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| Report Code: A06543 | Jun 2020 | Pages: 126 | ||
| Tables: 38 | Charts: 31 |
| |
Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the U.s. Surplus Lines Insurance Market
Request Now !The U.S. surplus lines insurance market size was valued at $52.1 billion in 2019 and is projected to reach $125.9 billion by 2027, growing at a CAGR of 15.2% from 2020 to 2027.Â
U.S. surplus lines is a type of insurance policy, covers unique and unusual insurance items which are typically not covered under standard insurance policies. It provides special coverage for personal belongings &events, commercial property, and other risks associated with unusual needs in the market. While covering nontraditional needs, the surplus lines insurance provides services to several industry verticals such as environmental, healthcare, energy, construction, and others. Furthermore, special jewelry, guns & antiques, unforeseen wedding postponement, renters insurance, and private mortgage insurance among others are some of the examples of surplus lines insurance.Â
Increase in large corporate institutions which requires directors &officers (D&O), fiduciary &employment practices liability (EPL), and other such significant risk transfer coverages are major U.S. surplus lines insurance market trends. In addition, development in underwriting divisions in terms of pricing adequacy, risk selection, capacity optimization & coverage design, and rapid growth in mergers & acquisitions globally are some of the factors drive the U.S. surplus lines insurance market growth. However, management of legacy policy & claims systems, and implementation of technologies in customized solutions are some of the factors limit the growth of U.S. surplus lines premiums in the U.S. surplus lines insurance market. On the contrary, investment in developing unique customer & industry segment and enhance new product offerings in the untapped potential of emerging economies globally. As a result, these are some of the factors expected to provide lucrative for U.S. surplus lines insurance market opportunity in the upcoming years.
On the basis of coverage, the general business liability segment dominated the U.S. surplus lines market share in 2019 and is projected to maintain its dominance during the forecast period. However, the allied lines sector is expected to attain significant growth, due to increased earthquakes, hurricanes, disasters and other such natural calamities through allied lines insurance gained larger premium amount in the market.Â
The report focuses on the growth prospects, restraints, and trends of the U.S. surplus lines 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 U.S. surplus lines insurance market.
Segment review
The U.S. surplus lines insurance market analysis is segmented on the basis of coverage, distribution model, and application. In terms of coverage, it is segmented into general business liability, fire insurance, inland marine, commercial multi-peril, allied lines, and others. Based on distribution model, the market is segmented into retail agents, wholesalers, and others. On the basis of application, it is bifurcated into commercial and personal.Â
The report analyses the profiles of key players operating in the U.S. surplus lines industry including AXA, American International Group, Inc., Aegis Security Insurance Company, Berkshire, Hathaway Inc., Chubb, Lloyd's, ProSight Global, Inc., Swiss Re, The Travelers Indemnity Company, and  Zurich. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
With unprecedented amounts of risk and uncertainty in the insurance industry, U.S. surplus lines insurance has been moderately impacted due to COVID-19 outbreak. In addition, insurers in the country are compelled to respond to COVID-19 claims for their insured and review the legislations under the covered perils in the market. Furthermore, the surplus lines insurance has historically been exempted from the traditional insurance rates and several states in the country are imposing retroactive coverage of COVID-19 claims for their policyholders in the market. However, insurers are reimbursing claim settlements and their policyholders are typically not benefiting from state-level guaranty fund protections.
Top impacting factors
Rapid growth of large corporates
Rapid growth in large corporates and employing more than 5,000 employees, requires more complex &a wider range of customized coverages for their firms. These firms are involved in complex risks such as directors &officers (D&O), fiduciary &employment practices liability (EPL), and other such risk in across multiple countries globally. For instance, a survey conducted by RIMS, which is a global not-for-profit organization, projected that in 2018, among 511 large corporates, with nearly 69% of the organizations purchased directors & officers (D&O) coverages under U.S. surplus lines services.Â
Furthermore, these large corporates highly demands for customized underwriting coverages for high value & risks, which are included in surplus lines portfolio in the market. Thus, rise in large corporates is becoming major growth factors for U.S. surplus lines insurance market growth.
Invest in developing unique customer & industry segmentÂ
With an increased demand and awareness toward surplus lines in U.S., the insurers have an opportunity to invest in new forms of innovation in order to develop existing product portfolios in the market. In addition, to enhance unique customer & industry segment, the key players are expected to streamline and simplify the distribution channel and provide better user experience for both the commercial & personal insured in the market. Furthermore, to unlock the data & information, which enables the development of business performance, the insurers have an opportunity to invest in finance & actuarial functions, data management & analytics and accelerate prime source for financial management information in the market. Therefore, investment in these business developments are expected to provide lucrative opportunities for insures in the upcoming years.
