The Specialty Insurance Market is Becoming Increasingly Global in Nature With Specialty Carriers Trending in Similar Lines, Facing Common Issues and the Outlook for the Industry Being Positive to 2018, According to a New Study on ASDReports

Friday 5 September 2014, Amsterdam

Specialty Insurance, Key Trends and Opportunities to 2018, is the unique insight report, with analysis, information and insights into specialty insurance across the globe. Highlighting current market size and growth potential, emerging risks and profiles of key success factors for specialty carriers, this report is a unique look at a diverse, fascinating and fast-paced industry.

The difference:

• Look to the future - Gain an understanding of various factors driving the growth of specialty insurance business, and key challenges those in the sector.
• Know your way around - Assess the growth potential of the specialty insurance market and understand various strategies – giving you a real edge on the competition!
• Understand the market – With a summary of quarterly changes in premium prices for key specialty lines during 2013 and the first half of 2014.

Additional report highlights:
A challenging property and casualty market, along with weakening profitability, led to the growth of the specialty insurance market. The US is currently the largest market for specialty insurance.

Specialty insurance includes high-hazard insurance, non-standard general insurance, niche market segments, bespoke underwriting, and excess and surplus lines insurance. As there is no standard definition for specialty insurance, estimating the market size is complicated. The global market size for specialty insurance, in terms of gross written premium, was estimated to be in the range of US$140–180 billion in 2013. The US is the largest specialty insurance market, contributing more than 50% of the overall gross written premium in 2013.

Specialty insurance is a high-risk, high-return market characterized by underwriting profitability. The underwriting cycles for specialty insurance products are currently in a difficult market phase, resulting in higher underwriting profits for insurers. On average, specialty carriers across the world generate strong underwriting profitability in comparison to property and casualty insurers. However, their exposures to catastrophic risks led to record losses in 2011 as a result of the earthquake in Japan and the Thai floods.