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Global Specialty Insurance Market Expected to Rise at a CAGR of 7.6% and Surpass $243.70 Billion during the Forecast Period from 2021 to 2028 – Exclusive Report [221-Pages] by Research Dive

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New York, USA, Nov. 16, 2021 (GLOBE NEWSWIRE) — According to Research Dive, the global specialty insurance market is estimated to generate a revenue of $243.70 billion by 2028, and grow at CAGR of 7.6% over the forecast period (2021 to 2028). The comprehensive report provides a brief summary of the present market scenario comprising key aspects of the market such as growth factors, lucrative growth opportunities, and restraining factors. Besides, the report provides all the specialty insurance market trends, COVID-19 impact on the market, and market estimations making it easier, helpful, and useful for the new participants to understand the market.

Market Dynamics

As per our analysts, the growing integration of technologies, such as artificial intelligence, cloud computing, and blockchain, technological advancements, and the rising demand for the specialized expertise in insurance are the significant factors estimated to foster the growth of the global specialty insurance market over the forecast period. Besides, developing countries, especially the rising economies like India, China, Australia, and South Korea provide substantial opportunities for specialty insurers to develop and expand their portfolios. This factor is projected to create huge growth opportunities for the specialty insurance market over the forecast period. However, misconceptions and the lack of information related to specialty insurance are estimated to restrict the market growth in the projected timeframe.

Get | Download an PDF Sample Report of Specialty Insurance Market@ https://www.researchdive.com/download-sample/8508

COVID-19 Impact on the Specialty insurance Market

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The COVID-19 pandemic has had a negative impact on the global specialty insurance market growth. The impact on the specialty insurance market share and size is majorly due to the halt in trade and worldwide travel affecting industries like aviation, construction, and marine. As a result, the decreasing utilization of underlying assets, and tremendous losses in these sectors led to the drop in specialty insurance coverage. Moreover, the demand for specialty insurance policies has dropped during the global health crisis. All these factors have unfavorably impacted by the global specialty insurance market growth.

Checkout How COVID-19 impacts the Specialty Insurance Market. Click Here to Schedule a Call to Speak our Expert Analyst for Triangulate with your own data @ https://www.researchdive.com/connect-to-analyst/8508

Non-life Insurance Sub-segment to Witness Fastest Growth

By type, the non-life insurance sub-segment accounted for $43.49 billion in 2020 and is expected to grow at the fastest rate during the forecast period. This is mainly because non-life insurance covers cyber liability insurance, commercial auto insurances, flood insurance, and others. In addition, a greater emphasis on innovation in non-life insurances is predicted to boost the sub-segment’s growth by 2028.

Direct Channel Sub-segment to Hold Dominating Market Share

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By distribution channel, the direct channel sub-segment is estimated to generate a revenue of $149.41 billion by 2028 and is anticipated to hold the majority of market share over the forecast period. This is mainly due to rapid growth in advertising via traditional media, telemarketing, and the increasing usage of the internet to solicit business. Besides, consumers can readily compare pricing and policy benefits on the internet, particularly on numerous sites dedicated to comparing insurance prices. These factors are predicted to drive the sub-segment growth in the specialty insurance market.

Business Insurance Sub-segment to Generate Highest Revenue

By end-users, the businesses insurance sub-segment accounted for $100.89 billion in 2020 and anticipated to garner the highest revenue during the forecast period. This is mainly because specialty insurance plans are becoming gradually important for businesses to protect themselves against out of the blue losses. Besides, specialty insurance protects businesses from lawsuits, commercial obligations, property damage, and other risks, which is predicted to drive the sub-segment growth in the specialty insurance market.

Request for Specialty Insurance Market Report Customization & Get 10% Discount on this Report@ https://www.researchdive.com/request-for-customization/8508

Asia-Pacific Region to Observe Fastest Growth

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By region, the Asia-Pacific specialty insurance market is projected to garner a revenue of $69.11 billion by 2028 and witness lucrative growth during the forecast period. The rapid growth of the region can be attributed to the presence of several emerging nations and financial centers such as India, Singapore, and Hong Kong. Besides, insurance firms in the region are shifting towards digital insurance platforms and aiming to give low-cost insurance premium options, which are expected to drive the Asia-Pacific market growth by 2028.