U.S. Surplus Lines Insurance Market Report Highlights
| Aspects | Details |
|---|---|
| By Coverage |
|
| By DISTRIBUTION MODEL |
|
| By Application |
|
| Key Market Players | Zurich American Insurance Company, Nationwide Group, Berkshire Hathaway Inc., Chubb, American International Group, Inc., AXA, Swiss Re, Markel Corporation, Lloyd's, ProSight Global, Inc. |
CHAPTER 1: INTRODUCTION
1.1. Report description
1.2. Key benefits for stakeholders
1.3. Key market segments
1.4. Research methodology
1.4.1. Primary research
1.4.2. Secondary research
1.4.3. Analyst tools and models
CHAPTER 2: EXECUTIVE SUMMARY
2.1. Key findings
2.1.1. Top impacting factors
2.1.2. Top investment pockets
2.2. CXO perspective
CHAPTER 3: MARKET OVERVIEW
3.1. Market definition and scope
3.2. Key forces shaping ATM market
3.3. Market dynamics
3.3.1. Drivers
3.3.1.1. Rapid growth of large corporates
3.3.1.1. Development in underwriting divisions of surplus lines insurance
3.3.1.2. Increased mergers and acquisitions (M&A)
3.3.2. Restraints
3.3.2.1. Management of  legacy policy and claims systems
3.3.2.2. Implementation of technologies in customized solutions
3.3.3. Opportunities
3.3.3.1. Invest in developing unique customer and industry segment
3.3.3.2. Untapped potential of emerging economies
3.4.COVID-19 impact analysis on U.S. surplus lines insurance market
3.4.1.Impact on surplus lines market size
3.4.2.Chane in end user trends, budgets, and preferencesÂ
3.4.3.Regulatory framework solving market challenges faced by surplus lines insurance providers
