Global Liability Insurance Market Report to 2031 - Opportunity Analysis and Industry Forecasts - ResearchAndMarkets.com

The "Liability Insurance Market by Coverage Type, Enterprise Size, Application: Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.

According to this report the liability insurance market size was valued at $252.34 billion in 2021, and is estimated to reach $432.81 billion by 2031, growing at a CAGR of 5.7% from 2022 to 2031.

Liability insurance is a policy that offers protection to businesses and individuals from risk, which they may be held legally or sued for negligence, malpractice or injury. This insurance policy protects the insured from legal payouts and costs, for which the policyholder is deemed to be responsible.

In addition, it provides an insured party with protection against claims resulting from injuries and damage to other people or property. Liability insurance policies cover any legal costs and payouts for which an insured party is responsible for if they are found legally liable. Intentional damage and contractual liabilities are generally not covered in liability insurance policies.

Liability insurance minimizes the business risk, such as bodily injury caused to any person because of faulty machines or any other circumstances. In addition, it reduces out of pocket costs for the insured, since the importance of liability insurance is that every business faces claims that can come up during normal operations. Without coverage, the insured have to pay out of pocket to cover claims, which can put their business at financial risk. Surge in awareness of liability insurance in developing countries is a factor that propels the market growth.

However, increase in liability insurance premium cost and lack of knowledge about coverage included in liability insurance policy are some major factors that limit the growth of the liability insurance market. On the contrary, liability insurance is an essential coverage for providing compensation for employees to recover from a work-related injury or illness. Therefore, rise in cases of work related accidents is expected to provide major lucrative opportunities for the growth of the liability insurance market.

The liability insurance market is segmented on the basis of coverage type, enterprise size, application, and region. By coverage type, it is segmented into general liability insurance, professional liability insurance (errors and omissions), and insurance for directors and officers. By enterprise size, it is divided into medium-sized enterprises, large enterprises, and small enterprises. By application, it is bifurcated into personal and commercial. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Key Benefits For Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the liability insurance market analysis from 2021 to 2031 to identify the prevailing liability insurance market forecast.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• In-depth analysis of the liability insurance market segmentation assists to determine the prevailing market opportunities.
• The report includes the analysis of the regional as well as global liability insurance market trends, key players, market segments, application areas, and market growth strategies.

Key Market Segments

By Coverage Type

• General Liability Insurance
• Professional Liability Insurance
• Insurance for Directors and Officers

By Enterprise Size

• Medium-sized Enterprises
• Large Enterprises
• Small Enterprises

By Application

• Commercial
• Personal

By Region

• North America
• U.S.
• Canada
• Europe
• United Kingdom
• Germany
• France
• Italy
• Spain
• Netherlands
• Rest of Europe
• Asia-Pacific
• China
• India
• Japan
• Australia
• South Korea
• Rest of Asia-Pacific
• LAMEA
• Latin America
• Middle East
• Africa

Key Market Players

• American International Group Inc
• Allianz
• AXA SA
• CNA Financial Corporation
• Chubb
• IFFCO-Tokio General Insurance Company Limited
• Liberty General Insurance Limited
• The Hartford
• The Travelers Indemnity Company
• Zurich American Insurance Company

For more information about this report visit https://www.researchandmarkets.com/r/8iol67

View source version on businesswire.com: https://www.businesswire.com/news/home/20220816005518/en/