Specialty insurance market to triple by 2032

This shows a compound annual growth rate of 10.7%.

The global specialty insurance market was worth $105.76b in 2023 and is expected to grow to $282.76b by 2032, according to Market Research Future (MRFR). 

This represents a compound annual growth rate of 10.7% between 2024 and 2032.

Growth is being driven by rising awareness of specialised risks, demand for customised coverage, and the growing complexity of industrial and commercial sectors such as construction, energy, and technology. 

Insurers are also offering more flexible products, whilst advances in AI and data analytics are improving underwriting and risk assessment.

In Asia-Pacific, industrialisation and rising demand for niche coverage in China, India, and Japan are key drivers. 

North America remains the largest market, supported by strong infrastructure and high adoption of digital underwriting. 
Europe’s growth is fuelled by compliance needs and corporate risk management.

South America and the Middle East and Africa are emerging markets, with growth supported by economic expansion and regulatory reforms.