Specialty Insurance Market to Cross over USD$270 Billion in Revenues by 2022 Thanks to Preference for Specialty Insurance Products

Published Date : Jul 31, 2017

Albany, New York, July 31, 2017: The recent growth of insurance industry has offered a significant boost to the global specialty insurance market as growing number of people are opting for specialty insurance solutions. A new report added in the vast database of MarkerReportResearch.biz titled “Global Specialty Insurance Market Size, Status and Forecast 2022,” speaks about the present market scenario of the specialty insurance market. The publication also sheds light on market drivers, major trends, restraints, and possible opportunities that may arise in the market. The report also provides critical knowledge about the market scope, overview, and future outlook. It talks about the dynamics and the competitive landscape of the market and aims to offer vital market intelligence to aid market vendors to make educated decisions about investments.

The global specialty insurance market is estimated to develop at a healthy CAGR of 5.35% in the aforementioned forecast period of 2016 to 2022. In the mentioned period, the net worth of the global specialty insurance market is estimated to rise from US$204.73 bn in 2016 to US$279.97 bn by 2022. The report says that the out of the total revenue generated by the global specialty insurance market, 34% will come from the top 24 manufacturers in the market. It also mentions that the U.S and Europe will be key contributors to the high-end specialty insurance products segments.

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The overall international specialty insurance market is noticeably fragmented. Depending on the type of product, the market of specialty insurance is mainly segmented into property insurance and life insurance. On the basis of application and end user, the specialty market can be further split into personal specialty insurance and commercial specialty insurance. While geographically, the global specialty insurance market is categorized into five regions viz. India, China, Japan, North America, and Europe. Such regional segmentation allows user to have in-depth knowledge of the latest market drivers and trends of each region, and thus can plan accordingly to get maximum from the market. These regional markets are segmented on account of their market share, revenue generated and overall growth rate. The specialty insurance sector is gaining momentum in the developing economies where the standard of living of the population is constantly improving and thus, driving the demand for specialty insurance.

The report mentions quite a few key players in the global specialty insurance market. It includes, AXA, Allianz, UnitedHealthCare, Tokio Marine, AIG, XL Group, China Life, PICC, Argo Group, Munich Re, Nationwide, Hanover Insurance, CPIC, Zurich, Sompo Japan Nipponkoa, Assurant, Hudson, Hiscox, Ironshore, Selective Insurance, Manulife, RenaissanceRe Holdings, and Mapfre. The report analyses the market competition by players and along with the latest trends and competitive status. It also talks about the market concentration rate, any major mergers and acquisitions, technological trends that may arise in future, and profiles each of the top players in the specialty insurance market.

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