The North America Specialty Insurance Market should witness market growth of 10.0% CAGR during the forecast period (2022-2028).
Specialty insurance provides a broad range of coverage options with tremendous flexibility concerning the policy duration, policy term, and coverages, significantly increasing the specialty insurance market's growth. Throughout the projected period, the market expansion is anticipated to be driven by a rising need for specialty insurance between Program Administrators (PAs), one of the major vendors of specialty insurance products.
Since these programs offer a comprehensive and tailored design to efficiently meet the needs of company segments with distinct risk profiles, the industry has seen a rise in demand for expert knowledge in specialty insurance products. In addition, due to PAs' extensive knowledge of the target market exposure, these administrators perform as specialized experts. As a result, administrators' knowledge is increasingly relied upon by policyholders, specialty insurers, and brokers to offer their clients specific specialist coverages.
An effective and convenient transportation system is crucial for connecting people and promoting economic activity in Canada because of its large landmass and widely distributed population. The multi-modal transportation network in Canada comprises numerous critical resources and networks that connect all of the country's regions. Transportation is crucial in both Canadians' daily lives and the country's economy. It connects people to jobs, gets goods to consumers, links locales and communities to one another and worldwide markets, and maintains and draws international value chains, which are the foundation of bothinternational and domestictrade. Similarly, other industries are demanding specialty risk coverage. Hence, the region presents lucrative growth opportunities for the market.
The US market dominated the North America Specialty Insurance Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $43,873.4 million by 2028. The Canada market is poised to grow at a CAGR of 12.5% during (2022-2028). Additionally, The Mexico market should witness a CAGR of 11.5% during (2022-2028).
Based on End-user, the market is segmented into Business, and Individuals. Based on Distribution Channel, the market is segmented into Brokers, and Non-brokers. Based on Type, the market is segmented into Marine, Aviation & Transport (MAT) Insurance, Political Risk & Credit Insurance, Entertainment Insurance, Art Insurance, Livestock & Aquaculture Insurance, and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Tokio Marine Holdings, Inc., Allianz Trade (Allianz Group), AXA SA, Chubb Limited, Zurich Insurance Group Ltd., Berkshire Hathaway, Inc., Assicurazioni Generali SpA, Munich Re Group, American International Group, Inc. (AIG), and PICC Property and Casualty Company Limited.
Specialty insurance provides a broad range of coverage options with tremendous flexibility concerning the policy duration, policy term, and coverages, significantly increasing the specialty insurance market's growth. Throughout the projected period, the market expansion is anticipated to be driven by a rising need for specialty insurance between Program Administrators (PAs), one of the major vendors of specialty insurance products.
Since these programs offer a comprehensive and tailored design to efficiently meet the needs of company segments with distinct risk profiles, the industry has seen a rise in demand for expert knowledge in specialty insurance products. In addition, due to PAs' extensive knowledge of the target market exposure, these administrators perform as specialized experts. As a result, administrators' knowledge is increasingly relied upon by policyholders, specialty insurers, and brokers to offer their clients specific specialist coverages.
An effective and convenient transportation system is crucial for connecting people and promoting economic activity in Canada because of its large landmass and widely distributed population. The multi-modal transportation network in Canada comprises numerous critical resources and networks that connect all of the country's regions. Transportation is crucial in both Canadians' daily lives and the country's economy. It connects people to jobs, gets goods to consumers, links locales and communities to one another and worldwide markets, and maintains and draws international value chains, which are the foundation of bothinternational and domestictrade. Similarly, other industries are demanding specialty risk coverage. Hence, the region presents lucrative growth opportunities for the market.
The US market dominated the North America Specialty Insurance Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $43,873.4 million by 2028. The Canada market is poised to grow at a CAGR of 12.5% during (2022-2028). Additionally, The Mexico market should witness a CAGR of 11.5% during (2022-2028).
Based on End-user, the market is segmented into Business, and Individuals. Based on Distribution Channel, the market is segmented into Brokers, and Non-brokers. Based on Type, the market is segmented into Marine, Aviation & Transport (MAT) Insurance, Political Risk & Credit Insurance, Entertainment Insurance, Art Insurance, Livestock & Aquaculture Insurance, and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Tokio Marine Holdings, Inc., Allianz Trade (Allianz Group), AXA SA, Chubb Limited, Zurich Insurance Group Ltd., Berkshire Hathaway, Inc., Assicurazioni Generali SpA, Munich Re Group, American International Group, Inc. (AIG), and PICC Property and Casualty Company Limited.
Scope of the Study
By End-user
- Business
- Individuals
By Distribution Channel
- Brokers
- Non-brokers
By Type
- Marine, Aviation & Transport (MAT) Insurance
- Political Risk & Credit Insurance
- Entertainment Insurance
- Art Insurance
- Livestock & Aquaculture Insurance
- Others
By Country
- US
- Canada
- Mexico
- Rest of North America
Key Market Players
List of Companies Profiled in the Report:
- Tokio Marine Holdings, Inc.
- Allianz Trade (Allianz Group)
- AXA SA
- Chubb Limited
- Zurich Insurance Group Ltd.
- Berkshire Hathaway, Inc.
- Assicurazioni Generali SpA
- Munich Re Group
- American International Group, Inc. (AIG)
- PICC Property and Casualty Company Limited
Unique Offerings
- Exhaustive coverage
- The highest number of market tables and figures
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Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market Overview
Chapter 3. Competition Analysis - Global
Chapter 4. North America Specialty Insurance Market by End-user
Chapter 5. North America Specialty Insurance Market by Distribution Channel
Chapter 6. North America Specialty Insurance Market by Type
Chapter 7. North America Specialty Insurance Market by Country
Chapter 8. Company Profiles
Companies Mentioned
- Tokio Marine Holdings, Inc.
- Allianz Trade (Allianz Group)
- AXA SA
- Chubb Limited
- Zurich Insurance Group Ltd.
- Berkshire Hathaway, Inc.
- Assicurazioni Generali SpA
- Munich Re Group
- American International Group, Inc. (AIG)
- PICC Property and Casualty Company Limited
Methodology
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About the Market
Specialty insurance is a type of insurance that covers unique risks that are not typically covered by traditional insurance policies. It is designed to provide coverage for specific industries, activities, and exposures that require specialized coverage. Specialty insurance policies are tailored to the individual needs of the policyholder and can provide coverage for a wide range of risks, including property damage, liability, and business interruption. Specialty insurance is often used to cover Read more
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