The global Surety Market has a large number of market participants, resulting in a fragmented global market. However, the surety market is dominated by a few prominent market players, such as The Travelers Indemnity Company, Liberty Mutual Insurance Company, The Hartford, Chubb, and CNA Financial Corporation, who have a large customer base and a strong market position.
At the moment, developed regions such as North America and Europe dominate the global surety market, accounting for more than 75% of the total global surety market. Factors such as ageing infrastructure in developed countries, the need for massive restoration investment, and the acceptance of P3 models are all contributing to significant market share consolidation among surety companies in North America and Europe. However, the South American surety market is expected to gain significant traction and to grow at the most attractive rate during the forecast period.
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Prior to the emergence of COVID-19 in late 2019, the global construction industry was experiencing significant growth. The outbreak of COVID-19 has forced construction industry participants to postpone their respective projects. The construction industry is expected to grow at a slower pace until 2021 due to the unprecedented impact of COVID-19 and uncertainty in the economic conditions of developed and developing countries. Because the surety market is heavily influenced by the construction industry, a slowdown in the growth of the construction industry reflects a decline in the surety market globally.
Since the One Belt One Road Initiative is expected to offer growth opportunities to the surety market, there is a high demand for innovative construction insurance in high growth markets such as China. As a foreign policy directive, China’s President launched the One Belt, One Road Initiative in 2013. The determined investment strategy aims to promote both Chinese and global economic growth. The initiative, dubbed a “mega infrastructure project,” aims to attract investment primarily in the transportation and energy sectors, which include roads, bridges, railways, ports, and power grids.
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