Market Overview:
The global product liability insurance market is expected to grow at a CAGR of 7.5% during the forecast period from 2018 to 2030. The market growth can be attributed to the increasing number of product recalls and the rising awareness about product liability insurance among businesses. The global product liability insurance market can be segmented on the basis of type, application, and region. On the basis of type, the market can be divided into general liability insurance, additional insurance, and product liability insurance. General liability insurance is expected to account for a major share in terms of revenue in 2018 owing to its wide applicability across industries. Product Liability Insurance is anticipated to grow at a high CAGR during the forecast period as it offers protection against liabilities arising due to defects or malfunctions in products sold by companies.
Product Definition:
Product Liability Insurance is insurance that businesses can purchase to financially protect themselves from lawsuits that may arise due to product defects or injuries. This type of insurance is important because it can help businesses avoid costly legal fees and damages that may be awarded in a lawsuit.
General Liability Insurance:
General liability insurance is a form of broad form insurance that protects an organization from various types of liabilities. It also covers the cost of defense in case any legal action is taken against the insured due to product or service defects. General Liability Insurance can be used with Product Liability Insurance, which makes it even more valuable for small and medium-sized businesses.
Additional Insurance:
In the U.S., additional insurance is referred to as third-party insurance and it's used to cover risks that are not covered under primary or secondary product liability policies. It can be described as an umbrella policy that provides coverage for various types of loss or damage occurrence which may not be included in the primary policy.
Application Insights:
The manufacturers segment held the largest market share in 2017. This is due to the high product demand and higher risk of loss in case of manufacturing or importing defect. The manufacturers are generally engaged in various activities such as research & development, production, and sales & marketing which increase the overall exposure to losses.
The wholesalers segment is expected to register a significant CAGR over the forecast period owing to rising demand for consumer goods among end-users across various regions coupled with growing trade between countries resulting in increased buying/selling activities at international level. Furthermore, increasing number of e-commerce platforms has facilitated consumers access directly to a wide range of products through online channels thereby driving up purchasing decisions leading towards greater risks for insurers writing general additional liability policies for these businesses.
Regional Analysis:
The market in North America is expected to grow at a significant rate over the forecast period. The growth can be attributed to the increasing number of product liability claims, stringent regulatory framework and rising awareness among manufacturers about their responsibility for damages caused by their products.
Asia Pacific is estimated to be one of the fastest-growing regions during the forecast period owing to factors such as improving economic conditions, growing population and an increase in disposable income that are likely to contribute toward higher demand for automobiles and consumer goods. Furthermore, China has been witnessing an increase in product launches coupled with growing sales of these products since 2010 which has resulted in increased general liability insurance premiums across China. This factor is also expected drive regional growth over the next eight years.
Growth Factors:
- Increasing product recalls and safety concerns among consumers
- Proliferation of new products and technologies
- Greater awareness of product liability risks among businesses
- Rising litigation costs and settlement awards
- Increased demand for insurance coverage from emerging markets
Scope Of The Report
Report Attributes
Report Details
Report Title
Product Liability Insurance Market Research Report
By Type
General Liability Insurance, Additional Insurance, Product Liability Insuranc
By Application
Manufacturers, Wholesalers, Retailers, Transporters, Others
By Companies
AIG, Chubb, The Heritage Group, Sadler & Company, Charles River Insurance, Schweickert & Company, RLI Corp, All Risks, Ltd., GEICO, PICC, Product Liability Insuranc
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
248
Number of Tables & Figures
174
Customization Available
Yes, the report can be customized as per your need.
Global Product Liability Insurance Market Report Segments:
The global Product Liability Insurance market is segmented on the basis of:
Types
General Liability Insurance, Additional Insurance, Product Liability Insuranc
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Manufacturers, Wholesalers, Retailers, Transporters, Others
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- AIG
- Chubb
- The Heritage Group
- Sadler & Company
- Charles River Insurance
- Schweickert & Company
- RLI Corp
- All Risks, Ltd.
- GEICO
- PICC
- Product Liability Insuranc
Highlights of The Product Liability Insurance Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- General Liability Insurance
- Additional Insurance
- Product Liability Insuranc
- By Application:
- Manufacturers
- Wholesalers
- Retailers
- Transporters
- Others
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Product Liability Insurance Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
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8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Product liability insurance is a type of insurance that protects businesses from lawsuits filed by individuals who allege that their injuries were caused by products they purchased. Product liability policies typically cover manufacturers, distributors, and retailers of products. Coverage may include claims for personal injury, property damage, and product recall costs.
