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This report studies the Professional Liability Insurance market. Professional liability insurance (PLI), also called professional indemnity insurance (PII) or errors & omissions (E&O), 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.
n most cases, growth is likely to be faster in less-developed markets than in developed ones, although much also depends on the degree to which significant competition exists among underwriters in this field and on future claims experience in each country.
Medical Professional Liability Insurance, at US$15.7 billion, accounted for the biggest chunk (40.8%) of the worldwide market pie by professional category. That was followed by approximately US$7.5 billion to professionals in the lawyer, and about US$15.2 billion to professionals in all other segments combined.
According to this study, over the next five years the Professional Liability Insurance market will register a 2.9% CAGR in terms of revenue, the global market size will reach US$ 45600 million by 2024, from US$ 38400 million in 2019. In particular, this report presents the global revenue market share of key companies in Professional Liability Insurance business, shared in Chapter 3.
This report presents a comprehensive overview, market shares and growth opportunities of Professional Liability Insurance market by product type, application, key companies and key regions.
This study considers the Professional Liability Insurance value generated from the sales of the following segments:
Segmentation by product type: breakdown data from 2014 to 2019 in Section 2.3; and forecast to 2024 in section 10.7.
Medical Liability Insurance
Lawyer Liability Insurance
Other Liability Insurance
Segmentation by application: breakdown data from 2014 to 2019, in Section 2.4; and forecast to 2024 in section 10.8.
Up to $1 Million
$1 Million to $5 Million
$5 Million to $20 Million
Over $20 Million
This report also splits the market by region: Breakdown data in Chapter 4, 5, 6, 7 and 8.
Americas
United States
Canada
Mexico
Brazil
APAC
China
Japan
Korea
Southeast Asia
India
Australia
Europe
Germany
France
UK
Italy
Russia
Spain
Middle East & Africa
Egypt
South Africa
Israel
Turkey
GCC Countries
The report also presents the market competition landscape and a corresponding detailed analysis of the major vendor/manufacturers in the market. The key manufacturers covered in this report: Breakdown data in in Chapter 3.
Chubb (ACE)
AIG
Hiscox
Allianz
Tokio Marine Holdings
XL Group
AXA
Travelers
Assicurazioni Generali
Doctors Company
Marsh & McLennan
Liberty Mutual
Medical Protective
Aviva
Zurich
Sompo Japan Nipponkoa
Munich Re
Aon
Beazley
Mapfre
In addition, this report discusses the key drivers influencing market growth, opportunities, the challenges and the risks faced by key players and the market as a whole. It also analyzes key emerging trends and their impact on present and future development.
Research objectives
To study and analyze the global Professional Liability Insurance market size by key regions/countries, product type and application, history data from 2014 to 2018, and forecast to 2024.
To understand the structure of Professional Liability Insurance market by identifying its various subsegments.
Focuses on the key global Professional Liability Insurance players, to define, describe and analyze the value, market share, market competition landscape, SWOT analysis and development plans in next few years.
To analyze the Professional Liability Insurance with respect to individual growth trends, future prospects, and their contribution to the total market.
To share detailed information about the key factors influencing the growth of the market (growth potential, opportunities, drivers, industry-specific challenges and risks).
To project the size of Professional Liability Insurance submarkets, with respect to key regions (along with their respective key countries).
To analyze competitive developments such as expansions, agreements, new product launches and acquisitions in the market.
To strategically profile the key players and comprehensively analyze their growth strategies.
The base year for the study has been considered 2019, historic year 2014 and 2018, the forecast period considered is from 2020 to 2027. The regions analyzed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. These regions are further analyzed at the country-level. The study also includes attractiveness analysis of type, application and regions which are benchmarked based on their market size, growth rate and attractiveness in terms of present and future opportunity for understanding the future growth of the market.
Market is segmented on the basis:
The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The report emphasizes on all the key trends that play a vital role in the enlargement of the market from 2019 to 2026.
The report provides company profile of the key players operating in the market and a comparative analysis based on their business overviews industry offering, segment market share, regional presence, business strategies, innovations, mergers & acquisitions, recent developments, joint venture, collaborations, partnerships, SWOT analysis, and key financial information.
