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(MoneyNewsWire.Net, May 11, 2016 ) Synopsis
The report covers in-depth analysis of specialty insurance market and provides:
Detail analysis of the specialty insurance market size and its growth potential over the period 2014–2018.
Comprehensive analysis of key features of the specialty insurance market.
Details of trends and developments in specialty insurance markets across the world.
Comprehensive analysis of long-term growth strategies for specialty carriers.
Insights into details of leading specialty carriers, and product lines offered by them.
Executive summary
A challenging property and casualty market, along with weakening profitability, led to the growth of the specialty insurance market, which is becoming increasingly global in nature with specialty carriers trending in similar lines and facing common issues. The global outlook for specialty insurance is positive for 2014–2018.
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The US is the largest market for specialty insurance
Specialty insurance includes high-hazard insurance, non-standard general insurance, niche market segments, bespoke underwriting, and excess and surplus lines insurance. As there is no standard definition for specialty insurance, estimating the market size is complicated. The global market size for specialty insurance, in terms of gross written premium, was estimated to be in the range of US$140–180 billion in 2013. The US is the largest specialty insurance market, contributing more than 50% of the overall gross written premium in 2013.
Market capacity for cyber-liability insurance is growing rapidly
Growing rates of cybercrime and data breaches have increased demand for insurance protection against cyber-attacks. According to the Center for Strategic and International Studies in June 2014, total global losses due to cybercrime stood at US$445 billion in 2013. The cyber liability market is a growing opportunity for specialty carriers. In 2013, the market capacity for the US cyber liability insurance was estimated at US$1 billion, and is expected to cross US$2 billion by the end of 2014. Other than the US, European economies are the key markets for cyber-liability insurance. Although the European cyber-liability market is relatively small at present, it is growing at an annual average rate of 50%.
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Table of Content
1 Executive Summary
2 Market Size and Overview
2.1 Market Size
2.2 Key Success Factors
2.2.1 Achieving a profitable customer base
2.2.2 Selecting the right products
2.2.3 Accuracy in underwriting and product pricing
2.2.4 Choosing the right distribution channel
3 Key Market Features
3.1 Superior Underwriting Profits
3.2 Low Competition
3.3 Exposure to Natural Disasters
3.4 Declining Investment Income
3.5 Shortage of Underwriting Experts
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