Accessibility Statement Skip Navigation
  • Resources
  • Blog
  • Journalists
  • +44 (0)20 7454 5110
  • Client Login
  • Send a Release
Return to PR Newswire homepage
  • News
  • Products
  • Contact
When typing in this field, a list of search results will appear and be automatically updated as you type.

Searching for your content...

No results found. Please change your search terms and try again.
  • News in Focus
      • Browse News Releases

      • All Public Company News
      • All Multimedia News
      • View All News Releases

      • Regulatory News

      • D/A/CH Regulatory News
      • UK Regulatory News
      • View All Regulatory News

  • Business & Money
      • Auto & Transportation

      • Aerospace & Defense
      • Air Freight
      • Airlines & Aviation
      • Automotive
      • Maritime & Shipbuilding
      • Railroads & Intermodal Transportation
      • Supply Chain/Logistics
      • Transportation, Trucking & Railroad
      • Travel
      • Trucking & Road Transportation
      • View All Auto & Transportation

      • Business Technology

      • Blockchain
      • Broadcast Tech
      • Computer & Electronics
      • Computer Hardware
      • Computer Software
      • Data Analytics
      • Electronic Commerce
      • Electronic Components
      • Electronic Design Automation
      • Financial Technology
      • High Tech Security
      • Internet Technology
      • Nanotechnology
      • Networks
      • Peripherals
      • Semiconductors
      • View All Business Technology

      • Entertain­ment & Media

      • Advertising
      • Art
      • Books
      • Entertainment
      • Film & Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • View All Entertain­ment & Media

      • Financial Services & Investing

      • Accounting News & Issues
      • Acquisitions, Mergers & Takeovers
      • Banking & Financial Services
      • Bankruptcy
      • Bond & Stock Ratings
      • Conference Call Announcements
      • Contracts
      • Cryptocurrency
      • Dividends
      • Earnings
      • Earnings Forecasts & Projections
      • Financing Agreements
      • Insurance
      • Investments Opinions
      • Joint Ventures
      • Mutual Funds
      • Private Placement
      • Real Estate
      • Restructuring & Recapitalisation
      • Sales Reports
      • Shareholder Activism
      • Shareholder Meetings
      • Stock Offering
      • Stock Split
      • Venture Capital
      • View All Financial Services & Investing

      • General Business

      • Awards
      • Commercial Real Estate
      • Corporate Expansion
      • Earnings
      • Environmental, Social and Governance (ESG)
      • Human Resource & Workforce Management
      • Licensing
      • New Products & Services
      • Obituaries
      • Outsourcing Businesses
      • Overseas Real Estate (non-US)
      • Personnel Announcements
      • Real Estate Transactions
      • Residential Real Estate
      • Small Business Services
      • Socially Responsible Investing
      • Surveys, Polls & Research
      • Trade Show News
      • View All General Business

  • Science & Tech
      • Consumer Technology

      • Artificial Intelligence
      • Blockchain
      • Cloud Computing/Internet of Things
      • Computer Electronics
      • Computer Hardware
      • Computer Software
      • Consumer Electronics
      • Cryptocurrency
      • Data Analytics
      • Electronic Commerce
      • Electronic Gaming
      • Financial Technology
      • Mobile Entertainment
      • Multimedia & Internet
      • Peripherals
      • Social Media
      • STEM (Science, Tech, Engineering, Math)
      • Supply Chain/Logistics
      • Wireless Communications
      • View All Consumer Technology

      • Energy & Natural Resources

      • Alternative Energies
      • Chemical
      • Electrical Utilities
      • Gas
      • General Manufacturing
      • Mining
      • Mining & Metals
      • Oil & Energy
      • Oil & Gas Discoveries
      • Utilities
      • Water Utilities
      • View All Energy & Natural Resources

      • Environ­ment

      • Conservation & Recycling
      • Environmental Issues
      • Environmental Policy
      • Environmental Products & Services
      • Green Technology
      • Natural Disasters
      • View All Environ­ment