Prominent Market Players

Some of the List of Compnaies profiles of the global specialty insurance industry are:

  1. AXA
  2. Allianz
  3. American International Group Inc.
  4. Assicurazioni Generali S.P.A.
  5. Chubb
  6. Berkshire Hathaway Inc.
  7. Munich Re
  8. Tokio Marine HCC
  9. PICC
  10. Zurich.

These players are applying various strategies to gain a competitive edge and strong hold in the global industry.

For instance, in July 2021, Amwins, a leading distributor of specialty insurance products & services globally, launched an exclusive product that combines Sexual Molestation Liability (SML) and Deadly Weapons Protection (DWP) into a single policy. This is the first and only insurance product on the market from Amwins that brings coverage to small & middle-market businesses on a single policy form.

In Addition, the report having some numorus point about the leading Business Manufactures, Like, SWOT analysis, Product Portfolio, Finanical Status – Inquire to Get access for Detailed List of Companies Development Strategy Report

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Explore Madrid Like Never Before: New Partnership Between Wego and MADRID TURISMO by IFEMA Madrid

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DUBAI, UAE, June 25, 2024 /PRNewswire/ — Wego, the number 1 travel app and the largest online travel marketplace in the Middle East and North Africa (MENA), is delighted to announce a groundbreaking partnership with MADRID TURISMO by IFEMA Madrid as part of their “Only in Madrid” campaign. This initiative aims to boost awareness about the vibrant culture and unique attractions of Madrid, inviting travelers from the GCC to explore the Spanish capital like never before.

 
 
This collaboration sheds light on Madrid’s history, stunning architecture, and dynamic cultural scene. The campaign will emphasize Madrid’s blend of traditional charm and modern sophistication, presenting it as a premier travel destination for GCC residents and visitors. It aims to showcase the best of Madrid, fostering a deeper connection between the Spanish Capital and the Gulf region.
“Wego is excited to bring the diverse and vibrant experiences of Madrid to travellers from the Gulf region,” said Mamoun Hmedan, Chief Business Officer of Wego. Our partnership with MADRID TURISMO by IFEMA Madrid will enhance travel opportunities and highlight the best of Madrid to Gulf travelers. Madrid’s unique blend of historical richness, cultural vibrancy, and modern appeal makes it a perfect destination for our audience.”
Travellers can embark on an unforgettable adventure tailored to their individual interests. History buffs can delve into iconic landmarks and UNESCO sites, while art lovers will be captivated by the world-renowned Triangle of Art. Foodies will rejoice in Michelin-starred restaurants (28 establishments boasting an impressive 36 stars!) and vibrant neighbourhoods overflowing with culinary delights.
MADRID TURISMO by IFEMA Madrid said: “By highlighting the destination’s unique offerings, Wego and MADRID TURISMO by IFEMA Madrid aim to inspire more travellers to experience the magic of Madrid, fostering lasting memories and enriching cross-cultural connections.”
Travelers get to experience the birthplace of Flamenco Tablao and immerse themselves in the captivating spirit of Spain. For a touch of tranquillity, they can venture beyond the city to explore charming towns and villas. From historical immersion to cultural experiences, Madrid caters to every desire.
About Wego
Wego is the number 1 travel app and the largest online travel marketplace in the Middle East and North Africa (MENA).
It provides award-winning travel search websites and top-ranked mobile apps for travelers living in the Asia Pacific and the Middle East regions. Wego harnesses powerful yet simple to use technology that automates the process of searching and comparing results from hundreds of airlines, hotels, and online travel agency websites.
Wego presents an unbiased comparison of all travel products and prices offered in the marketplace by merchants, both local and global, and enables shoppers to quickly find the best deal and place to book whether it is from an airline or hotel directly or with a third-party aggregator website.
The company was founded in 2005 and is dual headquartered in Dubai and Singapore with regional operations in Bangalore, Riyadh, Cairo, Lahore, and Kuala Lumpur.
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Aetion Launches Barcelona Technology Hub and Appoints Ken Watson as Chief Technology Officer

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BARCELONA, Spain, June 24, 2024 /PRNewswire/ — Aetion®, the global leader in real-world evidence (RWE) technology and analytics, announced today the creation of an RWE technology hub in Barcelona, Spain, to convene the most capable group of dedicated RWE technologists in the industry. Aetion also announced the appointment of Ken Watson as Chief Technology Officer (CTO). Ken draws upon his decades of experience at companies such as Microsoft, the Toronto Stock Exchange, and WeWork — as well as several startups he co-founded — and is responsible for leading Aetion’s overall engineering and product strategy.

