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Professional Liability Insurance-Global Market Insights and Sales Trends 2024
Synopsis
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.
The global Professional Liability Insurance market size is expected to reach US$ 55100 million by 2029, growing at a CAGR of 3.4% from 2023 to 2029. The market is mainly driven by the significant applications of Professional Liability Insurance in various end use industries. The expanding demands from the Up to $1 Million, $1 Million to $5 Million, $5 Million to $20 Million and Over $20 Million, are propelling Professional Liability Insurance market. Medical Liability, one of the segments analysed in this report, is projected to record % CAGR and reach US$ million by the end of the analysis period. Growth in the Lawyer Liability segment is estimated at % CAGR for the next seven-year period.
Global Professional Liability Insurance key players include Chubb, AIG, AXA, Hiscox, Allianz, etc. Global top five manufacturers hold a share over 25%.
North America is the largest market, with a share about 60%, followed by Europe and Asia-Pacific, both have a share about 35 percent.
In terms of product, Medical Liability is the largest segment, with a share about 30%. And in terms of application, the largest application is Up to $1 Million, followed by $1 Million to $5 Million.
Report Objectives
This report provides market insight on the different segments, by players, by Type, by Application. Market size and forecast (2018-2029) has been provided in the report. The primary objectives of this report are to provide 1) global market size and forecasts, growth rates, market dynamics, industry structure and developments, market situation, trends; 2) global market share and ranking by company; 3) comprehensive presentation of the global market for Professional Liability Insurance, with both quantitative and qualitative analysis through detailed segmentation; 4) detailed value chain analysis and review of growth factors essential for the existing market players and new entrants; 5) emerging opportunities in the market and the future impact of major drivers and restraints of the market.
Key Features of The Study:
This report provides in-depth analysis of the global Professional Liability Insurance market, and provides market size (US$ million) and CAGR for the forecast period (2023-2029), considering 2022 as the base year.
This report profiles key players in the global Professional Liability Insurance market based on the following parameters - company details (found date, headquarters, manufacturing bases), products portfolio, Professional Liability Insurance sales data, market share and ranking.
This report elucidates potential market opportunities across different segments and explains attractive investment proposition matrices for this market.
This report illustrates key insights about market drivers, restraints, opportunities, market trends, regional outlook.
Key companies of Professional Liability Insurance covered in this report include Chubb (ACE), AIG, Hiscox, Allianz, Tokio Marine Holdings, XL Group, AXA, Travelers and Assicurazioni Generali, etc.
The global Professional Liability Insurance market report caters to various stakeholders in this industry including investors, suppliers, product players, distributors, new entrants, and financial analysts.
Market Segmentation
Company Profiles:
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
Global Professional Liability Insurance market, by region:
North America (U.S., Canada, Mexico)
Europe (Germany, France, UK, Italy, etc.)
Asia Pacific (China, Japan, South Korea, Southeast Asia, India, etc.)
South America (Brazil, etc.)
Middle East and Africa (Turkey, GCC Countries, Africa, etc.)
Global Professional Liability Insurance market, Segment by Type:
Medical Liability
Lawyer Liability
CPA Liability
Construction & Engineering Liability
Other Liability
Global Professional Liability Insurance market, by Application
Up to $1 Million
$1 Million to $5 Million
$5 Million to $20 Million
Over $20 Million
Core Chapters
Chapter One: Introduces the report scope of the report, executive summary of global and regional market size and CAGR for the history and forecast period (2018-2023, 2024-2029). It offers a high-level view of the current state of the market and its likely evolution in the short to mid-term, and long term.
Chapter Two: Provides the analysis of various market segments by Type, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different market segments.
Chapter Three: Provides the analysis of various market segments by Application, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different downstream markets.
Chapter Four: Detailed analysis of Professional Liability Insurance companies’ competitive landscape, revenue, market share and ranking, latest development plan, merger, and acquisition information, etc.
Chapter Five: Provides profiles of key players, introducing the basic situation of the main companies in the market in detail, including product introduction, revenue, recent development, etc.
Chapter Six, Seven, Eight, Nine and Ten: North America, Europe, Asia Pacific, Latin America, Middle East & Africa, revenue by country.
Chapter Eleven: this section also introduces the market dynamics, latest developments of the market, the driving factors and restrictive factors of the market, the challenges and risks faced by companies in the industry, and the analysis of relevant policies in the industry.