      • Heavy Industry & Manufacturing

      • Aerospace & Defence
      • Agriculture
      • Chemical
      • Construction & Building
      • General Manufacturing
      • HVAC (Heating, Ventilation & Air-Conditioning)
      • Machinery
      • Machine Tools, Metalworking & Metallurgy
      • Mining
      • Mining & Metals
      • Paper, Forest Products & Containers
      • Precious Metals
      • Textiles
      • Tobacco
      • View All Heavy Industry & Manufacturing

      • Telecomm­unications

      • Carriers & Services
      • Mobile Entertainment
      • Networks
      • Peripherals
      • Telecommunications Equipment
      • Telecommunications Industry
      • VoIP (Voice over Internet Protocol)
      • Wireless Communications
      • View All Telecomm­unications

  • Lifestyle & Health
      • Consumer Products & Retail

      • Animals & Pets
      • Beers, Wines & Spirits
      • Beverages
      • Bridal Services
      • Cannabis
      • Cosmetics & Personal Care
      • Fashion
      • Food & Beverages
      • Furniture & Furnishings
      • Home Improvement
      • Household, Consumer & Cosmetics
      • Household Products
      • Jewellery
      • Non-Alcoholic Beverages
      • Office Products
      • Organic Food
      • Product Recalls
      • Restaurants
      • Retail
      • Supermarkets
      • Toys
      • View All Consumer Products & Retail

      • Entertain­ment & Media

      • Advertising
      • Art
      • Books
      • Entertainment
      • Film & Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • View All Entertain­ment & Media

      • Health

      • Biometrics
      • Biotechnology
      • Clinical Trials & Medical Discoveries
      • Dentistry
      • FDA Approval
      • Fitness/Wellness
      • Health Care & Hospitals
      • Health Insurance
      • Infection Control
      • International Medical Approval
      • Medical Equipment
      • Medical Pharmaceuticals
      • Mental Health
      • Pharmaceuticals
      • Supplementary Medicine
      • View All Health

      • Sports

      • General Sports
      • Outdoors, Camping & Hiking
      • Sporting Events
      • Sports Equipment & Accessories
      • View All Sports

      • Travel

      • Amusement Parks & Tourist Attractions
      • Gambling & Casinos
      • Hotels & Resorts
      • Leisure & Tourism
      • Outdoors, Camping & Hiking
      • Passenger Aviation
      • Travel Industry
      • View All Travel

  • Policy & Public Interest
      • Policy & Public Interest

      • Animal Welfare
      • Corporate Social Responsibility
      • Economic News, Trends & Analysis
      • Education
      • Environmental
      • European Government
      • Labour & Union
      • Natural Disasters
      • Not For Profit
      • Public Safety
      • View All Policy & Public Interest

  • People & Culture
      • People & Culture

      • Aboriginal, First Nations & Native American
      • African American
      • Asian American
      • Children
      • Diversity, Equity & Inclusion
      • Hispanic
      • Lesbian, Gay & Bisexual
      • Men's Interest
      • People with Disabilities
      • Religion
      • Senior Citizens
      • Veterans
      • Women
      • View All People & Culture

  • Overview
  • Distribution
  • Paid Placement
  • Multimedia
  • Disclosure Services
  • SocialBoost
  • Rooms
    • MediaRoom
    • ESG Rooms
  • AI Tools
  • General Enquiries
  • Media Enquiries
  • Partnerships
  • Hamburger menu
  • Cision PR Newswire UK provides press release distribution, targeting, monitoring, and marketing services
  • Send a Release
    • Phone