Aetion established a presence in Barcelona in 2021 and has steadily grown its team there since. As part of the launch of its technology hub, Aetion will more than double the size of its engineering team in Spain, drawing top technical talent locally and from around Europe. The Barcelona team will work across Aetion’s product suite, enhancing existing offerings and continuing to innovate at the forefront of RWE technology. The recent release of Aetion® Discover — the first Aetion product to be built in Barcelona — was a turning point in establishing the city as Aetion’s new technology hub. Aetion Discover is a visual-first application designed for exploratory analyses on wide-ranging research questions from disease burden to unmet need, real-world value, and more, and it is already transforming the way clients generate insights quickly and at scale.
Ken joined Aetion in August 2023 as SVP of Engineering and, early on, led the successful launch of Discover and product enhancements such as an R development environment integrated with Aetion applications, workflow updates to Aetion® Substantiate, and new data management capabilities in the Aetion Evidence Platform®.
“As a technology leader of companies at all stages and sizes, and as a multi-time founder himself, Ken is the ideal person to lead Aetion’s overall technology and product organization and our Barcelona technology hub,” said Jeremy Rassen, Aetion President and Co-Founder. “His expertise in building global teams, combined with the mission-driven engineering talent in Barcelona, will be put toward solving complex problems and further accelerating our ambitious software roadmap.”
Ken shared, “I am honored to be stepping into the CTO role at this inflection point for Aetion. Building high-quality software in a rapidly evolving field takes entrepreneurial spirit and technical know-how, and I’m thrilled to bring my skills to help answer today’s most pressing questions in healthcare. With our expanded and co-located Barcelona team working closely with our world-class epidemiologists and data scientists, I am confident in our ability to deliver the next wave of software innovation that’s so critically needed in this era of novel treatment proliferation.”
Aetion is the only company to offer a full range of software products to turn real-world data into real-world evidence. All Aetion applications are built upon its flagship Aetion Evidence Platform, providing interoperability across applications while consistently drawing upon virtually any source data and hosting environment.
Contact [email protected] for more information on Aetion software and services, or [email protected] to inquire about roles in Aetion’s Barcelona Technology Hub.
About Aetion®
Aetion is a healthcare analytics company that delivers real-world evidence for the manufacturers, purchasers, and regulators of medical treatments and technologies. Aetion’s suite of real-world data analytics applications analyzes data from the real world to produce transparent, rapid, and scientifically validated answers on safety, effectiveness, and value. Founded by Harvard Medical School faculty members with decades of experience in epidemiology and health outcomes research, Aetion informs healthcare’s most critical decisions—what works best, for whom, and when—to guide product development, commercialization, and payment innovation. Learn more at aetion.com.
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Workers embrace AI and prioritise skills growth amid rising workloads and an accelerating pace of change: PwC 2024 Global Workforce Hopes & Fears Survey

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Almost half (45%) of workers say their workload has increased significantly in the past year, as almost two-thirds (62%) say the pace of change at work has increased over the same timeMore than one-quarter (28%) say they are very or extremely likely to switch employer in the next 12 months – a higher proportion than during the ‘Great Resignation’ (19%) in 2022Employees prioritise skills-growth: fewer than half (46%) strongly or moderately agree that their employer provides adequate opportunities to learn new skills. This is particularly important for workers considering leaving: two-thirds (67%) say opportunities to learn new skills are a key factor in any decision to job-switchMore than 80% of workers who use generative AI daily expect it to make their time at work more efficient in the next 12 months. Half (49%) of all users expect it to lead to higher salariesCost-of-living pressures ease slightly: the proportion of workers with money left over each month rises to 45% (compared to 38% in 2023). However, 52% say they are still financially stressedLONDON, June 25, 2024 /PRNewswire/ — Among more than 56,000 workers across 50 countries and territories, many say they are prioritising long-term skills growth to accelerate their careers amid rising workloads and heightened workplace uncertainty, according to PwC’s 2024 Global Workforce Hopes & Fears Survey, published today.

