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PUBLISHER: IMARC | PRODUCT CODE: 1298663
PUBLISHER: IMARC | PRODUCT CODE: 1298663
Specialty Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
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The global specialty insurance market size reached US$ 86.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 140.6 Billion by 2028, exhibiting a growth rate (CAGR) of 8.1% during 2023-2028.
Specialty insurance is designed specifically for businesses that need unusual coverage. It covers high-risk holdings or assets, which are not covered by conventional insurance policies. Besides this, it also offers protection against lawsuits under a specialty policy, known as errors and omissions (E&O), to help an organization recover financially. As a result, it is adopted by businesses from different industry verticals, such as healthcare, construction, and energy. Presently, key players are offering art, entertainment, political risk and credit, livestock and aquaculture, and marine, aviation and transport (MAT) insurances globally.
Specialty Insurance Market Trends:
Specialty insurance provides flexibility in the duration, coverage, and conditions of the policy. It also safeguards businesses from commercial obligations, negligence claims, and other potential threats that are not covered by conventional business insurance plans. This represents one of the key factors bolstering the growth of the market. Moreover, numerous insurers, brokers, and policyholders are nowadays relying on specialized expertise to offer specialty coverages that aid in meeting the requirements of enterprises with unique risk profiles. This, coupled with the expansion of businesses around the world, is positively influencing the market. Apart from this, there is a rise in natural disasters, human-caused catastrophes, and sudden or gradual property damages in the real estate industry, which in turn, is catalyzing the demand for specialty insurance worldwide. Furthermore, leading players are adopting innovative digital solutions for extending their operations and offering better services to end users. In addition, they are investing in technologies, such as blockchain, artificial intelligence (AI), and the internet of things (IoT) that assist in facilitating loss prediction and prevention, risk monitoring, and simplifying claims processing. These advancements are expected to facilitate the growth of the market.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global specialty insurance market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on type, distribution channel and end user.
Breakup by Type:
Marine, Aviation and Transport (MAT)
Marine Insurance
Aviation Insurance
Political Risk and Credit Insurance
Entertainment Insurance
Art Insurance
Livestock and Aquaculture Insurance
Others
Breakup by Distribution Channel:
Brokers
Non-Brokers
Breakup by End User:
Business
Individuals
Breakup by Region:
North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being American International Group Inc., Assicurazioni Generali S.P.A., Axa XL (Axa S.A), Hiscox Ltd., Manulife Financial Corporation, Mapfre S.A., Munich Reinsurance Company, Nationwide Mutual Insurance Company, RenaissanceRe Holdings Ltd., Selective Insurance Group Inc., The Hanover Insurance Group Inc. and Zurich Insurance Group Ltd.
Key Questions Answered in This Report:
- How has the global specialty insurance market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the global specialty insurance market?
- What are the key regional markets?
- What is the breakup of the market based on the type?
- What is the breakup of the market based on the distribution channel?
- What is the breakup of the market based on the end user?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the global specialty insurance market and who are the key players?
- What is the degree of competition in the industry?
Product Code: SR112023A5085
Table of Contents
1 Preface
2 Scope and Methodology
- 2.1 Objectives of the Study
- 2.2 Stakeholders
- 2.3 Data Sources
- 2.3.1 Primary Sources
- 2.3.2 Secondary Sources
- 2.4 Market Estimation
- 2.4.1 Bottom-Up Approach
- 2.4.2 Top-Down Approach
- 2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