Table of Contents
2019-2024 Global Professional Liability Insurance Market Report (Status and Outlook)
1 Scope of the Report
1.1 Market Introduction
1.2 Research Objectives
1.3 Years Considered
1.4 Market Research Methodology
1.5 Economic Indicators
1.6 Currency Considered
2 Executive Summary
2.1 World Market Overview
2.1.1 Global Professional Liability Insurance Market Size 2014-2024
2.1.2 Professional Liability Insurance Market Size CAGR by Region
2.2 Professional Liability Insurance Segment by Type
2.2.1 Medical Liability Insurance
2.2.2 Lawyer Liability Insurance
2.2.3 Construction & Engineering Liability Insurance
2.2.4 Other Liability Insurance
2.3 Professional Liability Insurance Market Size by Type
2.3.1 Global Professional Liability Insurance Market Size Market Share by Type (2014-2019)
2.3.2 Global Professional Liability Insurance Market Size Growth Rate by Type (2014-2019)
2.4 Professional Liability Insurance Segment by Application
2.4.1 Up to $1 Million
2.4.2 $1 Million to $5 Million
2.4.3 $5 Million to $20 Million
2.4.4 Over $20 Million
2.5 Professional Liability Insurance Market Size by Application
2.5.1 Global Professional Liability Insurance Market Size Market Share by Application (2014-2019)
2.5.2 Global Professional Liability Insurance Market Size Growth Rate by Application (2014-2019)
3 Global Professional Liability Insurance by Players
3.1 Global Professional Liability Insurance Market Size Market Share by Players
3.1.1 Global Professional Liability Insurance Market Size by Players (2017-2019)
3.1.2 Global Professional Liability Insurance Market Size Market Share by Players (2017-2019)
3.2 Global Professional Liability Insurance Key Players Head office and Products Offered
3.3 Market Concentration Rate Analysis
3.3.1 Competition Landscape Analysis
3.3.2 Concentration Ratio (CR3, CR5 and CR10) (2017-2019)
3.4 New Products and Potential Entrants
3.5 Mergers & Acquisitions, Expansion
4 Professional Liability Insurance by Regions
4.1 Professional Liability Insurance Market Size by Regions
4.2 Americas Professional Liability Insurance Market Size Growth
4.3 APAC Professional Liability Insurance Market Size Growth
4.4 Europe Professional Liability Insurance Market Size Growth
4.5 Middle East & Africa Professional Liability Insurance Market Size Growth
5 Americas
5.1 Americas Professional Liability Insurance Market Size by Countries
5.2 Americas Professional Liability Insurance Market Size by Type
5.3 Americas Professional Liability Insurance Market Size by Application
5.4 United States
5.5 Canada
5.6 Mexico
5.7 Key Economic Indicators of Few Americas Countries
6 APAC
6.1 APAC Professional Liability Insurance Market Size by Countries
6.2 APAC Professional Liability Insurance Market Size by Type
6.3 APAC Professional Liability Insurance Market Size by Application
6.4 China
6.5 Japan
6.6 Korea
6.7 Southeast Asia
6.8 India
6.9 Australia
6.10 Key Economic Indicators of Few APAC Countries
7 Europe
7.1 Europe Professional Liability Insurance by Countries
7.2 Europe Professional Liability Insurance Market Size by Type
7.3 Europe Professional Liability Insurance Market Size by Application
7.4 Germany
7.5 France
7.6 UK
7.7 Italy
7.8 Russia
7.9 Spain
7.10 Key Economic Indicators of Few Europe Countries
8 Middle East & Africa
8.1 Middle East & Africa Professional Liability Insurance by Countries
8.2 Middle East & Africa Professional Liability Insurance Market Size by Type
8.3 Middle East & Africa Professional Liability Insurance Market Size by Application
8.4 Egypt
8.5 South Africa
8.6 Israel
8.7 Turkey
8.8 GCC Countries
9 Market Drivers, Challenges and Trends
9.1 Market Drivers and Impact
9.1.1 Growing Demand from Key Regions
9.1.2 Growing Demand from Key Applications and Potential Industries
9.2 Market Challenges and Impact
9.3 Market Trends
10 Global Professional Liability Insurance Market Forecast
10.1 Global Professional Liability Insurance Market Size Forecast (2019-2024)
10.2 Global Professional Liability Insurance Forecast by Regions
10.2.1 Global Professional Liability Insurance Forecast by Regions (2019-2024)