Chapter Twelve: Research Finding/Conclusion
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.
The global Professional Liability Insurance market size is expected to reach US$ 55100 million by 2029, growing at a CAGR of 3.4% from 2023 to 2029. The market is mainly driven by the significant applications of Professional Liability Insurance in various end use industries. The expanding demands from the Up to $1 Million, $1 Million to $5 Million, $5 Million to $20 Million and Over $20 Million, are propelling Professional Liability Insurance market. Medical Liability, one of the segments analysed in this report, is projected to record % CAGR and reach US$ million by the end of the analysis period. Growth in the Lawyer Liability segment is estimated at % CAGR for the next seven-year period.
Global Professional Liability Insurance key players include Chubb, AIG, AXA, Hiscox, Allianz, etc. Global top five manufacturers hold a share over 25%.
North America is the largest market, with a share about 60%, followed by Europe and Asia-Pacific, both have a share about 35 percent.
In terms of product, Medical Liability is the largest segment, with a share about 30%. And in terms of application, the largest application is Up to $1 Million, followed by $1 Million to $5 Million.
Report Objectives
This report provides market insight on the different segments, by players, by Type, by Application. Market size and forecast (2018-2029) has been provided in the report. The primary objectives of this report are to provide 1) global market size and forecasts, growth rates, market dynamics, industry structure and developments, market situation, trends; 2) global market share and ranking by company; 3) comprehensive presentation of the global market for Professional Liability Insurance, with both quantitative and qualitative analysis through detailed segmentation; 4) detailed value chain analysis and review of growth factors essential for the existing market players and new entrants; 5) emerging opportunities in the market and the future impact of major drivers and restraints of the market.
Key Features of The Study:
This report provides in-depth analysis of the global Professional Liability Insurance market, and provides market size (US$ million) and CAGR for the forecast period (2023-2029), considering 2022 as the base year.
This report profiles key players in the global Professional Liability Insurance market based on the following parameters - company details (found date, headquarters, manufacturing bases), products portfolio, Professional Liability Insurance sales data, market share and ranking.
This report elucidates potential market opportunities across different segments and explains attractive investment proposition matrices for this market.
This report illustrates key insights about market drivers, restraints, opportunities, market trends, regional outlook.
Key companies of Professional Liability Insurance covered in this report include Chubb (ACE), AIG, Hiscox, Allianz, Tokio Marine Holdings, XL Group, AXA, Travelers and Assicurazioni Generali, etc.
The global Professional Liability Insurance market report caters to various stakeholders in this industry including investors, suppliers, product players, distributors, new entrants, and financial analysts.
Market Segmentation
Company Profiles:
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
Global Professional Liability Insurance market, by region:
North America (U.S., Canada, Mexico)
Europe (Germany, France, UK, Italy, etc.)
Asia Pacific (China, Japan, South Korea, Southeast Asia, India, etc.)
South America (Brazil, etc.)
Middle East and Africa (Turkey, GCC Countries, Africa, etc.)
Global Professional Liability Insurance market, Segment by Type:
Medical Liability
Lawyer Liability
CPA Liability
Construction & Engineering Liability
Other Liability
Global Professional Liability Insurance market, by Application
Up to $1 Million
$1 Million to $5 Million
$5 Million to $20 Million
Over $20 Million
Core Chapters
Chapter One: Introduces the report scope of the report, executive summary of global and regional market size and CAGR for the history and forecast period (2018-2023, 2024-2029). It offers a high-level view of the current state of the market and its likely evolution in the short to mid-term, and long term.
Chapter Two: Provides the analysis of various market segments by Type, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different market segments.
Chapter Three: Provides the analysis of various market segments by Application, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different downstream markets.
Chapter Four: Detailed analysis of Professional Liability Insurance companies’ competitive landscape, revenue, market share and ranking, latest development plan, merger, and acquisition information, etc.
Chapter Five: Provides profiles of key players, introducing the basic situation of the main companies in the market in detail, including product introduction, revenue, recent development, etc.
Chapter Six, Seven, Eight, Nine and Ten: North America, Europe, Asia Pacific, Latin America, Middle East & Africa, revenue by country.
