PUNE, India, July 11, 2024 /PRNewswire/ -- The report provides an in-depth analysis of the strategies of the top players in the Global Surety industry with an in-depth analysis of the market segments and regions. A detailed analysis of market dynamics including drivers, restraints, opportunities, and challenges is provided region-wise and segment-wise, in the Global Surety Market report. It also includes demand, price, cost, and revenue which makes it an investor's guide.

The data for the Global Surety Market report was collected using primary and secondary research methods, which were combined to make the report authentic. The primary research conducted includes the questionnaire distribution, surveys, and phone interviews with Global Surety industry experts, market leaders, marketing professionals, and entrepreneurs. The bottom-up approach has been used to estimate the global and regional global Surety market size. SWOT analysis was used to provide the strengths and weaknesses of Surety's key players in the industry.

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The Surety Market size was valued at USD 21251.17 Million in 2023 and the total Surety revenue is expected to grow at a CAGR of 5.06% from 2024 to 2030, reaching nearly USD 30030.21 Million by 2030. North America holds the largest market share of the surety market, accounting for 50.44% of the market, and is driven by a robust construction industry, and stringent regulatory frameworks. MMR's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory during the forecast period.

Competitive Landscape

The Surety Market includes the presence of several global as well as regional key players. A few prominent players that offer Surety in the market are AoN,  Arch Insurance Group, Berkshire Hathaway Specialty Insurance, Chubb Limited, CNA Financial Corporation, Everest Re Group, Ltd., IAT Insurance Group, Intact US Insurance, Liberty Mutual Insurance Group, Markel Corporation, Marsh McLennan, Nationwide Mutual Insurance Company, Old Republic Surety Company, QBE Insurance Group Limited, The Hanover Insurance Group, The Hartford Financial Services Group, Inc, The Travelers Companies, Inc., Tokio Marine HCC and others.

Key Player Offerings

• On January 4, 2023, Marsh McLennan Agency (MMA) announced the acquisition of HMS Insurance Associates, a strategic move aimed at enhancing MMA's growth, service offerings, and talent retention. This acquisition allows MMA to expand its expertise in the specialized area of surety bonds, which are essential for guaranteeing the performance and fulfilment of contractual obligations. By integrating HMS' strengths in this niche market, MMA better serves clients with surety bond needs, aligning with its long-term goals and competitiveness in the insurance industry.
• On May 27, 2023, Talanx Group's Retail International division acquired Liberty Seguros' personal and small commercial businesses in Brazil, Chile, Colombia, and Ecuador. This strategic move elevated Talanx to the third-largest property and casualty insurer in Latin America, with an anticipated increase in gross written premiums of approximately EUR 1.7 billion. Post-acquisition, Talanx's HDI division ranked second in Brazil, first in Chile, and seventh in Colombia. This acquisition supports Talanx's goal of securing top market positions and enhancing technical excellence and portfolio diversification by 2025.
• On May 29, 2024, TATA AIG General Insurance launched Surety Insurance Bonds to bolster India's infrastructure development, which accounts for 3.3% of GDP in FY 2024. These bonds offer an alternative to traditional bank guarantees, enhancing contractors' capital and bidding capacity. They cover losses from contractors' non-performance, non-fulfilment, or breach of contractual obligations. TATA AIG's bonds, available in conditional and unconditional formats, include bid, performance, advance payment, and retention money bonds, facilitating smoother project execution in both the government and private sectors.

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Market Overview

The surety market is a segment of the insurance industry that provides financial guarantees or bonds to ensure that obligations are fulfilled by the party that is being bonded. In simple terms, a surety bond is a contract between three parties - the principal (the person or entity who needs the bond), the oblige (the party who is requesting the bond), and the surety (the company providing the bond). Surety bonds are used in various industries such as construction, finance, real estate, and transportation. These bonds act as a form of insurance for the oblige, ensuring that the principal will fulfil their contractual obligations. The global surety industry is expected to grow in the forecast period thanks to an increase in construction activities and infrastructure development projects. The surety market is also influenced by government regulations, economic conditions, and technological advancements.

