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2021
Specialty Insurance Market

Specialty Insurance Market

By Type (Marine, Aviation & Transport Insurance, Political Risk & Credit Insurance, Entertainment Insurance, Art Insurance, Livestock & Aquaculture Insurance and Others), Distribution Channel (Brokers and Non-Brokers), and End User (Business and Individuals): Global Opportunity Analysis and Industry Forecast, 2021-2030

Report Code: A02635
Pages: 319
Jun 2021 | 13992 Views
Author(s) : Aarti G, Pramod B , Vineet K
Tables: 188
Charts: 67
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COVID-19

Pandemic disrupted the entire world and affected many industries.

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Specialty Insurance Market Outlook – 2030 

The global specialty insurance market size was valued at $73.80 billion in 2020, and is projected to reach $178.52 billion by 2030, growing at a CAGR of 9.3% from 2021 to 2030. Specialty insurance is designed to cover businesses with nontraditional needs and protect negligence claims. In addition, this insurance is obtained for items or events that are considered unique and are rarely covered by standard insurance policies. Construction, healthcare, environmental, and energy industries highly demands for specialty insurance. Furthermore, errors & omissions (E&O) insurance, a type of professional liability insurance, is considered as a standard type of specialty insurance plan.

The COVID-19 pandemic has negatively impacted the sale of specialty lines including marine & trade credit insurance, owing to disrupted supply chain and halted businesses operations across several industry verticals.

Implementation of technologies such as blockchain and Internet of Things (IoT) provides an ability to more accurately assess both current & future risks occurring in specialty insurance, which acts as key driving force of the global specialty insurance market. In addition, specialty insurance provides multiple coverage options with huge flexibility in terms of coverages, policy term, and policy period, which notably contributes toward the specialty insurance market growth. Moreover, surge in demand for specialized expertise is a prime factor that propels the market growth. 

Specialty-Insurance-Market-2021-2030

However, extremely volatile market and lack of awareness & understanding toward specialty insurance are some of the factors that limit the market growth. Furthermore, developing economies offer significant opportunities for specialty insurers to expand & develop their offerings, especially among emerging economies such as Australia, China, India, Singapore, and South Korea. In addition, incorporation of IoT helps in risk monitoring, simplifies claims processing, and facilitates loss prediction & prevention, which is expected to provide lucrative opportunities for the expansion of the specialty insurance market in the coming years.

The report focuses on growth prospects, restraints, and trends of the specialty insurance market analysis. The study provides Porter’s five forces analysis to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the specialty insurance market outlook.

Specialty Insurance Market
By Type

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Marine, Aviation and Transport (MAT) Insurance segment will dominate the market during 2021 - 2030

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Segment Overview

The specialty insurance market is segmented on the basis of type, distribution channel, end user, and region. By type, it is segregated into marine, aviation & transport (MAT), political risk & credit insurance, entertainment insurance, art insurance, livestock & aquaculture insurance, and others. The marine, aviation & transport (MAT) is further segmented into inland marine and ocean marine. 

In addition, the ocean marine is further segregated into cargo insurance, hull & machinery insurance, marine liability insurance, and offshore energy insurance. By distribution channel, it is bifurcated into brokers and non-brokers. Based on end user, the market is divided into business and individuals. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA. 

Specialty Insurance Market
By End User

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Business segment will hold the dominant position throughout the forecast period

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Competitive Analysis

The report analyses top specialty insurance companies operating in the market such as AXA, American International Group Inc., Allianz, ASSICURAZIONI GENERALI S.P.A., Berkshire Hathaway Inc., Chubb, Munich Re, PICC, Tokio Marine HCC, and Zurich. These key players have adopted various strategies, such as product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations, to increase their market penetration and strengthen their foothold in the industry.

Specialty Insurance Market
By Region

2030
Europe 
North America
Asia-Pacific
LAMEA

Asia-Pacific region would exhibit the highest CAGR of 10.9% during 2021 - 2030

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COVID-19 Impact Analysis

The COVID-19 pandemic has a negative impact on the specialty insurance industry. Sectors such as aviation, marine, and construction have been affected by halt in global travel, trade, and new builds during the crisis. Therefore, use of underlying assets has rapidly reduced, and losses occurred in these sectors have led to decline in specialty insurance coverages. Therefore, demand for specialty insurance products have declined significantly during the global health crisis. 

Top Impacting Factors

Surge in Demand For Specialized Expertise

Increase has been witnessed in the demand for specialized expertise in the specialty insurance programs, as it provides both comprehensive and custom designed to meet the needs of business segments with unique risk profiles. In addition, program administrators (PAs), which is one of the major distributors of specialty insurance, plays a vital role in the market. These administrators act as a specialized expertise, which are engaged in understanding target market’s exposures. In addition, several specialty insurers, brokers, and policyholders are increasing relying on this expertise to provide niche specialty coverages in the market. As a result, surge in demand for specialize expertise among businesses and other end users is propelling the demand for specialty insurance, globally.   

