Liability Insurance Market Trends and Analysis by Region, Line of Business, Competitive Landscape and Forecast to 2027

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Liability Insurance Market Report Overview

The written premium of liability insurance was $338.2 billion in 2022. The market is expected to achieve a CAGR of more than 7% during 2023-2027. The Liability insurance market research report provides in-depth market analysis, information, and insights into the global and regional liability insurance industry. It provides a detailed outlook as well as values for key performance indicators such as written premium and claims during the review period and forecast period.

Liability Insurance Market Outlook, 2022-2027 ($ Billion)

Liability Insurance Market Outlook, 2022-2027 ($ Billion)

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The report gives a comprehensive overview of the global and regional liability insurance industry, key lines of business, key trends, drivers, challenges, regulatory overview, developments in the industry, and insights into key technological developments impacting the market. The report provides a detailed analysis of the competitive landscape, overview, and comparative analysis of leading companies and top insurance markets’ premium and profitability trends for every region.  It also gives insurers access to information on liability insurance dynamics in the country.

Market Size (2022) $338.2 billion
CAGR (2023-2027) >7%
Forecast Period 2023-2027
Historical Period 2018-2022
Key Lines of Business ·       Workers’ Compensation, Industrial Accident, and Employers’ Liability

·       Third-Party Liability

·       Professional or Management Liability

·       Environmental or Hazardous Material Risk

·       Other Liability

Key Regions ·       Asia-Pacific

·       Europe

·       Middle East and Africa

·       North America

·       South and Central America

Leading Insurers ·       Chubb

·       Berkshire Hathaway

·       Travelers

·       Liberty Mutual

·       Hartford Financial

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Liability Insurance Market Trends

  • Embedded insurance, product development, and new regulations to strengthen cyber insurance frameworks are some of the trends impacting the liability insurance market.
  • Embedded insurance is most popular within the travel insurance market and is also present within gadget insurance.
  • In 2022, the Strengthening American Cybersecurity Act was passed in the US. It requires federal agencies and critical infrastructure operators to report cyberattacks and ransomware payments.

Liability Insurance Market Segmentation by Lines of Business

Workers’ compensation, industrial accident, and employers’ liability was the leading liability insurance LOB in 2022.

The lines of business included in the liability insurance market are workers’ compensation, industrial accident, and employers’ liability, third-party liability, professional or management liability, environmental or hazardous material risk, and other liability.

Workers’ compensation, industrial accident, and employers’ liability is the leading liability insurance LOB. Aging workforces, medical inflation, telemedicine, and workplace safety are the key themes in this line of business. Furthermore, professional and management liability insurance growth is expected to pick up pace in 2023 due to stringent underwriting practices in this LOB.

Liability Insurance Market Analysis by Lines of Business, 2022 (%)

Liability Insurance Market Analysis by Lines of Business, 2022 (%)

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Liability Insurance Market Segmentation by Regions

North America is the leading region in the liability insurance market.

The key regions where liability insurance is available are Asia-Pacific, Europe, the Middle East and Africa, North America, and South and Central America. North America, the leading regional market is expected to dictate global liability growth trends over the forecast period. Developments in digitalization, relative stability in underwriting practices, and new market entries resulted in improved market conditions for cyber insurance in the region. Additionally, Marijuana legalization, the opioid crisis, mental health and well-being, and remote working are the focus areas for workers’ compensation insurers in the US in 2023.

Liability Insurance Market Analysis by Regions, 2022 (%)

Liability Insurance Market Analysis by Regions, 2022 (%)

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Liability Insurance Market – Competitive Landscape

Chubb had the highest market share in 2022.

Some of the key insurers in the liability insurance market are:

  • Chubb
  • Berkshire Hathaway
  • Travelers
  • Liberty Mutual
  • Hartford Financial

In September 2022, Chubb introduced a range of flexible management liability propositions under the ForeFront Portfolio for private, not-for-profit, and healthcare organizations. In June of the same year, insurtech firm JA Assure and Chubb announced the launch of the Haxsafe cyber insurance platform in Hong Kong (China SAR), Singapore, and Malaysia. It is designed to provide pre-loss risk mitigation and incident response services.

