Surety Market to 2027 - Global Analysis and Forecasts by Bond Type (Contract Surety Bond, Commercial Surety Bond, Fidelity Surety Bond, and Court Surety Bond)
Table of Content
TABLE OF CONTENTS
1. INTRODUCTION 11
- 1.1 SCOPE OF THE 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
4. SURETY MARKET - KEY INDUSTRY DYNAMICS 29
- 4.1 KEY MARKET DRIVERS 29
- 4.1.1 Ageing infrastructure of developed economies creating a need for massive investments in its restoration 29
- 4.1.2 Global acceptance of Public Private Partnership Model anticipated to drive the Surety market growth 30
- 4.2 KEY MARKET RESTRAINTS 31
- 4.2.1 Shortage of properly trained underwriter in the Surety Industry 31
- 4.3 KEY MARKET OPPORTUNITIES 31
- 4.3.1 Rising need for innovative insurance solutions to offer prosperous opportunity to Surety market 31
- 4.4 FUTURE TRENDS 32
- 4.4.1 Adoption of Surety bond by diverse end-use industries 32
- 4.5 IMPACT ANALYSIS OF DRIVERS AND RESTRAINTS 32
5. SURETY - GLOBAL MARKET ANALYSIS 33
- 5.1 GLOBAL SURETY MARKET OVERVIEW 33
- 5.2 GLOBAL SURETY MARKET FORECAST AND ANALYSIS 35
6. SURETY MARKET REVENUE AND FORECASTS TO 2027 - BOND TYPE 36
- 6.1 OVERVIEW 36
- 6.2 GLOBAL SURETY MARKET BREAKDOWN, BY BOND TYPE, 2017 & 2027 36
- 6.3 CONTRACT SURETY BOND 37
- 6.3.1 Overview 37
- 6.3.2 Contract Surety Bond Market Forecasts and Analysis 37
- 6.4 COMMERCIAL SURETY BOND 39
- 6.4.1 Overview 39
- 6.4.2 Commercial Surety Bond Market Forecasts and Analysis 39
- 6.5 FIDELITY SURETY BOND 40
- 6.5.1 Overview 40
- 6.5.2 Fidelity Surety Bond Market Forecasts and Analysis 40
- 6.6 COURT SURETY BOND 41
- 6.6.1 Overview 41
- 6.6.2 Court Surety Bond Market Forecasts and Analysis 41
7. GLOBAL SURETY MARKET - GEOGRAPHICAL ANALYSIS 42
- 7.1 OVERVIEW 42
- 7.2 NORTH AMERICA SURETY MARKET REVENUE AND FORECASTS TO 2027 43
- 7.2.1 North America Surety Market Revenue and Forecasts to 2027 (US$ Bn) 45
- 7.2.2 North America Surety Market Breakdown, by Key Countries 45
- 7.2.2.1 U.S. Surety Market Revenue and Forecasts to 2027 (US$ BN) 46
- 7.2.2.2 Canada Surety Market Revenue and Forecasts to 2027 (US$ Bn) 47
- 7.2.2.3 Mexico Surety Market Revenue and Forecasts to 2027 (US$ Bn) 48
- 7.3 EUROPE SURETY MARKET REVENUE AND FORECASTS TO 2027 50
- 7.3.1 Overview 50
- 7.3.2 Europe Surety Market Breakdown by Key Countries 51
- 7.3.2.1 UK Surety Market Revenue and Forecasts to 2027 (US$ Bn) 52
- 7.3.2.2 Germany Surety Market Revenue and Forecast to 2027 (US$ Bn) 53
- 7.3.2.3 France Surety Market Revenue and Forecast to 2027 (US$ Bn) 54
- 7.3.2.4 Spain Surety Market Revenue and Forecast to 2027 (US$ Bn) 55
- 7.3.2.5 Italy Surety Market Revenue and Forecast to 2027 (US$ Bn) 56
- 7.3.2.6 Rest of Europe Surety Market Revenue and Forecast to 2027 (US$ Bn) 57
- 7.3.3 Europe Surety Market Breakdown by Bond Type 57
- 7.4 ASIA-PACIFIC SURETY MARKET REVENUE AND FORECASTS TO 2027 59
- 7.4.1 Overview 59
- 7.4.2 Asia-Pacific Surety Market Breakdown by Key Countries 60
- 7.4.2.1 South Korea Surety Market Revenue and Forecasts to 2027 (US$ Bn) 61
- 7.4.2.2 China Surety Market Revenue and Forecast to 2027 (US$ Bn) 62
- 7.4.2.3 Australia Surety Market Revenue and Forecast to 2027 (US$ Bn) 63
- 7.4.2.4 Japan Surety Market Revenue and Forecast to 2027 (US$ Bn) 64
