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Global Liability Insurance Market Size, Share, Analysis: By Coverage Type: General Liability Insurance, Professional Liability Insurance, Insurance for Directors and Officers; By Enterprise Size: Small and Medium-Sized Enterprise, Large Enterprise; By Application: Commercial, Personal; Regional Analysis; Competitive Landscape; 2024-2032
Global Liability Insurance Market Outlook
The global liability insurance market size was approximately USD 282.10 billion in 2023. The market is further projected to grow at a CAGR of 5.7% between 2024 and 2032, reaching a value of around USD 467.24 billion by 2032.
Key Trends in the Market
Liability insurance provides financial protection for individuals or organisations if they are deemed legally responsible for causing harm or damage to another person or property. This type of insurance typically includes coverage for legal fees, medical costs, and other expenses associated with a liability claim.
Certain types of businesses, such as those involved in construction or transportation, may be legally required to carry liability insurance. Nevertheless, many choose to acquire liability insurance voluntarily as a safeguard against potential legal actions and financial liabilities. The costs of liability insurance fluctuate depending on the extent of coverage and the level of risk involved. It is, however, regarded as an essential form of insurance for both individuals and organisations.
- The liability insurance market growth can be attributed to the role of insurance in mitigating business risks, particularly in scenarios involving bodily injury due to faulty machinery or other unforeseen circumstances.
- Liability insurance aims to decrease out-of-pocket expenses for the insured. Besides, there is an increasing preference for umbrella liability insurance to address claims that may arise as part of regular business operations.
- One of the liability insurance market trends is the growing launch of digital insurance plans for use in small and medium-sized businesses. For instance, in August 2023, NEXT Insurance, a digital business insurer, launched a curated liability coverage for small businesses to safeguard them against unprecedented and significant losses.
Market Analysis
Based on coverage type, the market is segmented into general liability insurance, professional liability insurance, and insurance for directors and officers. On the basis of enterprise size, the market can be bifurcated into small and medium enterprise, and large enterprise.
Based on application, the liability insurance market segmentation includes commercial, and personal. The major regional markets for liability insurance are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global liability insurance market, covering their competitive landscape and the latest developments like mergers, acquisitions, investments, and expansion plans.
- Axa SA
- Berkshire Hathaway Inc.
- Allianz Group
- Münchener Rückversicherungs-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
Market Share by Coverage Type
General liability insurance policies account for a significant portion of the liability insurance market share. This can be attributed to the constant risk faced by policyholders in being held accountable for bodily injuries. This liability often involves the obligation to cover medical expenses and provide compensation to the injured party.
Medical liability insurance assists in covering medical expenses arising from accidents caused by the insured, and it also covers the costs of repairing damages resulting from such accidents. As a result, there has been a substantial increase in the demand for this insurance.
Market Share by Region
As per the liability insurance market analysis, North America is expected to witness a healthy growth during the forecast period. This can be attributed to heightened awareness among consumers in the U.S. and Canada regarding policy coverage and premium costs associated with liability insurance.
Additionally, the increasing incidence of accidents in factories involving manpower and the surging risk of accidents and bodily injuries to workers are prompting customers in the region to invest in public liability insurance for coverage against unforeseen events.
Competitive Landscape
Zurich Insurance Group Ltd., established in 1872, stands as one of the leading multi-line insurers catering to individuals and businesses across over 200 countries and territories. The company provides a diverse range of insurance plans encompassing categories such as car insurance, home insurance, travel insurance, life insurance, critical illness coverage, and more.
MetLife, Inc., established in 1868, stands as a prominent global provider of insurance, annuities, and employee benefit programmes. With a strong presence in the United States, Japan, Latin America, Asia, Europe, the Middle East, and Africa, MetLife, Inc. holds a leading position through its subsidiaries and affiliates.
IFFCO-Tokio General Insurance Company Limited, established in 2000, provides an extensive array of products across various lines of business, including car insurance, two-wheeler insurance, health insurance, travel insurance, and home insurance. It also holds the distinction of being the first company in India to underwrite mega policies.
Other market players operating in the global liability insurance market include Axa SA, Berkshire Hathaway Inc., Allianz Group, Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft, Chubb Group Holdings Inc., American International Group, Inc., State Farm Mutual Automobile Insurance Company, CNA Financial Corporation, and Anthem Insurance Group, Inc., among others.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Coverage Type |
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| Breakup by Enterprise Size |
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| Breakup by Application |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR 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 Münchener Rückversicherungs-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
Key Questions Answered in the Report
In 2023, the market reached an approximate value of USD 282.10 billion.
The market is assessed to grow at a CAGR of 5.7% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach around USD 467.24 billion by 2032.
The major market drivers include a surge in awareness of third-party liability insurance in developing nations and a notable increase in work-related accidents, fostering a greater understanding of the coverage provided by liability insurance policies.
The key trends aiding the market growth include an increased population in several developing countries and an increase in disposable incomes of the middle-class population.
The major regional markets include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The different applications of liability insurance are personal and commercial.
The key players in the market are Axa SA, Berkshire Hathaway Inc., Allianz Group, Münchener Rückversicherungs-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, and Anthem Insurance Group, Inc., among others.
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