Chapter Eleven: this section also introduces the market dynamics, latest developments of the market, the driving factors and restrictive factors of the market, the challenges and risks faced by companies in the industry, and the analysis of relevant policies in the industry.
Chapter Twelve: Research Finding/Conclusion
Index1 Market Overview of Professional Liability Insurance
1.1 Professional Liability Insurance Market Overview
1.1.1 Professional Liability Insurance Product Scope
1.1.2 Professional Liability Insurance Market Status and Outlook
1.2 Global Professional Liability Insurance Market Size Overview by Region 2018 VS 2022 VS 2029
1.3 Global Professional Liability Insurance Market Size by Region (2018-2029)
1.4 Global Professional Liability Insurance Historic Market Size by Region (2018-2023)
1.5 Global Professional Liability Insurance Market Size Forecast by Region (2024-2029)
1.6 Key Regions, Professional Liability Insurance Market Size (2018-2029)
1.6.1 North America Professional Liability Insurance Market Size (2018-2029)
1.6.2 Europe Professional Liability Insurance Market Size (2018-2029)
1.6.3 Asia-Pacific Professional Liability Insurance Market Size (2018-2029)
1.6.4 Latin America Professional Liability Insurance Market Size (2018-2029)
1.6.5 Middle East & Africa Professional Liability Insurance Market Size (2018-2029)
2 Professional Liability Insurance Market by Type
2.1 Introduction
2.1.1 Medical Liability
2.1.2 Lawyer Liability
2.1.3 CPA Liability
2.1.4 Construction & Engineering Liability
2.1.5 Other Liability
2.2 Global Professional Liability Insurance Market Size by Type: 2018 VS 2022 VS 2029
2.2.1 Global Professional Liability Insurance Historic Market Size by Type (2018-2023)
2.2.2 Global Professional Liability Insurance Forecasted Market Size by Type (2024-2029)
2.3 Key Regions Market Size by Type
2.3.1 North America Professional Liability Insurance Revenue Breakdown by Type (2018-2029)
2.3.2 Europe Professional Liability Insurance Revenue Breakdown by Type (2018-2029)
2.3.3 Asia-Pacific Professional Liability Insurance Revenue Breakdown by Type (2018-2029)
2.3.4 Latin America Professional Liability Insurance Revenue Breakdown by Type (2018-2029)
2.3.5 Middle East and Africa Professional Liability Insurance Revenue Breakdown by Type (2018-2029)
3 Professional Liability Insurance Market Overview by Application
3.1 Introduction
3.1.1 Up to $1 Million
3.1.2 $1 Million to $5 Million
3.1.3 $5 Million to $20 Million
3.1.4 Over $20 Million
3.2 Global Professional Liability Insurance Market Size by Application: 2018 VS 2022 VS 2029
3.2.1 Global Professional Liability Insurance Historic Market Size by Application (2018-2023)
3.2.2 Global Professional Liability Insurance Forecasted Market Size by Application (2024-2029)
3.3 Key Regions Market Size by Application
3.3.1 North America Professional Liability Insurance Revenue Breakdown by Application (2018-2029)
3.3.2 Europe Professional Liability Insurance Revenue Breakdown by Application (2018-2029)
3.3.3 Asia-Pacific Professional Liability Insurance Revenue Breakdown by Application (2018-2029)
3.3.4 Latin America Professional Liability Insurance Revenue Breakdown by Application (2018-2029)
3.3.5 Middle East and Africa Professional Liability Insurance Revenue Breakdown by Application (2018-2029)
4 Professional Liability Insurance Competition Analysis by Players
4.1 Global Professional Liability Insurance Market Size by Players (2018-2023)
4.2 Global Top Players by Company Type (Tier 1, Tier 2 and Tier 3) & (based on the Revenue in Professional Liability Insurance as of 2022)
4.3 Date of Key Players Enter into Professional Liability Insurance Market
4.4 Global Top Players Professional Liability Insurance Headquarters and Area Served
