Casualty Insurance Market Definition
The global casualty insurance market is expected to grow at a slow pace during the forecast period, according to the AMA study. The growing awareness for safety & security of monitory investments in different industries is expected to be one of the major drivers market. However, the market is expected to witness a slight decline in the growth during the next few years but it is again expected to rise with a significant pace after the COVID-19 pandemic is over.
The market study is broken down by Type (Vehicle Insurance, Liability Insurance, Theft Insurance, Elevator Insurance and Flood Insurance), by Application (Commercial and Personal) and major geographies with country level splits.
The vendors in this market are majorly focusing on providing better services in order to cater to the market's demands to remain competitive in the highly fragmented global market. According to the recent global industry crisis due to outbreak of COVID-19 is expected to be one of the major challenges for the vendors of this market as the markets of different industries have been shut down for an ambiguous period of time. Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Casualty Insurance market throughout the predicted period.
State Farm (United States), Berkshire Hathaway, Inc. (United States), Liberty Mutual Insurance Company (United States), Allstate (United States), Chubb (United States), American International Group, Inc. (United States), AmTrust Group (United States), Tokio Marine (United States), AXA SA (France), Allianz (Germany), Munich RE (Germany) and Intact Financial Corporation (Canada) are some of the key players that are part of study coverage.
AdvanceMarketAnalytics has segmented the market of Global Casualty Insurance market by Type, Application and Region.
On the basis of geography, the market of Casualty 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 End Users, the sub-segment i.e. SMEs will boost the Casualty Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Industry Verticals, the sub-segment i.e. Oil & Gas will boost the Casualty Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Coverage, the sub-segment i.e. Loss of Property will boost the Casualty Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Leaders and their expansionary development strategies
In December 2019, Intact Financial Corporation announced that it has completed the acquisition of The Guarantee Company of North America (The Guarantee) and Frank Cowan Company Limited (Frank Cowan), having received all required regulatory approvals worth USD 1 billion
In November 2019, Allianz Group announced that it has partnered with Microsoft to digitally transform the insurance industry wherein Microsoft will partner with Syncier, the B2B2X insurtech founded by Allianz, to offer customized insurance platform solutions and related services
Stringent Worldwide Government Regulations Regarding Lock-Down of Markets & Cities Across Different Countries of the World to Avoid the Spread of COVID-19
- The casualty insurance are now made to compensate an insured for the financial impact of the interruption/interference to that business as a result of damage to insured equipment or liabilities or other key external events, such as damage at a supplier’s vehicles, theft at the premises, elevators, or any type of natural disasters.
- The Growing Awareness for Safety & Security of Monetary Investments of any Company's Assets
- Increasing Demand for Insurance Services Across Different Industry Verticals
- Opportunities in Asia Pacific Region Owing to Countries Such as China and India
- The Outbreak of COVID-19 Pandemic is one of the Major Restraints for the Market as Most of the Industries have been Facing Economic Crisis Across the World
- Closed Production Facilities for Unexpected Time Across the World
Key Target Audience
Casualty Insurance Vendors, New Entrants/Investors, Analysts and Strategic Business Planners and Providers, Venture Capitalists and Private Equity Firms and Government Regulatory and Research Organizations
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
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