Surety Market is either an individual or a company that takes the responsibility of paying the debts in case the debtor fails to make payments within the allocated timeframe. It is often used in case of contracts where the counterparty’s financial holdings are in question and the other party demands for a guarantor.
A surety bond is legally signed by three parties, namely the principal, the obligee, and the surety. Generally, an obligee is a government entity requiring a contractor or business owner as its principal to get a surety bond against any future project.
The global surety market is anticipated to register a substantial CAGR over the forecast period of 2022-2030.
What are the major growth propellants and restraints of this industry sphere?
The primary factors boosting the market progression are aging infrastructure in developed economies, rising need for restoration investments, and widespread acceptance of P3 models. As per the study conducted by American Society of Civil Engineers, the United States will require nearly USD 4.5 trillion by 2025 to improve the condition of its airports, roads, dams, and schools, among others.
Besides, surety bonds prevent financial losses and offers credit safety to the debtors, which in turn is augmenting the industry outlook. Moreover, emergence of innovative insurance solutions to provide better customer services and advent of digital credit insurance facilities driven by rising internet penetration are adding traction to the market development.
Further, increase in construction activities powered by rapid industrialization and prompt growth in the money lending business are creating lucrative remunerative avenues for the industry.
However, the onset of the COVID-19 pandemic adversely impacted the progression of worldwide surety market. The pandemic induced restrictions like lockdown forced construction industry players to temporarily call off their respective projects. This in turn obstructed the growth of surety market since it is heavily driven by the construction industry.
View our Free Sample Report: https://crediblemarkets.com/sample-request/surety-market-865550
Segmental assessment of the market
Based on type, the marketplace is fragmented into contract surety bond, fidelity surety bond, commercial surety bond, and court surety bond. The commercial surety bond is anticipated to capture a high revenue share as it serves the purpose of protecting both private and public interests.
Global surety industry market- Geographical and competitive insights
Considering the geographical terrain, this industry vertical is divided into North America, Europe, Middle East & Africa, Latin America, and Asia Pacific. North America is projected to lead the overall market in terms of revenue share ascribing to aging power generation and distribution infrastructure in the U.S. and the existence of government laws mandating surety bonds. Moreover, presence of noteworthy industry players and rise in construction activities are fueling the regional market expansion.
The prominent players influencing the trends of this business sphere are IFIC Security Group, Crum & Foster, CNA Financial Corporation, The Travelers Indemnity Company, Liberty Mutual Insurance Company, HCC Insurance Holdings, Inc., American Financial Group, Inc., AmTrust Financial Services, The Hartford, Chubb, BlueVine, Inc., Fundera, Inc., OnDeck, Kabbage, Funding Circle, Lendio, Kiva, and StreetShares, Inc.
Some Points from Table Of Content:
Chapter 1. PREFACE
1.1. Market Scope
1.2. Market Taxonomy
1.3. Key Research Objectives
1.4. Research Analysis and Recommendations
Chapter 2. ASSUMPTIONS AND RESEARCH METHODOLOGY
Chapter 3. EXECUTIVE SUMMARY: SURETY MARKET
3.1. Global Surety Market Outlook, US$ Mn, 2018-2027
3.2. Surety Market: Competitive Insights
Chapter 4. MARKET VARIABLES & INDUSTRY OUTLOOK
4.1. Value Chain Analysis
4.2. Surety Dynamics: Key Market Indicators
4.2.1. Market Driver Analysis
4.2.2. Market Restraint Analysis
4.2.3. Market Opportunity Analysis
4.3. Surety Market ANALYSIS TOOLS
4.3.1. PORTER’S ANALYSIS
4.3.1.1. Bargaining power of supplier
4.3.1.2. Bargaining power of buyer
4.3.1.3. Rivalry among existing competitors
4.3.1.4. Threat of new entrants
4.3.1.5. Threat of substitute products or services
4.3.2. MAJOR DEALS
Purchase a Copy of This Report: https://crediblemarkets.com/reports/purchase/surety-market-865550?utf8=%E2%9C%93&license_type=single_user
Notably, in 2018, American Financial Group announced the acquisition of ABA Insurance Services, Inc. for USD 28 million. This decision was envisioned to strengthen the company’s geographical footprint.
In 2019, Liberty Mutual Insurance Company acquired surety and credit reinsurance operations of AmTrust Financial Services to enhance its services and tap into emerging markets.
About US
Credible Markets has emerged as a dependable source for the market research needs of businesses within a quick time span. We have collaborated with leading publishers of market intelligence and the coverage of our reports reserve spans all the key industry verticals and thousands of micro markets. The massive repository allows our clients to pick from recently published reports from a range of publishers that also provide extensive regional and country-wise analysis. Moreover, pre-booked research reports are among our top offerings.
The collection of market intelligence reports is regularly updated to offer visitors ready access to the most recent market insights. We provide round-the-clock support to help you repurpose search parameters and thereby avail a complete range of reserved reports. After all, it is all about helping you reach an informed strategic decision about purchasing the right report that caters to all your market research demands.
Reports in the repository of Credible Markets leverage predictive analytical models to study the performance of critical market segments. We believe in the fact that demands of businesses depend on an array of parameters and thus adhere to delivering industry-specific research solutions. Our client base traversing from thriving start-ups to some of the Fortune 500 companies speaks for our expertise in providing deep-dive insights on any desired industry sectors.
Contact Us
Credible Market Analytics
99 Wall Street 2124 New York, NY 10005
Email: sales@crediblemarkets.com
