Global Contractor Insurance Market Overview:
Contractors insurance is a non-standard insurance policy designed to cover a spectrum of risks which a construction project is exposed to from the beginning to end of project. It typically covers risks of property damage and third-party injury or damage claims. Most of the times, both contractor and employer take insurance policies thus both have their rights to claim. However, they have obligation to report any damage or injury that might result in a claim. Some of the players profiled in the study are ICICI Lombard (India), HDFC Ergo (India), OICL (India), the Hartford (United States), Hiscox (Bermuda), Next Insurance (United Insurance), Travelers (United States), Nationwide (United States) and Markel (United States).
On the basis of geography, the market of Contractor Insurance has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Products, the sub-segment i.e. General Liability Insurance will boost the Contractor Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Channels, the sub-segment i.e. Agency will boost the Contractor Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Growth Drivers
- Emerging markets are showing increasing demands for Contactors Insurance
- The use of advanced analytical skills is becoming
- Offering niche products to best match requirements of customers
- Offering a set of insurance products
- Increase in claim severity caused by social and medical inflation
- Economic downturns caused by Covid-19 pandemic
- More and more countries and regions are setting minimum requirements for contractor insurance thus market is set to see boom in near future
- The biggest challenge in this type of Insurance is as the economic slowdown began, customers for the insurance suddenly faded away as the construction works stopped
Key Market Developments:
In Feb 2021, Pathpoint Inc. launched for contractor’s insurance where they will be able to submit and get instant quoting service for contractor’s general liability excess and surplus coverage.
Texas Administrative Code specifies minimum insurance requirements for contractors like when Class A licence should be maintained and when Class B licence should be maintained and other licence requirements.
Global Market is fragmented but the overall ecosystem is dominated by market leaders and other emerging player who offer their niche insurance offerings.
Venture Capitalists and Private Equity Firms, New Entrants/Investors, Analysts and Strategic Business Planners, Insurance companies, Agents and Distributors, Government Regulatory and Research Organizations, End-Use Industries and Others
Major Objectives Focused through this Study
To define, describe, and forecast the Global Contractor Insurance market on the basis of product  , application , key regions and end user
To provide in-depth information regarding major influencing factors affecting the growth of the market (trends, drivers, restraints, opportunities, and industry-centric and regional challenges)
To strategically analyse the micro-markets and important business segments with respect to individual growth drivers , market trends and potential, and historical contributions to the total market
Identifying the opportunities in the market for key stakeholders and detailing the competitive landscape for market leaders
To provide market size for various segments of the Contractor Insurance market with respect to major geographies, namely, South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico)
To strategically profile the key players and analyzing their market shares and core competencies in the Contractor Insurance industry
To track key developments such as product launches, expansions, agreements, partnerships, mergers & acquisitions, and R&D activities that are key factors in shaping the market
Available Customization: Data related to EXIM [Export- Import], production & consumption by country or regional level break-up can be provided based on client request**. Additionally, the Players which are also part of the research are State Farm (United States), Munich Re (Germany) and Tokio Marine (Japan).
** Confirmation on availability of data would be informed prior purchase
While framing the research framework, major and emerging players operating in the Contractor Insurance market in various regions have been profiled, and their offerings, geographic footprints, and distribution/sales channels have been analysed through in-depth discussions. The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, analyst team keeps preparing set of questionnaires and after getting appointee list; the target audience are then tapped and segregated with various mediums and channels that are feasible for making connection that includes email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey etc.