    • +44 (0)20 7454 5110 from 8 AM - 5:30 PM GMT

    • ALL CONTACT INFO
    • Contact Us

      +44 (0)20 7454 5110
      from 8 AM - 5:30 PM GMT

  • Client Login
  • Send a Release
  • Resources
  • Blog
  • Journalists
  • News in Focus
    • Browse News Releases
    • Regulatory News
  • Business & Money
    • Auto & Transportation
    • Business Technology
    • Entertain­ment & Media
    • Financial Services & Investing
    • General Business
  • Science & Tech
    • Consumer Technology
    • Energy & Natural Resources
    • Environ­ment
    • Heavy Industry & Manufacturing
    • Telecomm­unications
  • Lifestyle & Health
    • Consumer Products & Retail
    • Entertain­ment & Media
    • Health
    • Sports
    • Travel
  • Policy & Public Interest
    • Policy & Public Interest
  • People & Culture
    • People & Culture
  • Client Login
  • Send a Release
  • Resources
  • Blog
  • Journalists
  • Overview
  • Distribution
  • Paid Placement
  • Multimedia
  • Disclosure Services
  • Cision Communications Cloud®
  • AI Tools
  • Client Login
  • Send a Release
  • Resources
  • Blog
  • Journalists
  • General Enquiries
  • Media Enquiries
  • Partnerships
  • Client Login
  • Send a Release
  • Resources
  • Blog
  • Journalists

Specialty Insurance Market to Reach $279.0 Billion, Globally, by 2031 at 10.6% CAGR: Allied Market Research

This image opens in the lightbox

News provided by

Allied Market Research

23 Mar, 2023, 15:00 GMT

Share this article

Share toX

Share this article

Share toX

The surge in demand for specialized expertise, the increased integration of technology into specialty insurance solutions, and increase in demand for specialty insurance among Program Administrators (PAs) drive the growth of the global specialty insurance market

PORTLAND, Ore., March 23, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Specialty Insurance Market by Type (Marine, Aviation and Transport (MAT) Insurance, Political Risk and Credit Insurance, Entertainment Insurance, Art Insurance, Livestock and Aquaculture Insurance, Others), by Distribution Channel (Brokers, Non-brokers), by End User (Business, Individuals): Global Opportunity Analysis and Industry Forecast, 2021-2031". According to the report, the global specialty insurance industry generated $104.7 billion in 2021, and is anticipated to generate $279.0 billion by 2031, witnessing a CAGR of 10.6% from 2022 to 2031.

Request PDF Brochure: https://www.alliedmarketresearch.com/request-sample/2973

Prime determinants of growth

The surge in demand for specialized expertise, the increased integration of technology into specialty insurance solutions, and increase in demand for specialty insurance among Program Administrators (PAs) drive the growth of the global specialty insurance market. However, an extremely volatile market and lack of awareness & understanding toward specialty insurance restrict the market growth. Moreover, specialty insurance offers a wide range of coverage alternatives with great flexibility regarding the policy term, policy duration, and coverages, which is considerably presenting new opportunities in the coming years.

Covid-19 Scenario

  • The outbreak of the Covid-19 pandemic had a negative impact on the global specialty insurance market. This is attributed to the fact that businesses operating in the market had changed their business model, therefore, the demand for specialty insurance was affected.
  • However, the market has already recovered in the post pandemic.

The marine, aviation and transport (MAT) insurance segment to maintain its leadership status throughout the forecast period

Based on type, the marine, aviation and transport (MAT) insurance segment held the highest market share in 2021, accounting for more than three-fourths of the global specialty insurance market, and is estimated to maintain its leadership status throughout the forecast period. Rise in expenditure on international airlines contributes toward the growth of the specialty insurance market. Furthermore, increased demand & awareness toward marine insurance among ship owners, cargo owners, and charterers facing huge losses such as damage caused to ships, cargo vessels, and terminals is another major factor that propels the specialty insurance market growth. However, the art insurance segment is projected to manifest the highest CAGR of 17.9% from 2022 to 2031. Flexibility in terms of designing the policy based on partial or full loss and other additional coverages such as exhibition coverage are usually provided in the specialty insurance. This flexibility in terms of choosing customized policy propels the specialty insurance market growth.

