Specialty Insurance Market:
Global Specialty Insurance Market is valued approximately USD 235.09 million in 2018 and is anticipated to grow with a healthy growth rate of more than 5.42% over the forecast period 2019-2026. Specialty insurance is a high-risk, high-return market characterized by underwriting profitability.
This insurance is purchased to provide protection for items that are special or unique and are not covered under the standard insurance types due to their unusual characteristics such as exotic insurance, title insurance, diamond necklace, body part insurance, renter’s insurance, and others. Fluctuating property & casualty market is one of the major factors responsible for the high CAGR of the market.
The growing adoption of innovative marketing strategies to educate people is the factor that offers growth opportunities. Also, weakening profitability for specialty carriers in case of misfortune is contributing towards the growth of the global Specialty Insurance market. Further, Specialty Insurance offers several benefits such as protect the financial future and covers long term and short-term disability coverage that regulates their demand across various regions. However, lack of awareness and guidance is the major factor anticipated to limiting the market growth during the forecast period.
The regional analysis of global Specialty Insurance market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to increasing usage of specialty insurance by the commercial sector in the region.
Europe also contributes a significant growth in the global Specialty Insurance market during the forecast period. Asia-Pacific is also anticipated to exhibit the highest growth rate / CAGR over the forecast period 2019-2026 due to the presence of a large number of users across the region.
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Major market player included in this report are:
AXA
Allianz
AIG
Tokio Marine
ACE & Chubb
China Life
XL Group
Argo Group
PICC
Munich Re
Hanover Insurance
Nationwide
CPIC
Assurant
Sompo Japan Nipponkoa
Zurich
Hudson
Ironshore
Hiscox
Manulife
RenaissanceRe Holdings
Mapfre
Selective Insurance
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values for the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Type:
Life Insurance
Property Insurance
By Application:
Commercial
Personal
By Regions:
North America
The U.S.
Canada
Europe
UK
Germany
Asia Pacific
China
India
Japan
Latin America
Brazil
Mexico
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2016, 2017
Base year – 2018
Forecast period – 2019 to 2026
Target Audience of the Global Specialty Insurance Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers VARs
Third-party knowledge providers
Investment bankers
Investors
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