Liability Insurance Carriers Global Market Report 2024

The liability insurance carrier market size has grown strongly in recent years. It will grow from $290.76 billion in 2023 to $307.8 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. During the historic period, growth was primarily fueled by factors such as the availability of lifetime coverage, tax benefits associated with the insurance, financial stability during economic downturns, the appeal of a conservative investment option, and the inclusion of legacy and estate planning benefits.

The liability insurance carrier market size is expected to see strongly grown in the next few years. It will grow to $393.07 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. Anticipated growth in the forecast period is driven by the increasing levels of financial literacy, changing consumer preferences, incentives focused on health and wellness, considerations regarding wealth transfer and estate planning, and the introduction of innovative insurance products. Key trends expected in this period encompass the customization of policies to meet specific needs, the integration of innovative features within products, evolving customer expectations, emphasis on wealth transfer and estate planning, and the integration of technology in the underwriting process.

Rising medical inflation stands as a driving force behind the liability insurance carriers market. This inflation, marked by escalating medical costs due to shifting medical trends, renders medical care financially burdensome for individuals and small businesses in scenarios involving third-party accidents or damage. Liability insurance proves beneficial in covering these costs, forming a fundamental coverage provision. In 2022, reports by the Kaiser Family Foundation highlighted a 7.7% increase in medical product and service costs compared to 2021, with medical care costs rising by 5%. A survey conducted by Willis Towers Watson revealed a global medical cost growth surge from 8.2% in 2021 to 8.8% in 2022, projecting an anticipated 10% rise in 2023. Consequently, escalating medical inflation drives the liability insurance carriers’ market.

The surge in international and cross-border trade acts as a significant catalyst propelling the liability insurance carriers market. This trade involves economic exchanges across national borders and requires risk mitigation, a role fulfilled by liability insurance carriers. They provide coverage against legal liabilities, offering financial protection for businesses engaged in global transactions. In 2021, global trade reached a historic high of $28.5 trillion, signifying a 25% surge from 2020 and a 13% increase compared to pre-COVID-19 levels. Cross-border trade between Northern Ireland and Ireland in 2022 amounted to €10.2 billion ($12.39 billion), up from €7.8 billion ($9.48 billion) in 2021. Consequently, the expansion of international trade significantly drives the liability insurance carriers market. Key players in the liability insurance carriers’ domain leverage advanced technology solutions to streamline operations and fortify their market presence. For instance, CorVel Corporation introduced the CogencyIQSM workers' liability and claim management platform in December 2021. This solution integrates artificial intelligence and predictive analytics to offer insights into worker's claim data and liability insurance guidance, streamlining processes.

Major companies in this sector provide specialized insurance products tailored to bridge gaps in general liability and umbrella policies. These unique offerings are designed to address specific and often unconventional risks within particular industries or niches. Hub International Limited launched Violent Acts Liability Insurance in November 2023, addressing liability risks stemming from malicious violence in business operations. Underwritten by Lloyd’s of London, this coverage extends up to $25 million limits, encompassing third-party liability for mental anguish and the impact on bystanders or victims' families. It includes coverage for loss of revenue, pollution clean-up, and access prevention, along with a crisis fund for immediate costs and impacts.

In December 2022, World Insurance Associates, a United States-based insurance provider, successfully acquired DG & M Insurance Agency for an undisclosed sum. This strategic acquisition enhances the range of products offered by the company and strengthens its ability to cater to its client base. DG & M Agency, also based in the US, is recognized for its provision of high-quality insurance products and services.

Major companies operating in the liability insurance carriers market report are American International Group Inc., Allianz SE, AXIS Capital Holdings Limited, CNA Financial Corporation, Chubb Corp., IFFCO-Tokio General Insurance Company Limited, Liberty General Insurance Limited, the Hartford Financial Services Group Inc., the Travelers Indemnity Company, Zurich American Insurance Company, Hiscox Ltd., Berkshire hathaway GUARD Insurance Companies, Great American Insurance Group, Progressive Commercial, Thimble Insurance, Nationwide Mutual Insurance Company, Markel Corporation, Munich Re Group, Westfield Insurance Company, QBE Insurance Group Limited, COUNTRY Financial, Acuity a Mutual Insurance Co., Erie Insurance Group, the Hanover Insurance Group, the Cincinnati Insurance Company, the Main Street America Group, the United States Liability Insurance Group, the Zenith Insurance Company, Tokio Marine America Insurance Company, Tower Group Companies .

North America was the largest region in the liability insurance carriers’ market in 2023. The regions covered in the liability insurance carriers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa The countries covered in the liability insurance carriers market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary coverage types offered by liability insurance carriers include general liability insurance, professional liability insurance, and insurance tailored for directors and officers. General liability insurance covers expenses and damages arising from a company's products or services. These carriers cater to organizations across various scales ranging from small and medium-sized enterprises to larger entities and provide coverage for both commercial and personal applications.

The liability insurance carriers market research report is one of a series of new reports provides liability insurance carriers market statistics, including liability insurance carriers industry global market size, regional shares, competitors with liability insurance carriers market share, detailed liability insurance carriers market segments, market trends, and opportunities, and any further data you may need to thrive in the liability insurance carriers industry. This liability insurance carriers market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The liability insurance carriers market includes revenues earned by entities by providing liability insurance services such as insurance comparison, consulting, and claim settlement services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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