- 4.1 Overview
- 4.2 Key Industry Trends
5 Global Specialty Insurance Market
- 5.1 Market Overview
- 5.2 Market Performance
- 5.3 Impact of COVID-19
- 5.4 Market Forecast
6 Market Breakup by Type
- 6.1 Marine, Aviation and Transport (MAT)
- 6.1.1 Market Trends
- 6.1.2 Key Segments
- 6.1.2.1 Marine Insurance
- 6.1.2.2 Aviation Insurance
- 6.1.3 Market Forecast
- 6.2 Political Risk and Credit Insurance
- 6.2.1 Market Trends
- 6.2.2 Market Forecast
- 6.3 Entertainment Insurance
- 6.3.1 Market Trends
- 6.3.2 Market Forecast
- 6.4 Art Insurance
- 6.4.1 Market Trends
- 6.4.2 Market Forecast
- 6.5 Livestock and Aquaculture Insurance
- 6.5.1 Market Trends
- 6.5.2 Market Forecast
- 6.6 Others
- 6.6.1 Market Trends
- 6.6.2 Market Forecast
7 Market Breakup by Distribution Channel
- 7.1 Brokers
- 7.1.1 Market Trends
- 7.1.2 Market Forecast
- 7.2 Non-Brokers
- 7.2.1 Market Trends
- 7.2.2 Market Forecast
8 Market Breakup by End User
- 8.1 Business
- 8.1.1 Market Trends
- 8.1.2 Market Forecast
- 8.2 Individuals
- 8.2.1 Market Trends
- 8.2.2 Market Forecast
9 Market Breakup by Region
- 9.1 North America
- 9.1.1 United States
- 9.1.1.1 Market Trends
- 9.1.1.2 Market Forecast
- 9.1.2 Canada
- 9.1.2.1 Market Trends
- 9.1.2.2 Market Forecast
- 9.1.1 United States
- 9.2 Asia-Pacific
- 9.2.1 China
- 9.2.1.1 Market Trends
- 9.2.1.2 Market Forecast
- 9.2.2 Japan
- 9.2.2.1 Market Trends
- 9.2.2.2 Market Forecast
- 9.2.3 India
- 9.2.3.1 Market Trends
- 9.2.3.2 Market Forecast
- 9.2.4 South Korea
- 9.2.4.1 Market Trends
- 9.2.4.2 Market Forecast
- 9.2.5 Australia
- 9.2.5.1 Market Trends
- 9.2.5.2 Market Forecast
- 9.2.6 Indonesia
- 9.2.6.1 Market Trends
- 9.2.6.2 Market Forecast
- 9.2.7 Others
- 9.2.7.1 Market Trends
- 9.2.7.2 Market Forecast
- 9.2.1 China
- 9.3 Europe
- 9.3.1 Germany
- 9.3.1.1 Market Trends
- 9.3.1.2 Market Forecast
- 9.3.2 France
- 9.3.2.1 Market Trends
- 9.3.2.2 Market Forecast
- 9.3.3 United Kingdom
- 9.3.3.1 Market Trends
- 9.3.3.2 Market Forecast
- 9.3.4 Italy
- 9.3.4.1 Market Trends
- 9.3.4.2 Market Forecast
- 9.3.5 Spain
- 9.3.5.1 Market Trends
- 9.3.5.2 Market Forecast
- 9.3.6 Russia
- 9.3.6.1 Market Trends
- 9.3.6.2 Market Forecast
- 9.3.7 Others
- 9.3.7.1 Market Trends
- 9.3.7.2 Market Forecast
- 9.3.1 Germany
- 9.4 Latin America
- 9.4.1 Brazil
- 9.4.1.1 Market Trends
- 9.4.1.2 Market Forecast
- 9.4.2 Mexico
- 9.4.2.1 Market Trends
- 9.4.2.2 Market Forecast
- 9.4.3 Others
- 9.4.3.1 Market Trends
- 9.4.3.2 Market Forecast
- 9.4.1 Brazil
- 9.5 Middle East and Africa
- 9.5.1 Market Trends
- 9.5.2 Market Breakup by Country
- 9.5.3 Market Forecast
10 SWOT Analysis
- 10.1 Overview
- 10.2 Strengths
- 10.3 Weaknesses
- 10.4 Opportunities
- 10.5 Threats
11 Value Chain Analysis
12 Porters Five Forces Analysis
- 12.1 Overview
- 12.2 Bargaining Power of Buyers
- 12.3 Bargaining Power of Suppliers
- 12.4 Degree of Competition
- 12.5 Threat of New Entrants
- 12.6 Threat of Substitutes
13 Price Analysis
14 Competitive Landscape
- 14.1 Market Structure
- 14.2 Key Players
- 14.3 Profiles of Key Players
- 14.3.1 American International Group Inc.
- 14.3.1.1 Company Overview
- 14.3.1.2 Product Portfolio
- 14.3.1.3 Financials
- 14.3.1.4 SWOT Analysis
- 14.3.2 Assicurazioni Generali S.P.A.
- 14.3.2.1 Company Overview
- 14.3.2.2 Product Portfolio
- 14.3.3 Axa XL (Axa S.A)
- 14.3.3.1 Company Overview
- 14.3.3.2 Product Portfolio
- 14.3.4 Hiscox Ltd.
- 14.3.4.1 Company Overview
- 14.3.4.2 Product Portfolio
- 14.3.4.3 Financials
- 14.3.4.4 SWOT Analysis
- 14.3.5 Manulife Financial Corporation
- 14.3.5.1 Company Overview
- 14.3.5.2 Product Portfolio
- 14.3.5.3 Financials
- 14.3.5.4 SWOT Analysis
- 14.3.6 Mapfre S.A.
- 14.3.6.1 Company Overview
- 14.3.6.2 Product Portfolio
- 14.3.7 Munich Reinsurance Company
- 14.3.7.1 Company Overview
- 14.3.7.2 Product Portfolio
- 14.3.7.3 Financials
- 14.3.8 Nationwide Mutual Insurance Company
- 14.3.8.1 Company Overview
- 14.3.8.2 Product Portfolio
- 14.3.8.3 SWOT Analysis
- 14.3.9 RenaissanceRe Holdings Ltd.
- 14.3.9.1 Company Overview
- 14.3.9.2 Product Portfolio
- 14.3.9.3 Financials
- 14.3.10 Selective Insurance Group Inc.
- 14.3.10.1 Company Overview
- 14.3.10.2 Product Portfolio
- 14.3.10.3 Financials
- 14.3.10.4 SWOT Analysis
- 14.3.11 The Hanover Insurance Group Inc.
