The Latin America, Middle East and Africa Specialty Insurance Market should witness market growth of 12.7% CAGR during the forecast period (2022-2028).
Several insurers gather a range of data using predictive analytics to better understand and forecast client behavior. Predictive analytics is a tool that insurance companies can use for pricing, risk selection, identifying consumers at risk of cancellation, detecting fraud risk, triaging claims, finding outlier claims, and anticipating patterns. Many insurers have found that implementing predictive modeling strategies increases profits and accuracy.
Using the most recent insurance technologies, insurtech, or more particularly, insurtech companies, lower costs for insurers and customers while increasing operational effectiveness and customer satisfaction. Insurtech advances capabilities that have been available in digital insurance offerings for years. The reason why insurtech investment has increased recently is that it is transforming how real-time as well as predictive data can be collected and used. This can be used to encourage the creation of insurance merchandise that is sensitive to emerging risk, enable customized coverage, as well as pricing solutions to address macro-risks like cyber risk or climate change and promote future resilience.
In exhibits and events, the United Arab Emirates (UAE)is a formidable force. With the Dubai World Trade Center displays contributing billions of dollars to Dubai's GDP, this dynamic and resilient country is booming. Because of the openness of its business, the UAE is now a well-known location for all expo-related events. Due to the growth of the sector, event planners and exhibitors are thinking about using geo-cloning to connect with local and international audiences. In addition, exhibitors copy well-liked exhibitions and events outside their home markets to boost sales and brand recognition. Thus, the demand for specialty insurance is anticipated to increase as the exhibition and event industries become more well-known.
The Brazil market dominated the LAMEA Specialty Insurance Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $2,929.7 million by 2028. The Argentina market is experiencing a CAGR of 13.3% during (2022-2028). Additionally, The UAE market would display a CAGR of 12.4% during (2022-2028).
Based on End-user, the market is segmented into Business, and Individuals. Based on Distribution Channel, the market is segmented into Brokers, and Non-brokers. Based on Type, the market is segmented into Marine, Aviation & Transport (MAT) Insurance, Political Risk & Credit Insurance, Entertainment Insurance, Art Insurance, Livestock & Aquaculture Insurance, and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Tokio Marine Holdings, Inc., Allianz Trade (Allianz Group), AXA SA, Chubb Limited, Zurich Insurance Group Ltd., Berkshire Hathaway, Inc., Assicurazioni Generali SpA, Munich Re Group, American International Group, Inc. (AIG), and PICC Property and Casualty Company Limited.
Several insurers gather a range of data using predictive analytics to better understand and forecast client behavior. Predictive analytics is a tool that insurance companies can use for pricing, risk selection, identifying consumers at risk of cancellation, detecting fraud risk, triaging claims, finding outlier claims, and anticipating patterns. Many insurers have found that implementing predictive modeling strategies increases profits and accuracy.
Using the most recent insurance technologies, insurtech, or more particularly, insurtech companies, lower costs for insurers and customers while increasing operational effectiveness and customer satisfaction. Insurtech advances capabilities that have been available in digital insurance offerings for years. The reason why insurtech investment has increased recently is that it is transforming how real-time as well as predictive data can be collected and used. This can be used to encourage the creation of insurance merchandise that is sensitive to emerging risk, enable customized coverage, as well as pricing solutions to address macro-risks like cyber risk or climate change and promote future resilience.
In exhibits and events, the United Arab Emirates (UAE)is a formidable force. With the Dubai World Trade Center displays contributing billions of dollars to Dubai's GDP, this dynamic and resilient country is booming. Because of the openness of its business, the UAE is now a well-known location for all expo-related events. Due to the growth of the sector, event planners and exhibitors are thinking about using geo-cloning to connect with local and international audiences. In addition, exhibitors copy well-liked exhibitions and events outside their home markets to boost sales and brand recognition. Thus, the demand for specialty insurance is anticipated to increase as the exhibition and event industries become more well-known.
The Brazil market dominated the LAMEA Specialty Insurance Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $2,929.7 million by 2028. The Argentina market is experiencing a CAGR of 13.3% during (2022-2028). Additionally, The UAE market would display a CAGR of 12.4% during (2022-2028).
Based on End-user, the market is segmented into Business, and Individuals. Based on Distribution Channel, the market is segmented into Brokers, and Non-brokers. Based on Type, the market is segmented into Marine, Aviation & Transport (MAT) Insurance, Political Risk & Credit Insurance, Entertainment Insurance, Art Insurance, Livestock & Aquaculture Insurance, and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Tokio Marine Holdings, Inc., Allianz Trade (Allianz Group), AXA SA, Chubb Limited, Zurich Insurance Group Ltd., Berkshire Hathaway, Inc., Assicurazioni Generali SpA, Munich Re Group, American International Group, Inc. (AIG), and PICC Property and Casualty Company Limited.
Scope of the Study
By End-user
- Business
- Individuals
By Distribution Channel
- Brokers
- Non-brokers
By Type
- Marine, Aviation & Transport (MAT) Insurance
- Political Risk & Credit Insurance
- Entertainment Insurance
- Art Insurance
- Livestock & Aquaculture Insurance
- Others
By Country
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- Tokio Marine Holdings, Inc.
- Allianz Trade (Allianz Group)
- AXA SA
- Chubb Limited
- Zurich Insurance Group Ltd.
- Berkshire Hathaway, Inc.
- Assicurazioni Generali SpA
- Munich Re Group
- American International Group, Inc. (AIG)
- PICC Property and Casualty Company Limited
Unique Offerings
- Exhaustive coverage
- The highest number of market tables and figures
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- Assured post sales research support with 10% customization free
Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market Overview
Chapter 3. Competition Analysis - Global
Chapter 4. LAMEA Specialty Insurance Market by End-user
Chapter 5. LAMEA Specialty Insurance Market by Distribution Channel
Chapter 6. LAMEA Specialty Insurance Market by Type
Chapter 7. LAMEA Specialty Insurance Market by Country
Chapter 8. Company Profiles
Companies Mentioned
- Tokio Marine Holdings, Inc.
- Allianz Trade (Allianz Group)
- AXA SA
- Chubb Limited
- Zurich Insurance Group Ltd.
- Berkshire Hathaway, Inc.
- Assicurazioni Generali SpA
- Munich Re Group
- American International Group, Inc. (AIG)
- PICC Property and Casualty Company Limited
Methodology
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About the Specialty Insurance Market
Specialty insurance is a type of insurance that covers unique risks that are not typically covered by traditional insurance policies. It is designed to provide coverage for specific industries, activities, and exposures that require specialized coverage. Specialty insurance policies are tailored to the individual needs of the policyholder and can provide coverage for a wide range of risks, including property damage, liability, and business interruption. Specialty insurance is often used to cover Read more
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