Benefits such as minimization of business risks and reduced out-of-pocket costs and rise in awareness of third-party liability insurance in developing countries drive the growth of the global liability insurance market.
PORTLAND, Ore., June 13, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Liability Insurance Market by Coverage Type (General Liability Insurance, Professional Liability Insurance, Insurance for Directors and Officers), by Enterprise Size (Medium-sized Enterprises, Large Enterprises, Small Enterprises), by Application (Commercial, Personal): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global liability insurance industry generated $252.34 billion in 2021, and is expected to reach $432.81 billion by 2031, witnessing a CAGR of 5.7% from 2022 to 2031.
Drivers, Restraints, and Opportunities
Benefits such as minimization of business risks and reduced out-of-pocket costs and rise in awareness of third party liability insurance in developing countries drive the growth of the global liability insurance market. However, surge in liability insurance premium costs and lack of knowledge about coverage included in liability insurance policies hinder the market growth. On the other hand, increase in cases of work-related accidents presents opportunities for the market in the coming years.
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Covid-19 Scenario
- Underwriters of directors & officers and employment practice liability insurance became concerned about the uncertainty created due to the Covid-19 pandemic. Risks related to litigation and others increased considerably during the pandemic.
- Many liability insurance providers changed their way of operation during the pandemic. They began to provide service and assistance through online portals, chats, or calling instead of opening their physical offices.
The General Liability Insurance Segment to Maintain Its Leadership Status During the Forecast Period
Based on coverage type, the general liability insurance segment accounted for the highest market share in 2021, contributing to more than two-fifths of the global liability insurance market, and is projected to maintain its leadership status during the forecast period. This is due to value added to small business beyond liability protection and protection of the insured against costs incurred for bodily injury or property damage suffered by third parties on the premises of their business or caused by their products or services. However, the insurance for directors and officers segment is estimated to manifest the largest CAGR of 9.3% from 2022 to 2031, owing to reimbursement offered to a business or non-profit organization for the legal fees or other costs incurred in defending against lawsuits.
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The Commercial Segment to Maintain Its Lead Position Throughout the Forecast Period
Based on application, the commercial segment contributed the highest market share in 2021, accounting for around three-fourths of the global liability insurance market, and is expected to maintain its lead position throughout the forecast period. This is attributed to protection of the financial interests of commercial owners from penalties that they may face from litigation waged against them and covering of the associated legal costs. However, the personal segment is expected to witness the highest CAGR of 7.3% from 2022 to 2031, owing to rise in number of independent consultants leaving the corporate world or large enterprises to form a sole proprietorship or limited liability company.
North America to Maintain Its Dominance in Terms of Revenue By 2031
Based on region, North America accounted for the highest market share in terms of revenue in 2021, holding nearly two-fifths of the global liability insurance market, and is expected to maintain its dominance in terms of revenue by 2031. This is due to the presence of large number of companies demanding claims handling services of workers' compensation, auto liability, medical claim assistance, and others. However, Asia-Pacific is estimated to register the fastest CAGR of 8.0% during the forecast period. This is due to wide financial protection that includes claims other than traffic collisions such as theft, keying, weather, or natural disasters and damage caused by colliding with stationary objects.
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Leading Market Players
- American International Group, Inc.
- Allianz
- AXA SA
- CNA Financial Corporation
- Chubb
- IFFCO-Tokio General Insurance Company Limited
- Liberty General Insurance Limited
- The Hartford
- The Travelers Indemnity Company
- Zurich American Insurance Company
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