3.4.4.Economic impact on insurers
3.4.5.Strategies to tackle negative impact in the industry
3.4.6.Opportunity window
CHAPTER 4: U.S. SURPLUS LINES INSURANCE MARKET, BY COVERAGES
4.1. Overview
4.2. General Business Liability Insurance
4.2.1. Key market trends, growth factors, and opportunities
4.3. Allied lines Insurance
4.4. Key market trends, growth factors, and opportunities
4.5. Fire Insurance
4.5.1. Key market trends, growth factors, and opportunities
4.6. Inland Marine Insurance
4.6.1. Key market trends, growth factors, and opportunities
4.7. Commercial Multi-Peril Insurance
4.7.1. Key market trends, growth factors, and opportunities
4.8. Commercial Auto Insurance
4.8.1. Key market trends, growth factors, and opportunities
4.9. Others
4.9.1. Key market trends, growth factors, and opportunities
CHAPTER 5: U.S. SURPLUS LINES INSURANCE MARKET, BY DISTRIBUTION MODEL
5.1. Overview
5.2. Retail Agents
5.2.1. Key market trends, growth factors, and opportunities
5.3. Wholesalers
5.3.1. Key market trends, growth factors and opportunities
5.4. Others
5.4.1. Key market trends, growth factors and opportunities
CHAPTER 6: U.S. SURPLUS LINES INSURANCE MARKET, BY APPLICATION
6.1. Overview
6.2. Commercial
6.2.1. Key market trends, growth factors and opportunities
6.3. Personal
6.3.1. Key market trends, growth factors and opportunities
CHAPTER 7: COMPETITIVE LANDSCAPE
7.1. Introduction
7.1.1. Market player positioning, 2019
7.1.2. Top winning strategies
CHAPTER 8: COMPANY PROFILES
8.1. AXA
8.1.1. Company overview
8.1.2. Key executive
8.1.3. Company snapshot
8.1.4. Operating business segments
8.1.5. Product portfolio
8.1.6. Business performance
8.2. American International Group, Inc.
8.2.1. Company overview
8.2.2. Key executive
8.2.3. Company snapshot
8.2.4. Operating business segments
8.2.5. Product portfolio
8.2.6. Business performance
8.2.7. Key strategic moves and developments
8.3. Berkshire Hathaway Inc.
8.3.1. Company overview
8.3.2. Key executive
8.3.3. Company snapshot
8.3.4. Operating business segments
8.3.5. Product portfolio
8.3.6. Business performance
8.3.7. Key strategic moves and developments
8.4. Chubb
8.4.1. Company overview
8.4.2. Key executive
8.4.3. Company snapshot
8.4.4. Operating business segments
8.4.5. Product portfolio
8.4.6. Business performance
8.5. Lloyd's
8.5.1. Company overview
8.5.2. Key executive
8.5.3. Company snapshot
8.5.4. Product portfolio
8.6. Markel Corporation
8.6.1. Company overview
8.6.2. Key executive
8.6.3. Company snapshot
8.6.4. Operating business segments
8.6.5. Product portfolio
8.6.6. Business performance
8.7. Nationwide Group
8.7.1. Company overview
8.7.2. Key executive
8.7.3. Company snapshot
8.7.4. Product portfolio
8.7.5. Business performance
8.8. ProSight Global, Inc.
8.8.1. Company overview
8.8.2. Key executive
8.8.3. Company snapshot
8.8.4. Product portfolio
8.8.1. Key strategic moves and developments
8.9. Swiss Re
8.9.1. Company overview
8.9.2. Key executive
8.9.3. Company snapshot
8.9.4. Product portfolio
8.9.5. Business performance
8.10. Zurich American Insurance Company
8.10.1. Company overview
8.10.2. Key executive
8.10.3. Company snapshot
8.10.4. Product portfolio
LIST OF TABLES
TABLE 01. U.S. SURPLUS LINES INSURANCE MARKET REVENUE, BY COVERAGES, 2019–2027 ($MILLION)
TABLE 02. U.S. SURPLUS LINES INSURANCE MARKET REVENUE, BY DISTRIBUTION MODEL, 2019-2027 ($MILLION)
TABLE 03. U.S. SURPLUS LINES INSURANCE MARKET REVENUE, BY APPLICATION, 2019-2027 ($MILLION)
TABLE 04. AXA: KEY EXECUTIVE
TABLE 05. AXA: COMPANY SNAPSHOT
TABLE 06. AXA: OPERATING SEGMENTS
TABLE 07. AXA: PRODUCT PORTFOLIO
TABLE 08. AMERICAN INTERNATIONAL GROUP, INC.: KEY EXECUTIVE
TABLE 09. AMERICAN INTERNATIONAL GROUP, INC.: COMPANY SNAPSHOT
TABLE 10. AMERICAN INTERNATIONAL GROUP, INC. OPERATING SEGMENTS
TABLE 11. AMERICAN INTERNATIONAL GROUP, INC.: PRODUCT PORTFOLIO
TABLE 12. BERKSHIRE HATHAWAY INC.: KEY EXECUTIVE
TABLE 13. BERKSHIRE HATHAWAY INC.: COMPANY SNAPSHOT
TABLE 14. BERKSHIRE HATHAWAY INC.: OPERATING SEGMENTS
TABLE 15. BERKSHIRE HATHAWAY INC.: CORPORATION: PRODUCT PORTFOLIO
TABLE 16. CHUBB: KEY EXECUTIVE
TABLE 17. CHUBB: COMPANY SNAPSHOT
TABLE 18. CHUBB: OPERATING SEGMENTS
TABLE 19. CHUBB: PRODUCT PORTFOLIO
TABLE 20. LLOYD’S: KEY EXECUTIVE
TABLE 21. LLOYD’S: COMPANY SNAPSHOT