10.2.2 Americas Market Forecast
10.2.3 APAC Market Forecast
10.2.4 Europe Market Forecast
10.2.5 Middle East & Africa Market Forecast
10.3 Americas Forecast by Countries
10.3.1 United States Market Forecast
10.3.2 Canada Market Forecast
10.3.3 Mexico Market Forecast
10.3.4 Brazil Market Forecast
10.4 APAC Forecast by Countries
10.4.1 China Market Forecast
10.4.2 Japan Market Forecast
10.4.3 Korea Market Forecast
10.4.4 Southeast Asia Market Forecast
10.4.5 India Market Forecast
10.4.6 Australia Market Forecast
10.5 Europe Forecast by Countries
10.5.1 Germany Market Forecast
10.5.2 France Market Forecast
10.5.3 UK Market Forecast
10.5.4 Italy Market Forecast
10.5.5 Russia Market Forecast
10.5.6 Spain Market Forecast
10.6 Middle East & Africa Forecast by Countries
10.6.1 Egypt Market Forecast
10.6.2 South Africa Market Forecast
10.6.3 Israel Market Forecast
10.6.4 Turkey Market Forecast
10.6.5 GCC Countries Market Forecast
10.7 Global Professional Liability Insurance Forecast by Type
10.8 Global Professional Liability Insurance Forecast by Application
11 Key Players Analysis
11.1 Chubb (ACE)
11.1.1 Company Details
11.1.2 Professional Liability Insurance Product Offered
11.1.3 Chubb (ACE) Professional Liability Insurance Revenue, Gross Margin and Market Share (2017-2019)
11.1.4 Main Business Overview
11.1.5 Chubb (ACE) News
11.2 AIG
11.2.1 Company Details
11.2.2 Professional Liability Insurance Product Offered
11.2.3 AIG Professional Liability Insurance Revenue, Gross Margin and Market Share (2017-2019)
11.2.4 Main Business Overview
11.2.5 AIG News
11.3 Hiscox
11.3.1 Company Details
11.3.2 Professional Liability Insurance Product Offered
11.3.3 Hiscox Professional Liability Insurance Revenue, Gross Margin and Market Share (2017-2019)
11.3.4 Main Business Overview
11.3.5 Hiscox News
11.4 Allianz
11.4.1 Company Details
11.4.2 Professional Liability Insurance Product Offered
11.4.3 Allianz Professional Liability Insurance Revenue, Gross Margin and Market Share (2017-2019)
11.4.4 Main Business Overview
11.4.5 Allianz News
11.5 Tokio Marine Holdings
11.5.1 Company Details
11.5.2 Professional Liability Insurance Product Offered
11.5.3 Tokio Marine Holdings Professional Liability Insurance Revenue, Gross Margin and Market Share (2017-2019)
11.5.4 Main Business Overview
11.5.5 Tokio Marine Holdings News
11.6 XL Group
11.6.1 Company Details
11.6.2 Professional Liability Insurance Product Offered
11.6.3 XL Group Professional Liability Insurance Revenue, Gross Margin and Market Share (2017-2019)
11.6.4 Main Business Overview
11.6.5 XL Group News
11.7 AXA
11.7.1 Company Details
11.7.2 Professional Liability Insurance Product Offered
11.7.3 AXA Professional Liability Insurance Revenue, Gross Margin and Market Share (2017-2019)
11.7.4 Main Business Overview
11.7.5 AXA News
11.8 Travelers
11.8.1 Company Details
11.8.2 Professional Liability Insurance Product Offered
11.8.3 Travelers Professional Liability Insurance Revenue, Gross Margin and Market Share (2017-2019)
11.8.4 Main Business Overview
11.8.5 Travelers News
11.9 Assicurazioni Generali
11.9.1 Company Details
11.9.2 Professional Liability Insurance Product Offered
11.9.3 Assicurazioni Generali Professional Liability Insurance Revenue, Gross Margin and Market Share (2017-2019)
11.9.4 Main Business Overview
11.9.5 Assicurazioni Generali News
11.10 Doctors Company
11.10.1 Company Details
11.10.2 Professional Liability Insurance Product Offered
11.10.3 Doctors Company Professional Liability Insurance Revenue, Gross Margin and Market Share (2017-2019)
11.10.4 Main Business Overview
11.10.5 Doctors Company News
11.11 Marsh & McLennan
11.12 Liberty Mutual
11.13 Medical Protective
11.14 Aviva
11.15 Zurich
11.16 Sompo Japan Nipponkoa
11.17 Munich Re
11.18 Aon
11.19 Beazley
11.20 Mapfre
12 Research Findings and Conclusion
List of Tables and Figures
Table Product Specifications of Professional Liability Insurance
Figure Professional Liability Insurance Report Years Considered
Figure Market Research Methodol
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