Professional Liability Insurance Market May See a Big Move | Major Giants Chubb, Hiscox, Allianz, Tokio Marine

Research Reports

Dec 11, 2021

Latest published market study on Global Professional Liability Insurance Market provides an overview of the current market dynamics in the Professional Liability Insurance space, as well as what our survey respondents—all outsourcing decision-makers—predict the market will look like in 2027. The study breaks market by revenue and volume (wherever applicable) and price history to estimates size and trend analysis and identifying gaps and opportunities. Some of the players that are in coverage of the study are Chubb (Switzerland), American International Group, Inc. (United States), Hiscox (Bermuda), Allianz (Germany), Tokio Marine Holdings (Japan), AXA (France), Travelers (United States), Assicurazioni Generali (Italy), Doctors Company (United States) and Marsh & McLennan (United States).

Get ready to identify the pros and cons of regulatory framework, local reforms and its impact on the Industry. Know how Leaders in Professional Liability Insurance are keeping themselves one step forward with our latest survey analysis

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Professional liability insurance (PLI) Industry Background:

Professional liability insurance (PLI) is the insurance which protects professionals such as accountants, lawyers, and physicians. It protects them against negligence and other claims initiated by their clients. The professionals who are experts in a specific area opt for this insurance as general liability insurance policies do not offer protection against claims arising out of business-like negligence, malpractice, or misrepresentation. On the basis of the profession of individual the names vary such as malpractice insurance for the medical profession.This growth is primarily driven by Rapid Urbanization Across Emerging Markets are Leading to Shift from an Agro-Based or Industrial Economy to a Service-Sector Economy and Increased Risks for Professionals in Social Media.

Globally, a noticeable market trend is evident Adoption of Implementation of Digital Technologies and Analytics in Professional Liability Insurance. Major Players, such as Chubb (Switzerland), American International Group, Inc. (United States), Hiscox (Bermuda), Allianz (Germany), Tokio Marine Holdings (Japan), AXA (France), Travelers (United States), Assicurazioni Generali (Italy), Doctors Company (United States) and Marsh & McLennan (United States) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.

On October 2019, MECON Insurance has launched professional indemnity product. It has been has been launched amid Australia’s construction crisis, in an effort to protect builders who find themselves involved in a building failure.

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Professional Liability Insurance Market Drivers:

Rapid Urbanization Across Emerging Markets are Leading to Shift from an Agro-Based or Industrial Economy to a Service-Sector Economy

Increased Risks for Professionals in Social Media

Professional Liability Insurance Market Trend:

Adoption of Implementation of Digital Technologies and Analytics in Professional Liability Insurance

Restraints:

High Costs Associated with Health Insurance Products

Opportunities:

Increasing Awareness About the Professional Liability Insurance and Increase in Number of Professional in Accounting, Architecture, Engineering, Law, Medicine, and Other Specialized Fields

Challenges:

Longer Time Required for Claim Settlement

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Basic Segmentation Details
Global Professional Liability Insurance Product Types In-Depth: Medical Liability, Lawyer Liability, CPA Liability, Construction & Engineering Liability, Other Liability

Global Professional Liability Insurance Major Applications/End users: Up to USD 1 Million, USD 1 Million to USD 5 Million, USD 5 Million to USD 20 Million, Over USD 20 Million

Geographical Analysis: 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).

For deep analysis of Professional Liability Insurance Market Size, Competition Analysis is provided which includes Revenue (M USD) by Players (2019-2021E) & Market Share (%) by Players (2019-2021E) complimented with concentration rate.

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Actual Numbers & In-Depth Analysis of Global Professional Liability Insurance Market Size Estimation and Trends Available in Full Version of the Report.

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