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Professional Liability Insurance Market By Type (Medical Liability, Lawyer Liability, CPA Liability, Construction Liability, Others) , By Application (Up to $1 Million, $1 Million to $5 Million, $5 Million to $20 Million, Over $20 Million) : Global Opportunity Analysis and Industry Forecast, 2024-2032

June 2024 | 219 pages | ID: PAF81CB2412AEN
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Professional Liability Insurance Market

The professional liability insurance market was valued at $45.6 billion in 2023 and is projected t%li%reach $81.2 billion by 2032, growing at a CAGR of 6.7% from 2024 t%li%2032.

Professional liability insurance is a form of insurance offered t%li%businesses for protection against negligence claims by their clients. This insurance is commonly known by the name errors and omissions insurance. Several types of professionals, including doctors, accountants, information technology specialists, and architects make use of this insurance service. The mistakes covered under professional liability insurance include inaccurate advice, negligence, misinterpretation, copyright infringement, and violation of fair dealing & good faith.

Due t%li%rise in awareness among consumers regarding their rights, the prevalence of lawsuits and legal claims has upsurged. This is boosting the adoption of professional liability insurance among businesses. In addition, rise in urbanization has led t%li%the expansion of various professional services, including healthcare, financial advisory organization, and legal services, that necessarily leverage the insurance services. This propels the growth of the market significantly. The adoption of AI in insurance policies is a significant trend poised t%li%enhance the adoption of insurance services in the future. AI is projected t%li%transform the traditional market by offering personalized pricing models t%li%businesses and streamline the customer handling experience for the brokers.

However, lack of standardization in the insurance policies presents challenges for the consumers t%li%understand the complete coverage terms. This restrains the growth of the market. Moreover, the cost of professional liability insurance remains substantially high in huge-risk businesses with extreme incidence of claims. This restricts small-scale organizations from affording the services of the insurance, hence limiting the expansion of the market. According t%li%Worldmetrics.org—a data aggregator platform—approximately 40% of the total small businesses in the U.S. are expected t%li%face a negligence claim over the next decade. Regardless, only 40% of these businesses have adopted an insurance policy.

Segment Review

The professional liability insurance market is segmented int%li%type, application, and region. On the basis of type, the market is divided int%li%medical liability, lawyer liability, CPA liability, construction liability, and others. Depending on application, it is classified int%li%up t%li%$1 million, $1 million t%li%$5 million, $5 million t%li%$20 million, and over $20 million. Region wise, it is analyzed across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.

Key Findings

On the basis of type, the CPA liability segment is projected t%li%attain the highest CAGR from 2024 t%li%2032.

Depending on application, the $5 million t%li%$20 million segment is expected t%li%dominate during the forecast period.

Region wise, Asia-Pacific is expected t%li%be the highest revenue generator by 2032.

Competition Analysis

The leading players operating in the global professional liability insurance market include Chubb Group of Insurance Companies, American International Group, Inc., Hiscox Inc., Allianz SE, Toki%li%Marine Holdings, Inc., AXA SA, The Travelers Indemnity Company, Assicurazioni Generali S.p.A., The Doctors Company, and CNA Financial Corporation. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, t%li%strengthen their foothold in the competitive market.

Additional benefits you will get with this purchase are:
  • Quarterly Update and* (only available with a corporate license, on listed price)
  • 5 additional Company Profile of client Choice pre- or Post-purchase, as a free update.
  • Free Upcoming Version on the Purchase of Five and Enterprise User License.
      • 16 analyst hours of support* (post-purchase, if you find additional data requirements upon review of the report, you may receive support amounting t%li%16 analyst hours t%li%solve questions, and post-sale queries)
    • 15% Free Customization* (in case the scope or segment of the report does not match your requirements, 15% is equivalent t%li%3 working days of free work, applicable once)
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  • 24-hour priority response*
  • Free Industry updates and white papers.
Possible Customization with this report (with additional cost and timeline, please talk t%li%the sales executive t%li%know more)
  • End user preferences and pain points
  • Industry life cycle assessment, by region
  • Product Life Cycles
    • Scenari%li%Analysis & Growth Trend Comparison
  • Technology Trend Analysis
      • G%li%T%li%Market Strategy
  • Market share analysis of players by products/segments
  • New Product Development/ Product Matrix of Key Players
  • Pain Point Analysis
  • Regulatory Guidelines
  • Strategic Recommendations
    • Additional company profiles with specific t%li%client's interest
  • Additional country or region analysis- market size and forecast
  • Average Selling Price Analysis / Price Point Analysis
  • Brands Share Analysis
  • Criss-cross segment analysis- market size and forecast
  • Expanded list for Company Profiles
  • Historic market data
  • Market share analysis of players at global/region/country level
  • SWOT Analysis
Key Market Segments