TABLE 22. LLOYD'S: CORPORATION: PRODUCT PORTFOLIO
TABLE 23. MARKEL CORPORATION: KEY EXECUTIVE
TABLE 24. MARKEL CORPORATION: COMPANY SNAPSHOT
TABLE 25. MARKEL CORPORATION: OPERATING SEGMENTS
TABLE 26. MARKEL CORPORATION: PRODUCT PORTFOLIO
TABLE 27. NATIONWIDE GROUP: KEY EXECUTIVE
TABLE 28. NATIONWIDE GROUP: COMPANY SNAPSHOT
TABLE 29. NATIONWIDE GROUP: PRODUCT PORTFOLIO
TABLE 30. PROSIGHT GLOBAL, INC.: KEY EXECUTIVE
TABLE 31. PROSIGHT GLOBAL, INC.: COMPANY SNAPSHOT
TABLE 32. PROSIGHT GLOBAL, INC.: PRODUCT PORTFOLIO
TABLE 33. SWISS RE: KEY EXECUTIVE
TABLE 34. SWISS RE: COMPANY SNAPSHOT
TABLE 35. SWISS RE: PRODUCT PORTFOLIO
TABLE 36. ZURICH AMERICAN INSURANCE COMPANY: KEY EXECUTIVE
TABLE 37. ZURICH AMERICAN INSURANCE COMPANY: COMPANY SNAPSHOT
TABLE 38. ZURICH AMERICAN INSURANCE COMPANY: CORPORATION: PRODUCT PORTFOLIO
LIST OF FIGURES
FIGURE 01. KEY MARKET SEGMENTS 22
FIGURE 02. GLOBAL ATM MANAGED SERVICES MARKET SNAPSHOT, BY SEGMENTATION 28
FIGURE 03. GLOBAL ATM MANAGED SERVICES MARKET SNAPSHOT, BY REGION 29
FIGURE 04. TOP IMPACTING FACTORS 30
FIGURE 05. TOP INVESTMENT POCKETS 31
FIGURE 06. LOW BARGAINING POWER OF SUPPLIERS 34
FIGURE 07. MODERATE THREAT OF NEW ENTRANTS 35
FIGURE 08. LOW THREAT OF SUBSTITUTES 36
FIGURE 09. MODERATE INTENSITY OF RIVALRY 37
FIGURE 10. MODERATE BARGAINING POWER OF BUYERS 38
FIGURE 11. U.S. SURPLUS LINES INSURANCE MARKET, BY COVERAGES, 2019-2027 44
FIGURE 12. U.S. SURPLUS LINES INSURANCE MARKET REVENUE, BY DISTRIBUTION MODEL, 2019-2027 ($MILLION) 53
FIGURE 13. U.S. SURPLUS LINES INSURANCE MARKET REVENUE, BY APPLICATION, 2019-2027 ($MILLION) 58
FIGURE 14. MARKET PLAYER POSITIONING, 2019 63
FIGURE 15. TOP WINNING STRATEGIES, BY YEAR, 2018-2020 65
FIGURE 16. TOP WINNING STRATEGIES, BY DEVELOPMENT, 2018-2020 66
FIGURE 17. TOP WINNING STRATEGIES, BY COMPANY, 2018-2020 67
FIGURE 18. AXA: NET SALES, 2017–2019 ($MILLION) 73
FIGURE 19. AXA.: REVENUE SHARE BY SEGMENT (2019) 74
FIGURE 20. AMERICAN INTERNATIONAL GROUP, INC.: NET SALES, 2017–2019 ($MILLION) 79
FIGURE 21. AMERICAN INTERNATIONAL GROUP, INC.: REVENUE SHARE BY SEGMENT (2019) 80
FIGURE 22. AMERICAN INTERNATIONAL GROUP, INC.:REVENUE SHARE BY REGION (2019) 81
FIGURE 23. BERKSHIRE HATHAWAY INC.: NET SALES, 2017–2019 ($MILLION) 88
FIGURE 24. BERKSHIRE HATHAWAY INC.:REVENUE SHARE BY SEGMENT (2019) 89
FIGURE 25. CHUBB: NET SALES, 2017–2019 ($MILLION) 95
FIGURE 26. CHUBB:REVENUE SHARE BY REGION (2019) 96
FIGURE 27. MARKEL CORPORATION: NET SALES, 2017–2019 ($MILLION) 106
FIGURE 28. MARKEL CORPORATION:REVENUE SHARE BY SEGMENT(2019) 107
FIGURE 29. NATIONWIDE GROUP: NET SALES, 2017–2019 ($MILLION) 112
FIGURE 30. SWISS RE: NET SALES, 2017–2019 ($MILLION) 120
FIGURE 31. SWISS RE:REVENUE SHARE BY SEGMENT(2019) 121
U.S. surplus lines providers are looking forward to invest in developing unique customer & industry segment in the market. In addition, larger corporate institutes & growing mergers & acquisitions are the major segments taking coverage for U.S. surplus lines. Therefore, insurers are having lucrative opportunities to develop and enhance new product offerings in the untapped potential of emerging economies especially in the Asia-Pacific region. However, this scenario is changing and the year 2019 has witnessed an increase in sale of surplus lines policies due to increased mergers & acquisition and rise in large businesses demanding for these premiums. Consequently, there is significant increase in commercial segment taking coverage for U.S. surplus lines policy, due to on-going political risk, cyber & confidential data risk, errors & omission (E&O) risk, and other such risks involved in the businesses of commercial sectors in the market.
The U.S. surplus lines market is fragmented with the presence of key vendors such as Lloyd's, American International Group, Inc., Berkshire, Hathaway Inc., Nationwide Group, and others. Lloyd's and America International Group dominated the U.S. surplus lines market in terms of revenue in 2019 and are expected to retain dominant throughout the forecast period. Some of the key players profiled in the report include AXA, Aegis Security Insurance Company, Chubb, ProSight Global, Inc., Swiss Re, The Travelers Indemnity Company, and Zurich. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
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