4.5 Key Players Professional Liability Insurance Product Solution and Service
4.6 Competitive Status
4.6.1 Professional Liability Insurance Market Concentration Rate
4.6.2 Mergers & Acquisitions, Expansion Plans
5 Company (Top Players) Profiles
5.1 Chubb (ACE)
5.1.1 Chubb (ACE) Profile
5.1.2 Chubb (ACE) Main Business
5.1.3 Chubb (ACE) Professional Liability Insurance Products, Services and Solutions
5.1.4 Chubb (ACE) Professional Liability Insurance Revenue (US$ Million) & (2018-2023)
5.1.5 Chubb (ACE) Recent Developments
5.2 AIG
5.2.1 AIG Profile
5.2.2 AIG Main Business
5.2.3 AIG Professional Liability Insurance Products, Services and Solutions
5.2.4 AIG Professional Liability Insurance Revenue (US$ Million) & (2018-2023)
5.2.5 AIG Recent Developments
5.3 Hiscox
5.3.1 Hiscox Profile
5.3.2 Hiscox Main Business
5.3.3 Hiscox Professional Liability Insurance Products, Services and Solutions
5.3.4 Hiscox Professional Liability Insurance Revenue (US$ Million) & (2018-2023)
5.3.5 Allianz Recent Developments
5.4 Allianz
5.4.1 Allianz Profile
5.4.2 Allianz Main Business
5.4.3 Allianz Professional Liability Insurance Products, Services and Solutions
5.4.4 Allianz Professional Liability Insurance Revenue (US$ Million) & (2018-2023)
5.4.5 Allianz Recent Developments
5.5 Tokio Marine Holdings
5.5.1 Tokio Marine Holdings Profile
5.5.2 Tokio Marine Holdings Main Business
5.5.3 Tokio Marine Holdings Professional Liability Insurance Products, Services and Solutions
5.5.4 Tokio Marine Holdings Professional Liability Insurance Revenue (US$ Million) & (2018-2023)
5.5.5 Tokio Marine Holdings Recent Developments
5.6 XL Group
5.6.1 XL Group Profile
5.6.2 XL Group Main Business
5.6.3 XL Group Professional Liability Insurance Products, Services and Solutions
5.6.4 XL Group Professional Liability Insurance Revenue (US$ Million) & (2018-2023)
5.6.5 XL Group Recent Developments
5.7 AXA
5.7.1 AXA Profile
5.7.2 AXA Main Business
5.7.3 AXA Professional Liability Insurance Products, Services and Solutions
5.7.4 AXA Professional Liability Insurance Revenue (US$ Million) & (2018-2023)
5.7.5 AXA Recent Developments
5.8 Travelers
5.8.1 Travelers Profile
5.8.2 Travelers Main Business
5.8.3 Travelers Professional Liability Insurance Products, Services and Solutions
5.8.4 Travelers Professional Liability Insurance Revenue (US$ Million) & (2018-2023)
5.8.5 Travelers Recent Developments
5.9 Assicurazioni Generali
5.9.1 Assicurazioni Generali Profile
5.9.2 Assicurazioni Generali Main Business
5.9.3 Assicurazioni Generali Professional Liability Insurance Products, Services and Solutions
5.9.4 Assicurazioni Generali Professional Liability Insurance Revenue (US$ Million) & (2018-2023)
5.9.5 Assicurazioni Generali Recent Developments
5.10 Doctors Company
5.10.1 Doctors Company Profile
5.10.2 Doctors Company Main Business
5.10.3 Doctors Company Professional Liability Insurance Products, Services and Solutions
5.10.4 Doctors Company Professional Liability Insurance Revenue (US$ Million) & (2018-2023)
5.10.5 Doctors Company Recent Developments
5.11 Marsh & McLennan
5.11.1 Marsh & McLennan Profile
5.11.2 Marsh & McLennan Main Business
5.11.3 Marsh & McLennan Professional Liability Insurance Products, Services and Solutions
5.11.4 Marsh & McLennan Professional Liability Insurance Revenue (US$ Million) & (2018-2023)
5.11.5 Marsh & McLennan Recent Developments
5.12 Liberty Mutual
5.12.1 Liberty Mutual Profile
5.12.2 Liberty Mutual Main Business
5.12.3 Liberty Mutual Professional Liability Insurance Products, Services and Solutions
5.12.4 Liberty Mutual Professional Liability Insurance Revenue (US$ Million) & (2018-2023)
5.12.5 Liberty Mutual Recent Developments
