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Global Specialty Insurance Market Size, Share, Growth, Trends, Price, Forecast: By Type: Art Insurance, Political Risk and Credit Insurance, Marine, Aviation, and Transport (MAT) Insurance, Livestock and Aquaculture Insurance, Others; By End User; By Distribution Channel; Regional Analysis; Market Dynamics; Competitive Landscape; 2024-2032
Global Specialty Insurance Market Outlook
The global specialty insurance market size reached a value of approximately USD 119.90 billion in 2023. The market is further expected to grow at a CAGR of 9.10% between 2024 and 2032, reaching a value of USD 262.53 billion by 2032.
Key Trends in the Market
Speciality insurance refers to insurance coverage designed for individuals and businesses with specific needs. This insurance aims at addressing risks that are often not covered in standard insurance policies. Speciality insurance provides additional protection against liabilities to safeguard the insurance policy owner and their finances.
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- Increasing cyber threats is a key trend propelling the growth of the specialty insurance market. Various businesses and individuals are opting for speciality insurance to safeguard their finances against data breach and cyber-attacks.
- Technological advancements is another factor aiding the growth of the market for specialty insurance. Due to incorporation of advanced technologies such as data analytic and machine learning, speciality insurance providers can improve risk assessment and customer engagement.
- Rising awareness about the availability of different types of specialty insurance is further bolstering the specialty insurance market growth. The enhanced flexibility offered by speciality insurance is encouraging more consumers to purchase custom speciality insurance policies that suit their needs.
Market Analysis
On the basis of type, the market is divided into art insurance, political risk and credit insurance, marine, aviation, and transport (MAT) insurance, livestock and aquaculture insurance, and entertainment insurance, among others. Marine, aviation, and transport (MAT) insurance is further divided by type into cargo insurance, hull and machinery insurance, offshore energy insurance, aviation insurance, and marine liability insurance. Based on end user, the market is bifurcated into individuals and businesses. On the basis of distribution channel, the market is segregated into brokers and non-brokers. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
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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 specialty insurance market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.
- Allianz Group
- American International Group, Inc.
- AXA Group
- Argo Group
- Assicurazioni Generali S.p.A.
- Munich Reinsurance America, Inc.
- Tokio Marine Group
- Zurich Insurance Group
- Chubb Limited
- Berkshire Hathaway Specialty Insurance
- Others
Market Share by End User
Businesses are projected to account for a significant share of the specialty insurance market by end user, over the forecast period. This is due to evolving threats and emergence of novel cyber threats as speciality insurances protect businesses against such threats and prevent unforeseen losses. Depending upon the specific niche, businesses can choose particular assets to insure, or opt for a custom specialty insurance policy. The various advantages offered by speciality insurances are propelling their adoption by businesses and boosting the expansion of the market for speciality insurance across the globe.
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Market Share by Region
The Asia Pacific region is expected to witness significant growth in the market for speciality insurance in the upcoming years. This growth can be attributed to the increasing demand for speciality insurance from countries such as Japan, China, and India. Increasing penetration of cloud technologies and internet access are likely to facilitate growth of digital insurance platforms, enabling easier access to specialty insurance. The expanding middle class, growing focus on risk management and rapid economic growth are also projected to aid the expansion of the specialty insurance market in the Asia Pacific region.
Competitive Landscape
American International Group, Inc., founded in 1919 and headquartered in New York in the United States is one of the leading global insurance organisations. They are known for providing a wide range of life insurances and property casualty insurances, among others.
AXA Group is an insurance company that was established in 1946 and is based in Paris, France. They offer a broad range of products and services to their business and individual clients with life insurance policies that encompass both retirement products and savings.
