What is Liability Insurance Market?
Liability insurance is the part of the general insurance system of risk financing, which provides the insured party with protection against claims resulting from injuries and damage to people and property. The policies cover both legal costs and payouts for which the insured party would be responsible if found legally liable. Intentional damage and contractual liabilities are generally not covered in these types of policies. Also Check deep dive analysis on "
Employment Practices Liability Insurance Market Outlook".
Highlights from Liability Insurance Market Study
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
Current Market Size (2021) | USD248.0 Billion |
Unit | Value (USD Billion) |
Key Companies Profiled | Allstate (United States), Chubb Limited (United States), Tata AIG (India), Liberty Mutual (United States), Hiscox Ltd. (Bermuda), Allianz SE (Germany), Tokio Marine Holding (Japan), Axa XL (United States), Travelers Insurance (United States) and Assicurazioni Generali S.p.A (Italy) |
CAGR | 9.1% |
Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Liability Insurance market throughout the forecasted period.
Allstate (United States), Chubb Limited (United States), Tata AIG (India), Liberty Mutual (United States), Hiscox Ltd. (Bermuda), Allianz SE (Germany), Tokio Marine Holding (Japan), Axa XL (United States), Travelers Insurance (United States) and Assicurazioni Generali S.p.A (Italy) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Marsh (United States), MedPro Group (United States), Aviva plc. (United Kingdom), Zurich Insurance Group Ltd. (Switzerland), Sompo Japan Nipponkoa Holdings (Japan) and Munich Re Group (Germany). Liability Insurance Market Segmentation:
Scope | Sub-Segments |
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Application / End User | Personal and Enterprise |
Type | Employer’s Liability and Workers Compensation, Management and Employment Practices Liability, Commercial Liability Insurance, Indemnity Insurance and Product Liability Insurance |
Forms | Public liability,Professional indemnity,Product liability |
According to AMA, the Global Liability Insurance market is expected to see steady growth rate and may see market size of USD398.0 Billion by 2027.On the basis of geography, the market of 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.
Liability Insurance Market Dynamics:
Attributes | Details |
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Growth Drivers | - Rise in the Accidental Injuries
- Growing Awareness among the People
- Increased Marketing and Promotional Activities
|
Restraints | - Claim Reimbursement Takes Longer Time
|
Road Blocks / Challenges | - Huge Competition in the Market
|
Gaps & Opportunities | - Growing Insurance Industry Worldwide
- Increasing World Population
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Market Leaders & Development Strategies
In 2018, AXA announced that it has obtained all regulatory approvals required to complete the proposed acquisition of XL Group Ltd.
On 22nd August 2019, Chubb has introduced CoverPlus, a new platform offering expanded liability-driven products tailored to the evolving risks faced by middle-market manufacturers from new technologies and processes.
Key Target Audience
Liability Insurance Providers, Research Professionals, Emerging Companies, Government Body & Associations and End-user