Surety Market Growth Prospects across Segments, Forecast 2019-2027 | AmTrust Financial Services; Crum & Forster Insurance Group; CNA Financial; American Financial Group
Surety Market to 2027 – Global Analysis and Forecast by Bond Type. In terms of revenue, the global Surety market accounted for US$ 15.33 Bn in 2018 and is expected to grow at a CAGR of 7.5% over the forecast period 2019–2027, to account for US$ 28.77 Bn in 2027.
Surety Bonds are obtained by principal parties to protect third parties from a failure to meet contractual obligations. There are four main types of bonds that serve different purpose namely: contract surety bond, commercial surety bond, fidelity surety bond, and court surety bond. The most common surety bonds are the commercial and contract surety bonds and serve the purpose of protecting the public and private interests. The court and fidelity surety bonds protect against litigation and theft. Surety bonds of all types cost a premium based on the performance of the business and credit score of the business owner which is between 1-15% of the bond value.
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The market payers from the Surety market are anticipated to lucrative growth opportunities in the future with the rising demand for Surety in the global market. Below mentioned is the list of few companies engaged in the Surety market.
Companies Covered in this reports are
- AmTrust Financial Services, Inc.
- Crum & Forster
- CNA Financial Corporation
- American Financial Group, Inc.
- The Travelers Indemnity Company
- Liberty Mutual Insurance Company
- Hartford Financial Services Group, Inc.
- HCC Insurance Holdings
- IFIC Surety Group
- Chubb Limited
And among others…
Contract surety bonds protect the owners in case a contractor backs out after winning a bid after the contractor wins a bid and accepts to work on the project bid bond is replaced by a performance bond. The performance surety bond protects the owner if the work done by the contractor is not according to the terms in the contract. The payment bond ensures that the winning contractor has the financial means to compensate suppliers, laborers, and subcontractors. The contract bond captures a significant share of the surety bond market and is growing continuously due to a rapid increase in construction activities in various regions like APAC, Europe, and MEA. The contract surety bonds are replacing other guarantee methods like bank guarantees and pay on-demand services.
The global surety market by geography is segmented into five regions including North America, Europe, Asia Pacific, Middle East & Africa, and South America. A market is currently dominated by North America followed by Europe however, the market in South America is growing at the highest CAGR. Some of the major companies operating in the market include AmTrust Financial Services, Inc.; Crum & Forster; CNA Financial Corporation; American Financial Group, Inc.; The Travelers Indemnity Company; Liberty Mutual Insurance Company; Hartford Financial Services Group, Inc.; HCC Insurance Holdings; IFIC Surety Group; and Chubb Limited among others.
TABLE OF CONTENTS
1. Introduction 11
1.1 Scope Of Study 11
1.2 The Insight Partners Research Report Guidance 11
2. Key Takeaways 12
3. Surety Market Landscape 14
3.1 Market Overview 14
3.2 Market Segmentation 16
3.2.1 Global Surety Market – By Bond Type 16
3.2.2 Global Surety Market – By Geography 17
3.3 Pest Analysis 18
3.3.1 North America Pest Analysis 18
3.3.2 Europe Pest Analysis 21
3.3.3 Asia Pacific Pest Analysis 23
3.3.4 Middle East And Africa Pest Analysis 25
3.3.5 South America Pest Analysis 27
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