From GlobeNewswire: 2024-07-11 09:00:00

The Global Specialty Insurance Market is projected to grow from USD 87.61 Billion in 2023 to USD 198.92 Billion by 2033, with a CAGR of 8.10%. Specialty insurance covers unique and high-risk scenarios such as cyber liability, aviation, and terrorism, filling gaps left by standard insurance. The aviation & transport (MAT) segment is expected to dominate the market, driven by international trade growth and technology advancements.

Brokers are projected to experience the fastest CAGR growth in distributing specialty insurance, due to their expertise in evaluating complex risks and tailoring solutions. The business segment is predicted to witness significant growth in the specialty insurance market, allowing industries to address specific challenges not covered by standard policies. Europe is set to lead the market, followed by Asia Pacific due to its economic growth and increasing awareness of risk management.

Key players in the Global Specialty Insurance Market include AXA, AIG, Allianz, Chubb, and Zurich. Recent developments include AXA XL unveiling an endorsement to assist companies with SEC cyber incident reporting. The market is segmented by type, distribution channel, and end-user, with regional analysis covering Europe, Asia Pacific, South America, and the Middle East & Africa. Major vendors are focusing on product development, partnerships, and acquisitions to stay competitive in the market.



Read more at GlobeNewswire: Global Specialty Insurance Market Size To Worth USD 198.92