By Type
  • Medical Liability
  • Lawyer Liability
  • CPA Liability
  • Construction Liability
  • Others
By Application
    • Up t%li%$1 Million
    • $1 Million t%li%$5 Million
    • $5 Million t%li%$20 Million
  • Over $20 Million
By Region
  • North America
  • U.S.
  • Canada
  • Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Rest of Europe
  • Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia-Pacific
  • Latin America
  • Brazil
  • Argentina
  • Colombia
  • Rest of Latin America
  • Middle East and Africa
  • GCC Countries
  • South Africa
  • Rest of Middle East and Africa
  • Key Market Players
  • Chubb Group of Insurance Companies
  • American International Group, Inc.
  • Hiscox Inc.
  • Allianz SE
    • Toki%li%Marine Holdings, Inc.
  • AXA SA
  • The Travelers Indemnity Company
  • Assicurazioni Generali S.p.A.
  • The Doctors Company
  • CNA Financial Corporation
CHAPTER 1: INTRODUCTION

1.1. Report Description
1.2. Key Market Segments
1.3. Key Benefits
1.4. Research Methodology
  1.4.1. Primary Research
  1.4.2. Secondary Research
  1.4.3. Analyst Tools and Models

CHAPTER 2: EXECUTIVE SUMMARY

2.1. CXO Perspective

CHAPTER 3: MARKET LANDSCAPE

3.1. Market Definition and Scope
3.2. Key Findings
  3.2.1. Top Investment Pockets
  3.2.2. Top Winning Strategies
3.3. Porter's Five Forces Analysis
  3.3.1. Bargaining Power of Suppliers
  3.3.2. Threat of New Entrants
  3.3.3. Threat of Substitutes
  3.3.4. Competitive Rivalry
  3.3.5. Bargaining Power among Buyers
3.5. Market Dynamics
  3.5.1. Drivers
  3.5.2. Restraints
  3.5.3. Opportunities

CHAPTER 4: FINANCIAL AUDITING PROFESSIONAL SERVICES MARKET, BY TYPE

4.1. Market Overview
  4.1.1 Market Size and Forecast, By Type
4.2. External Audit
  4.2.1. Key Market Trends, Growth Factors and Opportunities
  4.2.2. Market Size and Forecast, By Region
  4.2.3. Market Share Analysis, By Country
4.3. Internal Audit
  4.3.1. Key Market Trends, Growth Factors and Opportunities
  4.3.2. Market Size and Forecast, By Region
  4.3.3. Market Share Analysis, By Country

CHAPTER 5: FINANCIAL AUDITING PROFESSIONAL SERVICES MARKET, BY SERVICE

5.1. Market Overview
  5.1.1 Market Size and Forecast, By Service
5.2. Due Diligence
  5.2.1. Key Market Trends, Growth Factors and Opportunities
  5.2.2. Market Size and Forecast, By Region
  5.2.3. Market Share Analysis, By Country
5.3. Employee Benefit Plan Audit
  5.3.1. Key Market Trends, Growth Factors and Opportunities
  5.3.2. Market Size and Forecast, By Region
  5.3.3. Market Share Analysis, By Country
5.4. Financial Statement Audit
  5.4.1. Key Market Trends, Growth Factors and Opportunities
  5.4.2. Market Size and Forecast, By Region
  5.4.3. Market Share Analysis, By Country
5.5. Others
  5.5.1. Key Market Trends, Growth Factors and Opportunities
  5.5.2. Market Size and Forecast, By Region
  5.5.3. Market Share Analysis, By Country

