Global specialty insurance market to hit $243bn by 2028

Written by Michael Griffiths

31/08/2022

The global specialty insurance market is expected to hit $243.7bn by 2028, a new report has suggested.

The report, published by Research Dive stated that the market will rise at a compound annual growth rate (CAGR) of 7.6% between 2021 and 2028.

This is mostly because specialty insurance policies are turning out to be “very vital” for businesses to guard themselves against unexpected losses, Research Dive’s reported stated, adding that the growing adoption of specialty insurance by various firms is fuelling the specialty insurance market growth.

Research Dive’s report segments the global specialty insurance market into type, distribution channel, end-users, and region.

Among the type segment, the life insurance sub-segment is expected to grab the highest market share and surpass $200.2bn during the forecast period.

“The growth of this sub-segment is mostly because of the rising demand for life insurance mostly among people who face problems in qualifying for standard coverage, as life insurance offers guaranteed as well as simplified life insurance plans,” the report stated.

The report also analyses the global specialty insurance market across several regions such as North America, Europe, Asia Pacific, and LAMEA. Among these, the Asia-Pacific region market is estimated to observe accelerated growth and hit $69.1bn in the forecast period.

Research Dive stated: “The growth of the region market is mainly because of the rising adoption of cloud technologies by insurance companies and growing internet penetration among people. Also, the existence of numerous developing economies as well as financial centres in various countries Singapore, India, and Hong Kong in this region is boosting the regional market growth.”

Related Articles