The global specialty insurance market is expected to witness a promising growth, owing to the technological advancements. The direct channel sub-segment is expected to be most beneficial. The Asia-Pacific region is expected to dominate the market.
NEW YORK, Nov. 17, 2021 /PRNewswire/ -- Research Dive has added a new report to its offering titled, "Specialty Insurance Market by Type (Life Insurance and Non-life Insurance), Distribution Channel (Direct and Indirect Channel), End-users (Businesses and Individuals), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2021–2028".
According to the report, the Global Specialty Insurance Market is expected to garner a revenue of $243.70 billion by 2028, growing rapidly at a CAGR of 7.6% during the forecast period 2021-2028.
Dynamics of the Market
Increasing application of creative digital solutions in order to predict and prevent loss, process claims, monitor risks, and provide an optimized customer experience is expected to drive the growth of the specialty insurance market during the forecast period. In addition, significant rise in the demand for specialized expertise in the developing nations like Australia, India, Singapore, and others are expected to create tremendous opportunities for the growth of the specialty insurance market during the forecast period. However, lack of awareness about the specialty insurance among people is expected to hinder the growth of the market during the forecast period.
The report has divided the market into various segments based on type, distribution channel, end-users and region.
By type, the life insurance sub-segment is expected to be most profitable, and generate a revenue of $200.21 billion during the forecast period. Specialty life insurance ensures a seamless and guaranteed life insurance policies, especially for those who are facing problems in qualifying for standard coverage. This factor is expected to drive the growth of the specialty insurance market sub-segment during the forecast period.
By distribution channel, the direct channel sub-segment is expected to be most beneficial, and generate a revenue of $149.41 billion during the forecast period. Consumers can directly compare policy price and benefits over the use of internet through the direct response technique. Further, this technique is also most cost-effective for the customers. These factors are expected to bolster the growth of the market during the forecast period.
By end-users, the businesses insurance sub-segment is expected to be most lucrative, and generate a revenue of $186.56 billion during the forecast period. Specialty business insurance secures a particular business from property damage, commercial obligations, lawsuits, and others. This factor is expected to stimulate the growth of the specialty insurance market sub-segment during the forecast period.
By region, the Asia-Pacific region is expected to have the fastest growth rate, exponentially growing at a CAGR of 8.0% during the forecast period. Rising internet penetration and increasing application of cloud technologies in this region is expected to drive the growth of the market. In addition, many firms providing economical insurance premium options in this region is further expected to bolster the growth of the regional market.
The outbreak of coronavirus has had a negative impact on the growth of the global specialty insurance market, owing to the occurrence of lockdowns in various countries across the globe, Stringent trade and travel restrictions along with the introduction of new developments were terminated in order to curb the spread of the virus. Losses in numerous sectors brought a significant drop in specialty insurance coverages.
These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth.
For instance, in April 2021, Core Specialty Insurance Holdings Inc., a Cincinnati-based property and casualty insurer focusing on small and mid-sized businesses, acquired Lancer Financial Group Inc., a New York-based property and casualty insurer, in order to expand Core's presence in the global specialty insurance market.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
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