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Report
Global Liability Insurance Market Report and Forecast 2024-2032
Market Report I 2024-03-29 I 174 Pages I EMR Inc.
Global Liability Insurance Market Report and Forecast 2024-2032
Market Outlook
According to the report by Expert Market Research (EMR), the global liability insurance market size reached a value of USD 282.10 billion in 2023. Aided by the escalating demand for financial protection against claims and liabilities across various sectors, the market is projected to further grow at a CAGR of 5.7% between 2024 and 2032 to reach a value of USD 453.92 billion by 2032.
Liability insurance plays a crucial role in safeguarding assets and covering potential legal costs and settlements that can arise from lawsuits. This form of insurance is vital for businesses and professionals as it provides a safety net against claims that could otherwise jeopardise financial stability. The spectrum of liability insurance encompasses several types, including general liability, professional liability, directors and officers liability, and product liability insurance, each tailored to address specific risks associated with different activities and industrial sectors.
The liability insurance market growth is underpinned by a variety of trends and drivers, including the increasing awareness of liability risks, the tightening of regulations and legal requirements across industries, and the rising incidences of litigation. Furthermore, the expanding business landscape and the surge in professional services have amplified the need for comprehensive liability insurance coverage.
Businesses and professionals are becoming more cognizant of the myriad of liability risks posed by their operations. As per the liability insurance market analysis, this heightened awareness is prompting them to seek liability insurance as a preventative measure to protect against potential financial losses from claims and lawsuits. The global legal landscape is becoming increasingly stringent, with regulations mandating certain types of liability insurance for businesses and professionals. This regulatory pressure is a key driver for the growth of the market, as compliance becomes non-negotiable for operating legally.
As per the liability insurance market outlook, there has been a noticeable increase in litigation against businesses and professionals, partly due to a more litigious society and the ease of filing lawsuits. The potential for high legal costs and settlements is a compelling factor for entities to secure liability insurance. As businesses expand their operations and explore new markets, they expose themselves to new liabilities. This diversification necessitates broader liability insurance coverage to mitigate the risks associated with unfamiliar territories and activities.
The rise of freelance and contract work, particularly in the services sector, has led to a greater need for professional liability insurance, contributing to the liability insurance market share. Independent contractors and small business owners, recognising the risks associated with their work, are increasingly investing in liability insurance as a protective measure.
The digital transformation of businesses has also significantly heightened their vulnerability to cyber threats, leading to a surge in demand for cyber liability insurance which propels the liability insurance market expansion. This insurance covers data breaches, cyber-attacks, and other internet-based risks. As cyber threats evolve in sophistication, the need for comprehensive cyber liability coverage becomes more pronounced, making it one of the fastest-growing segments within the global market.
Technological advancements, while opening new avenues for growth, also introduce new liabilities, particularly in areas such as cyber liability and data protection. The evolving nature of technology-related risks is a significant factor driving demand for specialised liability insurance products in the liability insurance market. The global expansion of businesses increases their exposure to international laws and potential cross-border liabilities. This globalisation trend has led to a demand for liability insurance products that offer worldwide coverage and are tailored to the legal environments of multiple countries.
Market Segmentation
The market can be divided based on coverage type, enterprise size, application, and region.
Market Breakup by Coverage Type
- General Liability Insurance
- Professional Liability Insurance
- Insurance for Directors and Officers
Market Breakup by Enterprise Size
- Small and Medium-Sized Enterprise
- Large Enterprise
Market Breakup by Application
- Commercial
- Personal
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global liability insurance market. Some of the major players explored in the report by Expert Market Research are as follows:
- Axa SA
- Berkshire Hathaway Inc.
- Allianz Group
- Munchener Ruckversicherungs-Gesellschaft Aktiengesellschaft
- Zurich Insurance Group Ltd.
- Chubb Group Holdings Inc.
- Metlife Inc.
- American International Group, Inc.
- State Farm Mutual Automobile Insurance Company
- IFFCO-Tokio General Insurance Company Limited
- CNA Financial Corporation
- Anthem Insurance Group, Inc.
- Others
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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.
