Liability insurance is a policy that offers protection to businesses and individuals from risk, which they may be held legally or sued for negligence, malpractice or injury. This insurance policy protects the insured from legal payouts and costs, for which the policyholder is deemed to be responsible. In addition, it provides an insured party with protection against claims resulting from injuries and damage to other people or property. Liability insurance policies cover any legal costs and payouts for which an insured party is responsible for if they are found legally liable. Intentional damage and contractual liabilities are generally not covered in liability insurance policies.
Liability insurance minimizes the business risk, such as bodily injury caused to any person because of faulty machines or any other circumstances. In addition, it reduces out of pocket costs for the insured, since the importance of liability insurance is that every business faces claims that can come up during normal operations. Without coverage, the insured have to pay out of pocket to cover claims, which can put their business at financial risk. Surge in awareness of liability insurance in developing countries is a factor that propels the market growth. However, increase in liability insurance premium cost and lack of knowledge about coverage included in liability insurance policy are some major factors that limit the growth of the liability insurance market. On the contrary, liability insurance is an essential coverage for providing compensation for employees to recover from a work-related injury or illness. Therefore, rise in cases of work related accidents is expected to provide major lucrative opportunities for the growth of the liability insurance market.
The liability insurance market is segmented on the basis of coverage type, enterprise size, application, and region. By coverage type, it is segmented into general liability insurance, professional liability insurance (errors and omissions), and insurance for directors and officers. By enterprise size, it is divided into medium-sized enterprises, large enterprises, and small enterprises. By application, it is bifurcated into personal and commercial. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The report analyzes the profiles of key players operating in the liability insurance market such as 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, AND Zurich American Insurance Company. These players have adopted various strategies to increase their market penetration and strengthen their position in the liability insurance market.
Liability insurance minimizes the business risk, such as bodily injury caused to any person because of faulty machines or any other circumstances. In addition, it reduces out of pocket costs for the insured, since the importance of liability insurance is that every business faces claims that can come up during normal operations. Without coverage, the insured have to pay out of pocket to cover claims, which can put their business at financial risk. Surge in awareness of liability insurance in developing countries is a factor that propels the market growth. However, increase in liability insurance premium cost and lack of knowledge about coverage included in liability insurance policy are some major factors that limit the growth of the liability insurance market. On the contrary, liability insurance is an essential coverage for providing compensation for employees to recover from a work-related injury or illness. Therefore, rise in cases of work related accidents is expected to provide major lucrative opportunities for the growth of the liability insurance market.
The liability insurance market is segmented on the basis of coverage type, enterprise size, application, and region. By coverage type, it is segmented into general liability insurance, professional liability insurance (errors and omissions), and insurance for directors and officers. By enterprise size, it is divided into medium-sized enterprises, large enterprises, and small enterprises. By application, it is bifurcated into personal and commercial. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The report analyzes the profiles of key players operating in the liability insurance market such as 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, AND Zurich American Insurance Company. These players have adopted various strategies to increase their market penetration and strengthen their position in the liability insurance market.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the liability insurance market analysis from 2021 to 2031 to identify the prevailing liability insurance market forecast.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- In-depth analysis of the liability insurance market segmentation assists to determine the prevailing market opportunities.
- The report includes the analysis of the regional as well as global liability insurance market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
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
By Region
- North America
- U.S.
- Canada
- Europe
- United Kingdom
- Germany
- France
- Italy
- Spain
- Netherlands
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key 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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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: LIABILITY INSURANCE MARKET, BY COVERAGE TYPE
CHAPTER 5: LIABILITY INSURANCE MARKET, BY ENTERPRISE SIZE
CHAPTER 6: LIABILITY INSURANCE MARKET, BY APPLICATION
CHAPTER 7: LIABILITY INSURANCE MARKET, BY REGION
CHAPTER 8: COMPANY LANDSCAPE
CHAPTER 9: COMPANY PROFILES
LIST OF TABLES
LIST OF FIGURES
Executive Summary
According to this report titled, 'Liability Insurance Market,' the liability insurance market size was valued at $252.34 billion in 2021, and is estimated to reach $432.81 billion by 2031, growing at a CAGR of 5.7% from 2022 to 2031.Liability insurance minimizes the business risk, such as bodily injury caused to any person because of faulty machines or any other circumstances. In addition, it reduces out of pocket costs for the insured, since the importance of liability insurance is that every business faces claims that can come up during normal operations. Without coverage, the insured have to pay out of pocket to cover claims, which can put their business at financial risk. Surge in awareness of liability insurance in developing countries propels the liability insurance market growth. However, increase in liability insurance premium cost and lack of knowledge about coverage included in liability insurance policy are some major factors that limit the liability insurance market. On the contrary, liability insurance is an essential coverage for providing compensation for employees to recover from a work-related injury or illness. Therefore, rise in cases of work related accidents is expected to provide major lucrative opportunities for the growth of the liability insurance market trends.
The liability insurance market is segmented on the basis of coverage type, enterprise size, application, and region. By coverage type, it is segmented into general liability insurance, professional liability insurance (errors and omissions), and insurance for directors and officers. By enterprise size, it is divided into medium-sized enterprises, large enterprises, and small enterprises. By application, it is bifurcated into personal and commercial. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
On the basis of coverage type, the general liability insurance attained the highest growth during the forecast period. This is attributed to the fact that general liability insurance is the highest demanded policy since insured are constantly under the risk of incurring bodily injury, which may cause them to pay for medical bills and other compensation to the injured person. Medical liability insurance helps to pay for medical bills resulting from an accident caused by the insured and also pay for repairs to damages from an accident caused by the insured. Therefore, the demand for general liability insurance has grown significantly.
By region, North America is the highest growing region in liability insurance industry during the forecast period. This is attributed to the fact that consumers in the U.S. and Canada are more aware about the policy coverage and premium cost of umbrella liability insurance. Moreover, the growing number of accidents in factories where manpower is involved has significantly grown in the U.S. Thus, chances of accidents and bodily injuries to workers have also grown simultaneously. Thus, consumers in North America, particularly in the U.S. are purchasing third party liability insurance to cover such unforeseen circumstances.
The liability insurance market has been moderately impacted by the COVID-19 outbreak. This is attributed to the fact that consumer trends toward public liability insurance are changing and key players in the market are adopting technologies, such as artificial intelligence-based solutions for claim processing & cognitive automation for real-time interaction with consumers. For instance, in 2020, the U.S.-based liability insurance company, Humana, partnered with Oracle to enable the usage of artificial intelligence for providing an automated, transparent, and real-time claim processing experience to consumers.
Key findings of the Study
- By coverage type, the general liability insurance segment led the liability insurance market in terms of revenue in 2021.
- By application, the commercial segment accounted for the highest liability insurance market share in 2021.
- By region, North America generated the highest revenue in 2021.
Companies Mentioned
- 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
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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