About Environmental Liability Insurance
Environmental liability insurance (ELI) covers the cost of restoring damage caused by environmental accidents, such as pollution of land, water, air, and biodiversity damage. Several other types of environmental liability insurance exist such as Environmental consultant's errors and omissions policies cover consultants who advise third parties about environmental conditions, Environmental contractor policies cover operations that a remediation contractor performs and Environmental testing laboratory coverage addresses the liability of firms that analyze hazardous materials in the soil, ground or air.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
High Growth Market | Asia Pacific |
Unit | Value (USD Million) |
CAGR | 11.29% |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to United States Environmental 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.
AIG(United States), Allianz (Germany), AXA (France), Aegon (India), Zurich (Switzerland), Allstate (United States), Liberty Mutual (United States), PICC (China), Ping An Insurance (China), China Pacific Insurance (China) and Geico (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Arch Capital Group (Hamilton) and Chubb Limited (United States).
Segmentation Overview
AMA Research has segmented the market of United States Environmental Liability Insurance market by Type (Contractor Pollution Liability, Combined GL/Pollution, Fixed Site Pollution, Combined GL/Pollution/Professional and Others) and Region.
On the basis of Type, Contractor Pollution Liability are dominating the market in the year 2023 where as Fixed Site Pollution stood as second largest market share.
On the basis of application, SMEs segment is dominating the market in the year 2023 where as Large Organizations segment stood as second largest market .On the basis of geography, the market of Environmental Liability Insurance has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, 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). North America region held largest market share in the year 2023. Europe, on the other hand, stood as the second largest market due to the presence of key companies in the region and high technological advancement. If we see Market by Distribution Channel, the sub-segment i.e. Insurance Agents/Brokers will boost the Environmental Liability Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Industry Vertical, the sub-segment i.e. Energy & Power will boost the Environmental Liability Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Organization Size , the sub-segment i.e. SMEs will boost the Environmental Liability Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Provides comfort when there are concerns over indemnity covenant strength and An increasing number of services provided across the world
Market Growth Drivers:
High demand due to Premium costs have been reduced by competition in the insurance market and Can benefit multiple parties (seller, buyer, tenants, funder) and help facilitate deals
Challenges:
In comparison to other types of insurance, premiums can still be seen as expensive
Restraints:
Known liabilities cannot be insured and Policy periods are limited in time (eg 10 or 15 years)
Opportunities:
The potential market in the untapped regions and Rising awareness from emerging and developing countries
Market Leaders and their expansionary development strategies
In December 2022, AXIS Capital Holdings announced that its environmental business unit has launched a new specialty package policy for manufacturers (SPPm). The new SPPm policy covers a range of general and environmental liability exposures facing manufacturers. The exposures covered include those related to manufacturing, distribution, warehousing, and processing operations, in addition to waste storage, treatment, and disposal facilities.
In September 2023, Vantage Group Holdings Ltd. (Vantage) has extended its Contractors Pollution Liability (CPL) and professional liability offerings to Environmental Contractors and Consultants, expanding the company's participation across the design and construction lifecycle.
Key Target Audience
Environmental Liability Insurance Providers, Government Regulatory Bodies, Private Research Organization, Government Research Organization 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.