Specialty Insurance Market to Reach
Valuation of US$ 290 million by 2023
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Market report and forecasts to 2023.
Global Specialty Insurance Market
Overview:
In that report segmented the Specialty Insurance market
status and outlook of Global and major regions, from
angles of players, countries, product types and end
industries; this report analyzes the top players in global
market, and splits the Specialty Insurance market by product type and applications/end industries.
Based on type segmented is mainly two type product of specialty insurance market: Life Insurance
and Property Insurance.
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There is no standard definition for specialty insurance, Insurance is an effective way to manage
risk wherein one can transfer the cost of a potential loss under certain circumstance to the
insurance company in exchange of fees also known as premium. In this report, specialty insurance
includes high-hazard insurance, non-standard general insurance, niche market segments, bespoke
underwriting, and excess and surplus lines insurance.
The global Specialty Insurance market is valued at 220 million USD in 2017 and is expected to
reach 290 million USD by the end of 2023, growing at a CAGR of 5.4% between 2017 and 2023.
Based on Type of segmented is Property insurance is a policy that provides financial
reimbursement to the owner or renter of a structure and its contents in the event of damage or
theft. Property insurance can include homeowners insurance, renters insurance, flood insurance
and earthquake insurance. Personal property is generally covered by a homeowners or renters
policy, unless it is of particularly high value, in which case it can usually be covered by purchasing
an addition to the policy called a "rider." If there's a claim, the property insurance policy will either
reimburse the policyholder for the actual value of the damage or the replacement cost to remedy
the damage.
Geographically, the global specialty insurance has been segmented into North America, Europe,
China, Japan, India and other. The North America held the largest share in the global specialty
insurance market, its revenue of global market exceeds 58.88% in 2016. The next is Europe and
Japan. China and India have being the most populous country has fast growing specialty insurance
market. The Asia-Pacific will occupy for more market share in following years, especially in China,
also fast growing India and Southeast Asia regions. North America, especially The United States,
will still play an important role which cannot be ignored. Any changes from United States might