Surety Market size was valued at USD 18.19 Bn. in 2023 and the total Surety revenue is expected to grow by 5.8 % from 2024 to 2030, reaching nearly USD 27 Bn.
Surety Market Overview:
This Surety market study looks at current and emerging industry trends and dynamics in the global Surety market. Surety Extensive market forecasting for the major market segments is carried out between 2024 and 2030. Extensive Surety market analysis is carried out by closely monitoring key product positions and the main competitors in the market framework. To understand the competitive landscape of the worldwide Surety market, key players are profiled and their strategies are thoroughly evaluated.
Market Scope:
The analysis contains a current examination of the present Surety market landscape, as well as the most recent trends and drivers, as well as an overview of the entire Surety market environment. Increased demand for Surety is driving the market. The Surety market research examines the technology, end-user, and type categories, among other things, as well as the geographical landscape.
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Segmentation:
With the most market share in 2023, the Contract Surety Bond segment led the surety market based on bond type. The growing need for surety bonds in the construction sector is anticipated to fuel this segment’s dominance throughout the forecast period. Due to the growing use of surety bonds in a variety of commercial sectors, including healthcare, retail, and transportation, the Commercial Surety Bond segment is also anticipated to experience considerable expansion over the projection period. Public official bonds, license and permit bonds, and various surety bonds are included in this category.
Key Players:
The market research report provides comprehensive quantitative insights that provide a clear picture of the worldwide market potential in a variety of categories, as well as country-by-country analyses in each covered topic. The analysis investigates the market’s major influencing factors, as well as complete company profiles of
1. Zurich Insurance Group
2. Liberty Mutual Insurance Group
3. Chubb Limited
4. The Travelers Companies, Inc.
5. CNA Financial Corporation
6. HCC Insurance Holdings
7. The Hartford Financial Services Group, Inc.
8. American International Group, Inc.
9. Old Republic Surety Company
10. The Hanover Insurance Group
11. AmTrust Financial Services, Inc.
12. Tokio Marine HCC
13. Arch Insurance Group
14. Markel Corporation
15. QBE Insurance Group Limited
16. Berkshire Hathaway Specialty Insurance
17. Hiscox Ltd.
18. Nationwide Mutual Insurance Company
19. XL Catlin
20. Everest Re Group, Ltd.
Regional Analysis:
Individual market influencing variables and changes in market laws that impact present and future market trends are also included in the regional segment of the Surety market study. Data points such as downstream and upstream value chain analysis, technology trends, porter’s five forces analysis, and case studies are just a few of the indicators utilized to anticipate market scenarios for various industries. When examining projection data for the region, the existence and availability of global players, as well as the obstacles they face as a result of substantial or low to none competition from local and domestic brands, are all taken into account.
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COVID-19 Impact Analysis on Surety Market:
The COVID-19 epidemic has had a significant impact on the global Surety industry. Surety Production facilities were halted due to the global economic slump and a lack of manpower. The COVID-19 pandemic has led to a significant and extended drop in production utilization, and travel prohibitions and facility closures have kept personnel away from their facilities, causing the Surety market to decelerate in 2020. The negative impact of COVID-19 on the Surety market, on the other hand, is expected to be transitory, and the sector is expected to revive significantly by early 2023, owing to increased demand for Surety.
Key Questions Answered in the Surety Market Report are:
- Which segment was responsible for the largest share in the Surety market?
- How was the competitive scenario of the Surety market in 2023?
- Which are the key factors responsible for the Surety market growth?
- Which region held the maximum share in the Surety market in 2023?
