surety market size, surety market, surety market growth, surety market forecast, surety market analysis, surety market trends
How much is the surety market worth, and how is it expected to expand?
The surety market size has grown strongly in recent years. It will grow from $19.62 billion in 2024 to $21 billion in 2025 at a compound annual growth rate (CAGR) of 7.0%. The growth in the historic period can be attributed to increasing construction activities, rising infrastructure development, rising constructionIndustry standards, rising construction sector innovations, growth in private sector investments, growth in real estate development.
The surety market size is expected to see strong growth in the next few years. It will grow to $27.31 billion in 2029 at a compound annual growth rate (CAGR) of 6.8%. The growth in the forecast period can be attributed to increasing demand for construction projects, increasing government regulations, increasing number of infrastructure projects, increasing adoption of technology in underwriting, rising number of small and medium sized enterprises (SMEs). Major trends in the forecast period include adoption of digital platforms, advancements in risk management tools, adoption of automated underwriting processes, advancements in digital verification methods, advancements in fraud detection technology.
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WhichIndustry factors have accelerated the surety market’s expansion?
The growing use of digital payment services is expected to propel the growth of the surety market going forward. Digital payment refers to the services that involve using electronic channels and mobile devices to facilitate monetary transactions online. Higher smartphone usage, better internet access, advanced security measures, and user convenience drive digital payment. Surety helps by providing a financial guarantee that ensures the performance and reliability of service providers, protecting users from potential losses due to fraud, service disruptions, or non-compliance with contractual obligations. For instance, in February 2023, according to the Ministry of Electronics & IT, an India-based ministry, total number of digital transactions was valued at 8,840 crore ($1.056 billion) in 2021-2022, reaching 9,192 crore ($1.097 billion) till December 2022. Therefore, the growing use of digital payment services drives the surety market.
What are the primary segments of the surety market?
The surety market covered in this report is segmented –
1) By Bond Type: Contract Surety Bond, Commercial Surety Bond, Fidelity Surety Bond, Court Surety Bond
2) By Application: Government Agencies, Enterprise
3) By End User: Businesses, Contractors, Construction Organizations, Government Agencies, Suppliers, Service Providers And Individuals
Subsegments:
1) By Contract Surety Bond: Performance Bonds, Payment Bonds, Bid Bonds, Maintenance Bonds
2) By Commercial Surety Bond: License And Permit Bonds, Court Bonds (Commercial), Customs Bonds, Miscellaneous Commercial Bonds
3) By Fidelity Surety Bond: Employee Dishonesty Bonds, Business Service Bonds, ERISA Bonds (Employee Retirement Income Security Act)
4) By Court Surety Bond: Appeal Bonds, Judicial Bonds, Bail Bonds, Probate Bonds
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Which firms are leading the surety market?
Major companies operating in the surety market are Berkshire Hathaway Specialty Insurance Company, Nationwide Financial General Agency Inc., Liberty Mutual Group, Zurich Insurance Group Ltd, Chubb Limited, The Travelers Indemnity Company, The Hartford Business & Finance Group Inc., Marsh & McLennan Companies Inc, Intact Financial Corporation, QBE Insurance Group Limited, Aon plc, Everest Group Ltd, CNA Financial Corporation, Markel Corporation, Arch Capital Group Ltd, AssuredPartners Inc., Old Republic International Corporation, American Financial Group Inc., AmTrust Business & Finance Inc., The Hanover Insurance Group Inc., Crum & Forster Insurance, Starr International Company Inc., Tokio Marine Holdings Inc., Allianz Trade, Aspen Insurance Holdings Limited, IAT Insurance Group Inc., EverQuote Inc., J.S. Held LLC, Prime Insurance Company Limited, American Surety Company
Which market trends are set to define the future of the surety market?
Major companies operating in the surety market are developing surety insurance to enhance financial security and meet the growing demand for risk management solutions. Surety insurance, also known as surety bonds provides a financial guarantee that obligations will be fulfilled, offering protection and confidence to parties involved in various transactions and contracts. For instance, in July 2024, ICICI Lombard, an India-based insurance company, launched surety insurance, offering financial guarantees to ensure contractors meet their obligations. This product frees up banking lines and supports larger projects by providing both conditional and unconditional options, advanced risk management, and improved financial flexibility. Its introduction is significant in the surety insurance market, addressing the growing infrastructure sector’s demand for effective risk mitigation and helping businesses secure larger, high-value contracts.
Which geographic trends are shaping the surety market, and which region has the highest market share?
North America was the largest region in the surety market in 2024, and is expected to be the fastest-growing region in the forecast period. The regions covered in the surety market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Does The Surety Market Report 2025 Offer?
The surety market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Surety refers to a contractual agreement in which a surety guarantees the performance and obligations of a principal to a third party. It is utilized to ensure that contractors, businesses, and individuals meet their commitments, such as completing projects and paying debts. This guarantee ensures that the oblige will receive compensation if the principal fails to fulfill their contractual duties or obligations.
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