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Contractors' Insurance in the US: Market Research Report

Market Research • Market Size • Industry Statistics • Industry Analysis • Industry Trends

Contractors' Insurance Market Research Report | Advisory & Financial Services | Specialist Insurance Lines | Apr 2013

Under cover: As construction picks up, jobs for contractors will rise, requiring more industry insurance

The Contractors' Insurance market research report provides key industry analysis and industry statistics, measures market size, analyzes current and future industry trends and shows market share for the industry’s largest companies. IBISWorld publishes the largest collection of industry reports so you can see an industry’s supply chain, economic drivers and key buyers and markets.

Report Snapshot
Market Share of Companies
AIG AIG market share
Liberty Mutual Group Inc. Liberty Mutual Group Inc. market share
The Travelers Companies Inc. The Travelers Companies Inc. market share
Industry Statistics & Market Size
Revenue
$10bn
Annual Growth 08-13
-0.7%
Annual Growth 13-18
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Profit
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Employment
670
Businesses
100
Industry Analysis & Industry Trends

With strong reliance on the construction market, this industry faced steep declines in the five years to 2013, particularly during the recession. However, as the construction market continues to recover from its recessionary lows, and employment in the United States continues to rise, the Contractors' Insurance industry will grow in the five years to 2018. The industry's technological change and innovation will continue to remain low, despite the implementation of some online services.... purchase to read more

Industry Report - Starting a New Business Chapter

New entrants must have significant financial backing to be able to price premiums at or near market rates. Insurers have the ability to reduce premiums as their number of policies increase given that the overall level of risk of the portfolio decreases. New entrants do not have this scale and, therefore, can find it challenging to compete with established players.

Further, a new entrant must apply for a Certificate of Authority to supply insurance products if they are to begin operating as an insurer. This certificate must be obtained not only for the state of domicile but also any other state in which the insurer wishes to conduct business. In addition, the insurer must submit reports regularly and comply with set standards for minimum capital and solvency requirements... purchase to read more

 


Industry ProductsRelated ReportsTable of Contents

What is the Contractors' Insurance Industry?

This industry includes companies that underwrite workplace risks for contractors in the construction sector. These companies generally cover the insured in the case of a loss stemming from contractor or subcontractor negligence on the job. This report excludes a discussion of construction bonding such as surety bonds.

Industry Products
Contractors general liability insuranceContractors workers compensation insuranceContractors other insurance
 
Industry Activities
Directly underwriting insurance for construction contractorsManaging insurance claims from contractorsMarketing contractors' insurance


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