- 7.4.2.5 Rest of APAC Surety Market Revenue and Forecast to 2027 (US$ Bn) 65
- 7.4.2.6 Asia-Pacific Surety Market Breakdown by Bond Type 65
- 7.5 MEA SURETY MARKET REVENUE AND FORECASTS TO 2027 67
- 7.5.1 Overview 67
- 7.5.2 MEA Surety Market Breakdown by Key Countries 68
- 7.5.2.1 Saudi Arabia Surety Market Revenue and Forecasts to 2027 (US$ Bn) 68
- 7.5.2.2 UAE Surety Market Revenue and Forecast to 2027 (US$ Bn) 69
- 7.5.2.3 South Africa Surety Market Revenue and Forecast to 2027 (US$ Bn) 70
- 7.5.2.4 Rest of MEA Surety market Revenue and Forecasts to 2027 (US$ Bn) 71
- 7.5.3 MEA Surety Market Breakdown by Bond Type 71
- 7.6 SOUTH AMERICA SURETY MARKET REVENUE AND FORECASTS TO 2027 73
- 7.6.1 Overview 73
- 7.6.2 SAM Surety Market Breakdown by Key Countries 74
- 7.6.2.1 Brazil Surety Market Revenue and Forecasts to 2027 (US$ Bn) 75
- 7.6.2.2 Rest of SAM Surety Market Revenue and Forecasts to 2027 (US$ Bn) 76
8. INDUSTRY LANDSCAPE 78
- 8.1 MARKET INITIATIVE 78
- 8.2 MERGER AND ACQUISITION 78
9. COMPETITIVE LANDSCAPE 79
- 9.1 COMPETITIVE SERVICE MAPPING 79
- 9.2 MARKET POSITIONING - GLOBAL TOP 5 PLAYERS RANKING 79
10. SURETY MARKET, KEY COMPANY PROFILES 81
- 10.1 AMTRUST FINANCIAL SERVICES, INC. 81
- 10.1.1 Key Facts 81
- 10.1.2 Business Description 81
- 10.1.3 Financial Overview 82
- 10.1.4 SWOT Analysis 82
- 10.1.5 Key Developments 84
- 10.2 CRUM & FORSTER 85
- 10.2.1 Key Facts 85
- 10.2.2 Business Description 85
- 10.2.3 Financial Overview 86
- 10.2.4 SWOT Analysis 86
- 10.2.5 Key Developments 87
- 10.3 CNA INSURANCE GROUP. 88
- 10.3.1 Key Facts 88
- 10.3.2 Business Description 88
- 10.3.3 Financial Overview 89
- 10.3.4 SWOT Analysis 89
- 10.3.5 Key Developments 91
- 10.4 AMERICAN FINANCIAL GROUP, INC. (AFG) 92
- 10.4.1 Key Facts 92
- 10.4.2 Business Description 92
- 10.4.3 Financial Overview 93
- 10.4.4 SWOT Analysis 93
- 10.4.5 Key Developments 95
- 10.5 THE TRAVELERS INDEMNITY COMPANY 96
- 10.5.1 Key Facts 96
- 10.5.2 Business Description 96
- 10.5.3 Financial Overview 97
- 10.5.4 SWOT Analysis 97
- 10.5.5 Key Developments 98
- 10.6 LIBERTY MUTUAL INSURANCE COMPANY 99
- 10.6.1 Key Facts 99
- 10.6.2 Business Description 99
- 10.6.3 Financial Overview 100
- 10.6.4 SWOT Analysis 100
- 10.6.5 Key Developments 101
- 10.7 HARTFORD FINANCIAL SERVICES GROUP, INC. 102
- 10.7.1 Key Facts 102
- 10.7.2 Business Description 102
- 10.7.3 Financial Overview 103
- 10.7.4 SWOT Analysis 103
- 10.7.5 Key Developments 105
- 10.8 HCC INSURANCE HOLDINGS, INC. (TOKIO MARINE & NICHIDO FIRE INSURANCE CO., LTD.) 106
- 10.8.1 Key Facts 106
- 10.8.2 Business Description 106
- 10.8.3 Financial Overview 107
- 10.8.4 SWOT Analysis 107
- 10.8.5 Key Developments 109
- 10.9 IFIC SURETY GROUP 110
- 10.9.1 Key Facts 110
- 10.9.2 Business Description 110
- 10.9.3 Financial Overview 111
- 10.9.4 SWOT Analysis 111
- 10.9.5 Key Developments 112
- 10.10 CHUBB LIMITED 113
- 10.10.1 Key Facts 113
- 10.10.2 Business Description 113
- 10.10.3 Financial Overview 114
- 10.10.4 SWOT Analysis 114
- 10.10.5 Key Developments 116
11. APPENDIX 117
- 11.1 ABOUT THE INSIGHT PARTNERS 117
- 11.2 GLOSSARY 117
- 11.3 METHODOLOGY 118
- 11.3.1 COVERAGE 118
- 11.3.2 Secondary Research 118
- 11.3.3 Primary Research 119
LIST OF TABLES
TABLE 1. GLOBAL SURETY MARKET REVENUE AND FORECASTS TO 2027 (US$ BN) 35
