Growth Analysis: Increasing Advancements in the Technology to Propel the Growth of the Global Specialty Insurance Market by 2028 [221-Pages] | Researchdive.com

Growth Analysis: Increasing Advancements in the Technology to Propel the Growth of the Global Specialty Insurance Market by 2028 [221-Pages] | Researchdive.com

PR Newswire

NEW YORK, Nov. 17, 2021

The global specialty insurance market is expected to witness a promising growth, owing to the technological advancements. The direct channel sub-segment is expected to be most beneficial. The Asia-Pacific region is expected to dominate the market.

NEW YORK, Nov. 17, 2021 /PRNewswire/ -- Research Dive has added a new report to its offering titled, "Specialty Insurance Market by Type (Life Insurance and Non-life Insurance), Distribution Channel (Direct and Indirect Channel), End-users (Businesses and Individuals), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2021–2028".

Research Dive

According to the report, the Global Specialty Insurance Market is expected to garner a revenue of $243.70 billion by 2028, growing rapidly at a CAGR of 7.6% during the forecast period 2021-2028.

Dynamics of the Market

Increasing application of creative digital solutions in order to predict and prevent loss, process claims, monitor risks, and provide an optimized customer experience is expected to drive the growth of the specialty insurance market during the forecast period. In addition, significant rise in the demand for specialized expertise in the developing nations like Australia, India, Singapore, and others are expected to create tremendous opportunities for the growth of the specialty insurance market during the forecast period. However, lack of awareness about the specialty insurance among people is expected to hinder the growth of the market during the forecast period.

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Segments of the Market

The report has divided the market into various segments based on type, distribution channel, end-users and region.

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COVID-19 Impact on the Specialty Insurance Market

The outbreak of coronavirus has had a negative impact on the growth of the global specialty insurance market, owing to the occurrence of lockdowns in various countries across the globe, Stringent trade and travel restrictions along with the introduction of new developments were terminated in order to curb the spread of the virus. Losses in numerous sectors brought a significant drop in specialty insurance coverages.

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Top 10 Key Players of the Specialty Insurance Market

The prominent players of the market include

1.  Allianz

2.  Chubb

3.  Zurich PICC

4.  AXA

5.  American International Group Inc.

6.  Berkshire Hathaway Inc.

7.  Tokio Marine HCC

8.  Munich Re

9.  Assicurazioni Generali S.P.A.

10.  PICC

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These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth.

For instance, in April 2021, Core Specialty Insurance Holdings Inc., a Cincinnati-based property and casualty insurer focusing on small and mid-sized businesses, acquired Lancer Financial Group Inc., a New York-based property and casualty insurer, in order to expand Core's presence in the global specialty insurance market.

The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.

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