- 14.3.11.1 Company Overview
- 14.3.11.2 Product Portfolio
- 14.3.11.3 Financials
- 14.3.11.4 SWOT Analysis
- 14.3.12 Zurich Insurance Group Ltd
- 14.3.12.1 Company Overview
- 14.3.12.2 Product Portfolio
- 14.3.12.3 Financials
- 14.3.12.4 SWOT Analysis
- 14.3.1 American International Group Inc.
Product Code: SR112023A5085
List of Figures
- Figure 1: Global: Specialty Insurance Market: Major Drivers and Challenges
- Figure 2: Global: Specialty Insurance Market: Sales Value (in Billion US$), 2017-2022
- Figure 3: Global: Specialty Insurance Market Forecast: Sales Value (in Billion US$), 2023-2028
- Figure 4: Global: Specialty Insurance Market: Breakup by Type (in %), 2022
- Figure 5: Global: Specialty Insurance Market: Breakup by Distribution Channel (in %), 2022
- Figure 6: Global: Specialty Insurance Market: Breakup by End User (in %), 2022
- Figure 7: Global: Specialty Insurance Market: Breakup by Region (in %), 2022
- Figure 8: Global: Specialty Insurance (Marine, Aviation and Transport (MAT)) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 9: Global: Specialty Insurance (Marine, Aviation and Transport (MAT)) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 10: Global: Specialty Insurance (Political Risk and Credit Insurance) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 11: Global: Specialty Insurance (Political Risk and Credit Insurance) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 12: Global: Specialty Insurance (Entertainment Insurance) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 13: Global: Specialty Insurance (Entertainment Insurance) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 14: Global: Specialty Insurance (Art Insurance) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 15: Global: Specialty Insurance (Art Insurance) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 16: Global: Specialty Insurance (Livestock and Aquaculture Insurance) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 17: Global: Specialty Insurance (Livestock and Aquaculture Insurance) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 18: Global: Specialty Insurance (Other Types) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 19: Global: Specialty Insurance (Other Types) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 20: Global: Specialty Insurance (Brokers) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 21: Global: Specialty Insurance (Brokers) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 22: Global: Specialty Insurance (Non-Brokers) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 23: Global: Specialty Insurance (Non-Brokers) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 24: Global: Specialty Insurance (Business) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 25: Global: Specialty Insurance (Business) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 26: Global: Specialty Insurance (Individuals) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 27: Global: Specialty Insurance (Individuals) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 28: North America: Specialty Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 29: North America: Specialty Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 30: United States: Specialty Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 31: United States: Specialty Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 32: Canada: Specialty Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 33: Canada: Specialty Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 34: Asia-Pacific: Specialty Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 35: Asia-Pacific: Specialty Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 36: China: Specialty Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 37: China: Specialty Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 38: Japan: Specialty Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 39: Japan: Specialty Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 40: India: Specialty Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 41: India: Specialty Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 42: South Korea: Specialty Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 43: South Korea: Specialty Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 44: Australia: Specialty Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 45: Australia: Specialty Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 46: Indonesia: Specialty Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 47: Indonesia: Specialty Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 48: Others: Specialty Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 49: Others: Specialty Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 50: Europe: Specialty Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 51: Europe: Specialty Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 52: Germany: Specialty Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 53: Germany: Specialty Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 54: France: Specialty Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 55: France: Specialty Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 56: United Kingdom: Specialty Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 57: United Kingdom: Specialty Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 58: Italy: Specialty Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 59: Italy: Specialty Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 60: Spain: Specialty Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 61: Spain: Specialty Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 62: Russia: Specialty Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 63: Russia: Specialty Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 64: Others: Specialty Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 65: Others: Specialty Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 66: Latin America: Specialty Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 67: Latin America: Specialty Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 68: Brazil: Specialty Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 69: Brazil: Specialty Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 70: Mexico: Specialty Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 71: Mexico: Specialty Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 72: Others: Specialty Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 73: Others: Specialty Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 74: Middle East and Africa: Specialty Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 75: Middle East and Africa: Specialty Insurance Market: Breakup by Country (in %), 2022
- Figure 76: Middle East and Africa: Specialty Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 77: Global: Specialty Insurance Industry: SWOT Analysis
- Figure 78: Global: Specialty Insurance Industry: Value Chain Analysis
- Figure 79: Global: Specialty Insurance Industry: Porter's Five Forces Analysis
List of Tables
- Table 1: Global: Specialty Insurance Market: Key Industry Highlights, 2022 and 2028
- Table 2: Global: Specialty Insurance Market Forecast: Breakup by Type (in Million US$), 2023-2028
- Table 3: Global: Specialty Insurance Market Forecast: Breakup by Distribution Channel (in Million US$), 2023-2028
- Table 4: Global: Specialty Insurance Market Forecast: Breakup by End User (in Million US$), 2023-2028
- Table 5: Global: Specialty Insurance Market Forecast: Breakup by Region (in Million US$), 2023-2028
- Table 6: Global: Specialty Insurance Market: Competitive Structure
- Table 7: Global: Specialty Insurance Market: Key Players
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