Albany, NY -- (SBWIRE) -- 10/07/2015 -- A challenging property and casualty market, along with weakening profitability, led to the growth of the specialty insurance market, which is becoming increasingly global in nature with specialty carriers trending in similar lines and facing common issues. The global outlook for specialty insurance is positive for 2014–2018.
The US is the largest market for specialty insurance:
Specialty insurance includes high-hazard insurance, non-standard general insurance, niche market segments, bespoke underwriting, and excess and surplus lines insurance. As there is no standard definition for specialty insurance, estimating the market size is complicated. The global market size for specialty insurance, in terms of gross written premium, was estimated to be in the range of US$140–180 billion in 2013. The US is the largest specialty insurance market, contributing more than 50% of the overall gross written premium in 2013.
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Market capacity for cyber-liability insurance is growing rapidly:
Growing rates of cybercrime and data breaches have increased demand for insurance protection against cyber-attacks. According to the Center for Strategic and International Studies in June 2014, total global losses due to cybercrime stood at US$445 billion in 2013. The cyber liability market is a growing opportunity for specialty carriers. In 2013, the market capacity for the US cyber liability insurance was estimated at US$1 billion, and is expected to cross US$2 billion by the end of 2014. Other than the US, European economies are the key markets for cyber-liability insurance. Although the European cyber-liability market is relatively small at present, it is growing at an annual average rate of 50%.
Superior underwriting profits driving growth :
Specialty insurance is a high-risk, high-return market characterized by underwriting profitability. The underwriting cycles for specialty insurance products are currently in a difficult market phase, resulting in higher underwriting profits for insurers. On average, specialty carriers across the world generate strong underwriting profitability in comparison to property and casualty insurers. However, their exposures to catastrophic risks led to record losses in 2011 as a result of the earthquake in Japan and the Thai floods.
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Scope:
This report covers the current market size and growth potential of the global specialty insurance market.
The report discusses key success factors for specialty carriers.
The report analyzes key organic and inorganic growth strategies for specialty carriers.
The report discusses emerging risks and available growth opportunities for specialty carriers.
The report provides a summary of quarterly changes in premium prices for key specialty lines during 2013 and the first half of 2014.
Key highlights:
The US is the largest specialty insurance market contributing more than 50% of the overall gross written premium in 2013.
Cyber-risk, carbon credit risk, risks associated with change in space weather, changing technology, and changes in prices of input materials for manufacturing industries are key emerging risks offering huge growth potential for specialty carriers.
Underwriting margin is very high for specialty insurance and specialty carriers across the world generate strong underwriting profitability in comparison to property and casualty insurers.
Lack of underwriting expert is the biggest challenge faced by specialty carriers.
Large-scale natural disasters not only cause huge insured losses, but also act as a trigger to increase demand for specialty insurance products.
Asia and Latin America provides huge growth opportunities for specialty carriers over the period 2014–2018.
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