Pune, India -- (SBWIRE) -- 03/05/2019 -- Surety market is experiencing good growth across all the geographical regions of the globe, with the increasing demand for infrastructural development as well as residential construction. Furthermore, the rising adoption of public-private partnership model is another factor fueling the growth of the market.

Surety Bonds are obtained by principal parties to protect third parties from a failure to meet contractual obligations. There are four main types of bonds that serve the different purpose namely: contract surety bond, commercial surety bond, fidelity surety bond, and court surety bond. The most common surety bonds are the commercial and contract surety bond and serve the purpose of protecting the public and private interests. The court and fidelity surety bonds protect against the litigation and theft. Surety bonds of all types cost a premium based on the performance of the business and credit score of the business owner, which is between 1-15% of the bond value.

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The key players influencing the market are:

AmTrust Financial Services, Inc.
Crum & Forster
CNA Financial Corporation
American Financial Group, Inc.
The Travelers Indemnity Company
Liberty Mutual Insurance Company
Hartford Financial Services Group, Inc.
HCC Insurance Holdings
IFIC Surety Group
Chubb Limited

This report contains:

-Market sizing for the global Surety Market.
-Compare major Surety providers strategies and approaches to the challenges they face
-Analysis of the effects deglobalisation trends may have for Surety providers
-Profiles of major Surety providers
-5-year CAGR forecasts for Surety -intensive vertical sectors

The global surety market for the bond type is fragmented into Contract Surety Bond, Commercial Surety Bond, Fidelity Surety Bond, and Court Surety Bond. Commercial Bonds are general surety bonds that are required by various government agencies state local or federal. Commercial bonds are primarily used by companies or working professionals as per state licensing and permit regulations. Commercial bonds are easy to qualify as they incur low-risk. Commercial bonds protect the general public from that interact with the principal being licensed. The claim is made by someone who faced losses due to the violation of rules and regulations by the bonded principal. The agency checks various parameters before fixing the bond amount such as the number of employees, number of physical locations, and the type of business. Usually, the commercial bonds are annual bonds that are to be renewed every year in some cases bonds are also required for multi-year increments like service tax bond.

Further, surety market is expected to experience significant growth in the coming years due to the increasing demand of commercial bonds. The commercial bonds are gaining popularity in the markets of North America and Europe. Commercial bonds are replacing LOC as they provide a better method for risk management. Some of the big insurance like Crum & Forster, CAN Insurance Group, American Financial Group, Inc., and The Travelers Indemnity Company has a strong focus in providing commercial surety products.

Currently, the surety market penetration rates in the North America region is higher than any other markets across the globe. This is attributed to most of U.S. State governments' laws that mandate surety bonds. Both the U.S. and Canada Surety markets are majorly ruled by insurers, while banks also play a significant role. However, SAM and APAC region are anticipated to grow at the highest CAGR.

The presence of several emerging economies in APAC and SAM region, resulting in growth of the infrastructure sector is influencing the market growth for surety. Also, the rising population of these economies has created a demand for new housing construction thus, propelling the growth of the surety market in the region.

Key Benefits

-This report provides a detailed study of market trends and forecast from 2019 to 2027, which assist to identify the prevailing market opportunities.

-In-depth coverage of the global market that includes drivers, restraints, and opportunities, helps professionals to understand the market behavior in a better way.

-This study further includes market share analysis in terms of type and applications.

-Detailed study of the strategies of key leaders, partnerships, and acquisitions in the market is provided.

-Porter's Five Forces analysis examines the competitive structure of the market and assists strategists in better decision-making.

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