The global liability insurance market size was US$ 252.34 billion in 2021. The global liability insurance market size is forecast to reach US$ 432.81 billion by 2031, growing at a compound annual growth rate (CAGR) of 5.7% during the forecast period from 2022 to 2030.
Liability insurance is a broad phrase that refers to many types of coverage designed to protect the insured or their business in the event that a lawsuit or claim is filed against them. It aids in the claim settlement when the insured's business causes bodily harm or property damage to another person or their property. It also aids in the payment of damages resulting from an accident caused by the insured or if they are at fault. Liability insurance reduces the danger of business risk, such as bodily injury caused by faulty machines or other events. Furthermore, because the relevance of umbrella liability insurance is that every firm faces claims that arise during routine operations, it lowers out-of-pocket costs for the covered.
Factors Influencing Market Growth
Impact Analysis of COVID-19
The COVID-19 pandemic had a minimal impact on the global market. This can ascribe to the fact that consumer attitudes regarding public liability insurance are shifting, and leading market players embraced new technologies like artificial intelligence-based claim processing and cognitive automation for real-time engagement with customers. For example, Humana, a liability insurance company based in the United States, teamed with Oracle in 2020 to enable the use of artificial intelligence to provide consumers with an automated, transparent, and real-time claim processing experience.
Regional Insights
North America garnered the major market share in 2021 and is forecast to remain dominant during the forecast period. This is due to the fact that consumers in the United States and Canada are more aware of policy coverage of umbrella liability insurance and premium costs. Furthermore, in the United States, the number of accidents in manufacturing involving manpower has increased dramatically. As a result, the possibilities of workplace accidents and bodily injuries have increased. As a result, customers in North America, notably in the United States, are acquiring third-party liability insurance to protect themselves against such unforeseen events.
The Asia Pacific is forecast to have lucrative growth during the forecast period. As a result of the presence of emerging economies, large population base, and growing disposable income of the middle-class population. In addition, the rising purchase of cars drives the market growth in the region.
Leading Competitors
The leading prominent companies profiled in the global liability insurance market are:
Scope of the Report
The global liability insurance market segmentation focuses on Coverage Type, Enterprise Size, Application, and Region.
Segmentation based on Coverage Type
Segmentation based on Enterprise Size
Segmentation based on Application
Segmentation based on Region
[TABLE OF CONTENTS]
1 INTRODUCTION OF GLOBAL LIABILITY INSURANCE MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
4 GLOBAL LIABILITY INSURANCE MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE MODEL
4.4 VALUE CHAIN ANALYSIS
5 GLOBAL LIABILITY INSURANCE MARKET, BY COVERAGE TYPE
5.1 OVERVIEW
5.2 GENERAL LIABILITY INSURANCE
5.3 PROFESSIONAL LIABILITY INSURANCE
5.4 INSURANCE FOR DIRECTORS AND OFFICERS
6 GLOBAL LIABILITY INSURANCE MARKET, BY ENTERPRISE SIZE
6.1 OVERVIEW
6.2 MEDIUM-SIZED ENTERPRISES
6.3 LARGE ENTERPRISES
6.4 SMALL ENTERPRISES
7 GLOBAL LIABILITY INSURANCE MARKET, BY APPLICATION
7.1 OVERVIEW
7.2 COMMERCIAL
7.3 PERSONAL
8 GLOBAL LIABILITY INSURANCE MARKET, BY GEOGRAPHY
8.1 OVERVIEW
8.2 NORTH AMERICA
8.2.1 NORTH AMERICA MARKET SNAPSHOT
8.2.2 U.S.
8.2.3 CANADA
8.2.4 MEXICO
8.3 EUROPE
8.3.1 EUROPE MARKET SNAPSHOT
8.3.2 WESTERN EUROPE
8.3.2.1 THE UK
8.3.2.2 GERMANY
8.3.2.3 FRANCE
8.3.2.4 ITALY
8.3.2.5 SPAIN
8.3.2.6 REST OF WESTERN EUROPE
8.3.3 EASTERN EUROPE
8.3.3. 1 POLAND
8.3.3.2 RUSSIA
8.3.3.3 REST OF EASTERN EUROPE
8.4 ASIA PACIFIC
8.4.1 ASIA PACIFIC MARKET SNAPSHOT
8.4.2 CHINA
8.4.3 JAPAN
8.4.4 INDIA
8.4.5 AUSTRALIA & NEW ZEALAND
8.4.6 ASEAN
8.4.7 REST OF ASIA PACIFIC
8.5 MIDDLE EAST & AFRICA
8.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
8.5.2 UAE
8.5.3 SAUDI ARABIA
8.5.4 SOUTH AFRICA
8.5.5 REST OF MEA
8.6 SOUTH AMERICA
8.6.1 SOUTH AMERICA MARKET SNAPSHOT
8.6.2 BRAZIL
8.6.3 ARGENTINA
8.6.4 REST OF SOUTH AMERICA
9 GLOBAL LIABILITY INSURANCE MARKET COMPETITIVE LANDSCAPE
9.1 OVERVIEW
9.2 COMPANY MARKET RANKING
9.3 KEY DEVELOPMENT STRATEGIES
10 COMPANY PROFILES
10.1 AMERICAN INTERNATIONAL GROUP INCORPORATED
10.1.1 OVERVIEW
10.1.2 FINANCIAL PERFORMANCE
10.1.3 PRODUCT OUTLOOK
10.1.4 KEY DEVELOPMENTS
10.2 ALLIANZ
10.2.1 OVERVIEW
10.2.2 FINANCIAL PERFORMANCE
10.2.3 PRODUCT OUTLOOK
10.2.4 KEY DEVELOPMENTS
10.3 AXA SA
10.3.1 OVERVIEW
10.3.2 FINANCIAL PERFORMANCE
10.3.3 PRODUCT OUTLOOK
10.3.4 KEY DEVELOPMENTS
10.4 CNA FINANCIAL CORPORATION
10.4.1 OVERVIEW
10.4.2 FINANCIAL PERFORMANCE
10.4.3 PRODUCT OUTLOOK
10.4.4 KEY DEVELOPMENTS
10.5 CHUBB
10.5.1 OVERVIEW
10.5.2 FINANCIAL PERFORMANCE
10.5.3 PRODUCT OUTLOOK
10.5.4 KEY DEVELOPMENTS
10.6 IFFCO-TOKIO GENERAL INSURANCE COMPANY LIMITED
10.6.1 OVERVIEW
10.6.2 FINANCIAL PERFORMANCE
10.6.3 PRODUCT OUTLOOK
10.6.4 KEY DEVELOPMENTS
10.7 LIBERTY GENERAL INSURANCE LIMITED
10.7.1 OVERVIEW
10.7.2 FINANCIAL PERFORMANCE
10.7.3 PRODUCT OUTLOOK
10.7.4 KEY DEVELOPMENTS
10.8 THE HARTFORD
10.8.1 OVERVIEW
10.8.2 FINANCIAL PERFORMANCE
10.8.3 PRODUCT OUTLOOK
10.8.4 KEY DEVELOPMENTS
10.9 THE TRAVELERS INDEMNITY COMPANY
10.9.1 OVERVIEW
10.9.2 FINANCIAL PERFORMANCE
10.9.3 PRODUCT OUTLOOK
10.5.4 KEY DEVELOPMENTS
10.10 ZURICH AMERICAN INSURANCE COMPANY
10.10.1 OVERVIEW
10.10.2 FINANCIAL PERFORMANCE
10.10.3 PRODUCT OUTLOOK
10.10.4 KEY DEVELOPMENTS
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