Some of the major companies in the product liability insurance market are AIG, Chubb, The Heritage Group, Sadler & Company, Charles River Insurance, Schweickert & Company, RLI Corp, All Risks, Ltd., GEICO, PICC, Product Liability Insuranc.
The product liability insurance market is expected to grow at a compound annual growth rate of 7.5%.
1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Product Liability Insurance Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Product Liability Insurance Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Product Liability Insurance Market - Supply Chain
4.5. Global Product Liability Insurance Market Forecast
4.5.1. Product Liability Insurance Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Product Liability Insurance Market Size (000 Units) and Y-o-Y Growth
4.5.3. Product Liability Insurance Market Absolute $ Opportunity
5. Global Product Liability Insurance Market Analysis and Forecast by Type
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Type
5.2.2. Y-o-Y Growth Projections by Type
5.3. Product Liability Insurance Market Size and Volume Forecast by Type
5.3.1. General Liability Insurance
5.3.2. Additional Insurance
5.3.3. Product Liability Insuranc
5.4. Absolute $ Opportunity Assessment by Type
5.5. Market Attractiveness/Growth Potential Analysis by Type
6. Global Product Liability Insurance Market Analysis and Forecast by Application
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by Application
6.2.2. Y-o-Y Growth Projections by Application
6.3. Product Liability Insurance Market Size and Volume Forecast by Application
6.3.1. Manufacturers
6.3.2. Wholesalers
6.3.3. Retailers
6.3.4. Transporters
6.3.5. Others
6.4. Absolute $ Opportunity Assessment by Application
6.5. Market Attractiveness/Growth Potential Analysis by Application
7. Global Product Liability Insurance Market Analysis and Forecast by Sales Channel
7.1. Market Trends
7.2. Introduction
7.2.1. Basis Point Share (BPS) Analysis by Sales Channel
7.2.2. Y-o-Y Growth Projections by Sales Channel
7.3. Product Liability Insurance Market Size and Volume Forecast by Sales Channel
7.3.1. Manufacturer/Distributor/Service Provider
7.3.2. Aftermarket
7.4. Absolute $ Opportunity Assessment by Sales Channel
7.5. Market Attractiveness/Growth Potential Analysis by Sales Channel
8. Global Product Liability Insurance Market Analysis and Forecast by Region
8.1. Market Trends
8.2. Introduction
8.2.1. Basis Point Share (BPS) Analysis by Region
8.2.2. Y-o-Y Growth Projections by Region
8.3. Product Liability Insurance Market Size and Volume Forecast by Region
8.3.1. North America
8.3.2. Latin America
8.3.3. Europe
8.3.4. Asia Pacific
8.3.5. Middle East and Africa (MEA)
8.4. Absolute $ Opportunity Assessment by Region
8.5. Market Attractiveness/Growth Potential Analysis by Region
8.6. Global Product Liability Insurance Demand Share Forecast, 2019-2026
9. North America Product Liability Insurance Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.2. North America Product Liability Insurance Market Size and Volume Forecast by Country
9.2.1. U.S.
9.2.2. Canada
9.3. Absolute $ Opportunity Assessment by Country
9.4. North America Product Liability Insurance Market Size and Volume Forecast by Application
9.4.1. Manufacturers
9.4.2. Wholesalers
9.4.3. Retailers
9.4.4. Transporters
9.4.5. Others
9.5. Basis Point Share (BPS) Analysis by Application
9.6. Y-o-Y Growth Projections by Application
9.7. North America Product Liability Insurance Market Size and Volume Forecast by Type
9.7.1. General Liability Insurance
9.7.2. Additional Insurance
9.7.3. Product Liability Insuranc
9.8. Basis Point Share (BPS) Analysis by Type
9.9. Y-o-Y Growth Projections by Type
9.10. Market Attractiveness/Growth Potential Analysis
9.10.1. By Country
9.10.2. By Product Type
9.10.3. By Application
9.10.4. By Sales Channel
9.11. North America Product Liability Insurance Demand Share Forecast, 2019-2026
10. Latin America Product Liability Insurance Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Latin America Average Pricing Analysis
10.2. Latin America Product Liability Insurance Market Size and Volume Forecast by Country
10.2.1. Brazil
10.2.2. Mexico
10.2.3. Rest of Latin America
10.3. Absolute $ Opportunity Assessment by Country
10.4. Latin America Product Liability Insurance Market Size and Volume Forecast by Application
10.4.1. Manufacturers
10.4.2. Wholesalers
10.4.3. Retailers
10.4.4. Transporters
10.4.5. Others
10.5. Basis Point Share (BPS) Analysis by Application
10.6. Y-o-Y Growth Projections by Application
10.7. Latin America Product Liability Insurance Market Size and Volume Forecast by Type
10.7.1. General Liability Insurance
10.7.2. Additional Insurance
10.7.3. Product Liability Insuranc
10.8. Basis Point Share (BPS) Analysis by Type
10.9. Y-o-Y Growth Projections by Type
10.10. Market Attractiveness/Growth Potential Analysis
10.10.1. By Country
10.10.2. By Product Type
10.10.3. By Application
10.10.4. By Sales Channel
10.11. Latin America Product Liability Insurance Demand Share Forecast, 2019-2026
11. Europe Product Liability Insurance Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Europe Average Pricing Analysis
