Global Professional Liability Insurance Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Market Overview

of Global Professional Liability Insurance market:
The latest research study on the global Professional Liability Insurance market finds that the global Professional Liability Insurance market reached a value of USD 42351.81 million in 2022. It’s expected that the market will achieve USD 52234.47 million by 2028, exhibiting a CAGR of 3.56% during the forecast period.

Professional liability insurance (PLI), also called professional indemnity insurance (PII) but more commonly known as errors & omissions (E&O) in the US, 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.

Region Overview:
In 2022, the share of the Professional Liability Insurance market in Europe stood at 39.15%.

Company Overview:
AXA is one of the major players operating in the Professional Liability Insurance market, holding a share of 9.36% in 2023.

AXA
AXA SA, through its subsidiaries, provides insurance and asset management services worldwide. The company offers a range of insurance products, including life and savings, property and casualty, and health.

Chubb Ltd
The Chubb Corporation operates as an insurance company. The Company provides a wide range of commercial and personal property, casualty, reinsurance, accident, supplemental health, and life insurance. Chubb serves customers worldwide. The company was formerly known as ACE Limited and changed its name to Chubb Limited in January 2016.

Segmentation Overview:
By type, Medical Liability segment accounted for the largest share of market in 2022.

Application Overview:
In the Professional Liability Insurance market, 37.05% of the total value was generated through the $5 Million to $20 Million segment by application in 2022.

The report covers a research time span from 2018 to 2029; combines extensive quantitative analysis and exhaustive qualitative analysis; presents not only an overview of the global Professional Liability Insurance market in metrics of sales, revenue, growth rate, but also a deeper dive into the segmented market by region, product type and downstream industry, showing the readers a clear and distinct picture of how the market is distributed from different perspectives.

For competitive landscape, prominent players with considerable market shares are comprehensively analyzed in this report. With information regarding the concentration ratio and detailed data reflecting the market performance of each player shared, the readers can acquire a holistic view of the competitive situation and a better understanding of their competitors.

As the COVID-19 takes over the world, we are continuously tracking the changes in the markets. We analyzed the impact of the pandemic in detail, along with other key factors, such as macro-economy, regional conflicts, industry related news and policies. Meanwhile, market investment scenario, technology status and developments, supply chain challenges, among other essential research elements are all covered.

Research Scope
This report provides an overview of the global Professional Liability Insurance market and analyzes the segmented market by product type, downstream industry, and region, presenting data points such as sales, revenue, growth rate, explaining the current status and future trends of the Professional Liability Insurance and its sub-markets in an intuitive way.

Key Companies in the global Professional Liability Insurance market covered in Chapter 3:
Hiscox
Marsh & McLennan
Aviva plc
Beazley Group
Medpro Group
American International Group
Chubb Ltd
AXA
ALLIANZ
Munich Re Group
Assicurazioni Generali SpA
MetLife, Inc.
The Travelers Companies, Inc

In Chapter 4 and Chapter 14.2, on the basis of types, the Professional Liability Insurance market from 2018 to 2029 is primarily split into:
Medical Liability
Lawyer Liability
CPA Liability
Construction & Engineering Liability
Others

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Professional Liability Insurance market from 2018 to 2029 covers:
Up to $1 Million
$1 Million to $5 Million
$5 Million to $20 Million
Over $20 Million

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:
North America (United States, Canada)

Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)

Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)

Latin America (Brazil, Mexico, Argentina)

Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)

Key Factors Considered

COVID-19
Amid the COVID-19 crisis, the Professional Liability Insurance market has definitely taken a hit. The report describes the market scenario during and post the pandemic in the vision of upstream raw materials, major market participants, downstream major customers, etc. Other aspects, such as changes in consumer behavior, demand, transport capacity, trade flow under COVID-19, have also been taken into consideration during the process of the research.

Regional Conflict / Russia-Ukraine War
The report also presents the impact of regional conflict on this market in an effort to aid the readers to understand how the market has been adversely influenced and how it’s going to evolve in the years to come.

Challenges & Opportunities
Factors that may help create opportunities and boost profits for market players, as well as challenges that may restrain or even pose a threat to the development of the players, are revealed in the report, which can shed a light on strategic decisions and implementation.

Chapter Outline

Chapter 1 starts the report with a brief overview of the research scope, as well as the definitions of the target market and the subdivisions.

Chapter 2 integrates and sketches the research findings and conclusions in a clear and explicit way.

Chapter 3 presents the competitive landscape by displaying the sales, revenue, and market shares of the top players. It also profiles the major market participants with their business introductions, sales, price, revenue, gross, growth rates, etc.

Chapter 4 breaks down the market by different product types and shares data correspondingly with the aim of helping the readers know how the market is distributed by type.

Chapter 5 segments the market by downstream industry, with data covers sales, revenue, and growth rate tracing back to 2018.

Chapter 6 is the analysis of the whole market industrial chain, ranging from upstream raw materials to downstream customers, with regional conflicts taken into consideration.

Chapter 7 elaborates on market dynamics. Factors that drive, challenge, or restrain the market are all listed, together with industry news, opportunities, impacts of COVID-19, and SWOT analysis.

Chapter 8 shows the breakdown data at the regional level, which enables the readers to picture the regional competitive pattern of the market and learn about the revenue, sales, and market share of all the major regions.

Chapter 9-13 focus on each and every of the major region, specifically, North America, Europe, Asia Pacific, Latin America, Middle East & Africa. Sales, price, revenue, gross, gross margin, among others, will be all be presented.

Chapter 14 forecasts the future trend of the market not only as a whole but also from the perspective of all segments.

Years considered for this report:

Historical Years:

2018-2022

Base Year:

2022

Estimated Year:

2023

Forecast Period:

2023-2029

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