CHAPTER 6: FINANCIAL AUDITING PROFESSIONAL SERVICES MARKET, BY END USE

6.1. Market Overview
  6.1.1 Market Size and Forecast, By End Use
6.2. BFSI
  6.2.1. Key Market Trends, Growth Factors and Opportunities
  6.2.2. Market Size and Forecast, By Region
  6.2.3. Market Share Analysis, By Country
6.3. Government
  6.3.1. Key Market Trends, Growth Factors and Opportunities
  6.3.2. Market Size and Forecast, By Region
  6.3.3. Market Share Analysis, By Country
6.4. Manufacturing
  6.4.1. Key Market Trends, Growth Factors and Opportunities
  6.4.2. Market Size and Forecast, By Region
  6.4.3. Market Share Analysis, By Country
6.5. Healthcare
  6.5.1. Key Market Trends, Growth Factors and Opportunities
  6.5.2. Market Size and Forecast, By Region
  6.5.3. Market Share Analysis, By Country
6.6. Retail Consumer
  6.6.1. Key Market Trends, Growth Factors and Opportunities
  6.6.2. Market Size and Forecast, By Region
  6.6.3. Market Share Analysis, By Country
6.7. IT Telecom
  6.7.1. Key Market Trends, Growth Factors and Opportunities
  6.7.2. Market Size and Forecast, By Region
  6.7.3. Market Share Analysis, By Country
6.8. Others
  6.8.1. Key Market Trends, Growth Factors and Opportunities
  6.8.2. Market Size and Forecast, By Region
  6.8.3. Market Share Analysis, By Country

