LONDON, June 07, 2023 (GLOBE NEWSWIRE) -- As per The Business Research Company's Liability Insurance Carriers Market Report 2023, the market will grow from $274.3 billion in 2022 to $290.7 billion in 2023 at a compound annual growth rate (CAGR) of 6%. Further, the global liability insurance carriers market will reach $365.4 billion in 2027, with a CAGR of more than 5%. North America held the largest liability insurance carriers' market share in 2022.
One of the driving factors behind the growth of the liability insurance carriers industry is the increasing medical inflation. Medical inflation refers to the rising costs of medical care due to evolving medical trends. These escalating expenses make medical services unaffordable for individuals and small enterprises in situations involving third-party accidents or damage. Liability insurance is crucial in addressing these concerns as it offers coverage for medical costs.
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Major liability insurance carriers companies are American International Group Inc., Allianz SE, AXA SA, CNA Financial Corporation, Chubb Corp., IFFCO-Tokio General Insurance Company Limited, Thimble Insurance, and Nationwide Mutual Insurance Company.
These industry leaders are actively adopting technologically advanced solutions to streamline their operations and maintain a competitive edge.
For instance, in December 2021, CorVel Corporation, a US-based workers' liability insurance and claim management company, launched the CogencyIQSM workers' liability and claim management platform. This innovative solution utilizes artificial intelligence and predictive analytics to provide insights into workers' claim data and offer guidance regarding liability insurance.
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The global liability insurance carriers market is segmented as -
1) By Coverage Type: General Liability Insurance, Professional Liability Insurance, Insurance For Directors And Officers
2) By Enterprise Size: Medium-Sized Enterprises, Large Enterprises, Small Enterprises
3) By Application: Commercial, Personal
The liability insurance carriers market report serves as a valuable resource for industry stakeholders, including insurance companies, investors, policymakers, and researchers, enabling them to make informed decisions and capitalize on the growth opportunities presented by the global liability insurance carriers market. By understanding the market dynamics, emerging trends, and key factors influencing its growth, stakeholders can navigate the evolving landscape and effectively respond to the challenges and opportunities within this dynamic industry.
Liability Insurance Carriers Global Market Report 2023 by The Business Research Company provides insights on the liability insurance carriers market size, liability insurance carriers market segments, liability insurance carriers market trends, drivers and restraints, major competitors' market positioning, revenues and market shares.
The Business Research Company has published over 4,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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The Business Research Company is a market intelligence firm pioneering in company, market, and consumer research. With offices all around the world, TBRC has specialist consultants in a variety of fields, including manufacturing, healthcare, financial services, chemicals, and technology.
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