Umbrella Insurance Market to Reach $170.7 Billion, Globally, by 2031 at 9.2% CAGR: Allied Market Research

Increase in demand for umbrella insurance as it minimizes business risks and surge in consumer awareness among people drive the growth of the global umbrella insurance market.

PORTLAND, Ore., Jan. 19, 2023 /PRNewswire/ — Allied Market Research published a report, titled, Umbrella Insurance Market by Coverage (Bodily Injury, Property Damage, Personal Liability, Lawsuit), by Distribution Channel (Insurance Agents and Brokers, Direct Response, Banks, Others), by End User (Personal, Business): Global Opportunity Analysis and Industry Forecast, 2021-2031″ According to the report, the global umbrella insurance industry generated $72.5 billion in 2021, and is estimated to reach $170.7 billion by 2031, witnessing a CAGR of 9.2% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.


Download Free Sample Report @

Drivers, Restraints, and Opportunities-

'width' : 300, 'params' : {} }; document.write('');

Increase in demand for umbrella insurance as it minimizes business risks and surge in consumer awareness among people drive the growth of the global umbrella insurance market. On the other hand, rise in fraudulent activities and lack of knowledge about umbrella insurance policies impede the growth to some extent. However, high-end technological investments in the field of insurance are expected to create lucrative opportunities for the key players in the industry.

'height' : 90, 'width' : 728, 'params' : {} }; document.write('');

Covid-19 scenario-

  • Rapid adoption of digitalization in the insurance sector during the outbreak of the pandemic boosted the umbrella insurance market positively.

  • This trend has persisted even after the pandemic is almost over.

The bodily injury segment to maintain its dominance during the forecast period-

By coverage, the bodily injury segment held around two-fifths of the global umbrella insurance market revenue in 2021, and is expected to retain its dominance by 2031. This is because it includes the cost of medical bills and/or liability claims due to injuries caused by accidents where the policyholder is at fault. The lawsuit segment, simultaneously, would display the fastest CAGR of 13.3% from 2022 to 2031. Umbrella insurance policies tend to cover businesses from lawsuits along with other legal problems. Umbrella insurance can be expensive, but it is very useful to run a business smoothly. Moreover, the liability coverage on policy helps cover the cost of lawsuits, including legal defense and any damages they are ordered to pay to a third party.

The insurance agents and brokers segment to rule the roost-

By distribution channel, the insurance agents and brokers segment held the lion’s share in 2021, garnering more than two-fifths of the global umbrella insurance market revenue, and is projected to retain its dominance by 2031. This is due to the fact that insurance agents and brokers are investing in digital technologies to provide assistance online and increase sales and margins. The direct response segment, on the other hand, would portray the fastest CAGR of 12.0% from 2022 to 2031. This is attributed to the fact that direct response is easily measured, which makes it easy for insurance agents and companies to assess the performance of a campaign. In addition, direct mail response activities can be hidden from competitors, which is a great benefit for umbrella insurance providers as the insurance industry is highly competitive.

The personal segment maintained the lion’s share by 2031-

By end user, the personal segment accounted for the major share in 2021, holding nearly two-thirds of the global umbrella insurance market revenue. Rising number of independent consultants leaving the corporate world or large enterprises to form a sole proprietorship or limited liability company fuels the segment growth. Additionally, risk management is important for every industry including liability coverage that protects the individual from financial crisis and legal consequences. The business segment, however, would display the fastest CAGR of 11.2% throughout the forecast period. This is because business umbrella insurance protects the financial interests of business owners from penalties they may face from litigation waged against them while also covering the associated legal costs.

Interested to Procure the Data? Inquire Here (Get Full Insights in PDF – 255 Pages) @

North America garnered the major share in 2021-

By region, North America contributed to nearly two-fifths of the global umbrella insurance market share in 2021, and is expected to rule the roost by 2031. Massive increase in natural hazards across the province drives the market growth. Also, with the rise in security concerns, various small business owners have gained awareness of this insurance policy. Simultaneously, Asia-Pacific would showcase the fastest CAGR of 11.7% from 2022 to 2031. Increase in demand from customers expecting fast, seamless insurance services, as well as customized user experiences, propels the market growth.

Leading Market Players-


  • Insureon

  • NerdWallet

  • The Hartford and Travelers

  • Nationwide

  • Progressive Casualty Insurance Company

  • CAN

  • Tata AIG General Insurance Company Limited

The report analyzes these key players in the global umbrella insurance market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.

Similar Reports We Have on BFSI Industry:

Property Insurance Market by Coverage (Fire and Theft, House Damage, Floods and Earthquake, Personal Property, Others), by End User (Landlords, Homeowners, Renters, Others), by Application (Personal, Enterprise): Global Opportunity Analysis and Industry Forecast, 2021-2031

Critical Illness Insurance Market by Application (Cancer, Heart Attack, Stroke, Others), by Premium Mode (Monthly, Quarterly, Half Yearly, Yearly), by End User (Individual, Businesses): Global Opportunity Analysis and Industry Forecast, 2021-2031

Medical Professional Liability Insurance Market by Type (Occurrence-based Policies, Claims-based Policies), by Claim Type (Misdiagnosis or Delayed Diagnosis, Childbirth Injuries, Medication Errors, Surgical Errors, Others), by Coverage (Up to US$1 Million, US$1 Million to US$5 Million, US$5 Million to US$20 Million, Above US$20 Million), by Application (Individual, Commercial), by Distribution Channel (Agents and Brokers, Direct Response, Banks, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031

Disability Insurance Market by Insurance Type (Employer Supplied Disability Insurance, Individual Disability Insurance, High Limit Disability Insurance, Business Overhead Expense Disability Insurance, Others), by End User (Government, Enterprise, Individual), by Coverage Type (Short Term Disability Insurance, Long Term Disability Insurance): Global Opportunity Analysis and Industry Forecast, 2021-2031

Livestock Insurance Market by Type (Commercial Mortality Insurance, Non-commercial Mortality Insurance), by Application (Dairy, Cattle, Swine, Others), by Distribution Channel (Direct Sales, Bancassurance, Agents and Brokers), by End User (Commercial, Individuals): Global Opportunity Analysis and Industry Forecast, 2021-2031

About Us

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.


David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
USA/Canada (Toll Free): +1-800-792-5285, +1-503-894-6022
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1(855)550-5975




View original content:

SOURCE Allied Market Research

Leave a Comment