Global Professional Liability Insurance Market Growth (Status and Outlook) 2023-2029

Global Professional Liability Insurance Market Growth (Status and Outlook) 2023-2029

This report studies the Professional Liability Insurance market. Professional liability insurance (PLI), also called professional indemnity insurance (PII) or errors & omissions (E&O), is a form of liability insurance which helps protect professional advice- and service-providing individuals and companies from bearing the full cost of defending against a negligence claim made by a client, and damages awarded in such a civil lawsuit.

The coverage focuses on alleged failure to perform on the part of, financial loss caused by, and error or omission in the service or product sold by the policyholder. These are causes for legal action that would not be covered by a more general liability insurance policy which addresses more direct forms of harm. Professional liability insurance may take on different forms and names depending on the profession, especially medical and legal, and is sometimes required under contract by other businesses that are the beneficiaries of the advice or service.

LPI (LP Information)' newest research report, the “Professional Liability Insurance Industry Forecast” looks at past sales and reviews total world Professional Liability Insurance sales in 2022, providing a comprehensive analysis by region and market sector of projected Professional Liability Insurance sales for 2023 through 2029. With Professional Liability Insurance sales broken down by region, market sector and sub-sector, this report provides a detailed analysis in US$ millions of the world Professional Liability Insurance industry.

This Insight Report provides a comprehensive analysis of the global Professional Liability Insurance landscape and highlights key trends related to product segmentation, company formation, revenue, and market share, latest development, and M&A activity. This report also analyzes the strategies of leading global companies with a focus on Professional Liability Insurance portfolios and capabilities, market entry strategies, market positions, and geographic footprints, to better understand these firms’ unique position in an accelerating global Professional Liability Insurance market.

This Insight Report evaluates the key market trends, drivers, and affecting factors shaping the global outlook for Professional Liability Insurance and breaks down the forecast by type, by application, geography, and market size to highlight emerging pockets of opportunity. With a transparent methodology based on hundreds of bottom-up qualitative and quantitative market inputs, this study forecast offers a highly nuanced view of the current state and future trajectory in the global Professional Liability Insurance.

The global Professional Liability Insurance market size is projected to grow from US$ 42530 million in 2022 to US$ 54210 million in 2029; it is expected to grow at a CAGR of 3.5% from 2023 to 2029.

Global Professional Liability Insurance key players include Chubb, AIG, AXA, Hiscox, Allianz, etc. Global top five manufacturers hold a share over 25%.

North America is the largest market, with a share about 60%, followed by Europe and Asia-Pacific, both have a share about 35 percent.

In terms of product, Medical Liability is the largest segment, with a share about 30%. And in terms of application, the largest application is Up to $1 Million, followed by $1 Million to $5 Million.

This report presents a comprehensive overview, market shares, and growth opportunities of Professional Liability Insurance market by product type, application, key players and key regions and countries.

Market Segmentation:

Segmentation by type

Medical Liability

Lawyer Liability

CPA Liability

Construction & Engineering Liability

Other Liability

Segmentation by application

Up to $1 Million

$1 Million to $5 Million

$5 Million to $20 Million

Over $20 Million

This report also splits the market by region:

Americas

United States

Canada

Mexico

Brazil

APAC

China

Japan

Korea

Southeast Asia

India

Australia

Europe

Germany

France

UK

Italy

Russia

Middle East & Africa

Egypt

South Africa

Israel

Turkey

GCC Countries

The below companies that are profiled have been selected based on inputs gathered from primary experts and analyzing the company's coverage, product portfolio, its market penetration.

Chubb (ACE)

AIG

Hiscox

Allianz

Tokio Marine Holdings

XL Group

AXA

Travelers

Assicurazioni Generali

Doctors Company

Marsh & McLennan

Liberty Mutual

Medical Protective

Aviva

Zurich

Sompo Japan Nipponkoa

Munich Re

Aon

Beazley

Mapfre

Please note: The report will take approximately 2 business days to prepare and deliver.