Benefits such as minimization of business risks and reduction of out-of-pocket and increased awareness of liability insurance in developing countries are driving the growth of the global liability insurance market.
PORTLAND, Oregon., June 13, 2022 /PRNewswire/ — Allied Market Research has released a report titled, “Liability Insurance Market By Type of Coverage (General Liability Insurance, Professional Liability Insurance, Directors & Officers Insurance), By Enterprise Size (Medium Enterprise, Large Enterprise, Small Enterprise), By Application (Commercial , personal): Global Opportunities Analysis and Industry Forecast, 2021-2031.” According to the report, the global liability insurance industry generated $252.34 billion in 2021, and should reach $432.81 billion by 2031, with a CAGR of 5.7% from 2022 to 2031.
Drivers, constraints and opportunities
Benefits such as minimization of business risks and reduction of out-of-pocket and increased awareness of liability insurance in developing countries are driving the growth of the global liability insurance market. However, soaring costs of liability insurance premiums and lack of knowledge about the coverage included in liability insurance policies are hampering the growth of the market. On the other hand, the increase in the cases of work accidents presents opportunities for the market in the coming years.
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- Underwriters for directors and officers and professional indemnity insurance have expressed concern about the uncertainty created due to the Covid-19 pandemic. Litigation and other risks have increased significantly during the pandemic.
- Many liability insurance providers have changed the way they operate during the pandemic. They started providing service and support through online portals, chats or calls instead of opening their physical offices.
The general liability insurance segment to maintain its leading status during the forecast period
By type of coverage, the general liability insurance industry accounted for the highest market share in 2021, contributing more than two-fifths of the global liability insurance market, and is expected to maintain its leading status during the forecast period. This is due to the added value for small businesses beyond liability protection and protection of the insured against costs incurred for personal injury or property damage suffered by third parties on their business premises or caused through their products or services. However, the D&O insurance segment is estimated to have the highest CAGR of 9.3% from 2022 to 2031, due to the reimbursement offered to a business or non-profit organization for expenses. legal or other costs incurred to defend against lawsuits.
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The commercial segment to maintain its leading position throughout the forecast period
Based on applications, the commercial segment contributed the highest market share in 2021, accounting for approximately three-quarters of the global liability insurance market, and is expected to maintain its leading position throughout the period forecast. This is attributed to protecting the financial interests of business owners from penalties they may face as a result of litigation brought against them and covering associated legal costs. However, the individual segment is expected to see the highest CAGR of 7.3% from 2022 to 2031, due to the increase in the number of independent consultants leaving the corporate world or large companies to form a sole proprietorship. or a limited liability company.
North America maintain revenue dominance by 2031
Based on the region, North America accounted for the highest market share by revenue in 2021, holding nearly two-fifths of the global liability insurance market, and is expected to maintain its dominance by revenue by 2031. This is due to the presence of a large number of companies requiring workers’ compensation, auto liability, medical assistance and other claims management services. However, Asia Pacific It is estimated to register the fastest CAGR of 8.0% during the forecast period. This is due to broad financial protection which includes claims other than traffic collisions such as theft, handling, weather or natural disasters and damage caused by collision with fixed objects.
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Main market players
- American International Group, Inc.
- AXA S.A.
- CNA Financial Corporation
- IFFCO-Tokio General Insurance Company Limited
- Liberty General Insurance Limited
- The Hartford
- The Travelers Compensation Company
- Zurich American Insurance Company
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