Categories: Market Research

Specialty Insurance Market Opportunities and Strategies 2024-2033: Size, Share, and Analysis

The Specialty Insurance Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Specialty Insurance Global Market Report 2024, The specialty insurance market size has grown rapidly in recent years. It will grow from $89.87 billion in 2023 to $99.26 billion in 2024 at a compound annual growth rate (CAGR) of 10.5%. The growth in the historic period can be attributed to risk mitigation needs, regulatory changes, globalization impact, emerging industries, litigation trends.

The specialty insurance market size is expected to see rapid growth in the next few years. It will grow to $147.67 billion in 2028 at a compound annual growth rate (CAGR) of 10.4%. The growth in the forecast period can be attributed to cybersecurity threats, climate change impacts, pandemic preparedness, technological innovations, healthcare industry evolution, evolving legal landscape. Major trends in the forecast period include customized insurance solutions for the cannabis industry, demand for space insurance in the aerospace sector, specialized coverage for fine art and collectibles, growth of insurance for renewable energy projects, increased focus on employee benefits liability coverage.

The rising natural disasters are expected to propel the growth of the specialty insurance market going forward. Natural disasters are catastrophic events with atmospheric, geological, and hydrological origins that can cause fatalities, property damage, and social environmental disruption. Specialty insurance provides tailored insurance to cover a wide range of damages caused by catastrophic events that include earthquakes, hurricanes, and others, and insurance covers covering real and personal property for captives, including business income and minimizes the financial risk. For instance, the National Centers For Environmental Information, a US-based agency for providing coastal, geophysical, and oceanic data, approximately 18 weather/climate crisis incidents that occurred in 2022 caused the United States to sustain losses of more than $1 billion apiece that claims the lives of 474 people and significantly damaged the local economy. Therefore, the rising natural disasters driving the growth of the specialty insurance market.

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The specialty insurance market covered in this report is segmented –

1) By Type: Marine, Aviation And Transport (MAT), Political Risk And Credit Insurance, Entertainment Insurance, Art Insurance, Livestock And Aquaculture Insurance, Other Types

2) By Distribution Channel: Brokers, Non-Brokers

3) By End User: Business, Individuals

Major companies operating in the specialty insurance market are forming partnerships to develop new products and strengthen their positions in the market. Collaborations and partnerships in the specialty insurance market foster innovation, leverage complementary expertise, and accelerate the development and commercialization of advanced therapies by combining resources and capabilities. For instance, in August 2021, Mosaic Insurance Holdings Limited, a UK-based specialty insurance and reinsurance company partnered with DXC Technology Company, a US-based IT services and consulting company to launch Mosaic’s Platform. The goal of this new platform is to accelerate the sale, underwriting, and servicing of specialty insurance. This advanced technological platform for specialty insurance seeks to accelerate the underwriting, servicing, and sale of specialty insurance. The new platform makes use of modern technologies such as sophisticated automation, blockchain-enabled real-time data access, and artificial intelligence underwriting support.

The specialty insurance market report table of contents includes: