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Worldwide Specialty Insurance Industry to 2030 – Rapid Growth in Incorporation of Technologies Presents Opportunities

DUBLIN–(BUSINESS WIRE)–The “Specialty Insurance Market By Type, Distribution Channel and End User: Global Opportunity Analysis and Industry Forecast, 2021-2030” report has been added to ResearchAndMarkets.com’s offering.

Specialty insurance provides coverages for special, unusual, difficult insurance needs, and for higher risk accounts. Events such as an unforeseen wedding postponement, trip cancellation, or identity theft and items such as jewelry, valuable collectibles, or guns are some of the major perils covered under specialty insurance. Directors & officers liability insurance, errors & omissions insurance, commercial umbrella insurance, and cyber liability insurance are some of the types of specialty insurance. Furthermore, the premiums under this insurance is calculated based on specific industry, the risks factors, and the amount of coverage for the specified needs.

With the ability to provide both admitted & non-admitted products, specialty insurance covers niche & unique perils across a wide range of business lines. It provides multiple coverage options with huge flexibility in terms of coverages, policy term, and policy period. In addition, surge in demand for specialized expertise and technological advancements are major factors that drive the market growth. However, lack of awareness & understanding towards specialty insurance and highly volatile market are some of the factors that hamper the market growth.

On the contrary, developing economies, such as India, South Korea, Taiwan, and Vietnam, are witnessing high growth in construction, healthcare, and environmental sectors. Therefore, expansion of business and involvement of international teams are expected to provide an immense opportunity to the specialty insurance market. Moreover, insurers are investing heavily in these technologies and incorporating technologies such as blockchain and Internet of things (IoT) in their existing specialty insurance product lines which further promotes the demand for specialty insurance in the coming years.

The specialty insurance market is segmented on the basis of type, distribution channel, end user, and region. By type, it is segregated into marine, aviation & transport (MAT), political risk & credit insurance, entertainment insurance, art insurance, livestock & aquaculture insurance, and others. The marine, aviation & transport (MAT) is further segmented into inland marine and ocean marine.

In addition, the ocean marine is further segregated into cargo insurance, hull & machinery insurance, marine liability insurance, and offshore energy insurance. By distribution channel, it is bifurcated into brokers and non-brokers. Based on end user, the market is divided into business and individuals. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Key Benefits For Stakeholders

  • The study provides in-depth analysis of the global specialty insurance market along with the current & future trends to illustrate the imminent investment pockets.
  • Information about key drivers, restrains, & opportunities and their impact analysis on the global specialty insurance market size are provided in the report.
  • Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
  • The quantitative analysis of the global specialty insurance market from 2021 to 2030 is provided to determine the market potential.

Market Dynamics

Drivers

  • Surge in demand for specialized expertise
  • Technological advancements
  • Numerous benefits provided by specialty insurance with covering unique needs & preferences

Restraints

  • Extreme volatile market
  • Lack of awareness & understanding towards specialty insurance

Opportunities

  • Rapid growth in incorporation of technologies
  • Untapped potential of emerging economies

Key Market Players

  • AXA
  • American International Group Inc.
  • Allianz
  • ASSICURAZIONI GENERALI S.P.A.
  • Berkshire Hathaway Inc.
  • Chubb
  • Munich Re
  • PICC
  • Tokio Marine HCC
  • Zurich

For more information about this report visit https://www.researchandmarkets.com/r/wcuyjj

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