Global Specialty Insurance Market Size Study & Forecast, by Type (Marine, Aviation & Transport (MAT) Insurance; Political Risk & Credit Insurance; Entertainment Insurance; Art Insurance; Livestock & Aquaculture Insurance; Others), By Distribution Channel

Global Specialty Insurance Market Size Study & Forecast, by Type (Marine, Aviation & Transport (MAT) Insurance; Political Risk & Credit Insurance; Entertainment Insurance; Art Insurance; Livestock & Aquaculture Insurance; Others), By Distribution Channel (Brokers, Non-brokers), By End-user (Business, Individuals), and Regional Analysis, 2023-2030

Global Specialty Insurance Market is valued at approximately USD 115.80 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 10.6% over the forecast period 2023-2030. Specialty insurance is a type of insurance that covers risks that are not typically covered by standard insurance policies. Specialty insurance can be used to protect businesses, individuals, and families from a variety of risks, including Marine, Aviation & Transport (MAT) insurance; political risk & credit insurance; entertainment insurance; art insurance; livestock & aquaculture insurance; and many others. The global market growth is being driven by the surge in demand for specialized expertise, rising implementation of technologies such as the Internet of Things (IoT) and blockchain, coupled with the increasing regulatory compliance in various industries creating the need for specialized insurance coverage.

In addition, venture capital firms all over the world are concentrating on investing in specialty insurance companies because the industry is expected to develop at an increasing rate during the anticipated period. For instance, in September 2021, Ategrity speciality- a specialty property and casualty insurance company announced that it had obtained USD 75 million in financing, with Sequentis Financial LLC serving as the lead arranger, to bolster its product lines and support its sustained expansion. This funding is expected to be used by the business to invest in data and analytics capabilities and boost the company's growth. Thus, these aforementioned factors are propelling the growth of Specialty Insurance Market during the estimated period. Moreover, the rising incorporation of technologies in specialty insurance offerings, as well as increased customization and flexibility compared to standard insurance policies present various lucrative opportunities over the forecasting years. However, the lack of awareness about specialty insurance and the complex underwriting and risk assessment are challenging the market growth throughout the forecast period of 2023-2030.

The key regions considered for the Global Specialty Insurance Market study include Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 owing to the high demand for specialized expertise, as well as growing technological advancements. Whereas, Asia Pacific is expected to grow at the highest CAGR over the forecasting years. The growing focus on the increasing complexity of risks, rising regulatory compliance, coupled with the growing integration of risk management techniques are significantly propelling the market demand across the region.

Major market players included in this report are:
Allianz
American International Group, Inc.
Assicurazioni Generali S.p.A.
Berkshire Hathaway Inc.
Munich RE
Tokio Marine HCC
Argo Group
PICC
Zurich
Axa S.A.

Recent Developments in the Market:
In March 2023, Falvey Insurance Group increased the range of products it offers with the introduction of inland marine coverage in order to support its expansion in specialty markets. The business offers a variety of supplementary value-added services at no extra charge.

Global Specialty Insurance Market Report Scope:
Historical Data – 2020 - 2021
Base Year for Estimation – 2022
Forecast period - 2023-2030
Report Coverage - Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered - Type, Distribution Channel, End-user, Region
Regional Scope - North America; Europe; Asia Pacific; Latin America; Middle East & Africa

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.

The detailed segments and sub-segment of the market are explained below:

By Type:
Marine, Aviation & Transport (MAT) Insurance
Political Risk & Credit Insurance
Entertainment Insurance
Art Insurance
Livestock & Aquaculture Insurance
Others

By Distribution Channel:
Brokers
Non-brokers

By End-user:
Business
Individuals

By Region:

North America
U.S.
Canada

Europe
UK
Germany
France
Spain
Italy
ROE

Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC

Latin America
Brazil
Mexico

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Companies Mentioned
Allianz
American International Group, Inc.
Assicurazioni Generali S.p.A.
Berkshire Hathaway Inc.
Munich RE
Tokio Marine HCC
Argo Group
PICC
Zurich
Axa S.A.

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