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Report
Specialty Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
Market Report I 2023-06-14 I 145 Pages I IMARC Group
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?
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
9.2 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
9.3 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
9.4 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
9.5 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
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
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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