The global surety market is expected to grow primarily owing to the increasing demand for innovative insurance solutions. Contract surety bond sub-segment is expected to flourish immensely. The market in the North America region is predicted to grow at a high CAGR by 2031.
NEW YORK, May 4, 2023 /PRNewswire/ —
Global Surety Market Forecast Analysis:
As per the report published by Research Dive, the global surety market is expected to register a revenue of $24,371.2 million by 2031 at a CAGR of 4.4% during the forecast period 2022-2031.
Segments of the Surety Market
The report has divided the market into the following segments:
- Bond Type: contract surety bond, commercial surety bond, fidelity surety bond, and court surety bond
- Contract Surety Bond – Most dominant in 2021
Contract surety bonds are becoming more and more essential as the construction industry expands. This is expected to push the growth of this sub-segment further.
- End-user: individuals and enterprises
- Enterprises – Most lucrative in 2021
The demand for surety bonds in enterprises is rising as companies in this category involve bulk trading and huge volumes of data, which is anticipated to push the market forward.
- Region: North America, Europe, Asia-Pacific, and LAMEA
- North America – Significant market share in 2021
Increased trader awareness about surety insurance and international companies collaborating with regulatory agencies to conduct business abroad is predicted to propel the market in the forecast period.
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Dynamics of the Global Surety Market
The rising need for innovative construction insurance in high-growth regions such as China is expected to make the surety market a highly profitable one in the forecast period. Additionally, rapidly developing countries are emphasizing urban expansion and, as a result, are investing extensively in the construction sector, which is increasing demand for surety bonds. This is predicted to propel the market forward in the forecast period. However, the increased threat of a contracting party defaulting and the lack of awareness among the people with surety might become a restraint in the growth of the market.
Surety bonds reduce the risk for lenders while also potentially lowering interest rates for borrowers, which is predicted to offer numerous growth opportunities to the market in the forecast period. Moreover, the increase in small and medium-sized businesses trying to enter the international market and the many benefits offered by surety insurance are expected to propel the surety market forward in the coming period.
COVID-19 Impact on the Global Surety Market
The COVID-19 pandemic caused severe economic losses and led to standstill businesses worldwide, including the construction sector. This resulted in a slow growth rate for the sector in 2021, impacting the surety market negatively, which relies significantly on the construction industry. The surety sector was expecting a recovery in 2020, but the pandemic further affected it. The credit surety industry was also impacted, and insurers increased premiums due to an increase in claims during the pandemic, which could have an immediate impact on business revenue.
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Key Players of the Global Surety Market
The major players of the market include
- The Travelers Indemnity Company
- American Financial Group Inc.
- Liberty Mutual Insurance Company
- CNA Financial Corporation
- HCC Insurance Holdings Inc.
- The Hartford
- IFIC Security Group
- AmTrust Financial Services
- Crum & Forster
These players are working on developing strategies, such as product development, merger and acquisition, partnerships, and collaborations to sustain the market growth.
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What the Report Covers
Apart from the information summarized in this press release, the final report covers crucial aspects of the market including SWOT analysis, market overview, Porter’s five forces analysis, market dynamics, segmentation (key market trends, forecast analysis, and regional analysis), and company profiles (company overview, operating business segments, product portfolio, financial performance, and latest strategic moves and developments.)
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About Research Dive
Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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