Rise in demand for specialized expertise, technological advancements, and benefits of specialty insurance drive the global specialty insurance market. The market across Europe dominated in 2020 in terms of revenue, accounting for more than one-third of the market. During the pandemic, the use of underlying assets was reduced and losses occurred in major industries, which resulted in decline in specialty insurance coverages.
Portland,OR, July 27, 2021 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global specialty insurance market was pegged at $73.80 billion in 2020, and is estimated to reach $178.52 billion by 2030, growing at a CAGR of 9.3% from 2021 to 2030.
Rise in demand for specialized expertise, technological advancements, and benefits of specialty insurance drive the global specialty insurance market. However, lack of awareness & understanding toward specialty insurance and volatile market hamper the market growth. On the contrary, untapped potential in developing countries and incorporation of new technologies would open lucrative opportunities for the market growth in the future.
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The Covid-19 pandemic hampered several industries including marine, aviation, and construction due to restrictions in travel, trade, and construction of new buildings. This hindered the demand for specialty insurance.
During the pandemic, the use of underlying assets was reduced and losses occurred in major industries, which resulted in decline in specialty insurance coverages.
The report segments the global specialty insurance market on the basis of type, distribution channel, end user, and region.
Based on type, the marine, aviation & transport (MAT) segment held the lion’s share in 2020, accounting for nearly three-fourths of the market. However, the art insurance segment is projected to manifest the highest CAGR of 16.8% from 2021 to 2030.
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On the basis of distribution channel, the brokers segment held the largest share in 2020, contributing to nearly two-thirds of the market. In addition, the segment is projected to register the highest CAGR of 9.4% during the forecast period. The report analyzes the non-brokers segment as well.
The global specialty insurance market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Europe dominated in 2020 in terms of revenue, accounting for more than one-third of the market. However, the market across Asia-Pacific is expected to portray the highest CAGR of 10.9% during the forecast period.
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The global specialty insurance market includes an in-depth analysis of the prime market players such as AXA, Allianz, American International Group Inc., Berkshire Hathaway Inc., ASSICURAZIONI GENERALI S.P.A., Munich Re, Chubb, Tokio Marine HCC, PICC, and Zurich.
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