Allied Market Research

2024

Error & Omissions Insurance Market

Error & Omissions Insurance Market Size, Share, Competitive Landscape and Trend Analysis Report by Type, by Application and by End-User : Global Opportunity Analysis and Industry Forecast, 2023-2032

BI : IT in BFSI

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Author's: | Onkar Sumant
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Errors or omissions insurance (E&O), also known as professional indemnity insurance (PII), is a type of liability insurance that protects individuals and businesses who provide professional advice & services from having to pay the full cost of defending against a client's negligence claim, as well as damages awarded in such a civil lawsuit. The coverage focuses on the policyholder's alleged failure to perform, financial loss caused by, and error or omission in the service or product sold. These are legal causes of action that would be excluded from a more general liability insurance policy that covers more direct forms of harm. Professional liability insurance can take many different forms and names depending on the profession, particularly in the medical and legal fields, and is sometimes required by other businesses who benefit from the advice or service. Therefore, the surge in demand is expected to boost the Error & Omissions Insurance Market growth in the upcoming period.

Top Impacting Factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis

Provision of safety to customers from frivolous lawsuits and the rise in adoption due to its lower insurance premiums are driving the growth of the market. In addition, coverage is provided to the customers even when they are at fault helps propel the growth of the market. However, employee coverage may not be sufficient at times and this might hamper the growth of the market. Contrarily, a rise in the awareness of E&O insurance among both the developed and developing economies is expected to provide lucrative opportunities to the market in the upcoming years.

The global Error & Omissions Insurance Market trends are as follows:

Provision of Safety to Customers from Frivolous Lawsuits:

There are times when there is nothing you can do to keep your customers happy, no matter how hard you try. Even if you are upfront and honest from the start, an angry customer may still be unhappy with the service or advice they received and decide to sue for no apparent reason. Even if you are completely innocent, a frivolous lawsuit can cost you thousands of dollars in attorney fees and lost time. Few things can be as costly and inconvenient as defending a frivolous lawsuit filed by a vengeful customer. And if you do not have the right coverage in place, even a single frivolous lawsuit could bankrupt your company. Therefore, the provision of safety to the customers from frivolous lawsuits is driving the growth of the Error & Omissions Insurance Market size during the forecast period.

Rise in Adoption Due to its Lower Insurance Premiums:

One benefit of E&O insurance that is often overlooked is the ability to reduce premium costs. The customer can lower their overall premium by reducing risk in the workplace. Background checks, safety training, and safe working conditions for employees are examples of such actions. Over time, the fewer claims a customer has on their policy, the lower their E&O rates will be. A customer pays a small amount upfront to avoid paying a much larger and crippling sum later on. Furthermore, E&O insurance is, in the end, all about risk management. Therefore, the rise in the adoption of E&O insurance due to its lower insurance premiums is expected to drive the growth of the Error & Omissions Insurance Market revenue during the forecast period.

COVID-19 Scenario Analysis

  • The global COVID-19 outbreak has had an impact on everyone's life and business. The pandemic has increased the need for medical professionals, in particular, to purchase medical professional liability insurance to protect themselves from mistakes they made during their practice.
  • Since, at times, even highly skilled and educated doctors are capable of misdiagnosing an illness or making a mistake, claims for medical malpractice can happen at any time. Therefore, E&O insurance can help pay for a practitioner's legal defense, whether the case is against an individual or a facility.

Key Benefits of the Report:

  • This study presents an analytical depiction of the global Error & Omissions Insurance Market along with the current trends and future estimations to determine the imminent investment pockets.               
  • The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the market share.     
  • The current market is quantitatively analyzed to highlight the global Error & Omissions Insurance Market growth scenario.                        
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
  • The report provides a detailed market analysis depending on the present and future competitive intensity of the market.

Questions Answered in the Error & Omissions Insurance Market Research Report:        

  • Which are the leading players active in the global Error & Omissions Insurance Market size?
  • What would be the detailed impact of COVID-19 on the global Error & Omissions Insurance Market growth?
  • What are current trends that would influence the market in the next few years?
  • What are the driving factors, restraints, and opportunities of the global Error & Omissions Insurance Market?
  • What are the projections for the future that would help in taking further strategic steps?

Error & Omissions Insurance Market Report Highlights

Aspects Details
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By Type
  • Medical Liability Insurance
  • Lawyer Liability Insurance
  • Construction & Engineering Liability Insurance
  • Other Liability Insurance
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By Application
  • IT
  • Accounting
  • Consulting
  • Marketing
  • Property
  • Others
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By End-User
  • Individual
  • Corporate
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By Region
  • North America  (U.S., Canada)
  • Europe  (UK, Germany, France, Spain, Italy, Rest of Europe)
  • Asia-Pacific  (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)
  • LAMEA  (Latin America, Middle East, Africa)
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Key Market Players

Aviva Inc., Chubb, Aon plc, MAPFRE, Hiscox Limited, Liberty Mutual Insurance, American International Group, Allianz, Munich Re, Tokio Marine Holdings

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Error & Omissions Insurance Market

Global Opportunity Analysis and Industry Forecast, 2023-2032