TABLE 2. GLOBAL SURETY MARKET REVENUE AND FORECASTS TO 2027 - BY REGIONS (US$ BN) 42
TABLE 3. NORTH AMERICA SURETY MARKET REVENUE AND FORECASTS TO 2027 - BY BOND TYPE (US$ BN) 49
TABLE 4. EUROPE SURETY MARKET REVENUE AND FORECASTS TO 2027 - BY BOND TYPE (US$ BN) 58
TABLE 5. ASIA-PACIFIC SURETY MARKET REVENUE AND FORECASTS TO 2027 - BY BOND TYPE (US$ BN) 66
TABLE 6. MEA SURETY MARKET REVENUE AND FORECASTS TO 2027 - BY BOND TYPE (US$ BN) 72
TABLE 7. SOUTH AMERICA SURETY MARKET REVENUE AND FORECASTS TO 2027 - BY BOND TYPE (US$ BN) 77
TABLE 8. GLOSSARY OF TERMS, SURETY MARKET 117
LIST OF FIGURES
FIGURE 1. APAC SURETY MARKET, TOTAL REVENUE (US$ BN), 2017 & 2027 12
FIGURE 2. CONTRACT SURETY BOND MARKET, BY REVENUE (US$ BN), 2017 & 2027 13
FIGURE 3. SURETY MARKET SEGMENTATION 16
FIGURE 4. NORTH AMERICA - PEST ANALYSIS 18
FIGURE 5. EUROPE - PEST ANALYSIS 21
FIGURE 6. ASIA PACIFIC - PEST ANALYSIS 23
FIGURE 7. MIDDLE EAST AND AFRICA - PEST ANALYSIS 25
FIGURE 8. SOUTH AMERICA - PEST ANALYSIS 27
FIGURE 9. SURETY MARKET IMPACT ANALYSIS OF DRIVER AND RESTRAINTS 32
FIGURE 10. GLOBAL SURETY MARKET 33
FIGURE 11. GLOBAL SURETY MARKET FORECAST AND ANALYSIS, (US$ BN) 35
FIGURE 12. SURETY MARKET BREAKDOWN, BY BOND TYPE, 2017 & 2027 (%) 36
FIGURE 13. CONTRACT SURETY BOND MARKET REVENUE AND FORECASTS TO 2027 (US$ BN) 38
FIGURE 14. GLOBAL COMMERCIAL SURETY BOND MARKET REVENUE AND FORECASTS TO 2027 (US$ BN) 39
FIGURE 15. FIDELITY SURETY BOND MARKET REVENUE AND FORECASTS TO 2027 (US$ BN) 40
FIGURE 16. COURT SURETY BOND MARKET REVENUE AND FORECASTS TO 2027 (US$ BN) 41
FIGURE 17. SURETY MARKET, GLOBAL BREAKDOWN BY GEOGRAPHY, 2017 & 2027 (%) 42
FIGURE 18. NORTH AMERICA SURETY MARKET REVENUE AND FORECASTS TO 2027 (US$ BN) 45
FIGURE 19. NORTH AMERICA SURETY MARKET BREAKDOWN BY KEY COUNTRIES, 2017 & 2027(%) 45
FIGURE 20. U.S. SURETY MARKET REVENUE AND FORECASTS TO 2027 (US$ BN) 46
FIGURE 21. CANADA SURETY SYSTEM MARKET REVENUE AND FORECASTS TO 2027 (US$ BN) 47
FIGURE 22. MEXICO SURETY MARKET REVENUE AND FORECASTS TO 2027 (US$ BN) 48
FIGURE 23. NORTH AMERICA SURETY MARKET BREAKDOWN BY BOND TYPE, 2017 & 2027 (%) 49
FIGURE 24. EUROPE SURETY MARKET REVENUE AND FORECASTS TO 2027 (US$ BN) 50
FIGURE 25. EUROPE SURETY MARKET BREAKDOWN BY KEY COUNTRIES, 2017 & 2027 (%) 51
FIGURE 26. UK SURETY MARKET REVENUE AND FORECASTS TO 2027 (US$ BN) 52
FIGURE 27. GERMANY SURETY MARKET REVENUE AND FORECASTS TO 2027 (US$ BN) 53
FIGURE 28. FRANCE SURETY MARKET REVENUE AND FORECASTS TO 2027 (US$ BN) 54
FIGURE 29. SPAIN SURETY MARKET REVENUE AND FORECASTS TO 2027 (US$ BN) 55
FIGURE 30. ITALY SURETY MARKET REVENUE AND FORECASTS TO 2027 (US$ BN) 56
FIGURE 31. REST OF EUROPE SURETY MARKET REVENUE AND FORECASTS TO 2027 (US$ BN) 57
FIGURE 32. EUROPE SURETY MARKET BREAKDOWN BY BOND TYPE, 2017 & 2027 (%) 57
FIGURE 33. ASIA-PACIFIC SURETY MARKET REVENUE AND FORECASTS TO 2027 (US$ BN) 59
FIGURE 34. ASIA-PACIFIC SURETY MARKET BREAKDOWN BY KEY COUNTRIES, 2017 & 2027 (%) 60
FIGURE 35. SOUTH KOREA SURETY MARKET REVENUE AND FORECASTS TO 2027 (US$ BN) 61
FIGURE 36. CHINA SURETY MARKET REVENUE AND FORECASTS TO 2027 (US$ BN) 62
FIGURE 37. AUSTRALIA SURETY MARKET REVENUE AND FORECASTS TO 2027 (US$ BN) 63
FIGURE 38. JAPAN SURETY MARKET REVENUE AND FORECASTS TO 2027 (US$ BN) 64
