLAND, Ore., June 13, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Liability Insurance Market by Coverage Type (General Liability Insurance, Professional Liability Insurance, Insurance for Directors and Officers), by Enterprise Size (Medium-sized Enterprises, Large Enterprises, Small Enterprises), by Application (Commercial, Personal): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global liability insurance industry generated $252.34 billion in 2021, and is expected to reach $432.81 billion by 2031, witnessing a CAGR of 5.7% from 2022 to 2031.

Drivers, Restraints, and Opportunities

Benefits such as minimization of business risks and reduced out-of-pocket costs and rise in awareness of third party liability insurance in developing countries drive the growth of the global liability insurance market. However, surge in liability insurance premium costs and lack of knowledge about coverage included in liability insurance policies hinder the market growth. On the other hand, increase in cases of work-related accidents presents opportunities for the market in the coming years.

Download Sample Report (Get Full Insights in PDF – 258+ Pages) at https://www.alliedmarketresearch.com/request-sample/15721

Covid-19 Scenario

Underwriters of directors & officers and employment practice liability insurance became concerned about the uncertainty created due to the Covid-19 pandemic. Risks related to litigation and others increased considerably during the pandemic.
Many liability insurance providers changed their way of operation during the pandemic. They began to provide service and assistance through online portals, chats, or calling instead of opening their physical offices.

The General Liability Insurance Segment to Maintain Its Leadership Status During the Forecast Period

Based on coverage type, the general liability insurance segment accounted for the highest market share in 2021, contributing to more than two-fifths of the global liability insurance market, and is projected to maintain its leadership status during the forecast period. This is due to value added to small business beyond liability protection and protection of the insured against costs incurred for bodily injury or property damage suffered by third parties on the premises of their business or caused by their products or services. However, the insurance for directors and officers segment is estimated to manifest the largest CAGR of 9.3% from 2022 to 2031, owing to reimbursement offered to a business or non-profit organization for the legal fees or other costs incurred in defending against lawsuits.

Interested to Procure the Data? Inquire Here at https://www.alliedmarketresearch.com/purchase-enquiry/15721

The Commercial Segment to Maintain Its Lead Position Throughout the Forecast Period

Based on application, the commercial segment contributed the highest market share in 2021, accounting for around three-fourths of the global liability insurance market, and is expected to maintain its lead position throughout the forecast period. This is attributed to protection of the financial interests of commercial owners from penalties that they may face from litigation waged against them and covering of the associated legal costs. However, the personal segment is expected to witness the highest CAGR of 7.3% from 2022 to 2031, owing to rise in number of independent consultants leaving the corporate world or large enterprises to form a sole proprietorship or limited liability company.

North America to Maintain Its Dominance in Terms of Revenue By 2031

Based on region, North America accounted for the highest market share in terms of revenue in 2021, holding nearly two-fifths of the global liability insurance market, and is expected to maintain its dominance in terms of revenue by 2031. This is due to the presence of large number of companies demanding claims handling services of workers' compensation, auto liability, medical claim assistance, and others. However, Asia-Pacific is estimated to register the fastest CAGR of 8.0% during the forecast period. This is due to wide financial protection that includes claims other than traffic collisions such as theft, keying, weather, or natural disasters and damage caused by colliding with stationary objects.

Enquire for Customization with Detailed Analysis of COVID-19 Impact in Report at https://www.alliedmarketresearch.com/request-for-customization/15721?reqfor=covid

Leading Market Players

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
Zurich American Insurance Company

Access AVENUE - A Subscription-Based Library (Premium On-Demand, Subscription-Based Pricing Model) at https://www.alliedmarketresearch.com/library-access

Avenue is a user-based library of global market report database, provides comprehensive reports pertaining to the world's largest emerging markets. It further offers e-access to all the available industry reports just in a jiffy. By offering core business insights on the varied industries, economies, and end users worldwide, Avenue ensures that the registered members get an easy as well as single gateway to their all-inclusive requirements.

Avenue Library Subscription | Request For 14 Days Free Trial of Before Buying:
https://www.alliedmarketresearch.com/avenue/trial/starter

Home Insurance Market Is Projected to Reach $395.04 Billion By 2027

BFSI Security Market Is Projected to Reach $114,498 Million By 2027

BFSI BPO Services Market Is Projected to Reach $174.94 Billion By 2028

Insurance Brokerage Market Is Projected to Reach $395.04billion By 2027

Car Finance Market Is Projected to Reach $2,334.3 Billion By 2027

Financial Advisory Services Market Is Projected to Reach $135.6 Billion By 2030

Financial Planning Software Market Is Projected to Reach $16.9 Billion By 2031

Pre-Book Now With 10% Discount:

Mobile Home Insurance Market: Global Opportunity Analysis and Industry Forecast, 2021–2030

Premium Finance Market: Global Opportunity Analysis and Industry Forecast 2021–2030

Supply Chain Finance Market: Global Opportunity Analysis and Industry Forecast, 2022-2029

Disability Insurance Market: Global Opportunity Analysis and Industry Forecast, 2022-2029

About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" 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. 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.

Contact:
David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
USA/Canada (Toll Free):
1-800-792-5285, 1-503-894-6022
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1(855)550-5975
[email protected]
Web: https://www.alliedmarketresearch.com
Follow Us on LinkedIn and Twitter