CHAPTER 7: FINANCIAL AUDITING PROFESSIONAL SERVICES MARKET, BY REGION

7.1. Market Overview
  7.1.1 Market Size and Forecast, By Region
7.2. North America
  7.2.1. Key Market Trends and Opportunities
  7.2.2. Market Size and Forecast, By Type
  7.2.3. Market Size and Forecast, By Service
  7.2.4. Market Size and Forecast, By End Use
  7.2.5. Market Size and Forecast, By Country
  7.2.6. U.S. Financial Auditing Professional Services Market
    7.2.6.1. Market Size and Forecast, By Type
    7.2.6.2. Market Size and Forecast, By Service
    7.2.6.3. Market Size and Forecast, By End Use
  7.2.7. Canada Financial Auditing Professional Services Market
    7.2.7.1. Market Size and Forecast, By Type
    7.2.7.2. Market Size and Forecast, By Service
    7.2.7.3. Market Size and Forecast, By End Use
  7.2.8. Mexico Financial Auditing Professional Services Market
    7.2.8.1. Market Size and Forecast, By Type
    7.2.8.2. Market Size and Forecast, By Service
    7.2.8.3. Market Size and Forecast, By End Use
7.3. Europe
  7.3.1. Key Market Trends and Opportunities
  7.3.2. Market Size and Forecast, By Type
  7.3.3. Market Size and Forecast, By Service
  7.3.4. Market Size and Forecast, By End Use
  7.3.5. Market Size and Forecast, By Country
  7.3.6. France Financial Auditing Professional Services Market
    7.3.6.1. Market Size and Forecast, By Type
    7.3.6.2. Market Size and Forecast, By Service
    7.3.6.3. Market Size and Forecast, By End Use
  7.3.7. Germany Financial Auditing Professional Services Market
    7.3.7.1. Market Size and Forecast, By Type
    7.3.7.2. Market Size and Forecast, By Service
    7.3.7.3. Market Size and Forecast, By End Use
  7.3.8. Italy Financial Auditing Professional Services Market
    7.3.8.1. Market Size and Forecast, By Type
    7.3.8.2. Market Size and Forecast, By Service
    7.3.8.3. Market Size and Forecast, By End Use
  7.3.9. Spain Financial Auditing Professional Services Market
    7.3.9.1. Market Size and Forecast, By Type
    7.3.9.2. Market Size and Forecast, By Service
    7.3.9.3. Market Size and Forecast, By End Use
  7.3.10. UK Financial Auditing Professional Services Market
    7.3.10.1. Market Size and Forecast, By Type
    7.3.10.2. Market Size and Forecast, By Service
    7.3.10.3. Market Size and Forecast, By End Use
  7.3.11. Russia Financial Auditing Professional Services Market
    7.3.11.1. Market Size and Forecast, By Type
    7.3.11.2. Market Size and Forecast, By Service
    7.3.11.3. Market Size and Forecast, By End Use
  7.3.12. Rest of Europe Financial Auditing Professional Services Market
    7.3.12.1. Market Size and Forecast, By Type
    7.3.12.2. Market Size and Forecast, By Service
    7.3.12.3. Market Size and Forecast, By End Use
7.4. Asia-Pacific
  7.4.1. Key Market Trends and Opportunities
  7.4.2. Market Size and Forecast, By Type
  7.4.3. Market Size and Forecast, By Service
  7.4.4. Market Size and Forecast, By End Use
  7.4.5. Market Size and Forecast, By Country
  7.4.6. China Financial Auditing Professional Services Market
    7.4.6.1. Market Size and Forecast, By Type
    7.4.6.2. Market Size and Forecast, By Service
    7.4.6.3. Market Size and Forecast, By End Use
  7.4.7. Japan Financial Auditing Professional Services Market
    7.4.7.1. Market Size and Forecast, By Type
    7.4.7.2. Market Size and Forecast, By Service
    7.4.7.3. Market Size and Forecast, By End Use
  7.4.8. India Financial Auditing Professional Services Market
    7.4.8.1. Market Size and Forecast, By Type
    7.4.8.2. Market Size and Forecast, By Service
    7.4.8.3. Market Size and Forecast, By End Use
  7.4.9. South Korea Financial Auditing Professional Services Market
    7.4.9.1. Market Size and Forecast, By Type
    7.4.9.2. Market Size and Forecast, By Service
    7.4.9.3. Market Size and Forecast, By End Use
  7.4.10. Australia Financial Auditing Professional Services Market
    7.4.10.1. Market Size and Forecast, By Type
    7.4.10.2. Market Size and Forecast, By Service
    7.4.10.3. Market Size and Forecast, By End Use
  7.4.11. Thailand Financial Auditing Professional Services Market
    7.4.11.1. Market Size and Forecast, By Type
    7.4.11.2. Market Size and Forecast, By Service
    7.4.11.3. Market Size and Forecast, By End Use
  7.4.12. Malaysia Financial Auditing Professional Services Market
    7.4.12.1. Market Size and Forecast, By Type
    7.4.12.2. Market Size and Forecast, By Service
    7.4.12.3. Market Size and Forecast, By End Use
  7.4.13. Indonesia Financial Auditing Professional Services Market
    7.4.13.1. Market Size and Forecast, By Type
    7.4.13.2. Market Size and Forecast, By Service
    7.4.13.3. Market Size and Forecast, By End Use
  7.4.14. Rest of Asia-Pacific Financial Auditing Professional Services Market
    7.4.14.1. Market Size and Forecast, By Type
    7.4.14.2. Market Size and Forecast, By Service
    7.4.14.3. Market Size and Forecast, By End Use
7.5. LAMEA
  7.5.1. Key Market Trends and Opportunities
  7.5.2. Market Size and Forecast, By Type
  7.5.3. Market Size and Forecast, By Service
  7.5.4. Market Size and Forecast, By End Use
  7.5.5. Market Size and Forecast, By Country
  7.5.6. Brazil Financial Auditing Professional Services Market
    7.5.6.1. Market Size and Forecast, By Type
    7.5.6.2. Market Size and Forecast, By Service
    7.5.6.3. Market Size and Forecast, By End Use
  7.5.7. South Africa Financial Auditing Professional Services Market
    7.5.7.1. Market Size and Forecast, By Type
    7.5.7.2. Market Size and Forecast, By Service
    7.5.7.3. Market Size and Forecast, By End Use
  7.5.8. Saudi Arabia Financial Auditing Professional Services Market
    7.5.8.1. Market Size and Forecast, By Type
    7.5.8.2. Market Size and Forecast, By Service
    7.5.8.3. Market Size and Forecast, By End Use
  7.5.9. UAE Financial Auditing Professional Services Market
    7.5.9.1. Market Size and Forecast, By Type
    7.5.9.2. Market Size and Forecast, By Service
    7.5.9.3. Market Size and Forecast, By End Use
  7.5.10. Argentina Financial Auditing Professional Services Market
    7.5.10.1. Market Size and Forecast, By Type
    7.5.10.2. Market Size and Forecast, By Service
    7.5.10.3. Market Size and Forecast, By End Use
  7.5.11. Rest of LAMEA Financial Auditing Professional Services Market
    7.5.11.1. Market Size and Forecast, By Type
    7.5.11.2. Market Size and Forecast, By Service
    7.5.11.3. Market Size and Forecast, By End Use

