Published Date : Jul 31, 2017
ALBANY, New York, July 31, 2017: Specialty insurance policies as the name says, are special type of insurances that cover the insurance of products that are not included in traditional insurance policies. Specialty insurance includes excess and surplus lines insurance, bespoke underwriting, niche market segments, non-standard general insurance, and high-hazard insurance. MarketResearchReports.biz has added a report “Insight Report: Specialty Insurance – Key Trends and Opportunities in the Market,” which covers detailed reports of the market and growth potential for the period 2014-2018.
Shortage of underwriting experts, declining investment income, exposure to natural disasters, low competition, and superior underwriting profits are the key market features of specialty insurance policy market. This report provides comprehensive reports of prevailing trends, in-depth reports of long-term growth strategies adopted by key market players, details about leading specialty carriers, and the product lines offered by specialty insurances.
Drivers like rising incidences of casualties’ worldwide, challenging property, and weakening profitability of insurances are ensuring the growth of specialty insurance market all around the globe. For the year of 2013, the gross written premium for global specialty insurance was in the range of US$140-180 billion. In the same year, the US dominated the global market contributing to more than 50% of the total gross written premium.
In recent years, growing occurrences of data breaches and cybercrimes have escalated the demand for insurance protection against cyber-attacks. In June 2014, Centre for Strategic and International Studies estimated that the cybercrime resulted into losses worth US$445 bn in 2013. Accelerating losses due to cyber-attacks are driving the cyber liability insurances.
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Following the US, European countries showcase high demand for cyber liability insurances. Specialty insurances form a high-return and high-risk market pertinent to underwriting profitability. Insurers are experiencing higher underwriting profits owing to present difficult market phase of underwriting cycles for specialty insurance products. Mostly, specialty carriers generate more underwriting profitability than casualty and property insurers. However, the Thai floods and the earthquakes in Japan caused record losses in 2011 due to catastrophic risks exposure of specialty carriers.
The report briefs the quarterly changes in premium prices for key specialty lines during the period of 2013 and the first half of 2014. This report also sheds light on available growth opportunities and emerging risks. While evaluating prominent inorganic and organic growth strategies, this report also gives details about the major success factors.
RenaissanceRe Holdings Ltd, HCC Insurance Holdings, Inc., Hiscox Ltd, Catlin Group Ltd, and Lloyd’s are among the prominent players in this market. This report includes the company profiles of these players. Furthermore, growth strategies like geographic diversification, product line extension, innovation, managing expense ratios, managing underwriting performances are included, which are intended to help readers understand the market’s growth potential.
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