What is Contractors Insurance Market?
Contractor insurance is done to protect the business operation and the whole process at the time of uncertain mishappening. It provides the business income data breach, contractors tools, installation coverage, and other coverages according to the chosen plans. It includes the protection of business assets and employees. This contractor's insurance is used for electricians, plumbers, HVAC contractors, construction workers, and others who work under the contractual operations.
Highlights from Contractors Insurance Market Study
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
Unit | Value (USD Million) |
Key Companies Profiled | Hartford Financial Services Group, Inc. (United States), State Farm (United States), Allianz SE (Germany), American International Group, Inc. (United States), Axa S.A. (France), Munich Re Group (Germany) and Nationwide Mutual Insurance Company (United States) |
Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Contractors Insurance market throughout the forecasted period.
Hartford Financial Services Group, Inc. (United States), State Farm (United States), Allianz SE (Germany), American International Group, Inc. (United States), Axa S.A. (France), Munich Re Group (Germany) and Nationwide Mutual Insurance Company (United States) are some of the key players profiled in the study. Contractors Insurance Market Segmentation:
Scope | Sub-Segments |
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Application / End User | Agency, Bancassurance and Digital & Direct Channels |
Type | General Liability Insurance, Workers Compensation Insurance and Other Insurance |
Coverage | Business Income Coverage,Data Breach Coverage,Contractors Tools Coverage,Installation Coverage,Others |
End User | Construction Workers,Electricians,Plumbers,Painters,HVAC Contractors,Others |
On the basis of geography, the market of Contractors 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). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
The popularity of Workers Compensation Insurance under Contractors Insurance
Market Growth Drivers:
Need for Protection against the Uncertain Losses in Business and High Risk Involved in the Contractual Operation Like in Construction Site Work which Requires Coverage
Challenges:
Problems with the Terms and Condition of Contractors Insurance
Restraints:
Presence of Companies with the High Coverage Prices
Opportunities:
Growing Construction and Industrial Operation Along with the Risk will Boost the Contractors Insurance Market
Key Target Audience
Contractors Insurance Providers, Contractors Insurance Industry Association, Research and Development Institutes, Potential Investors, Regulatory Bodies and Others
Market Leaders & Development Strategies
On 1st September 2020, Hudson Insurance Group announced the launch of its new Commercial Trucking Coverage for Independent Contractors that are now offered through retail producers in select states. Coverage includes Occupational Accident, Contingent Liability, Truck Physical Damage, and Workers’ Compensation, as well as Non-Trucking Liability.
On 12th August 2020, AXA XL's North America Construction insurance business has teamed up with Procore, a leading provider of project management software, to help contractors step up productivity and project risk management. Procore joins the Tech Library of AXA XL's Construction Ecosystem, an integrated digital platform helping clients manage risks on their job sites and across their organizations.