Global Professional Liability Insurance Market, By Type (Medical Liability Insurance, Lawyer Liability Insurance, Construction & Engineering Liability Insurance, Other Liability Insurance), By Applications (Up to $1 Million ,$1 Million to $5 Million ,$5 Million to $20 Million , Over $20 Million), By Region (North America, Europe, Asia Pacific, Middle East & Africa and Latin America), Trend Analysis, Competitive Market Share and Forecast, 2014-2024
Published:
September 2019
Report Code:
BWC19264
Available Format:
PDF PDF Icon
Pages:
125

global professional liability insurance market bwc19264

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Global Professional Liability Insurance Market: Overview

Global Professional Liability Insurance is anticipated to propagate with a healthy rate during the forecast period 2014-24. Professional Liability also known as professional indemnity insurance (PII) or errors & omissions (E&O), is liability insurance which helps professional support- and service-providers, corporations from demeanor the full cost of defending against a claim made by the purchaser, and compensations endowed in such civil litigation.

Medical professional liability insurance defends physicians and other authorized health care professionals from liability associated with illegal acts causing in medical expenses, property damage and bodily injury, as well as the cost of protecting litigations related to such claims. Lawyer Liability Insurance offers lawyers with liability coverage for monetary loss suffered by third parties arising from acts, faults, omissions in providing professional legal services and fraud and criminal acts. Construction & Engineering Liability Insurance, is acquired by contractors providing design and building services and provides coverage of faults made by the contractor and third-parties such as architects, engineers, and other vendors.

Growth Drivers

Technological advancements

Rising procurements from the technological approach such as cloud computing, digitalization that are offering prominent growth to the liability insurance sector. Cyber and privacy liability are driving market expansion rapidly.

Rising mergers and acquisitions

The cumulative pace of the mergers and acquisitions amid professional liability brokers influence an ascending trend in insurance premiums. The rise in disposable income and an accelerating number of policyholder are the key drivers for the growth of the market. The upsurge in per capita GDP in developing economies is subsidizing the global professional liability insurance market.

Restraints

Irrepressible Premium Cost Dynamics

The premium, or cost, mostly depends on the factors which are not in the control of insurance holders. Factors such as the number of claims filed in the associated industry, company's present fiscal status, business life, and state laws all affect the rates of your premium.

Global Professional Liability Insurance Market: Type Analysis

Based on the type of Professional Liability Insurance, the market segmented into Medical Liability Insurance, Lawyer Liability Insurance, Construction & Engineering Liability Insurance, and Other Liability Insurance. Construction & Engineering Liability Insurance market is projected to grow at a significant rate owing to increasing awareness of the risk and potential resulting claims. Additionally, the construction and engineering sectors are more associated with risk in terms of human resources, so the government also supports insurance. The medical liability insurance market is also capturing the market on accounts of better patient safety, greater importance on loss alleviation and risk control, and more violent legal security tactics.

Global Professional Liability Insurance Market: Application Insights

Based on the applications market is segmented as Up to $1 Million, $1 Million to $ 5Million, $5 Million to $20 Million, over $20 Million. $1 Million to $5 Million segments are likely to grow over the forecast period on accounts to increase in cyber and privacy intimidations and cut-throat competition among the leading companies. Technological innovations are fueling the industry and expected to rise at a substantial growth rate.

Global Professional Liability Insurance Market: Region analysis

Geographically, the Global Professional Liability Insurance: the market analyzed across North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America is the leading region of the industry and projected to lead the overall industry during the forecast period. The rise in the number of companies and increasing competition is giving fuel to the industry. Asia- Pacific region is likely to grow due to technological advancements in procurements transactions.


The objective of the Study:

         To analyze and forecast the market size of the Global Professional Liability Insurance market, in terms of value.

    To examine the careful market segmentation and forecast the market size, in terms value, based on the region by segmenting the Professional Liability Insurance market into five regions, namely, North America, Europe, Asia Pacific, Middle East, and their leading countries.

     To outline, categorized and forecast the global Professional Liability Insurance market based on the type and Application.

     To examine competitive developments like technological advancement, services, and regulative framework within the global Professional Liability Insurance Market.

    To highlight the impact analysis of the factors, affecting the market dynamics such as drivers, restraints, opportunities, and challenges.

   To strategically profile the key players and comprehensively analyze their market shares along with detailing the competitive landscape for market leaders.

Global Professional Liability Insurance market Competitive Landscape

Companies such as Chubb Limited, AIG, Hiscox, Allianz, Tokio Marine Holdings, XL Group, AXA, Travelers, Assicurazioni Generali, Doctors Company, Marsh & McLennan, Liberty Mutual, Medical Protective and viva, Zurich, Sompo Japan Nipponkoa, Munich Re, Aon, Beazley and Mapfre are the key players in the industry.

Scope of the Report

By Type

         Medical Liability Insurance

         Lawyer Liability Insurance

         Construction & Engineering Liability Insurance

         Other Liability Insurance

By Application

         Up to $1 Million

         $1 Million to $5 Million

         $5 Million to $20 Million

         Over $20 Million

Besides, the report provides an analysis of the Global Professional Liability Insurance market with respect to the following geographic segments:

         North America

         Europe

         Asia Pacific (APAC)

         LATAM

         MEA

Business Questions answer by the report

         How will the market drivers, restraints and opportunities affect the market dynamics?

         What will be the market size in terms of value and volume and market statistics with a detailed classification?

         Which segment dominates the market or region and one will be the fastest growing and why?

         A comprehensive survey of the competitive landscape and the market participant players

         Analysis of strategy adopted by the key player and their impact on other players.

Customization Scope for the Client

Client satisfaction is our first and last priority and that’s why BlueWeave Consulting offers customization according to Company’s specific needs. The following customization options are available for the report:

Additional Company Information

         With five additional company detail analysis

         Additional country analysis

         Detailed segment analysis



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