About General Liability Insurance
General Liability Insurance is also known as third party insurance which refers to a general insurance system aimed to protects the insurer from the risk of liabilities imposed by lawsuits and claims. The insurance protects the insured in the event he or she is sued for claims that fall within the coverage of the insurance policy. The insurance is designed to offer protection against third-party insurance claims, i.e. payment is not made to the insured, but to someone suffering loss who is not a party to the insurance contract. Further, the increasing number of accidents and escalating damage to any products, rising awareness about the risk and regulatory changes are driving the general liability market growth.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 5.9% |
Major players operating in the global gene therapy market are conducting various clinical and pre-clinical developmental stages of gene therapies. For Instance, In November 2018, Novartis International AG has announced that the EC (European Commission) approved Luxturna, a one time gene therapy aimed at the treatment of patients with vision loss owing to a genetic mutation in both copies of the RPE65 gene as well as who have enough viable retinal cells. The authorization is valid in all 28 member states of the European Commission, & Iceland, Liechtenstein as well as Norway. Luxturna was developed & is commercialized in the United States by Spark Therapeutics. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global General 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.
United Financial Casualty Company (United States), GEICO (United States), Nationwide Mutual Insurance Company (United States), Insureon (United States), Liberty Mutual Insurance Company (United States), BizInsure LLC (United States), Intact Insurance Company (Canada), The Travelers Indemnity Company (United States), Allianz (Germany), AXA (France), Reliance Nippon Life Insurance (India), American Intl. Group (United States), Aviva (United Kingdom), Assicurazioni Generali (Italy), State Farm Insurance (United States) and Dai-ichi Mutual Life Insurance (Japan) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Munich Re Group (Germany), Zurich Financial Services (Switzerland), Prudential (United States), Asahi Mutual Life Insurance (Japan) and Sumitomo Life Insurance (Japan).
Segmentation Overview
AMA Research has segmented the market of Global General Liability Insurance market by Type (Life Insurance and Property Insurance), Application (Household and Enterprise) and Region.
On the basis of geography, the market of General 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 Duties, the sub-segment i.e. Defend will boost the General Liability Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Liability Type, the sub-segment i.e. Medical Liability Insurance will boost the General Liability Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Need to Enhance Customer Experiences for Insurance
Market Growth Drivers:
Increasing use of Digital & Mobile Technologies, Rapid Industrialization in Developing Countries and Rising Demand for Protection against Third Party Insurance Claims
Challenges:
Lack of Awareness among Individuals about Liability Policies
Restraints:
High Cost of Liability Claims may hamper the Market Growth
Opportunities:
Increasing Investment by the Government to Protect Individuals against Variety of Claims
Market Leaders and their expansionary development strategies
In September 2023, Bold Penguin has joined forces with Next Insurance, to offer users unparalleled access to Next’s general and professional liability products. The partnership pairs two giants in the insurance realm in the form of Bold Penguin, which is renowned for its innovative insurance solutions, and Next Insurance which is celebrated for its tailored liability products.
In January 2023, Coalition launched "Miscellaneous Professional Liability Insurance" to cover professional services not included in standard policies.
Key Target Audience
General Liability Insurance Service Providers, Industry Associations, Potential Investors, Marketing firms, Government and Regulatory Bodies 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.