In the last 12 months, workers say they have experienced rising workloads (45%) and an accelerating pace of workplace change. Nearly two-thirds (62%) say they have experienced more change at work in the past year than the 12 months prior, with two-fifths (40%) noting their daily responsibilities have changed to a large or very large extent. Almost half (44%) don’t understand the purpose of changes taking place.
In the midst of this growing mix of employee pressures, the findings suggest workers are alert to opportunities elsewhere, and are highly focused on skills growth and embracing AI.
More than one-quarter (28%) say they are likely to switch employer in the next 12 months, a percentage far higher than during the ‘Great Resignation’ (19%) of 2022. Two-thirds (67%) of those considering moving say skills is an important factor in their decision to stay with their current employer or switch to a new one.
Carol Stubbings, Global Markets and Tax & Legal Services (TLS) Leader, PwC UK, said:
“As workers face heightened uncertainty, rising workloads and continue to face financial stress, they are prioritising skills growth and embracing new and emerging technologies such as GenAI to turbocharge their growth and accelerate their careers. The findings suggest that job satisfaction is no longer enough. Employees are placing an increased premium on skills growth in a climate characterised by constant technological change. Employers must ensure they are investing in their employees and technological platforms to mitigate employee pressures and retain the brightest talent.”
Workers embrace AI to ease workplace pressures and unlock personal growth
As employees face heightened workplace pressures, they are also turning to new and emerging technologies such as generative AI (GenAI) to help. Among those employees who use GenAI daily, 82% expect it to make their time at work more efficient in the next 12 months.
Employees are also optimistic about opportunities for GenAI to support their growth. Half (49%) of all users expect GenAI to lead to higher salaries – an expectation that’s even higher (76%) among employees who use the technology daily. More than 70% of users agree that GenAI tools will create opportunities to be more creative at work (73%) and improve the quality of their work (72%).
The skills imperative
Workers are placing an increased premium on skills growth to mitigate their concerns and accelerate their careers. Employees who say they are likely to switch employers in the next 12 months are nearly twice as likely to strongly consider upskilling in that decision than workers planning to stay (67% vs. 36%). This comes as fewer than half (46%) of all employees moderately or strongly agree that their employer provides adequate opportunities to learn new skills that will be helpful to their careers.
Employees who are likely to leave in the next year may be more attuned to skills changes that are needed than the general workforce, with 51% moderately or strongly agreeing that the skills their job requires will change in the next five years (vs. 29% of those unlikely to change employer).
There is particular interest in the impact of AI on skills development, with 76% of all users expecting it to create opportunities to learn new skills at work. However, employers will need to invest heavily in new and emerging technology training and access. Among employees who have not used GenAI at work in the last 12 months, one-third (33%) don’t think there are opportunities to use the technology in their line of work, while 24% don’t have access to the tools at work, and 23% don’t know how to use the tools.
Despite the pace of change, there are also signs of optimism and engagement at work. 60% of workers expressed at least moderate job satisfaction (up from 56% in 2023) while more than half (57%) of employees who view fair pay as important agree that their job is fairly paid. Cost-of-living pressures have slightly eased since 2023 (the proportion of workers with money left over each month has risen to 45%, up from 38%). However,  more than half (52%) say they are still financially stressed to some degree.
Pete Brown, Global Workforce Leader, PwC UK, said:
“Technology is fundamentally transforming the way work gets done and the types of skills employers are looking for. Employees are therefore placing an increased premium on organisations that invest in their skills growth so that they can stay relevant and thrive in a digital world. Businesses in turn must be proactive in their upskilling programs – prioritising the employee experience and being transparent. Because when you meaningfully engage your workforce, they become an accelerant for successful transformation.”
Notes to Editors: 
About the Survey
In March 2024, PwC surveyed 56,600 individuals across 50 countries and territories who are in work or active in the labour market. The sample was designed to reflect a range of industries, demographic characteristics and working patterns. You can read the full report on pwc.com.
About PwC
© 2024 PwC. All rights reserved. PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see www.pwc.com/structure for further details.
Contact:  Imran Javaid, Global Corporate Affairs and Communications, PwC UK: [email protected] Dan Barabas, Global Corporate Affairs and Communications, PwC UK: [email protected]
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