PUBLISHER: Allied Market Research | PRODUCT CODE: 1446430
PUBLISHER: Allied Market Research | PRODUCT CODE: 1446430
Important players have launched various products to survive and compete in the crime insurance industry. For instance, in September 2022, InsurTech Counterpart launched a crime product for small and medium scale businesses. The new offering helps in identifying employee theft, and social engineering perils by utilizing proprietary ML based underwriting system of Counterpart that includes employee sentiment analysis including proactive risk mitigation guidelines. Furthermore, Emborker company released new digital insurance solutions namely cyber insurance and commercial crime insurance in September 2021. Cyber insurance comprises of first and third party financial damages as a result of data breach and cyber threats. In addition, crime insurance products offer claims and losses due to crime-related issues committed by both employees and outside entities. Moreover, in October 2020, Bitstamp offered the new crime insurance coverage policy through specialist insurance brokers, Paragon International Insurance Brokers with support from Woodruff Sawyer. The policy covers a range of crime-related cases including employee theft, asset storage during transit, loss due to computer fraud, fraud related to fund transfer, and loss related to legal fees and expenses. In addition, in February 2023, Coalition collaborated with Zurich Insurance Group and launched new offerings related to crime and fiduciary liability insurance. The new solution tackles negligence and mismanagement of benefit plans, that might lead to unnecessary fiduciary liability claims. In addition, the solution helps the client to manage risk related to their employee benefit plan including excessive fee coverage, settlor coverage, and an array of covered civil penalties. This strategy is expected to help both the companies to strengthen their position in the crime insurance market. Therefore, such strategies adopted by key players are expected to propel the growth of the crime insurance market for the forecast period.
Growing advancements in technology and increase in globalization are two main significant factors that drive the growth of the crime insurance market. Furthermore, rise in complexities of claimed process and surge in evolution of regulation of policy are two main significant restraints hampering the growth of the crime insurance market. Moreover, growth in demand for cyber insurance has provided a significant opportunity for the crime insurance market growth.
The crime insurance market is segmented into coverage, end user, and region. On the basis of coverage, the market is categorized into fraud cover, forgery cover, theft cover, kidnapping cover, and others. On the basis of end user, the market is bifurcated into individuals and business. On the basis of region, the crime insurance market is studied across North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.
The key players in the crime insurance market include JS Downey Insurance Service, Nationwide Mutual Insurance Company, Chubb, Morris & Reynolds Insurance, American International Group, Inc., HDFC ERGO General Insurance Company Limited, Allianz SE, The Guarantee Company of North America, The Travelers Companies, Inc. These players have adopted numerous strategies to increase their marketplace penetration and strengthen their position in the crime insurance market.
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