New York, USA, March 09, 2022 (GLOBE NEWSWIRE) — According to Research Dive, the global specialty insurance market is estimated to generate a revenue of $243.70 billion by 2028 and grow to a 7.6% CAGR over the forecast period (2021 to 2028). The comprehensive report provides a brief summary of the current market scenario comprising key aspects of the market such as growth factors, lucrative growth opportunities, and restraining factors. In addition, the report provides all the Specialty Insurance market trends, the impact of COVID-19 on the market and the market estimates, which makes it easier, helpful and useful for new participants to understand the market.
According to our analysts, increasing integration of technologies such as artificial intelligence, cloud computing, and blockchain, advancements in technology, and growing demand for specialized insurance expertise are the important factors estimated to drive the growth of the global insurance market. specialty insurance over the forecast period. In addition, developing countries, especially emerging economies such as India, China, Australia and South Korea, offer substantial opportunities for specialty insurers to develop and expand their portfolios. This factor is expected to create huge growth opportunities for the specialty insurance market over the forecast period. However, misconceptions and lack of information related to specialty insurance are estimated to be limiting the market growth in the anticipated time frame.
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Impact of COVID-19 on the specialty insurance market
The COVID-19 pandemic has had a negative impact on the growth of the global specialty insurance market. The impact on the specialty insurance market share and size is mainly due to the shutdown of global trade and travel affecting sectors such as aviation, construction and marine. As a result, the decreasing utilization of the underlying assets and the huge losses in these sectors have led to the decline in specialist insurance coverage. Additionally, demand for specialty insurance policies has plummeted during the global health crisis. All of these factors have had an adverse impact on the growth of the global specialty insurance market.
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The non-life insurance sub-segment will experience the fastest growth
By nature, the non-life insurance sub-segment represents $43.49 billion in 2020 and is expected to grow at the fastest rate over the forecast period. This is mainly because non-life insurance covers cyber liability insurance, commercial auto insurance, flood insurance and others. Additionally, an increased focus on innovation in non-life insurance is expected to drive the growth of the sub-segments by 2028.
The direct channel sub-segment will hold a dominant market share
By distribution channel, the direct channel sub-segment is estimated to generate revenue of $149.41 billion by 2028 and is expected to hold the majority of the market share over the forecast period. This is mainly due to the rapid growth of advertising through traditional media, telemarketing and the increasing use of the Internet to solicit business. Additionally, consumers can easily compare policy prices and benefits on the Internet, especially on many dedicated insurance price comparison sites. These factors are expected to drive the growth of the sub-segment in the specialty insurance market.
Commercial insurance sub-segment will generate the highest revenue
By end users, the commercial insurance sub-segment amounted to $100.89 billion in 2020 and is expected to generate the highest revenue over the forecast period. This is mainly because specialized insurance schemes are becoming increasingly important for businesses to protect against unexpected losses. In addition, specialty insurance protects businesses against lawsuits, trade obligations, property damage, and other risks, which is expected to drive the growth of the sub-segment in the specialty insurance market.
The Asia-Pacific region will see the fastest growth
By region, the Asia-Pacific specialty insurance market is expected to gain a revenue of $69.11 billion by 2028 and witness lucrative growth over the forecast period. The rapid growth of the region can be attributed to the presence of several emerging countries and financial centers such as India, Singapore and Hong Kong. Additionally, insurance companies in the region are shifting towards digital insurance platforms and aim to provide low-cost insurance premium options, which is expected to drive the growth of the Asia-Pacific market of here 2028.
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Main market players
Some of the major players in the global specialty insurance industry are:
- American International Group Inc.
- Assicurazioni Generali SPA
- Chubb, Berkshire Hathaway Inc.
- Munich Re
- Tokyo Marine HCC
These players apply various strategies to gain a competitive advantage and stronghold in the global industry.
For example, in July 2021, Amwins, one of the world’s leading distributors of specialty insurance products and services, launched an exclusive product that combines Sexual Assault Liability (SML) and Lethal Weapons Protection. (DWP) into a single font. It is the first and only insurance product on the market from Amwins that offers coverage for small and medium businesses on a single policy form. – Check which product launches and mergers and acquisitions are common strategies followed by major market players.
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