Argo Group, founded in 1948 and headquartered in Hamilton, Bermuda, is a provider of speciality insurance products. They specialise in property and casualty insurance, liability insurance, and speciality insurance, among others, working with retail brokerage partners, wholesale brokers, and independent agents
Other market players include Allianz Group, Assicurazioni Generali S.p.A., Munich Reinsurance America, Inc., Tokio Marine Group, Zurich Insurance Group, Chubb Limited, and Berkshire Hathaway Specialty Insurance, 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 Type |
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| Breakup by End User |
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| Breakup by Distribution Channel |
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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 Specialty Insurance Market Analysis
8.1 Key Industry Highlights
8.2 Global Specialty Insurance Historical Market (2018-2023)
8.3 Global Specialty Insurance Market Forecast (2024-2032)
8.4 Global Specialty Insurance Market by Type
8.4.1 Art Insurance
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Political Risk and Credit Insurance
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.3 Marine, Aviation, and Transport (MAT) Insurance
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.4.3.3 Breakup by Type
8.4.3.3.1 Cargo Insurance
8.4.3.3.2 Hull and Machinery Insurance
8.4.3.3.3 Offshore Energy Insurance
8.4.3.3.4 Aviation Insurance
8.4.3.3.5 Marine Liability Insurance
8.4.4 Livestock and Aquaculture Insurance
8.4.4.1 Historical Trend (2018-2023)
8.4.4.2 Forecast Trend (2024-2032)
8.4.5 Entertainment Insurance
8.4.5.1 Historical Trend (2018-2023)
8.4.5.2 Forecast Trend (2024-2032)
8.4.6 Others
8.5 Global Specialty Insurance Market by End User
8.5.1 Individuals
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Businesses
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.6 Global Specialty Insurance Market by Distribution Channel
8.6.1 Brokers
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Non-brokers
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.7 Global Specialty 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 Specialty 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 Specialty 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 Specialty 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 Specialty 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 Specialty 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 Allianz Group
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 American International Group, 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 AXA 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 Argo Group
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 Assicurazioni Generali S.p.A.
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 Munich Reinsurance America, 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 Tokio Marine Group
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 Zurich Insurance Group
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 Chubb Limited
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 Berkshire Hathaway Specialty Insurance
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 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Specialty Insurance Market: Key Industry Highlights, 2018 and 2032
2. Global Specialty Insurance Historical Market: Breakup by Type (USD Million), 2018-2023
3. Global Specialty Insurance Market Forecast: Breakup by Type (USD Million), 2024-2032
4. Global Specialty Insurance Historical Market: Breakup by End User (USD Million), 2018-2023
5. Global Specialty Insurance Market Forecast: Breakup by End User (USD Million), 2024-2032
6. Global Specialty Insurance Historical Market: Breakup by Distribution Channel (USD Million), 2018-2023
7. Global Specialty Insurance Market Forecast: Breakup by Distribution Channel (USD Million), 2024-2032
8. Global Specialty Insurance Historical Market: Breakup by Region (USD Million), 2018-2023
9. Global Specialty Insurance Market Forecast: Breakup by Region (USD Million), 2024-2032
10. North America Specialty Insurance Historical Market: Breakup by Country (USD Million), 2018-2023
11. North America Specialty Insurance Market Forecast: Breakup by Country (USD Million), 2024-2032
12. Europe Specialty Insurance Historical Market: Breakup by Country (USD Million), 2018-2023
13. Europe Specialty Insurance Market Forecast: Breakup by Country (USD Million), 2024-2032
14. Asia Pacific Specialty Insurance Historical Market: Breakup by Country (USD Million), 2018-2023
15. Asia Pacific Specialty Insurance Market Forecast: Breakup by Country (USD Million), 2024-2032
16. Latin America Specialty Insurance Historical Market: Breakup by Country (USD Million), 2018-2023
17. Latin America Specialty Insurance Market Forecast: Breakup by Country (USD Million), 2024-2032
18. Middle East and Africa Specialty Insurance Historical Market: Breakup by Country (USD Million), 2018-2023
19. Middle East and Africa Specialty Insurance Market Forecast: Breakup by Country (USD Million), 2024-2032
20. Global Specialty Insurance Market Structure
Key Questions Answered in the Report
The market size reached a value of approximately USD 119.90 billion in 2023.
The market is expected to grow at a CAGR of 9.10% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032,reaching USD 262.53 billion by 2032.
The major market drivers include growing requirement for speciality insurance to safeguard against evolving risks and threats, rising awareness regarding speciality insurance, and increasing high-value investments.
The key trends fuelling the growth of the market include increasing adoption of novel technologies by speciality insurance providers, growing interest from business end-users, and availability of custom speciality insurance policies.
The major regions in the market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The significant types of speciality insurance in the market are art insurance, political risk and credit insurance, marine, aviation, and transport (MAT) insurance, livestock and aquaculture insurance, and entertainment insurance, among others.
The key players in the specialty insurance market, according to the report, are Allianz Group, American International Group, Inc., AXA Group, Argo Group, Assicurazioni Generali S.p.A., Munich Reinsurance America, Inc., Tokio Marine Group, Zurich Insurance Group, Chubb Limited, and Berkshire Hathaway Specialty Insurance, among others.
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