About Employers’ Liability Insurance
Employers’ liability insurance is one kind of business insurance, and most employers are legally obliged to take out a policy. This insurance can pay compensation costs and legal fees if an employee or ex-employee sues for illness or injury caused by their work. The health and safety of your employees are of paramount importance, and as an employer, it’s vital to uphold that responsibility. Something as simple as slipping on a wet floor could lead to a claim. As accidents do happen, employees can protect the vitality of business with an employers’ liability insurance policy. This policy covers the statutory liability of an employer for the demise of or physical hurts or occupational diseases continued by the workmen arising out of and in course of employment. Any employer whether as a Principal or contractor engaging "workmen" as defined in WC Act to cover his liability to them under statute and at common law. The employer can cover Employees who do not qualify as "Workmen" under a separate table.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The companies are now exploring the market by adopting mergers & acquisitions, expansions, investments, new developments in existing products and collaborations as their preferred strategies. The players are also exploring new geographies and industries through expansions and acquisitions so as to avail a competitive advantage through combined synergies. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Employers’ Liability Insurance market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Aviva (United Kingdom), Allianz (Germany), American International Group, Inc. (United States), Zurich (Switzerland), Chubb (Switzerland), AXA (France), RSA (United Kingdom), The Travelers Indemnity Company (United States), Hiscox Ltd (Bermuda) and NFU Mutual (United Kingdom) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Direct Line Insurance Group plc (United Kingdom), Markel Direct (United Kingdom), QBE Insurance Group Limited (Australia), Ageas (Belgium) and Everest Re Group, Ltd. (Bermuda).
Segmentation Overview
AMA Research has segmented the market of Global Employers’ Liability Insurance market by and Region.
On the basis of geography, the market of Employers’ Liability Insurance has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Organization Size, the sub-segment i.e. Small Sized Enterprises will boost the Employers’ Liability Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Distribution Channel, the sub-segment i.e. Agents will boost the Employers’ Liability Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Industry Vertical, the sub-segment i.e. Energy will boost the Employers’ Liability Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
MeToo Movement Results in Spike of Sexual Harassment Claims and New Policies Launch for the COVID 19
Market Growth Drivers:
High Adoption due to Policies Such as Age Discrimination and Development of New Offers and Schemes by Insurance Companies
Challenges:
ELI premiums can be significant, especially for high-risk industries or businesses with a history of workplace accidents.
Restraints:
Difficulties in Claiming Process and High Costs of Premium
Opportunities:
Digital Access and Enhanced Claim Settlings
Market Leaders and their expansionary development strategies
On 26th March 2021, Allianz agrees to acquire Aviva Poland's life and non-life insurance operations, as well as pension and asset management business to consolidate its leading position in Central Eastern Europe.
In December 2022, AXIS Capital Holdings its environmental business unit has launched a new specialty package policy for manufacturers (SPPm). The new SPPm policy covers a range of general and environmental liability exposures facing manufacturers. The exposures covered include those related to manufacturing, distribution, warehousing, and processing operations, in addition to waste storage, treatment, and disposal facilities.
Employers’ Liability (Compulsory Insurance) Act 1969: Employers are responsible for the health and safety of their employees while they are at work. Your employees may be injured at work or they, or your former employees may become ill as a result of their work while in your employment. They might try to claim compensation from you if they believe you are responsible. The Employers’ Liability (Compulsory Insurance) Act 1969 ensures that you have at least a minimum level of insurance cover against any such claims.
Key Target Audience
Research organizations and consulting companies, Government bodies such as regulating authorities and policymakers., Industry associations, Market research and consulting firms and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.