The brokers segment to maintain its lead position during the forecast period

Based on distribution channel, the brokers segment accounted for the largest share in 2021, contributing to more than two-thirds of the global specialty insurance market, and is projected to maintain its lead position during the forecast period. Increase in speed and efficiency of delivering the insurance policy and rise in need to streamline the claim settlement process boost the growth of the specialty insurance market in this segment. However, the non-brokers segment is expected to portray the largest CAGR of 12.6% from 2022 to 2031. Non-broker or direct selling is a cost-effective process for distributing specialty insurance directly to customers with reducing advertising costs, avoiding overhead expenses, and building long-lasting customer relationships. These are the major growth factors for direct sales of specialty insurance.

Procure Complete Report (244 Pages PDF with Insights, Charts, Tables, and Figures) @

http://bit.ly/3TAaNS2

Europe to maintain its dominance by 2031

Based on region, Europe held the highest market share in terms of revenue in 2021, accounting for more than one-third of the global specialty insurance market. Increase in usage of chatbots and voice assistant' platforms for assisting businesses & individuals demanding specialty insurance has become one of the major trends in the market in this region. However, the Asia-Pacific region is expected to witness the fastest CAGR of 14.4% from 2022 to 2031, and is likely to dominate the market during the forecast period. Continuous growth in corporates and small & medium enterprises demanding customized coverages further boosts the growth of the specialty insurance market in the region.

Leading Market Players: -

  • Allianz,
  • AXA,
  • Chubb,
  • Zurich,
  • Tokio Marine HCC,
  • Berkshire Hathaway Inc.,
  • PICC,
  • Assicurazioni Generali S.p.A.,
  • Munich Re,
  • American International Group, Inc

Key benefits for stakeholders

  • This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the specialty insurance market analysis from 2022 to 2031 to identify the prevailing specialty insurance market opportunity.
  • The market research is offered along with information related to key drivers, restraints, and opportunities.
  • Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
  • In-depth analysis of the specialty insurance market segmentation assists to determine the prevailing market opportunities.
  • Major countries in each region are mapped according to their revenue contribution to the global market.
  • Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
  • The report includes an analysis of the regional as well as global specialty insurance market trends, key players, market segments, application areas, and market growth strategies.

Type

  • Political Risk and Credit Insurance
  • Entertainment Insurance
  • Art Insurance
  • Livestock and Aquaculture Insurance
  • Others
  • Marine, Aviation and Transport (MAT) Insurance

Distribution Channel

  • Brokers
  • Non-brokers

End User

  • Business
  • Individuals

Want to Access the Statistical Data and Graphs, Key Players' Strategies: https://www.alliedmarketresearch.com/specialty-insurance-market/purchase-options

Similar Reports We Have on BFSI Industry:

Marine Insurance Market By Type (Cargo Insurance, Hull & Machinery Insurance, Marine Liability Insurance, and Offshore/Energy Insurance), Distribution Channel (Wholesalers, Retail Brokers, and Others), and End User (Ship Owners, Traders, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2028

Entertainment Insurance Market by Insurance Type (Production Insurance, Staging and Rigging Insurance, Special Event Insurance, Touring Insurance), by Coverages (Liability Coverage, Commercial Property Coverages, Other Coverages), by Distribution Channel (Brokers, Non-Brokers), by End User (Business, Individuals): Global Opportunity Analysis and Industry Forecast, 2021-2031

Livestock Insurance Market by Type (Commercial Mortality Insurance, Non-commercial Mortality Insurance), by Application (Dairy, Cattle, Swine, Others), by Distribution Channel (Direct Sales, Bancassurance, Agents and Brokers), by End User (Commercial, Individuals): Global Opportunity Analysis and Industry Forecast, 2021-2031