5.13 Medical Protective
5.13.1 Medical Protective Profile
5.13.2 Medical Protective Main Business
5.13.3 Medical Protective Professional Liability Insurance Products, Services and Solutions
5.13.4 Medical Protective Professional Liability Insurance Revenue (US$ Million) & (2018-2023)
5.13.5 Medical Protective Recent Developments
5.14 Aviva
5.14.1 Aviva Profile
5.14.2 Aviva Main Business
5.14.3 Aviva Professional Liability Insurance Products, Services and Solutions
5.14.4 Aviva Professional Liability Insurance Revenue (US$ Million) & (2018-2023)
5.14.5 Aviva Recent Developments
5.15 Zurich
5.15.1 Zurich Profile
5.15.2 Zurich Main Business
5.15.3 Zurich Professional Liability Insurance Products, Services and Solutions
5.15.4 Zurich Professional Liability Insurance Revenue (US$ Million) & (2018-2023)
5.15.5 Zurich Recent Developments
5.16 Sompo Japan Nipponkoa
5.16.1 Sompo Japan Nipponkoa Profile
5.16.2 Sompo Japan Nipponkoa Main Business
5.16.3 Sompo Japan Nipponkoa Professional Liability Insurance Products, Services and Solutions
5.16.4 Sompo Japan Nipponkoa Professional Liability Insurance Revenue (US$ Million) & (2018-2023)
5.16.5 Sompo Japan Nipponkoa Recent Developments
5.17 Munich Re
5.17.1 Munich Re Profile
5.17.2 Munich Re Main Business
5.17.3 Munich Re Professional Liability Insurance Products, Services and Solutions
5.17.4 Munich Re Professional Liability Insurance Revenue (US$ Million) & (2018-2023)
5.17.5 Munich Re Recent Developments
5.18 Aon
5.18.1 Aon Profile
5.18.2 Aon Main Business
5.18.3 Aon Professional Liability Insurance Products, Services and Solutions
5.18.4 Aon Professional Liability Insurance Revenue (US$ Million) & (2018-2023)
5.18.5 Aon Recent Developments
5.19 Beazley
5.19.1 Beazley Profile
5.19.2 Beazley Main Business
5.19.3 Beazley Professional Liability Insurance Products, Services and Solutions
5.19.4 Beazley Professional Liability Insurance Revenue (US$ Million) & (2018-2023)
5.19.5 Beazley Recent Developments
5.20 Mapfre
5.20.1 Mapfre Profile
5.20.2 Mapfre Main Business
5.20.3 Mapfre Professional Liability Insurance Products, Services and Solutions
5.20.4 Mapfre Professional Liability Insurance Revenue (US$ Million) & (2018-2023)
5.20.5 Mapfre Recent Developments
6 North America
6.1 North America Professional Liability Insurance Market Size by Country (2018-2029)
6.2 U.S.
6.3 Canada
7 Europe
7.1 Europe Professional Liability Insurance Market Size by Country (2018-2029)
7.2 Germany
7.3 France
7.4 U.K.
7.5 Italy
7.6 Russia
7.7 Nordic Countries
7.8 Rest of Europe
8 Asia-Pacific
8.1 Asia-Pacific Professional Liability Insurance Market Size by Region (2018-2029)
8.2 China
8.3 Japan
8.4 South Korea
8.5 Southeast Asia
8.6 India
8.7 Australia
8.8 Rest of Asia-Pacific
9 Latin America
9.1 Latin America Professional Liability Insurance Market Size by Country (2018-2029)
9.2 Mexico
9.3 Brazil
9.4 Rest of Latin America
10 Middle East & Africa
10.1 Middle East & Africa Professional Liability Insurance Market Size by Country (2018-2029)
10.2 Turkey
10.3 Saudi Arabia
10.4 UAE
10.5 Rest of Middle East & Africa
11 Professional Liability Insurance Market Dynamics
11.1 Professional Liability Insurance Industry Trends
11.2 Professional Liability Insurance Market Drivers
11.3 Professional Liability Insurance Market Challenges
11.4 Professional Liability Insurance Market Restraints
12 Research Finding /Conclusion
13 Methodology and Data Source
13.1 Methodology/Research Approach
13.1.1 Research Programs/Design
13.1.2 Market Size Estimation
13.1.3 Market Breakdown and Data Triangulation
13.2 Data Source
13.2.1 Secondary Sources
13.2.2 Primary Sources
13.3 Disclaimer
13.4 Author List
Published By : QY Research
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