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 SETokio Marine Holdings, Inc.AXA SAThe Travelers Indemnity CompanyAssicurazioni Generali S.p.A.The Doctors CompanyCNA 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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Key Benefits for Stakeholders
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 LiabilityLawyer LiabilityCPA LiabilityConstruction LiabilityOthers
By Application
Up to $1 Million$1 Million to $5 Million$5 Million to $20 MillionOver $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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