Specialty Insurance Market to Garner $243.70 Billion and Grow at a Fascinating CAGR of 7.6% in the 2021-2028 Timeframe [221-Pages] | Commended by Research Dive

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Research Dive

May 17, 2023, 06:59 ET

The global specialty insurance market is expected to grow significantly in the 2021-2028 timeframe due to the rising adoption of digital solutions by insurance companies globally. The Asia-Pacific region is anticipated to be at the forefront by 2028.

NEW YORK, May 17, 2023 /PRNewswire/ -- 

Global Specialty Insurance Market Forecast Analysis:

As per the report published by Research Dive, the global specialty insurance market is expected to register a revenue of $243.70 billion by 2028 at a CAGR of 7.6% during the forecast period 2021–2028.

Segments of the Specialty Insurance Market

The report has divided the market into the following segments:

  • Type: life insurance and non-life insurance 
    • Life Insurance: To surpass $200.21 billion by 2028
      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.
  • Distribution Channel: direct and indirect 
    • Direct – To register a revenue of $149.41 billion by 2028
      The growth of this sub-segment is mainly 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.
  • End-user: businesses and individuals 
    • Businesses– To rise at a CAGR of 7.8% during the forecast period
      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 sub-segment's growth.
  • Region: North America, Europe, Asia-Pacific, and LAMEA 
    • Asia-Pacific – To garner $69.11 billion by 2028
      The growth of the regional market is mainly because of the rising adoption of cloud technologies by insurance companies and the growing internet penetration. Besides, the existence of numerous developing economies as well as financial centers in various countries like Singapore, India, and Hong Kong is boosting the regional market growth.

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Dynamics of the Global Specialty Insurance Market

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.

COVID-19 Impact 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 market amidst the pandemic period.

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Key Players of the Global Specialty Insurance Market

The major players of the market include

  • AXA
  • Allianz
  • American International Group Inc
  • Assicurazioni Generali S.P.A.
  • Chubb
  • Berkshire Hathaway Inc
  • Munich Re
  • Tokio Marine HCC
  • PICC
  • Zurich

These players are working on developing strategies such as product development, merger and acquisition, partnerships, and collaborations to sustain the market growth.

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.

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What the Report Covers

Apart from the information summarized in this press release, the final report covers crucial aspects of the market including SWOT analysis, market overview, Porter's five forces analysis, market dynamics, segmentation (key market trends, forecast analysis, and regional analysis), and company profiles (company overview, operating business segments, product portfolio, financial performance, and latest strategic moves and developments.)

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About Research Dive

Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.

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