About Casualty Insurance
The global casualty insurance market is expected to grow at a slow pace during the forecast period, according to the AMA study. The growing awareness for safety & security of monitory investments in different industries is expected to be one of the major drivers market. However, the market is expected to witness a slight decline in the growth during the next few years but it is again expected to rise with a significant pace after the COVID-19 pandemic is over.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
The vendors in this market are majorly focusing on providing better services in order to cater to the market's demands to remain competitive in the highly fragmented global market. According to the recent global industry crisis due to outbreak of COVID-19 is expected to be one of the major challenges for the vendors of this market as the markets of different industries have been shut down for an ambiguous period of time. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Casualty 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.
State Farm (United States), Berkshire Hathaway, Inc. (United States), Liberty Mutual Insurance Company (United States), Allstate (United States), Chubb (United States), American International Group, Inc. (United States), AmTrust Group (United States), Tokio Marine (United States), AXA SA (France), Allianz (Germany), Munich RE (Germany) and Intact Financial Corporation (Canada) are some of the key players that are part of study coverage.
Segmentation Overview
AMA Research has segmented the market of Global Casualty Insurance market by Type (Vehicle Insurance, Liability Insurance, Theft Insurance, Elevator Insurance and Flood Insurance), Application (Commercial and Personal) and Region.
On the basis of geography, the market of Casualty 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 End Users, the sub-segment i.e. SMEs will boost the Casualty Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Industry Verticals, the sub-segment i.e. Oil & Gas will boost the Casualty Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Coverage, the sub-segment i.e. Loss of Property will boost the Casualty Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
The casualty insurance are now made to compensate an insured for the financial impact of the interruption/interference to that business as a result of damage to insured equipment or liabilities or other key external events, such as damage at a supplier’s vehicles, theft at the premises, elevators, or any type of natural disasters.
Market Growth Drivers:
The Growing Awareness for Safety & Security of Monetary Investments of any Company's Assets and Increasing Demand for Insurance Services Across Different Industry Verticals
Challenges:
Closed Production Facilities for Unexpected Time Across the World
Restraints:
The Outbreak of COVID-19 Pandemic is one of the Major Restraints for the Market as Most of the Industries have been Facing Economic Crisis Across the World
Opportunities:
Opportunities in Asia Pacific Region Owing to Countries Such as China and India
Market Leaders and their expansionary development strategies
In December 2019, Intact Financial Corporation announced that it has completed the acquisition of The Guarantee Company of North America (The Guarantee) and Frank Cowan Company Limited (Frank Cowan), having received all required regulatory approvals worth USD 1 billion
In November 2019, Allianz Group announced that it has partnered with Microsoft to digitally transform the insurance industry wherein Microsoft will partner with Syncier, the B2B2X insurtech founded by Allianz, to offer customized insurance platform solutions and related services
Stringent Worldwide Government Regulations Regarding Lock-Down of Markets & Cities Across Different Countries of the World to Avoid the Spread of COVID-19
Key Target Audience
Casualty Insurance Vendors, New Entrants/Investors, Analysts and Strategic Business Planners and Providers, Venture Capitalists and Private Equity Firms and Government Regulatory and Research Organizations
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.