Digital Insurance Platform Market by Component (Solution and Service), Deployment Model (On-premise and Cloud), Enterprise Size (Large Enterprises and Small & Medium-sized Enterprises (SMEs)), Application (Automotive Transportation & Logistics, Life & Health, Commercial & Residential Buildings, Business & Enterprise, Agriculture, and Others), and End User (Insurance Companies, Aggregators, and Third-Party Administrators & Brokers): Global Opportunity Analysis and Industry Forecast, 2021-2030

Commercial Insurance Market By Type (Commercial Motor Insurance, Commercial, Property Insurance, Liability Insurance, Marine Insurance, and Others), Distribution Channel (Agents & Brokers, Direct Response, and Others) Enterprise Size (Large Enterprises, Medium-Sized Enterprises, and Small-Sized Enterprises), and Industry Vertical (Manufacturing, Construction, IT & Telecom, Healthcare, Energy & Utilities, Transportation & Logistics, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030

About Us

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Contact:

David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
USA/Canada (Toll Free): +1-800-792-5285, +1-503-894-6022
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1(855)550-5975
help@alliedmarketresearch.com

Logo: https://mma.prnewswire.com/media/636519/Allied_Market_Research_Logo.jpg

Modal title

Also from this source

Citrus Aurantium Extract Market to Reach $4,339.2 Million by 2027 in short term and $5,671.7 million by 2034 Globally, at 3.8% CAGR: Allied Market Research

Citrus Aurantium Extract Market to Reach $4,339.2 Million by 2027 in short term and $5,671.7 million by 2034 Globally, at 3.8% CAGR: Allied Market Research

Allied Market Research published a report, titled, "Citrus Aurantium Extract Market - Global Opportunity Analysis and Industry Forecast, 2025-2034",...

Speech-To-Text API Market to Reach $5 Billion by 2024 in the Short Term and $21 Billion by 2034 Globally, at 15.2% CAGR: Allied Market Research

Speech-To-Text API Market to Reach $5 Billion by 2024 in the Short Term and $21 Billion by 2034 Globally, at 15.2% CAGR: Allied Market Research

Allied Market Research published a report titled, "Speech-to-text API Market - Global Opportunity Analysis and Industry Forecast, 2024-2034," valued...

More Releases From This Source

Explore

Insurance

Insurance

Banking & Financial Services

Banking & Financial Services

News Releases in Similar Topics

Contact PR Newswire

  • +44 (0)20 7454 5110
    from 8 AM - 5:30 PM GMT
  • General Enquiries
  • Media Enquiries
  • Partnerships

Products

  • Content Distribution
  • Multimedia Services
  • Disclosure Services
  • Cision Communications Cloud®

About

  • About PR Newswire
  • About Cision
  • Partnering Opportunities
  • Careers
  • APAC
  • APAC - Simplified Chinese
  • APAC - Traditional Chinese
  • Brazil
  • Canada
  • Czech
  • Denmark
  • Finland
  • France
  • Germany
  • India
  • Indonesia
  • Israel
  • Japan
  • Korea
  • Mexico
  • Middle East
  • Middle East - Arabic
  • Netherlands
  • Norway
  • Poland
  • Portugal
  • Russia
  • Slovakia
  • Spain
  • Sweden
  • United States
  • Vietnam

My Services

  • All News Releases
  • Customer Portal
  • Resources
  • Blog
  • Journalists
  • Data Privacy

Do not sell or share my personal information:

  • Submit via Privacy@cision.com 
  • Call Privacy toll-free: 877-297-8921

Contact PR Newswire

Products

About

My Services
  • All News Releases
  • Customer Portal
  • Resources
  • Blog
  • Journalists
+44 (0)20 7454 5110
from 8 AM - 5:30 PM GMT
  • Terms of Use
  • Privacy Policy
  • Information Security Policy
  • Site Map
  • RSS
  • Cookie Settings
Copyright © 2025 PR Newswire Europe Limited. All Rights Reserved. A Cision company.