Published Date: 31-Mar-23
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According to a new report, published by KBV research, The Global Specialty Insurance Market size is expected to reach $199.7 billion by 2028, rising at a market growth of 10.2% CAGR during the forecast period.
The Individuals segment is showcasing a CAGR of 12.4% during (2022 - 2028). An individual can recover from supplemental, unforeseen costs from an accident or hospital stay with hospital and accident recovery coverage. When a person passes away, life insurance can help cover costs like medical bills, personal debts, and even funeral expenditures for their loved ones, ensuring they will not be left in financial ruin. If a person cannot work due to a medical condition, both long- and short-term disability insurance will protect them.
The Brokers segment acquired maximum revenue share in the Global Specialty Insurance Market by Distribution Channel in 2021 thereby, achieving a market value of $146.5 billion by 2028. The specialty insurance industry in this market sector is expanding as a result of improved speed and efficiency in the delivery of insurance policies as well as an increased requirement to expedite the claim settlement procedure. On behalf of the customer, brokers assist in acquiring the proper insurance and offer assistance at every stage of the insurance lifecycle.
The Entertainment Insurance segment has shown the growth rate of 10.6% during (2022 - 2028). As it protects against all potential risks, entertainment insurance is advantageous. This kind of insurance is crucial for any business in the entertainment sector because of the high production costs associated with putting on a performance, event, or festival. Therefore, insurance is the most effective tool available to companies for risk mitigation at any events they host.
The Europe market dominated the Global Specialty Insurance Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $72.2 billion by 2028. The North America market is exhibiting a CAGR of 10% during (2022 - 2028). Additionally, The Asia Pacific market would display a CAGR of 10.8% during (2022 - 2028).
Full Report: https://www.kbvresearch.com/specialty-insurance-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Tokio Marine Holdings, Inc., Allianz Trade (Allianz Group), AXA SA, Chubb Limited, Zurich Insurance Group Ltd., Berkshire Hathaway, Inc., Assicurazioni Generali SpA, Munich Re Group, American International Group, Inc. (AIG), and PICC Property and Casualty Company Limited.
By End User
By Distribution Channel
Unique Offerings from KBV Research
North America Specialty Insurance Market Future Scope & Opportunities 2022-2028
Europe Specialty Insurance Market Size & Growth Forecast 2022-2028
Asia Pacific Specialty Insurance Market Size, Share & Industry Outlook to 2028
LAMEA Specialty Insurance Market Growth, Trends & Forecasts 2022-2028