Major players in the liability insurance carriers market are American International Group Inc., Allianz SE, AXA SA, CNA Financial Corporation, Chubb Corp., IFFCO-Tokio General Insurance Company Limited, Liberty General Insurance Limited, The Hartford Financial Services Group Inc., The Travelers Indemnity Company, Zurich American Insurance Company, Hiscox Ltd., Berkshire hathaway GUARD Insurance Companies, Great American Insurance Group, Progressive Commercial, Thimble Insurance, and Nationwide Mutual Insurance Company.
The global liability insurance carriers market is expected to grow from $274.39 billion in 2022 to $290.76 billion in 2023 at a compound annual growth rate (CAGR) of 6.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The liability insurance carriers market is expected to grow to $365.47 billion in 2027 at a CAGR of 5.9%.
The liability insurance carriers market includes revenues earned by entities by providing liability insurance services such as insurance comparison, consulting, and claim settlement services.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Liability insurance carriers refer to companies that provide liability insurance services.These companies are used to compare and buy insurance.
Liability insurance is a type of insurance that offers defense against lawsuits brought by victims of injuries and property damage to others.
North America was the largest region in the liability insurance carriers market in 2022. The regions covered in the liability insurance carriers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main coverage types involved in liability insurance carriers are general liability insurance, professional liability insurance, and insurance for directors and officers.General liability insurance refers to insurance that covers damages and costs resulting from products or services of the company.
The organization involved are medium-sized enterprises, large enterprises, and small enterprises. They involve commercial and personal applications.
Increasing medical inflation is driving the liability insurance carriers market.Medical inflation refers to an increase in medical costs due to changing medical trends.
Increasing medical costs make medical care unaffordable for individuals and small enterprises in case of third-party accidents or damage.Liability insurance comes off as useful in these cases as medical costs are basic coverage provided in liability insurance.
For instance, in 2022, according to the Kaiser Family Foundation, a US-based non-profit organization, the costs of medical products and services increased by 7.7% as compared to 2021. The medical care cost increased by 5%. Additionally, in 2022, a survey of 257 leading health insurers conducted by Willis Towers Watson, a UK-based insurance advisor, global medical cost growth increased from 8.2% in 2021 to 8.8% in 2022 and the rate is expected to increase to 10% in 2023. As a result, the increasing medical inflation is driving the liability insurance carriers market.
Technological advancements are a key trend gaining popularity in the liability insurance carriers market.Major companies in the liability insurance carriers market are incorporating technologically advanced solutions for simplified operations and sustain their position in the market.
For instance, in December 2021, CorVel Corporation, a US-based workers’ liability insurance, and claim management company, launched the CogencyIQSM workers’ liability and claim management platform. The new solution leverages artificial intelligence and predictive analytics technology to provide insights into worker’s claim data and liability insurance guidance.
In December 2022, World Insurance Associates, a US-based insurance provider, acquired DG & M Insurance Agency for an undisclosed amount.The acquisition improves the company’s product offerings and helps it better serve its clients.
DG & M Agency is a US-based insurance company that offers quality insurance products and services.
The countries covered in the liability insurance carriers market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The liability insurance carriers market research report is one of a series of new reports that provides liability insurance carriers market statistics, including liability insurance carriers industry global market size, regional shares, competitors with liability insurance carriers market share, detailed liability insurance carriers market segments, market trends, and opportunities, and any further data you may need to thrive in the liability insurance carriers industry. This liability insurance carriers market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.