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.
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Top Market Players: American Financial Group, Inc., AmTrust Financial Services, Inc., Chubb Limited, CNA Financial Corporation, Crum & Forster, Hartford Financial Services Group, Inc., HCC Insurance Holdings, IFIC Surety Group, Liberty Mutual Insurance Company, The Travelers Indemnity Company
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.