11.2. Europe Product Liability Insurance Market Size and Volume Forecast by Country
11.2.1. Germany
11.2.2. France
11.2.3. Italy
11.2.4. U.K.
11.2.5. Spain
11.2.6. Russia
11.2.7. Rest of Europe
11.3. Absolute $ Opportunity Assessment by Country
11.4. Europe Product Liability Insurance Market Size and Volume Forecast by Application
11.4.1. Manufacturers
11.4.2. Wholesalers
11.4.3. Retailers
11.4.4. Transporters
11.4.5. Others
11.5. Basis Point Share (BPS) Analysis by Application
11.6. Y-o-Y Growth Projections by Application
11.7. Europe Product Liability Insurance Market Size and Volume Forecast by Type
11.7.1. General Liability Insurance
11.7.2. Additional Insurance
11.7.3. Product Liability Insuranc
11.8. Basis Point Share (BPS) Analysis by Type
11.9. Y-o-Y Growth Projections by Type
11.10. Market Attractiveness/Growth Potential Analysis
11.10.1. By Country
11.10.2. By Product Type
11.10.3. By Application
11.10.4. By Sales Channel
11.11. Europe Product Liability Insurance Demand Share, 2019-2026
12. Asia Pacific Product Liability Insurance Market Analysis and Forecast
12.1. Introduction
12.1.1. Basis Point Share (BPS) Analysis by Country
12.1.2. Y-o-Y Growth Projections by Country
12.1.3. Asia Pacific Average Pricing Analysis
12.2. Asia Pacific Product Liability Insurance Market Size and Volume Forecast by Country
12.2.1. China
12.2.2. Japan
12.2.3. South Korea
12.2.4. India
12.2.5. Australia
12.2.6. Rest of Asia Pacific (APAC)
12.3. Absolute $ Opportunity Assessment by Country
12.4. Asia Pacific Product Liability Insurance Market Size and Volume Forecast by Application
12.4.1. Manufacturers
12.4.2. Wholesalers
12.4.3. Retailers
12.4.4. Transporters
12.4.5. Others
12.5. Basis Point Share (BPS) Analysis by Application
12.6. Y-o-Y Growth Projections by Application
12.7. Asia Pacific Product Liability Insurance Market Size and Volume Forecast by Type
12.7.1. General Liability Insurance
12.7.2. Additional Insurance
12.7.3. Product Liability Insuranc
12.8. Basis Point Share (BPS) Analysis by Type
12.9. Y-o-Y Growth Projections by Type
12.10. Market Attractiveness/Growth Potential Analysis
12.10.1. By Country
12.10.2. By Product Type
12.10.3. By Application
12.10.4. By Sales Channel
12.11. Asia Pacific Product Liability Insurance Demand Share, 2019-2026
13. Middle East & Africa Product Liability Insurance Market Analysis and Forecast
13.1. Introduction
13.1.1. Basis Point Share (BPS) Analysis by Country
13.1.2. Y-o-Y Growth Projections by Country
13.1.3. Asia Pacific Average Pricing Analysis
13.2. Middle East & Africa Product Liability Insurance Market Size and Volume Forecast by Country
13.2.1. Saudi Arabia
13.2.2. South Africa
13.2.3. UAE
13.2.4. Rest of Middle East & Africa (MEA)
13.3. Absolute $ Opportunity Assessment by Country
13.4. Middle East & Africa Product Liability Insurance Market Size and Volume Forecast by Application
13.4.1. Manufacturers
13.4.2. Wholesalers
13.4.3. Retailers
13.4.4. Transporters
13.4.5. Others
13.5. Basis Point Share (BPS) Analysis by Application
13.6. Y-o-Y Growth Projections by Application
