Liability Insurance Carriers Global Market Report 2023: Increasing Medical Inflation Bolsters Growth

May 19, 2023

News provided by

07 Jun, 2023, 22:00 ET

Share this article

DUBLIN, June 7, 2023 /PRNewswire/ -- The "Liability Insurance Carriers Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.

This report provides strategists, marketers and senior management with the critical information they need to assess the market.The global liability insurance carriers market is expected to grow from $274.39 billion in 2022 to $290.76 billion in 2023 at a compound annual growth rate (CAGR) of 6.0%. The liability insurance carriers market is expected to grow to $365.47 billion in 2027 at a CAGR of 5.9%.

Major players in the liability insurance carriers market are American International Group Inc., Allianz SE, AXA SA, CNA Financial Corporation, Chubb Corp., IFFCO-Tokio General Insurance Company Limited, Liberty General Insurance Limited, The Hartford Financial Services Group Inc., The Travelers Indemnity Company, Zurich American Insurance Company, Hiscox Ltd., Berkshire hathaway GUARD Insurance Companies, Great American Insurance Group, Progressive Commercial, Thimble Insurance, and Nationwide Mutual Insurance Company.

Reasons to Purchase

Liability insurance carriers refer to companies that provide liability insurance services. These companies are used to compare and buy insurance. Liability insurance is a type of insurance that offers defense against lawsuits brought by victims of injuries and property damage to others. The main coverage types involved in liability insurance carriers are general liability insurance, professional liability insurance, and insurance for directors and officers. General liability insurance refers to insurance that covers damages and costs resulting from products or services of the company. The organization involved are medium-sized enterprises, large enterprises, and small enterprises. They involve commercial and personal applications.Technological advancements are a key trend gaining popularity in the liability insurance carriers market. Major companies in the liability insurance carriers market are incorporating technologically advanced solutions for simplified operations and sustain their position in the market.

In December 2022, World Insurance Associates, a US-based insurance provider, acquired DG & M Insurance Agency for an undisclosed amount. The acquisition improves the company's product offerings and helps it better serve its clients. DG & M Agency is a US-based insurance company that offers quality insurance products and services.North America was the largest region in the liability insurance carriers market in 2022. The regions covered in the liability insurance carriers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.The countries covered in the liability insurance carriers market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.Increasing medical inflation is driving the liability insurance carriers market. Medical inflation refers to an increase in medical costs due to changing medical trends. Increasing medical costs make medical care unaffordable for individuals and small enterprises in case of third-party accidents or damage. Liability insurance comes off as useful in these cases as medical costs are basic coverage provided in liability insurance.

For instance, in 2022, according to the Kaiser Family Foundation, a US-based non-profit organization, the costs of medical products and services increased by 7.7% as compared to 2021. The medical care cost increased by 5%. Additionally, in 2022, a survey of 257 leading health insurers conducted by Willis Towers Watson, a UK-based insurance advisor, global medical cost growth increased from 8.2% in 2021 to 8.8% in 2022 and the rate is expected to increase to 10% in 2023. As a result, the increasing medical inflation is driving the liability insurance carriers market.The liability insurance carriers market includes revenues earned by entities by providing liability insurance services such as insurance comparison, consulting, and claim settlement services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Key Topics Covered:

1. Executive Summary2. Liability Insurance Carriers Market Characteristics3. Liability Insurance Carriers Market Trends And Strategies4. Liability Insurance Carriers Market - Macro Economic Scenario4.1. COVID-19 Impact On Liability Insurance Carriers Market4.2. Ukraine-Russia War Impact On Liability Insurance Carriers Market4.3. Impact Of High Inflation On Liability Insurance Carriers Market5. Liability Insurance Carriers Market Size And Growth5.1. Global Liability Insurance Carriers Historic Market, 2017-2022, $ Billion5.1.1. Drivers Of The Market5.1.2. Restraints On The Market5.2. Global Liability Insurance Carriers Forecast Market, 2022-2027F, 2032F, $ Billion5.2.1. Drivers Of The Market5.2.2. Restraints On the Market6. Liability Insurance Carriers Market Segmentation6.1. Global Liability Insurance Carriers Market, Segmentation By Coverage Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

6.2. Global Liability Insurance Carriers Market, Segmentation By Enterprise Size, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

6.3. Global Liability Insurance Carriers Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

7. Liability Insurance Carriers Market Regional And Country Analysis7.1. Global Liability Insurance Carriers Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion7.2. Global Liability Insurance Carriers Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

For more information about this report visit https://www.researchandmarkets.com/r/szpeo1

About ResearchAndMarkets.comResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

Media Contact:Research and MarketsLaura Wood, Senior Manager[email protected] For E.S.T Office Hours Call +1-917-300-0470For U.S./CAN Toll Free Call +1-800-526-8630For GMT Office Hours Call +353-1-416-8900 U.S. Fax: 646-607-1907Fax (outside U.S.): +353-1-481-1716

Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg

SOURCE Research and Markets