Liability Insurance Market 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): Global Opportunity Analysis and Industry Forecast, 2021-2031
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.
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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