Liability Insurance Market Analysis by Insurers, 2022 (%)

Liability Insurance Market Analysis by Insurers, 2022 (%)

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Liability Insurance Market – Latest Developments

  • In April 2023, the Dubai International Financial Centre (DIFC) proposed amendments to the Data Protection Regulations 2020 framework in areas covering personal data breach obligations and usage and collection of personal data for marketing and communications.
  • In June 2023, Chubb launched a cyber central quoting platform for brokers and agents that simplifies the quoting process and provides cyber, technology errors and omissions, and miscellaneous professional liability coverages.

Segments Covered in the Report

Liability Insurance Lines of Business Outlook (Value, $ Billion, 2018-2027)

  • Workers’ Compensation, Industrial Accident, and Employers’ Liability
  • Third-Party Liability
  • Professional or Management Liability
  • Environmental or Hazardous Material Risk
  • Other Liability

Liability Insurance Regional Outlook (Value, $ Billion, 2018-2027)

  • Asia-Pacific
  • Europe
  • Middle East and Africa
  • North America
  • South and Central America

Scope

This report provides:

  • A comprehensive analysis of the global liability Insurance industry.
  • It provides historical values for the global and regional liability insurance industry for the report’s review period and projected figures for the forecast period.
  • It offers a detailed analysis of the regional liability insurance industry and market forecasts to 2027.
  • It provides key market trends in the global liability insurance industry.
  • It provides rankings, premiums, and market share of top global and regional liability insurers and analyzes the competitive landscape.

Key Highlights

  • Key insights and dynamics of the liability insurance industry.
  • Insights on key market trends in the liability insurance industry.
  • Insights on key growth and profitability challenges in the liability insurance industry.
  • Comparative analysis of leading liability insurance providers.
  • In-depth analysis of regional markets.
  • Insight on the future growth trend and market outlook.

Reasons to Buy

  • Make strategic business decisions using in-depth historical and forecast market data related to the global and regional liability insurance industry.
  • In-depth market analysis, information, and insights into the global liability insurance industry.
  • In-depth analysis of the competitive landscape and top 20 regional markets.
  • Understand the key dynamics, trends, and growth opportunities in the global and regional liability insurance industry.
  • Identify key regulatory developments impacting market growth.
  • Identify growth opportunities in key regional markets.

Chubb
Berkshire Hathaway
Travelers
Liberty Mutual
Hartford Financial
AIG
AXA
AmTrust
American Financial
Nationwide Mutual
Tokio Marine
Arch Capital
Everest Re
Starr Group
Grupo Sancor Seguros
Groupo Sura
Provincia Seguros
Experta Aseguradora de Riesgos del Trabajo
Positiva Compania De Seguros
Galeno Seguros
Instituto Nacional de Seguros
Banco de Seguros del Estado
Federacion Patronal Seguros
Swiss Medical Art
Grupo Bolivar
Riesgos Profesionales Colmena
Zurich Insurance
Fairfax Financial
La Previsora SA Compania De Seguros
Markel
Assurant
San Cristobal Sociedad Mutual De Seguros Generales
Grupo Asegurador La Segunda
Provinzial Rheinland
Harel Group
Ayalon Insurance
Phoenix Holdings
Menora Mivtachim Group
Clal Insurance Enterprises Holdings
Shlomo Eliahu Holdings
Holmarcom Group
Elezra Holdings
Sanlam Group
Wafa Assurance
Groupama Holding
Bituach Haklai Central Cooperative Society
Assurances Et Reassurances Du Congo
Munich Re
Shlomo Insurance
Mutuelle Agricole Marocaine d'Assurances
GA Insurance Kenya
W.R. Berkley
CNA Financial
R+V Versicherung
Unipol Gruppo
Helvetia Holding
VHV Group
Versicherungskammer Bayern
Gothaer Versicherungsbank VVaG
Tryg
Schweizerische Mobiliar Versicherungsgesellschaft
Fosun International Holdings
NN Group
Sampo
Vereniging Achmea
Mapfre
Fubon Insurance
Sompo
Lotte Non-Life Insurance
HDI (Talanx)
Generali
PICC
Ping An
China Pacific Insurance
NongHyup Property & Casualty
Samsung Fire & Marine
Hyundai Marine & Fire
KB Insurance
DB Insurance
Meritz Fire and Marine
Hanwha Life
Sunshine Insurance
MS&AD
Allianz

Table of Contents

Executive Summary

Key Market Trends

Global Overview

Competitive Landscape

Company Profiles

Regional Overview

Asia-Pacific

Europe

Middle East and Africa

North America

South and Central America

Market Outlook

Appendix

Frequently asked questions

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