Economic growth drives the market, with infrastructure development increasing the demand for surety bonds. For instance, India's launch of Surety Insurance Bonds supports infrastructure goals, unlocking capital for contractors and boosting their bidding capacity, crucial for India's aim to become a USD 5 trillion economy. Changes in legislation, such as the US. The Small Business Administration's increase in contract limits for the Surety Bond Guarantee Program further helps small businesses achieve larger projects, encouraging economic growth and employment. Advances in technology and strategic partnerships are driving the market growth. Bond-Pro, a leading surety software platform, has partnered with Surety2000 and Xenex Enterprises to automate bond processing, integrating electronic signatures and authentication to simplify the bond issuance process. Bond-Pro's Bond Expedite service further simplifies purchasing, improving the experience for insurers, agents, and customers.

Segment Overview

MMR has segmented the market based on Bond Type(Contract Surety Bond, Commercial Surety Bond, Fidelity Surety Bond, Court Surety Bond ) By End User( Individuals, Enterprises)  and Region (APAC, Europe, North America, Middle East and Africa, and South America).

Based on Bond Type, the Contract Surety Bond segment dominated the surety market in 2023, accounting for the largest share of the market. This segment is expected to continue its dominance during the forecast period, driven by the increasing demand for surety bonds in the construction industry. The Commercial Surety Bond segment is also expected to see significant growth during the forecast period, driven by the increasing adoption of surety bonds in various commercial sectors, such as healthcare, retail, and transportation. This segment includes bonds such as license and permit bonds, public official bonds, and miscellaneous surety bonds.

The Fidelity Surety Bond segment, which includes bonds designed to protect against employee theft and fraud, is expected to see steady growth during the forecast period. This growth is driven by the increasing focus on risk management and compliance in various industries, as well as the growing need for protection against cybercrime and other forms of digital fraud. The Court Surety Bond segment, which includes bonds required in legal proceedings, is also expected to see modest growth during the forecast period. This growth is driven by the increasing use of alternative dispute resolution methods, such as arbitration and mediation, which require surety bonds to ensure compliance with legal decisions.

Based on the end user, the enterprises segment of the surety market emerged as a dominant force in 2023, propelled by the use of surety bonds to ensure financial obligations are met. Enterprises purchase surety bonds to guarantee their commitment to a contract or project, and to safeguard consumers against losses resulting from the failure of the enterprise to deliver as promised. This sub-segment is expected to maintain its position of strength in the global surety market thanks to a continued preference for this type of financial instrument. The enterprise segment of the surety market is highly competitive, with a diverse range of players from large national firms to small regional providers. These firms offer a variety of products and services, including contract bonds, commercial bonds, and environmental bonds, to meet the diverse needs of their customers. Enterprises seeking to enter into contracts or projects can select from a wide array of surety bond offerings and providers to find the solution that best meets their needs.

Geography Overview

North America Dominated the surety market with 43% of the market share in 2023, and is expected to do the same during the forecast period. North America is a significant player in the surety market, with the United States and Canada being the major contributors. In the US, the surety market is driven by the construction industry and the demand for contract bonds. The market is highly fragmented, with many small and regional surety companies operating alongside larger national players. The surety market in Asia Pacific is experiencing strong growth, driven by the rapid expansion of construction and infrastructure projects in the region. China is the largest market in the region, accounting for over 50% of all surety bonds issued. The market is highly fragmented, with many small and local players operating in various countries. In addition to contract bonds, the market is also seeing increasing demand for commercial bonds and environmental bonds.

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Global Surety Market 2023-2027: Key Highlights

• Historic Market Size 2017-2023
• CAGR of the market during 2024-2030.
• Detailed information on factors that will assist Surety market growth during the next seven years.
• An estimation of the Surety market size and the impact of country's GDP on Surety market.
• Forecasts on upcoming trends and changes in consumer behaviour.
• The growth of the Surety market
• Analysis of the competitive landscape and detailed information on companies.
• Comprehensive details of factors that will impede the growth of Surety companies.

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