Professional Liability Insurance Market to Reach $81.2 Billion, Globally, by 2032 at 6.7% CAGR: Allied Market Research
Tuesday, August 13, 2024
The global professional liability insurance market is experiencing growth due to several factors such urbanization and transformation towards service-sector economy and increase in awareness of the professional liability insurance plan.
WILMINGTON, Del., Aug. 5, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Professional Liability Insurance Market by Type (Medical Liability, Lawyer Liability, CPA Liability, Construction Liability, and Others), and Application (Up to $1 Million, $1 Million to $5 Million, $5 Million to $20 Million, and Over $20 Million): Global Opportunity Analysis and Industry Forecast, 2024-2032". According to the report, the professional liability insurance market was valued at $45.6 billion in 2023, and is estimated to reach $81.2 billion by 2032, growing at a CAGR of 6.7% from 2024 to 2032.
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Report coverage & details:
Report Coverage
Details
Forecast Period
2024-2032
Base Year 2023
Market Size in 2022
$45.6 billion
Market Size in 2032
$45.6 billion
CAGR 6.7 %
No. of Pages in
Report 219
Segments covered
Type, Application, and Region.
Drivers
Urbanization and transformation towards service-sector
economy
Increase in
awareness of the professional liability insurance plan
Opportunities Growth of professional services across various industries
Restraints High insurance amount and longer time for claim settlement
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Prime determinants of growth
The global professional liability insurance market is experiencing growth due to several factors such as urbanization and transformation towards service-sector economy and increase in awareness of the professional liability insurance plan. However, the high insurance amount and longer time for claim settlement hinders market growth to some extent. Moreover, the growth of professional services across various industries offers remunerative opportunities for the expansion of the global professional liability insurance market.
The CPA Liability segment is expected to dominate during the forecast period.
By type, the CPA liability segment is projected to attain the highest CAGR of 10.3% from 2024 to 2032, owing to the use of data analytics and reporting capabilities in advocacy software to monitor and analyze liability trends and patterns. This data-driven approach enables CPA firms to gain insights into common areas of malpractice, understand the factors contributing to liability risks, and develop strategies to mitigate these risks.
The Up to $55 million to $20 million segment is expected to dominate during the forecast period.
By application, the $5 million to $20 million segment is projected to attain the highest CAGR of 14.1% from 2024 to 2032, owing to the integration of advanced data analytics and machine learning capabilities. These features enable organizations to analyze vast amounts of data, predict advocacy outcomes, and tailor campaigns more effectively based on data-driven insights.
Asia-Pacific to maintain its dominance by 2032.
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2023, accounting for three-fourths of the global professional liability insurance market revenue and is expected to dominate the market in terms of revenue during the forecast period, owing to the rapid adoption of mobile-first and cloud-based solutions. Given the high mobile penetration and the increasing reliance on cloud technology in many Asia-Pacific countries, advocacy software is being designed to be highly accessible on mobile devices and scalable via cloud platforms. This ensures that advocacy organizations can engage supporters and manage campaigns effectively, even in areas with limited infrastructure.
Chubb Group of Insurance Companies
-- American International Group, Inc.
-- Hiscox Inc.
-- Allianz SE
-- Tokio Marine Holdings, Inc.
-- AXA SA
-- The Travelers Indemnity Company
-- Assicurazioni Generali S.p.A.
-- The Doctors Company
-- CNA Financial Corporation
The report provides a detailed analysis of these key players in the global professional liability insurance market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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-- This report provides a quantitative analysis of the professional
liability insurance market growth, current trends, estimations, and
dynamics of the professional liability insurance market analysis from
2024 to 2032 to identify the prevailing professional liability insurance
market opportunity.
-- The professional liability insurance market research is offered along
with information related to key drivers, restraints, and opportunities.
-- Porter's five forces analysis highlights the potency of buyers and
suppliers to enable stakeholders to make profit-oriented business
decisions and strengthen their supplier-buyer network.
-- In-depth analysis of the professional liability insurance market share
to determine the prevailing market opportunities.
-- Major countries in each region are mapped according to their revenue
contribution to the global professional liability insurance market size.
-- Market player positioning facilitates benchmarking and provides a clear
understanding of the professional liability insurance market players'
present position.
-- The report includes the analysis of the regional and global professional
liability insurance market trends, key players, market segments,
application areas, and market growth strategies.
Professional Liability Insurance Market Report Highlights
Aspects Details
By Type
-- Medical Liability
-- Lawyer Liability
-- CPA Liability
-- Construction Liability
-- Others
By Application
-- Up to $1 Million
-- $1 Million to $5 Million
-- $5 Million to $20 Million
-- Over $20 Million
By Region
-- North America (U.S., Canada)
-- Europe (UK, Germany, France, Italy, Spain, Rest of Europe)
-- Asia-Pacific (China, Japan, India, South Korea, Australia, Rest of
Asia-Pacific)
-- Latin America (Brazil, Argentina, Colombia, Rest of Latin America)
-- Middle East and Africa (GCC Countries, South Africa, Rest of Middle East
and Africa)
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Key Market Players
Allianz SE, The Travelers Indemnity Company, Hiscox Inc., The Doctors Company, Tokio Marine Holdings, Inc., Chubb Group of Insurance Companies, CNA Financial Corporation, Assicurazioni Generali S.p.A., American International Group, Inc., AXA SA
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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