Global Professional Liability Insurance Market Report contains a complete product overview and its scope in the market to define the key terms and provide the clients a holistic idea of the market and its tendency.
Los Angeles, CA -- (SBWIRE) -- 05/06/2019 -- This report studies the Professional Liability Insurance market. Professional liability insurance (PLI), also called professional indemnity insurance (PII) or errors & omissions (E&O), is a form of liability insurance which helps protect professional advice- and service-providing individuals and companies from bearing the full cost of defending against a negligence claim made by a client, and damages awarded in such a civil lawsuit.
The coverage focuses on alleged failure to perform on the part of, financial loss caused by, and error or omission in the service or product sold by the policyholder. These are causes for legal action that would not be covered by a more general liability insurance policy which addresses more direct forms of harm. Professional liability insurance may take on different forms and names depending on the profession, especially medical and legal, and is sometimes required under contract by other businesses that are the beneficiaries of the advice or service.
n most cases, growth is likely to be faster in less-developed markets than in developed ones, although much also depends on the degree to which significant competition exists among underwriters in this field and on future claims experience in each country.
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Medical Professional Liability Insurance, at US$15.7 billion, accounted for the biggest chunk (40.8%) of the worldwide market pie by professional category. That was followed by approximately US$7.5 billion to professionals in the lawyer, and about US$15.2 billion to professionals in all other segments combined.
In 2018, the global Professional Liability Insurance market size was 38400 million US$ and it is expected to reach 48500 million US$ by the end of 2025, with a CAGR of 3.0% between 2019 and 2025.
This report studies the Professional Liability Insurance market size by players, regions, product types and end industries, history data 2014-2018 and forecast data 2019-2025; This report also studies the global market competition landscape, market drivers and trends, opportunities and challenges, risks and entry barriers, sales channels, distributors and Porter's Five Forces Analysis.
This report focuses on the global top players, covered
Chubb (ACE)
AIG
Hiscox
Allianz
Tokio Marine Holdings
XL Group
AXA
Travelers
Assicurazioni Generali
Doctors Company
Marsh & McLennan
Liberty Mutual
Medical Protective
Aviva
Zurich
Sompo Japan Nipponkoa
Munich Re
Aon
Beazley
Mapfre
Market segment by Regions/Countries, this report covers
North America
Europe
China
Rest of Asia Pacific
Central & South America
Middle East & Africa
Market segment by Type, the product can be split into
Medical Liability Insurance
Lawyer Liability Insurance
Construction & Engineering Liability Insurance
Other Liability Insurance
Market segment by Application, the market can be split into
Up to $1 Million
$1 Million to $5 Million
$5 Million to $20 Million
Over $20 Million
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