Lack of Awareness & Understanding Toward Specialty Insurance 

Misconceptions and low awareness toward specialty insurance significantly restrain the specialty Insurance market growth. Competitive rates depending on coverages, requirement for an entire new policy to cover company's assets, and commissions collected from agents are some of the major areas of misconceptions considering specialty insurance. In addition, awareness toward several perils covered, repayment models, and transparency, in terms of premiums for specialty insurance, act as the key restraints of the market.  

Incorporation of Technologies in Specialty Insurance Product Lines

Key players in the market continue to incorporate technologies in their existing specialty insurance product lines by considering three major areas, including target segments, products, and distribution channel.

This is attributed to the fact that technologies such as artificial intelligence, blockchain, and IoT help in facilitating loss prediction & prevention, risk monitoring, and simplifies claims processing. Furthermore, insurers are investing heavily in these technologies and are focused on new disruptive forces that emerge and shape the specialty insurance marketplace. Therefore, incorporation of advanced technologies in specialty insurance by various players boosts the growth of global market.  

Key Benefits For Stakeholders 

  • The study provides in-depth analysis of the global specialty insurance market share along with current & future trends to illustrate the imminent investment pockets.
  • Information about key drivers, restrains, and opportunities and their impact analysis on the global specialty insurance market size are provided in the report.
  • Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the specialty insurance market.
  • An extensive analysis of the key segments of the industry helps to understand the specialty Insurance market trends.
  • The quantitative analysis of the global specialty insurance market forecast from 2021 to 2030 is provided to determine the market potential. 

Specialty Insurance Market Key Segments

By Type

  • Marine, Aviation & Transport (MAT)
    • Marine Insurance
      • Inland Marine Insurance
      • Ocean Marine Insurance
        • Cargo Insurance
        • Hull & Machinery Insurance
        • Marine Liability Insurance
        • Offshore Energy Insurance
    • Aviation Insurance  
  • Political Risk & Credit Insurance
  • Entertainment Insurance
  • Art Insurance
  • Livestock & Aquaculture Insurance
  • Others

By Distribution Channel

  • Brokers
  • Non-Brokers

By End User

  • Business
  • Individuals  

By Region

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Spain
    • Nordic Countries
    • Rest of Europe
  • Asia-Pacific 
    • China
    • Japan
    • India
    • South Korea
    • Singapore
    • Rest of Asia-Pacific   
  • LAMEA
    • Latin America 
    • Middle East
    • Africa

Key Market Players

  • AXA
  • American International Group Inc.
  • Allianz
  • ASSICURAZIONI GENERALI S.P.A. 
  • Berkshire Hathaway Inc.
  • Chubb
  • Munich Re 
  • PICC
  • Tokio Marine HCC
  • Zurich    
 

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Enhancing digital capabilities, driving operational efficiency, and leveraging data analytics & artificial intelligence (AI) are becoming major trends in the specialty insurance industry. Moreover, during the COVID-19 pandemic, specialty insurers are affected by changing business infrastructure, government regulations toward insurance policies, consumer demand, and disruption in supply chain globally.

In addition, customers are switching toward domestic insurers in search of better prices & coverage, and thus demand for specialty insurers significantly decreased. However, a considerable number of companies perceive that they have minimum specialty insurance exposure. This scenario is changing, and 2020 has witnessed a decrease in sale of specialty insurance, owing to shutdowns of several industry verticals globally and increased geopolitical risk in the market.

The specialty insurance market is fragmented with the presence of regional vendors such as American International Group, Inc., Munich Re, and Allianz. North America dominated the specialty insurance market, in terms of revenue in 2020, and is expected to retain its dominance during the forecast period.

However, Asia-Pacific is anticipated to experience significant growth in the future, owing to the presence of emerging economies and increase in government support toward specialized business segments across several industry verticals. This is projected to accelerate the demand for specialty insurance in the region. Furthermore, the specialty insurance market is particularly brisk in countries such as India, Australia, China, Japan, South Korea, with high GDP growth and rise in per capita income.

 Some of the key players profiled in the report include AXA, ASSICURAZIONI GENERALI S.P.A., Berkshire Hathaway Inc., Chubb, PICC, Tokio Marine HCC, and Zurich. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.

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FREQUENTLY ASKED QUESTIONS?

A. The Specialty Insurance Market is estimated to grow at a CAGR of 9.3% from 2021 to 2030.

A. The Specialty Insurance Market is projected to reach $178.52 billion by 2030.

A. To get the latest version of sample report

A. Surge in demand for specialized expertise, technological advancements, and numerous benefits provided by specialty insurance etc. boost the Specialty Insurance market growth.

A. The key players profiled in the report include AXA, American International Group Inc., Allianz, ASSICURAZIONI GENERALI S.P.A., Berkshire Hathaway Inc., and many more.

A. On the basis of top growing big corporations, we select top 10 players.

A. The Specialty Insurance Market is segmented on the basis of type, distribution channel, end user, and region.

A. The key growth strategies of Specialty Insurance market players include product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations.

A. Art Insurance segment would grow at a highest CAGR of 16.8% during the forecast period.

A. Europe region will dominate the market by the end of 2030.

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