Global Professional Liability Insurance Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Professional Liability Insurance Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Professional liability insurance (PLI), also called professional indemnity insurance (PII) but more commonly known as errors & omissions (E&O) in the US, 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.

Market Overview:

The latest research study on the global Professional Liability Insurance market finds that the global Professional Liability Insurance market reached a value of USD 42351.81 million in 2022. It’s expected that the market will achieve USD 52234.47 million by 2028, exhibiting a CAGR of 3.56% during the forecast period.

Region Overview:

In 2022, the share of the Professional Liability Insurance market in Europe stood at 39.15%.

Company Overview:

AXA is one of the major players operating in the Professional Liability Insurance market, holding a share of 9.36% in 2023.

AXA

AXA SA, through its subsidiaries, provides insurance and asset management services worldwide. The company offers a range of insurance products, including life and savings, property and casualty, and health.

Chubb Ltd

The Chubb Corporation operates as an insurance company. The Company provides a wide range of commercial and personal property, casualty, reinsurance, accident, supplemental health, and life insurance. Chubb serves customers worldwide. The company was formerly known as ACE Limited and changed its name to Chubb Limited in January 2016.

Segmentation Overview:

By type, Medical Liability segment accounted for the largest share of market in 2022.

Application Overview:

In the Professional Liability Insurance market, 37.05% of the total value was generated through the $5 Million to $20 Million segment by application in 2022.

Key Companies in the global Professional Liability Insurance market covered in Chapter 3:

MetLife, Inc.
Hiscox
Munich Re Group
AXA
Medpro Group
Beazley Group
Aviva plc
Chubb Ltd
Assicurazioni Generali SpA
Marsh & McLennan
ALLIANZ
American International Group
The Travelers Companies, Inc

In Chapter 4 and Chapter 14.2, on the basis of types, the Professional Liability Insurance market from 2018 to 2029 is primarily split into:

Medical Liability
Lawyer Liability
CPA Liability
Construction & Engineering Liability
Others

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Professional Liability Insurance market from 2018 to 2029 covers:

Up to $1 Million
$1 Million to $5 Million
$5 Million to $20 Million
Over $20 Million

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)