Liability Insurance Market to Reach $432.81 Bn, Globally, by 2031 at 5.7% CAGR: Allied Market Research – QNT Press Release

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Benefits such as minimization of business risks and reduced out-of-pocket costs and rise in awareness of third-party liability insurance in developing countries drive the growth of the global liability insurance market.

PORTLAND, Ore., June 13, 2022 /PRNewswire/ — Allied Market Research published a report, titled, Liability Insurance Market by Coverage Type (General Liability Insurance, Professional Liability Insurance, Insurance for Directors and Officers), by Enterprise Size (Medium-sized Enterprises, Large Enterprises, Small Enterprises), by Application (Commercial, Personal): Global Opportunity Analysis and Industry Forecast, 2021-2031.” According to the report, the global liability insurance industry generated $252.34 billion in 2021, and is expected to reach $432.81 billion by 2031, witnessing a CAGR of 5.7% from 2022 to 2031.

Drivers, Restraints, and Opportunities

Benefits such as minimization of business risks and reduced out-of-pocket costs and rise in awareness of third party liability insurance in developing countries drive the growth of the global liability insurance market. However, surge in liability insurance premium costs and lack of knowledge about coverage included in liability insurance policies hinder the market growth. On the other hand, increase in cases of work-related accidents presents opportunities for the market in the coming years.

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Covid-19 Scenario

  • Underwriters of directors & officers and employment practice liability insurance became concerned about the uncertainty created due to the Covid-19 pandemic. Risks related to litigation and others increased considerably during the pandemic.
  • Many liability insurance providers changed their way of operation during the pandemic. They began to provide service and assistance through online portals, chats, or calling instead of opening their physical offices.

The General Liability Insurance Segment to Maintain Its Leadership Status During the Forecast Period

Based on coverage type, the general liability insurance segment accounted for the highest market share in 2021, contributing to more than two-fifths of the global liability insurance market, and is projected to maintain its leadership status during the forecast period. This is due to value added to small business beyond liability protection and protection of the insured against costs incurred for bodily injury or property damage …

Full story available on Benzinga.com

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