The global Professional Liability Insurance market is anticipated to increase at a 10.8% CAGR to reach value $33.7 billion in 2031
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"The Global Professional Liability Insurance Market 2021-2031 (USD Billion)")
Professional Liability insurance is a form of liability insurance that enables safeguarding professional advice as well as service-providing individuals & companies from bearing entire defending cost against the negligence complain made by client plus compensations given in such a civil lawsuit. In addition, professional liability insurance can be segmented by different types (profession), application and geography.
Further, the product type segment is bifurcated as Medical Liability Insurance, Lawyer Liability Insurance and Other Liability Insurance. Medical Liability Insurance valued at US$ xx billion, acquires the largest chunk of the Professional Liability Insurance market across the globe, followed by Lawyer Liability Insurance valued at US$ xx billion as well as US$ xx billion to professionals in all other segments combined.
The markets in developing economies is expected to grow at faster pace as compared to developed economies. However, growth would also depend upon the degree at which competition among underwriters exists and also on upcoming claims in each region. Geographical segmentation of the global Professional Liability Insurance market focusses on several key regions including North America, Europe, Latin America, Asia-Pacific and Middle East & Africa. Asia-Pacific region is expected to conquer the maximum Professional Liability Insurance market share in upcoming years.
The competitive landscape of the global Professional Liability Insurance market consists of several prominent players prevailing in the market plus several new entrants.
Key company profile in the Global Professional Liability Insurance Market Are Allianz, Aviva, AXA, Berkshire Hathaway Specialty Insurance, Chubb (ACE), Hiscox, Tokio Marine Holdings, Allianz, AXA, Medical Protective, Assicurazioni Generali, Marsh & McLennan, Doctors Company, Munich Re, Zurich, Aviva and Sompo Japan Nipponkoa
Furthermore, Global Professional Liability Insurance market has been segmented by different application, product types and regions. Further, these segments are bifurcated to sub segments.
Professional Liability Insurance Market Scope
| Metrics | Details |
| Base Year | 2023 |
| Historic Data | 2018-2022 |
| Forecast Period | 2024-2031 |
| Study Period | 2018-2031 |
| Forecast Unit | Value (USD) |
| Revenue forecast in 2031 | USD 33.7 billion |
| Growth Rate | CAGR of 10.8% during 2021-2031 |
| Segment Covered | Type, Distribution, By Product Type, Region. |
| Regions Covered | North America, Europe, Asia Pacific, South America, Middle East and Africa |
| Key Players Profiled | Allianz, Aviva, AXA, Berkshire Hathaway Specialty Insurance, Chubb (ACE), Hiscox, Tokio Marine Holdings, Allianz, AXA, Medical Protective, Assicurazioni Generali, Marsh & McLennan, Doctors Company, Munich Re, Zurich, Aviva and Sompo Japan Nipponkoa |
Key segments of the Professional Liability Insurance Market
by Type, (USD Billion)
- Occurrence-based Policies
- Claims-based Policies
Distribution Channel, (USD Billion)
- Agents and Brokers
- Direct Response
- Banks,
- Others
By Product Type, (USD Billion)
- Medical Liability Insurance
- Lawyer Liability Insurance
- Other Liability Insurance
Region Overview, (USD Billion)
- North America
- United States of America
- Canada
- Mexico
- Europe
- France
- Germany
- Italy
- the Netherlands
- Poland
- Russia
- The United Kingdom
- Rest of Europe
- Asia-Pacific
- China
- India
- Indonesia
- South Korea
- Rest of Asia-Pacific
- South America
- Argentina
- Brazil
- Peru
- Uruguay
- Rest of South America
Frequently Asked Questions (FAQ) :
The top companies that hold the market share in professional liability insurance market are Chubb (ACE), Hiscox, Tokio Marine Holdings, Allianz, AXA, Medical Protective, Assicurazioni Generali, Marsh & McLennan, Doctors Company, Munich Re, Zurich, Aviva and Sompo Japan Nipponkoa & among others.
To get latest version of professional liability insurance market report can be obtained on demand from the website.
The base year for the report is 2023 in professional liability insurance market.