1 Preface
2 Report Coverage - Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Liability Insurance Market Analysis
8.1 Key Industry Highlights
8.2 Global Liability Insurance Historical Market (2018-2023)
8.3 Global Liability Insurance Market Forecast (2024-2032)
8.4 Global Liability Insurance Market by Coverage Type
8.4.1 General Liability Insurance
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Professional Liability Insurance
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.3 Insurance for Directors and Officers
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.5 Global Liability Insurance Market by Enterprise Size
8.5.1 Small and Medium-Sized Enterprise
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Large Enterprise
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.6 Global Liability Insurance Market by Application
8.6.1 Commercial
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Personal
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.7 Global Liability Insurance Market by Region
8.7.1 North America
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 Europe
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.7.3 Asia Pacific
8.7.3.1 Historical Trend (2018-2023)
8.7.3.2 Forecast Trend (2024-2032)
8.7.4 Latin America
8.7.4.1 Historical Trend (2018-2023)
8.7.4.2 Forecast Trend (2024-2032)
8.7.5 Middle East and Africa
8.7.5.1 Historical Trend (2018-2023)
8.7.5.2 Forecast Trend (2024-2032)
9 North America Liability Insurance Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Liability Insurance Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Liability Insurance Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Liability Insurance Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Liability Insurance Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter's Five Forces Analysis
14.2.1 Supplier's Power
14.2.2 Buyer's Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Axa SA
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Berkshire Hathaway Inc.
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 Allianz Group
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Munchener Ruckversicherungs-Gesellschaft Aktiengesellschaft
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Zurich Insurance Group Ltd.
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Chubb Group Holdings Inc.
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 Metlife Inc.
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 American International Group, Inc.
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 State Farm Mutual Automobile Insurance Company
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 IFFCO-Tokio General Insurance Company Limited
15.2.10.1 Company Overview
15.2.10.2 Product Portfolio
15.2.10.3 Demographic Reach and Achievements
15.2.10.4 Certifications
15.2.11 CNA Financial Corporation
15.2.11.1 Company Overview
15.2.11.2 Product Portfolio
15.2.11.3 Demographic Reach and Achievements
15.2.11.4 Certifications
15.2.12 Anthem Insurance Group, Inc.
15.2.12.1 Company Overview
15.2.12.2 Product Portfolio
15.2.12.3 Demographic Reach and Achievements
15.2.12.4 Certifications
15.2.13 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Liability Insurance Market: Key Industry Highlights, 2018 and 2032
2. Global Liability Insurance Historical Market: Breakup by Coverage Type (USD Billion), 2018-2023
3. Global Liability Insurance Market Forecast: Breakup by Coverage Type (USD Billion), 2024-2032
4. Global Liability Insurance Historical Market: Breakup by Enterprise Size (USD Billion), 2018-2023
5. Global Liability Insurance Market Forecast: Breakup by Enterprise Size (USD Billion), 2024-2032
6. Global Liability Insurance Historical Market: Breakup by Application (USD Billion), 2018-2023
7. Global Liability Insurance Market Forecast: Breakup by Application (USD Billion), 2024-2032
8. Global Liability Insurance Historical Market: Breakup by Region (USD Billion), 2018-2023
9. Global Liability Insurance Market Forecast: Breakup by Region (USD Billion), 2024-2032
10. North America Liability Insurance Historical Market: Breakup by Country (USD Billion), 2018-2023
11. North America Liability Insurance Market Forecast: Breakup by Country (USD Billion), 2024-2032
12. Europe Liability Insurance Historical Market: Breakup by Country (USD Billion), 2018-2023
13. Europe Liability Insurance Market Forecast: Breakup by Country (USD Billion), 2024-2032
14. Asia Pacific Liability Insurance Historical Market: Breakup by Country (USD Billion), 2018-2023
15. Asia Pacific Liability Insurance Market Forecast: Breakup by Country (USD Billion), 2024-2032
16. Latin America Liability Insurance Historical Market: Breakup by Country (USD Billion), 2018-2023
17. Latin America Liability Insurance Market Forecast: Breakup by Country (USD Billion), 2024-2032
18. Middle East and Africa Liability Insurance Historical Market: Breakup by Country (USD Billion), 2018-2023
19. Middle East and Africa Liability Insurance Market Forecast: Breakup by Country (USD Billion), 2024-2032
20. Global Liability Insurance Market Structure
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