13.7. Middle East & Africa Product Liability Insurance Market Size and Volume Forecast by Type
13.7.1. General Liability Insurance
13.7.2. Additional Insurance
13.7.3. Product Liability Insuranc
13.8. Basis Point Share (BPS) Analysis by Type
13.9. Y-o-Y Growth Projections by Type
13.10. Market Attractiveness/Growth Potential Analysis
13.10.1. By Country
13.10.2. By Product Type
13.10.3. By Application
13.10.4. By Sales Channel
13.11. Middle East & Africa Product Liability Insurance Demand Share, 2019-2026
14. Competition Landscape
14.1. Global Product Liability Insurance Market: Market Share Analysis
14.2. Product Liability Insurance Distributors and Customers
14.3. Product Liability Insurance Market: Competitive Dashboard
14.4. Company Profiles (Details Overview, Financials, Developments, Strategy)
14.4.1. AIG
14.4.1.1. Overview
14.4.1.2. Financials
14.4.1.3. Developments
14.4.1.4. Strategic Outlook
14.4.2. Chubb
14.4.2.1. Overview
14.4.2.2. Financials
14.4.2.3. Developments
14.4.2.4. Strategic Outlook
14.4.3. The Heritage Group
14.4.3.1. Overview
14.4.3.2. Financials
14.4.3.3. Developments
14.4.3.4. Strategic Outlook
14.4.4. Sadler & Company
14.4.4.1. Overview
14.4.4.2. Financials
14.4.4.3. Developments
14.4.4.4. Strategic Outlook
14.4.5. Charles River Insurance
14.4.5.1. Overview
14.4.5.2. Financials
14.4.5.3. Developments
14.4.5.4. Strategic Outlook
14.4.6. Schweickert & Company
14.4.6.1. Overview
14.4.6.2. Financials
14.4.6.3. Developments
14.4.6.4. Strategic Outlook
14.4.7. RLI Corp
14.4.7.1. Overview
14.4.7.2. Financials
14.4.7.3. Developments
14.4.7.4. Strategic Outlook
14.4.8. All Risks, Ltd.
14.4.8.1. Overview
14.4.8.2. Financials
14.4.8.3. Developments
14.4.8.4. Strategic Outlook
14.4.9. GEICO
14.4.9.1. Overview
14.4.9.2. Financials
14.4.9.3. Developments
14.4.9.4. Strategic Outlook
14.4.10. PICC
14.4.10.1. Overview
14.4.10.2. Financials
14.4.10.3. Developments
14.4.10.4. Strategic Outlook
14.4.11. Product Liability Insuranc
14.4.11.1. Overview
14.4.11.2. Financials
14.4.11.3. Developments
14.4.11.4. Strategic Outlook
14.4.12. COMPANY 12
14.4.12.1. Overview
14.4.12.2. Financials
14.4.12.3. Developments
14.4.12.4. Strategic Outlook
14.4.13. COMPANY 13
14.4.13.1. Overview
14.4.13.2. Financials
14.4.13.3. Developments
14.4.13.4. Strategic Outlook
14.4.14. COMPANY 14
14.4.14.1. Overview
14.4.14.2. Financials
14.4.14.3. Developments
14.4.14.4. Strategic Outlook
14.4.15. COMPANY 15
14.4.15.1. Overview
14.4.15.2. Financials
14.4.15.3. Developments
14.4.15.4. Strategic Outlook
14.4.16. COMPANY 16
14.4.16.1. Overview
14.4.16.2. Financials
14.4.16.3. Developments
14.4.16.4. Strategic Outlook
14.4.17. COMPANY 17
14.4.17.1. Overview
14.4.17.2. Financials
14.4.17.3. Developments
14.4.17.4. Strategic Outlook
14.4.18. COMPANY 18
14.4.18.1. Overview
14.4.18.2. Financials
14.4.18.3. Developments
14.4.18.4. Strategic Outlook
14.4.19. COMPANY 19
14.4.19.1. Overview
14.4.19.2. Financials
14.4.19.3. Developments
14.4.19.4. Strategic Outlook
14.4.20. COMPANY 20
14.4.20.1. Overview
14.4.20.2. Financials
14.4.20.3. Developments
14.4.20.4. Strategic Outlook