What is Environmental Liability Insurance Market Scope?
Environmental liability insurance (ELI) covers the cost of restoring damage caused by environmental accidents, such as pollution of land, water, air, and biodiversity damage. Several other types of environmental liability insurance exist such as Environmental consultants errors and omissions policies cover consultants who advise third parties about environmental conditions, Environmental contractor policies cover operations that a remediation contractor performs and Environmental testing laboratory coverage addresses the liability of firms that analyze hazardous materials in the soil, ground or air.
The Environmental Liability Insurance market study is being classified by Type (Water, Land and Air), by Application (Products for site owners and operators, Products for contractors and professionals and Products for storage tanks) and major geographies with country level break-up.
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Research Analyst at AMA predicts that Players from United States will contribute to the maximum growth of Global Environmental Liability Insurance market throughout the predicted period.
AIG(United States), Allianz (Germany), AXA (France), Aegon (India), Zurich (Switzerland), Allstate (United States), Liberty Mutual (United States), PICC (China), Ping An Insurance (China), China Pacific Insurance (China) and Geico (United States) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Arch Capital Group (Hamilton) and Chubb Limited (United States).
Analyst at AMA have segmented the market study of Global Environmental Liability Insurance market by Type, Application and Region.
On the basis of geography, the market of Environmental Liability 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). North America region held largest market share in the year 2019. Europe on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement.
Influencing Market Trend
- Provides comfort when there are concerns over indemnity covenant strength
- An increasing number of services provided across the world
- High demand due to Premium costs have been reduced by competition in the insurance market
- Can benefit multiple parties (seller, buyer, tenants, funder) and help facilitate deals
- The potential market in the untapped regions
- Rising awareness from emerging and developing countries
- Known liabilities cannot be insured
- Policy periods are limited in time (eg 10 or 15 years)
- In comparison to other types of insurance, premiums can still be seen as expensive
Key Target AudienceEnvironmental Liability Insurance Providers, Government Regulatory Bodies, Private Research Organization, Government Research Organization and Others
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