FIGURE 39. REST OF APAC SURETY MARKET REVENUE AND FORECASTS TO 2027 (US$ BN) 65
FIGURE 40. ASIA-PACIFIC SURETY MARKET BREAKDOWN BY BOND TYPE, 2017 & 2027 (%) 65
FIGURE 41. MEA SURETY MARKET REVENUE AND FORECASTS TO 2027 (US$ BN) 67
FIGURE 42. MEA SURETY MARKET BREAKDOWN BY KEY COUNTRIES, 2017 & 2027 (%) 68
FIGURE 43. SAUDI ARABIA SURETY MARKET REVENUE AND FORECASTS TO 2027 (US$ BN) 68
FIGURE 44. UAE SURETY MARKET REVENUE AND FORECASTS TO 2027 (US$ BN) 69
FIGURE 45. SOUTH AFRICA SURETY MARKET REVENUE AND FORECASTS TO 2027 (US$ BN) 70
FIGURE 46. REST OF MEA SURETY MARKET REVENUE AND FORECASTS TO 2027 (US$ BN) 71
FIGURE 47. MEA SURETY MARKET BREAKDOWN BY BOND TYPE, 2017 & 2027 (%) 71
FIGURE 48. SAM SURETY MARKET REVENUE AND FORECASTS TO 2027 (US$ BN) 73
FIGURE 49. SAM SURETY MARKET BREAKDOWN BY KEY COUNTRIES, 2017 & 2027(%) 74
FIGURE 50. BRAZIL SURETY MARKET REVENUE AND FORECASTS TO 2027 (US$ BN) 75
FIGURE 51. REST OF SAM SURETY MARKET REVENUE AND FORECASTS TO 2027 (US$ BN) 76
FIGURE 52. SOUTH AMERICA SURETY MARKET BREAKDOWN BY BOND TYPE, 2017 & 2027 (%) 76
Description
In terms of revenue, the global surety market is expected to grow to US$ 28.77 billion by 2027 from US$ 15.33 billion in 2018. The demand for surety is highly propelled with the increasing demand for restoration of ageing infrastructure of developed economies worldwide. However, shortage of skilled professionals in the surety industry is restraining the surety market growth to certain extent.
The global surety market is highly fragmented with local players, banks and global companies operating in the market. Also, major and small players are trying to come up with innovative solutions to attract a large base of customers. Currently, the surety market is experiencing a high growth in the developing economies of South America region. This is due to the growing number of construction activities and government regulations in the region.
On the basis of bond type, contract surety bond is the leading segment of the global surety market. In the construction industry, contract surety bond is highly used particularly for public construction projects. Contract Surety Bond is also known as contractor bond; contract bond is a type of surety bond that is used by the investors and developers in the construction business, as a guarantee that the terms and condition of the contract will be fulfilled. The contract bond protects against the losses incurred due to the contractor's failure to complete the project or meet the contract specification. Surety providers evaluate the principal builder's financial merits and charge a premium in accordance with the likeness of occurrence of an adverse event.
The overall surety market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the surety market. It also provides the overview and forecast for the global surety market based on all the segmentation provided with respect to five major reasons such as North America, Europe, Asia-Pacific, the Middle East and Africa, and South America. Also, primary interviews were conducted with industry participants and commentators in order to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultant such as valuation experts, research analysts, and key opinion leaders specializing in the Surety industry.