Global General Liability Insurance Market Overview:
General Liability Insurance is also known as third party insurance which refers to a general insurance system aimed to protects the insurer from the risk of liabilities imposed by lawsuits and claims. The insurance protects the insured in the event he or she is sued for claims that fall within the coverage of the insurance policy. The insurance is designed to offer protection against third-party insurance claims, i.e. payment is not made to the insured, but to someone suffering loss who is not a party to the insurance contract. Further, the increasing number of accidents and escalating damage to any products, rising awareness about the risk and regulatory changes are driving the general liability market growth.
- Increasing use of Digital & Mobile Technologies
- Rapid Industrialization in Developing Countries
- Rising Demand for Protection against Third Party Insurance Claims
- Need to Enhance Customer Experiences for Insurance
- High Cost of Liability Claims may hamper the Market Growth
- Increasing Investment by the Government to Protect Individuals against Variety of Claims
- Lack of Awareness among Individuals about Liability Policies
Some of the key players profiled in the report are United Financial Casualty Company (United States), GEICO (United States), Nationwide Mutual Insurance Company (United States), Insureon (United States), Liberty Mutual Insurance Company (United States), BizInsure LLC (United States), Intact Insurance Company (Canada), The Travelers Indemnity Company (United States), Allianz (Germany), AXA (France), Reliance Nippon Life Insurance (India), American Intl. Group (United States), Aviva (United Kingdom), Assicurazioni Generali (Italy), State Farm Insurance (United States) and Dai-ichi Mutual Life Insurance (Japan). Additionally, following companies can also be profiled that are part of our coverage like Munich Re Group (Germany), Zurich Financial Services (Switzerland), Prudential (United States), Asahi Mutual Life Insurance (Japan) and Sumitomo Life Insurance (Japan). Analyst at AdvanceMarketAnalytics see United States Players to retain maximum share of Global General Liability Insurance market by 2024. Considering Market by Duties, the sub-segment i.e. Defend will boost the General Liability Insurance market. Considering Market by Liability Type, the sub-segment i.e. Medical Liability Insurance will boost the General Liability Insurance market.
April 2019, World Insurance Associates LLC, an independent insurance agency headquartered in Tinton Falls, NJ, acquired the Joseph A. Britton Agency, Inc. of Mountainside, New Jersey. The Joseph A. Britton Agency is a healthcare and professional liability insurance agency that services the needs of healthcare practices in New Jersey, New York, and Pennsylvania.
April 2019, Prime Property & Casualty Insurance Inc. has announced its debut into the North Carolina & New Mexico commercial auto markets as an admitted carrier specializing in insurance solutions for distressed and substandard risks. With PPCI, producers now have an insurance company to write commercial auto risks and expand their book of business. PPCI offers the capacity to insure any commercial auto risk class with adverse account experiences such as unsatisfactory loss experience, poor driving records or lack of insurance history.
Data related to EXIM [Export- Import], production & consumption by country or regional level break-up can be provided based on client request**
** Confirmation on availability of data would be provided prior to purchase
The top-down and bottom-up approaches are used to estimate and validate the size of the Global General Liability Insurance market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in General Liability Insurance market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes General Liability Insurance Service Providers, Industry Associations, Potential Investors, Marketing firms, Government and Regulatory Bodies and Others.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.