The Specialty Insurance Global Market Report 2023, provides comprehensive information on the specialty insurance market across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten year historic period – 2010-2021, and a ten year forecast period – 2023-2032.
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https://www.thebusinessresearchcompany.com/report/specialty-insurance-global-market-report
The global specialty insurance market size is expected to grow from $81.57 billion in 2022 to $90.13 billion in 2023 at a compound annual growth rate (CAGR) of 10.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global specialty insurance market size is expected to reach $130.15 billion in 2027 at a CAGR of 9.6%.
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Technological advancements are a key trend gaining popularity in the specialty insurance market. Insurance businesses are leveraging innovative digital solutions to extend their operation and establish product lines based on niche client demand as a result of shifting business models, which contributes considerably to specialty insurance growth. For instance, in November 2022, Kingstone Insurance, a US-based insurance company, introduced Sure AI Assistant, an artificial intelligence-powered product to modernize the claims process. Sure AI Assistant uses a natural language model to optimize the insurance domain using data from real claims calls to guide policyholders through the claims process with ease. Additionally, Sure AI Assistant can be used in the case of a natural disaster when customers need to file their claims quickly and call volumes are the highest.
The specialty insurance market is segmented:
1) By Type: Marine, Aviation And Transport (MAT), Political Risk And Credit Insurance, Entertainment Insurance, Art Insurance, Livestock And Aquaculture Insurance, Other Types
2) By Distribution Channel: Brokers, Non-Brokers
3) By End User: Business, Individuals”
Europe was the largest region in the specialty insurance market in 2022.
The table of contents in TBRC’s specialty insurance market report includes:
- Executive Summary
- Specialty Insurance Market Characteristics
- Specialty Insurance Market Trends And Strategies
- Specialty Insurance Market – Macro Economic Scenario
- Specialty Insurance Market Size And Growth
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- Africa Specialty Insurance Market
- Specialty Insurance Market Competitive Landscape And Company Profiles
- Key Mergers And Acquisitions In The Specialty Insurance Market
- Specialty Insurance Market Future Outlook and Potential Analysis
- Appendix
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The Business Research Company is a market intelligence firm that pioneers in market, company, and consumer research. TBRC’s specialist consultants are located globally and are experts in a wide range of industries that include healthcare, manufacturing, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries. Through the report businesses can gain a thorough understanding of the market’s size, growth rate, major drivers and leading players.
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