What is Professional Liability Insurance Market?
Professional liability insurance (PLI) is the insurance which protects professionals such as accountants, lawyers, and physicians. It protects them against negligence and other claims initiated by their clients. The professionals who are experts in a specific area opt for this insurance as general liability insurance policies do not offer protection against claims arising out of business-like negligence, malpractice, or misrepresentation. On the basis of the profession of individual the names vary such as malpractice insurance for the medical profession.
The market study is being classified by Type (Malpractice Insurance, Errors & Omissions Insurance, Construction & Engineering Liability Insurance and Other Liability Insurance) and major geographies with country level break-up.
Chubb (Switzerland), American International Group, Inc. (United States), Hiscox (Bermuda), Allianz (Germany), Tokio Marine Holdings (Japan), AXA (France), Travelers (United States), Assicurazioni Generali (Italy), Doctors Company (United States) and Marsh & McLennan (United States) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Liberty Mutual (United States), MedPro Group (United States), Aviva (United Kingdom), Zurich (Switzerland), Sompo Japan Nipponkoa (Japan), Munich Re (Germany), Aon (United Kingdom) and Beazley (United Kingdom).
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. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Professional Liability Insurance market throughout the predicted period.
Segment Analysis
Analyst at AMA have segmented the market study of Global Professional Liability Insurance market by Type, Application and Region.
On the basis of geography, the market of Professional 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). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Drivers
- Rapid Urbanization Across Emerging Markets are Leading to Shift from an Agro-Based or Industrial Economy to a Service-Sector Economy
- Increased Risks for Professionals in Social Media
Market Trend
- Adoption of Implementation of Digital Technologies and Analytics in Professional Liability Insurance
Restraints
- High Costs Associated with Health Insurance Products
Opportunities
- Increasing Awareness About the Professional Liability Insurance
- Increase in Number of Professional in Accounting, Architecture, Engineering, Law, Medicine, and Other Specialized Fields
Challenges
- Longer Time Required for Claim Settlement
On October 2019, MECON Insurance has launched professional indemnity product. It has been has been launched amid Australia’s construction crisis, in an effort to protect builders who find themselves involved in a building failure.
Key Target Audience
Insurance providers, Brokerage firms, Government associations, Research organizations and Others