CHAPTER 8: COMPETITIVE LANDSCAPE

8.1. Introduction
8.2. Top Winning Strategies
8.3. Product Mapping of Top 10 Player
8.4. Competitive Dashboard
8.5. Competitive Heatmap
8.6. Top Player Positioning, 2023

CHAPTER 9: COMPANY PROFILES

9.1. Deloitte Touche Tohmatsu Limited
  9.1.1. Company Overview
  9.1.2. Key Executives
  9.1.3. Company Snapshot
  9.1.4. Operating Business Segments
  9.1.5. Product Portfolio
  9.1.6. Business Performance
  9.1.7. Key Strategic Moves and Developments
9.2. KPMG International
  9.2.1. Company Overview
  9.2.2. Key Executives
  9.2.3. Company Snapshot
  9.2.4. Operating Business Segments
  9.2.5. Product Portfolio
  9.2.6. Business Performance
  9.2.7. Key Strategic Moves and Developments
9.3. Ernst And Young (EY)
  9.3.1. Company Overview
  9.3.2. Key Executives
  9.3.3. Company Snapshot
  9.3.4. Operating Business Segments
  9.3.5. Product Portfolio
  9.3.6. Business Performance
  9.3.7. Key Strategic Moves and Developments
9.4. Grant Thornton International Ltd.
  9.4.1. Company Overview
  9.4.2. Key Executives
  9.4.3. Company Snapshot
  9.4.4. Operating Business Segments
  9.4.5. Product Portfolio
  9.4.6. Business Performance
  9.4.7. Key Strategic Moves and Developments
9.5. Binder Dijker Otte (BDO) Global
  9.5.1. Company Overview
  9.5.2. Key Executives
  9.5.3. Company Snapshot
  9.5.4. Operating Business Segments
  9.5.5. Product Portfolio
  9.5.6. Business Performance
  9.5.7. Key Strategic Moves and Developments
9.6. RSM International Association
  9.6.1. Company Overview
  9.6.2. Key Executives
  9.6.3. Company Snapshot
  9.6.4. Operating Business Segments
  9.6.5. Product Portfolio
  9.6.6. Business Performance
  9.6.7. Key Strategic Moves and Developments
9.7. Mazars
  9.7.1. Company Overview
  9.7.2. Key Executives
  9.7.3. Company Snapshot
  9.7.4. Operating Business Segments
  9.7.5. Product Portfolio
  9.7.6. Business Performance
  9.7.7. Key Strategic Moves and Developments
9.8. Nexia International Limited
  9.8.1. Company Overview
  9.8.2. Key Executives
  9.8.3. Company Snapshot
  9.8.4. Operating Business Segments
  9.8.5. Product Portfolio
  9.8.6. Business Performance
  9.8.7. Key Strategic Moves and Developments
9.9. Moore Stephens International Limited
  9.9.1. Company Overview
  9.9.2. Key Executives
  9.9.3. Company Snapshot
  9.9.4. Operating Business Segments
  9.9.5. Product Portfolio
  9.9.6. Business Performance
  9.9.7. Key Strategic Moves and Developments


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