PUBLISHER: Allied Market Research | PRODUCT CODE: 1298183
PUBLISHER: Allied Market Research | PRODUCT CODE: 1298183
Specialty insurance provides coverages for special, unusual, difficult insurance needs and for higher risk accounts. Events such as an unforeseen wedding postponement, trip cancellation, or identity theft & theft of items such as jewelry, valuable collectibles, or guns are some of the major perils covered under specialty insurance. Directors & officers liability insurance, errors & omissions insurance, commercial umbrella insurance, and cyber liability insurance are some of the types of specialty insurance. Furthermore, the premiums under this insurance are calculated depending on specific industry, risks factors, and the amount of coverage for specified needs.
Specialty insurance covers niche & unique perils across a wide range of business lines with the ability to provide both admitted & non-admitted products. It provides multiple coverage options with huge flexibility in terms of coverages, policy term, and policy period. In addition, surge in demand for specialized expertise and technological advancements are major factors that drive the market growth. However, lack of awareness & understanding toward specialty insurance and highly volatile market are some of the factors that hamper the market growth. On the contrary, there is a significant growth witnessed in construction, healthcare, and environmental sectors in the developing economies, such as India, South Korea, Taiwan, and Vietnam. An expansion of business and involvement of international teams are expected to provide an immense opportunity to the specialty insurance market. Moreover, insurers invest heavily in these technologies and incorporate technologies such as blockchain and Internet of Things (IoT) in their existing specialty insurance product lines, which promote the demand for specialty insurance.
The specialty insurance market is segmented on the basis of type, distribution channel, end user, and region. On the basis of type, it is segregated into marine, aviation & transport (MAT) insurance, political risk & credit insurance, entertainment insurance, art insurance, livestock & aquaculture insurance, and others. On the basis of distribution channel, it is bifurcated into brokers and non-brokers. On the basis of end user, the market is bifurcated into business and individuals. On the basis of region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The report analyses the profiles of key players operating in the specialty insurance market such as AXA, American International Group, Inc., Allianz, Assicurazioni Generali SpA, Berkshire Hathaway Inc., Chubb, Munich Re, PICC, Tokio Marine HCC, and Zurich. These players have adopted various strategies to increase their market penetration and strengthen their position in the specialty insurance industry.