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2022
Umbrella Insurance Market

Umbrella Insurance Market by Coverage (Injuries, Property Damage, Personal Liability, and Others) and End User (Personal and Commercial): Global Opportunity Analysis and Industry Forecast, 2021–2030

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Feb 2022 | 178 Views
   
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COVID-19

Pandemic disrupted the entire world and affected many industries.

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An umbrella insurance policy provides additional liability insurance coverage that exceeds the limits of the insured's homeowners, auto, and watercraft insurance policies. It adds an extra layer of protection to those at risk of being sued for damage to other people's property or injuries caused by an accident. It also protects from libel, vandalism, slander, and invasion of privacy.

Umbrella insurance policies are most beneficial for high-net-worth individuals that own a large number of assets and are at a high risk of being sued. Small businesses also use umbrella insurance to protect themselves from potential monetary damages resulting from claims. Furthermore, if an umbrella insurance policy is purchased from the same insurer that provided the original auto, home, or watercraft insurance, the premiums are doubled. It is less expensive, and there is a rise in the need for safety. It is expected to boost the market growth of the umbrella insurance market in the near future.

"The global Umbrella Insurance   market is segmented on the basis of Coverage, End User, and Region. Based on Coverage, the market is divided into Injuries, Property Damage, Personal Liability. In terms of End User, the market is categorized into Personal and Commercial. Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).

Key players operating in the global Umbrella Insurance industry include Allainz, Zurich, Allstate Insurance Company, Berkshire Hathaway Inc., Assurant Inc., Chubb, Centene Corporation, Ping An Insurance (Group) Company of China Ltd, Suncorp Group, and Progressive Casualty Insurance Company. These companies have adopted several strategies such as product launches, partnerships, collaborations, mergers & acquisitions, and joint ventures to strengthen their foothold in the global Umbrella Insurance market."

Market scope and structure analysis:

Report Metric

Details

  Market size available for years

  2020–2030

  Base year considered

  2020

  Forecast period

  2021–2030

  Forecast unit

  Value ($)

  Segments covered

  Coverage, End User, and Region

  Companies covered

Allainz, Zurich, Allstate Insurance Company, Berkshire Hathaway Inc., Assurant Inc., Chubb, Centene Corporation, Ping An Insurance (Group) Company of China Ltd, Suncorp Group, and Progressive Casualty Insurance Company.

 

COVID-19 scenario analysis

  • COVID-19 has an impact on all aspects of personal and professional life, and digitization has emerged as a new way for the ecosystem to adjust to the new normal. This is especially true in the umbrella insurance industry, where insurers have begun to distribute their products and raise awareness through various digital channels.
  • During the coronavirus pandemic, COVID-19 insurance claims have increased tremendously for group life insurance, posing a major challenge for insurance companies in terms of maintaining high liquidity in order to provide monetary assistance to COVID-19 patients.
  • Moreover, the pandemic has caused a huge liquidity crisis for businesses, as insurance companies are facing a huge burden of filing claims, owing to lower premiums collected and are unable to fund patients on a large scale.

Top impacting factors: market scenario analysis, trends, drivers, and impact analysis

Rise in need for safety and the ease of settling claims are driving the growth of the market. In addition, the insurance firms providing assistance in relocating stolen valuables propel the growth of the market. However, lack of knowledge toward umbrella insurance coverage among people may impede the growth of the market. Contrarily, increased awareness among people to insure their valuables over the years during the forecast period is expected to provide lucrative opportunities for the market in the coming years.

The umbrella insurance market trends are as follows:

Rise in consumer awareness about umbrella insurance in developing countries:

As suppliers have become more concerned about the safety and security of their financial assets, the demand for insurance has grown in developing countries. Furthermore, with rise in security concerns, various small business owners have gained awareness of this insurance policy. Due to massive increase in natural hazards and loss by theft in developing countries, the demand for umbrella insurance has grown faster in the market. As a result, consumer awareness of umbrella insurance is a major driver of the market and is expected to grow faster during the forecast period.

Ease in settling claims:

The customer submits a claim to the insurance company, including all pertinent details. The process then determines the merit of the claim and the amount the company will pay during the claim settlement. Furthermore, insurance companies cannot afford to lose customer satisfaction as it is a key competitive advantage in the market, and so, they will try to assist their customers as quickly as possible by going through the claims they have submitted, thereby helping the customers to settle their claims in an easy and swift way. Therefore, the ease of settling claims is driving the growth of the insurance market during the forecast period.

Key benefits of the report:

  • This study presents analytical depiction of the umbrella 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 detailed analysis of the market share.     
  • The current market is quantitatively analyzed from 2021 to 2030 to highlight the umbrella 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 umbrella insurance market research report:    

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

Key Market Segments

Segments Sub-segments
Coverage
  • Injuries
  • Property Damage
  • Personal Liability
  • Others
End User
  • Personal
  • Commercial
By Region
  • North America
    • U.S.
    • Canada
    • Mexico
  • 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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