What is Public Liability Insurance?
Public liability insurance is intended specifically for businesses or people who may be found liable or legitimately responsible for injuries or other harm rendered to a third party. Public liability insurance is the most popular form of insurance taken out by smaller businesses, but it's very well-suited to bigger businesses due to the variety of coverage opportunities available. If a member of staff is injured on company grounds, or if you hurt someone else's property or person while operating on your property, Public Liability Insurance provides for the damages. Any company faces risks that must be handled with the help of insurance policies. Public Liability Insurance is at the forefront of either the insurance plan or portfolio. All these factors have facilitated growth potential across the public liability insurance industry.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | AXA (France), Churchill Insurance (United Kingdom), Novas Insurance (United Kingdom), NatWest (United States), HSBC (United Kingdom), Allianz SE (United Kingdom), Zurich Insurance Group (Switzerland), Bank of Scotland (United Kingdom), Catholic Church Insurance Ltd. (Sydney), Bluefin (United States) and Berkshire Hathaway (United States) |
The study covers a detailed analysis segmented by key business segments i.e. by type (General liability insurance, Product liability insurance, Professional liability insurance, Employment practices liability insurance, Environmental liability insurance, Medical malpractice insurance, Cyber liability insurance and Other) , by application (Commercial and Personal) and major geographies. Research Analyst at AMA predicts that Europe Players will contribute to the maximum growth of Global Public Liability Insurance market throughout the predicted period.
The competition is expected to become even more intense in the years to come due to the entry of several new players in the market. To help clients improve their revenue shares in the market, this research study provides an in-depth analysis of the markets competitive landscape and offers information on the products offered by various leading companies. Additionally, this Public Liability Insurance market report suggests strategies that Players can follow and highlights key areas they should focus on, in order to take maximum benefits of growth opportunities.
The report offers several leading Players, some of them are AXA (France), Churchill Insurance (United Kingdom), Novas Insurance (United Kingdom), NatWest (United States), HSBC (United Kingdom), Allianz SE (United Kingdom), Zurich Insurance Group (Switzerland), Bank of Scotland (United Kingdom), Catholic Church Insurance Ltd. (Sydney), Bluefin (United States) and Berkshire Hathaway (United States).
Market Overview:
On 22nd August, 2020 - Bharti AXA General Insurance Co. Ltd and ICICI Lombard General Insurance Co. Ltd announced merger after approval from Indian insurance regulator IRDAI which will make the joint entity India’s 3rd largest Insurance Firm.
India, Public Liability Insurance Act, 1991 – According to the Regulation It Is Mandatory to Purchase Public Liability Insurance (PLI) Coverage for Businesses Including Chemicals Manufacturing, Restaurants, Contractors, Hospitals, Schools and colleges. to Protect Against Lawsuits Arising from Mishaps and Public Injury.
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies.
Influencing Trend:
Implementation of Advance Analytical Frameworks Such as Big Data
Market Growth Drivers:
Prevalence of Workforce Accidents and Growing Penetration in Emerging Economies
Challenges:
Implementation Across Small and Medium Enterprises
Restraints:
Less Customization and High Premium for High Coverage Plans
Opportunities:
Unexplored Markets and Mandatory Regulations in Favor of Public Liability Insurance
Key highlights of the Global Public Liability Insurance market Study:
CAGR of the market during the forecast period 2022-2028
In-depth information on growth factors that will accelerate the Public Liability Insurance market in next few years.
Detailed Insights on futuristic trends and changing consumer behavior
Forecast of the Global Public Liability Insurance market size and its contribution to the parent market by type, application and by country.
A broad view of customer demand
Uncover markets competitive landscape and in-depth information on various Players
Comprehensive information about factors that will challenge the growth of Public Liability Insurance Players
Transformation and Important Triggers:
Business transformation has taken hold across the broad corporate landscape due to the confluence of several important triggers, including:
A tipping point in globalization
A major slowdown in Western economies
Significant shifts in technology and cost structure
The challenges of regulatory compliance
New forms of competition developing
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Public Liability Insurance market.
In order to reach an exhaustive list of functional and relevant players, various industry classification standards are closely followed such as NAICS, ICB, and SIC to penetrate deep into important geographies by players, and a thorough validation test is conducted to reach the most relevant players for survey in Public Liability Insurance market.
In order to make a priority list sorting is done based on revenue generated based on the latest reporting, using paid databases such as Factiva, Bloomberg, etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment> by targeting key target audience that includes Insurance Institutions, New Entrants and Investors, Venture Capitalists and Private Equity Firms, Government Bodies, Corporate Entities, Government and Private Research Organizations and Others.
This helps us to gather the data for the players revenue, operating cycle and expense, profit along with product or service growth, etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that include Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, Annual reports, press releases, etc.