This report studies the Professional Liability Insurance market. Professional liability insurance (PLI), also called professional indemnity insurance (PII) or errors & omissions (E&O), is a form of liability insurance which helps protect professional advice- and service-providing individuals and companies from bearing the full cost of defending against a negligence claim made by a client, and damages awarded in such a civil lawsuit.
The coverage focuses on alleged failure to perform on the part of, financial loss caused by, and error or omission in the service or product sold by the policyholder. These are causes for legal action that would not be covered by a more general liability insurance policy which addresses more direct forms of harm. Professional liability insurance may take on different forms and names depending on the profession, especially medical and legal, and is sometimes required under contract by other businesses that are the beneficiaries of the advice or service.
According to the new market research report “Global Professional Liability Insurance Market Report 2023-2029”, published by QYResearch, the global Professional Liability Insurance market size is projected to reach USD 56.13 billion by 2029, at a CAGR of 3.3% during the forecast period.
- Global Professional Liability Insurance MarketSize(US$ Million), 2018-2029
Based on or includes research from QYResearch: Global Professional Liability Insurance Market Report 2023-2029.
- Global Professional Liability Insurance Top20Players Ranking and Market Share（Based on data of 2021, Continually updated）
Based on or includes research from QYResearch: 2021 data information of Global Professional Liability Insurance Market Report 2023-2029.
The global key manufacturers of Professional Liability Insurance include Chubb, AIG, AXA, Hiscox, Allianz, Tokio Marine Holdings, Travelers, Doctors Company, Assicurazioni Generali, PICC, etc. In 2021, the global top 10 players had a share approximately 37.0% in terms of revenue.
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