LONDON, June 7, 2023 (GLOBE NEWSWIRE) — The business research company’s Liability Insurance Carriers Market Report 2023 expects the market to grow from $274.3 billion in 2022 to $290.7 billion in 2023, at a compound annual growth rate (CAGR) of 6%. Furthermore, the global market for liability insurance carriers will reach US$365.4 billion in 2027, with a compound annual growth rate of more than 5%. North America had the largest market share by liability insurance carriers in 2022.
One of the driving factors behind the growth of the liability insurance industry is rising medical inflation. Medical inflation is the rising cost of medical care due to evolving medical trends. These rising costs make medical services unaffordable for individuals and small businesses in the event of an accident or third party damage. Liability insurance is crucial in addressing these concerns as it covers medical expenses.
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Major liability insurers include American International Group Inc., Allianz SE, AXA SA, CNA Financial Corporation, Chubb Corp., IFFCO-Tokyo General Insurance Company Limited, Thimble Insurance and Nationwide Mutual Insurance Company.
These industry leaders are actively using technologically advanced solutions to streamline their operations and maintain a competitive advantage.
For example, CorVel Corporation, a US-based workers’ liability insurance and claims management company, launched the CogencyIQSM workers’ liability insurance and claims management platform in December 2021. This innovative solution uses artificial intelligence and predictive analytics to provide insights into workers’ claims data and liability insurance advice.
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Global Liability Insurance Carriers Market is segmented into:
1) By type of insurance: general liability insurance, professional liability insurance, directors’ and officers’ insurance
2) By company size: medium-sized companies, large companies, small companies
3) By application: commercial, personal
The Liability Insurance Carriers Market report serves as a valuable resource for industry stakeholders, including insurance companies, investors, policy makers and researchers, enabling them to make informed decisions and capitalize on the growth opportunities offered by the global Liability Insurance Carriers market. By understanding market dynamics, emerging trends and key factors influencing growth, stakeholders can navigate the evolving landscape and respond effectively to the challenges and opportunities of this dynamic industry.
The Business Research Company 2023 Liability Insurance Carriers Global Market Report provides insights into Liability Insurance Carriers market size, Liability Insurance Carriers market segments, Liability Insurance Carriers market trends, drivers and restraints, key competitor market positioning, revenue and market share.
The Business Research Company has published over 4,500 industry reports covering more than 2,500 market segments and 60 regions. The reports are backed by 1,500,000 datasets, extensive desk research and exclusive insights from interviews with industry leaders.
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