Surety Market Key Insights, Profiling Companies and Growth Strategies

Surety Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Bond Type (Contract Surety Bond, Commercial Surety Bond, Fidelity Surety Bond, and Court Surety Bond), and Geography. Global acceptance of public private partnership model anticipated to drive the surety market growth at 6.4% CAGR during 2020-2027

The gaining popularity of PPP (public private partnership) in both developed as well as emerging economies worldwide is one of a major driver for surety market. Infrastructure investment and development are the main concern for governments across the world. With increasing urbanization, the emerging economies are witnessing a need to develop their critical infrastructure, while developed economies are in need to expand or reconstruct their existing infrastructures. The enduring evolution in PPP model is noticed with increased demand for infrastructure development as well as growing fiscal constraints, to support governments' to fulfill these escalating infrastructure challenges. For instance, EU member countries have aided wide-ranging pan-national initiatives to enhance the adeptness of PPP financing, which include measures such as the Europe 2020 Project Bond Initiative. This initiative is intended to allow eligible infrastructure project developers; generally, PPP, to attract private finance from institutional investors including insurance companies as well as pension funds.

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Slower Growth of Surety Market due to COVID-19 Outbreak

The recent outbreak of the COVID-19 has significantly affected the world and is continuing to shatter several countries. The construction industry across the world was witnessing significant growth prior to the emergence of COVID-19 in late 2019. The outbreak of COVID-19 has led the construction industry players to temporarily call off their respective projects. The unprecedented impact of COVID-19 and uncertainty in economic conditions of developedand developing countries, the construction industry is expected to witness a slower growth till 2021. Attributing to the fact that surety market is heavily driven by construction industry, the slowdown in growth of construction industry is reflecting downfall in surety market globally.

Several associations in the surety market and construction industry are extensively seeking a positive approach to build a growth path for the construction industry and thereby catalyzing the surety market in a short span of time. The imposition of lockdown measures by majority of the countries have been negatively affecting construction industry irrespective of residential, commercial, or industrial. This factor is adversely affecting the growth of surety market.

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The Report Segments the Global Surety Market as Follows:

By Bond Type
• Contract Surety Bond
• Commercial Surety Bond
• Court Surety Bond
• Fidelity Surety Bond

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Company Profiles

• Crum & Forster
• CNA Financial Corporation
• American Financial Group, Inc.
• The Travelers Indemnity Company
• Liberty Mutual Insurance Company
• The Hartford
• HCC Insurance Holdings Inc.
• Chubb
• AmTrust Financial Services
• IFIC Security Group

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This release was published on openPR.