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(EstateNewsWire.com, July 03, 2019 ) The Surety market penetration rates in North America region is higher than any other markets across the globe. This is attributed to most of U.S. State governments’ laws that mandate surety bonds. Both the U.S. and Canada Surety markets are ruled by insurers, and banks play only a minor role. In APAC region, the Surety market is expected to flourish during the forecast period. This growth is highly attributed to the increasing commercial and residential construction in the emerging economies of the region.
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The key players influencing the market are:
American Financial Group, Inc.
AmTrust Financial Services, Inc.
Chubb Limited
CNA Financial Corporation
Crum & Forster
Hartford Financial Services Group, Inc.
HCC Insurance Holdings
IFIC Surety Group
Liberty Mutual Insurance Company
The Travelers Indemnity Company
Surety market is segmented on the basis of bond type. The contract surety bond by bond type is expected to dominate the surety market during the forecast period. The contract bond captures a significant share of the surety bond market and is growing continuously due to rapid increase in construction activities in various regions like APAC, Europe, and MEA. The contract surety bonds are replacing other guarantee methods such as bank guarantees and pay on demand services.
Contract surety bond holding nearly half of the surety market share
Contract Surety Bonds deliver financial security as well as construction assurance on construction and building projects by guaranteeing the project owner that the contractor is competent to accomplish the work and will pay certain subcontractors, material suppliers, and laborers. These bonds are used principally in the construction industry. The growth of both public and private construction sector coupled with stringent government regulations for contract surety bonds, the market is anticipated to flourish during the forecast period.
Acceptance of Public Private Partnership (PPP) Model to propel surety market growth
The gaining popularity of PPP in both developed, as well as emerging economies worldwide, is one of a major driver for Surety market. Infrastructure investment and development are the main concern for governments across the globe. With increasing urbanization, the emerging economies are witnessing a need to develop their critical infrastructure, while developed economies are in need to expand or reconstruct their existing assets. The enduring evolution in PPP model is noticed with increased demand for infrastructure development as well as growing fiscal constraints, to support governments’ fulfill these escalating infrastructure challenges.
Merger & Acquisition to be the key strategy
Merger and acquisition is expected to be the key growth strategy to be adopted by players for next two-three years. However, this strategy could impact competition, it is also expected to generate new market as well as product opportunities as recently combined companies will thrive to maintain position and profitability.
Key findings of the study:
South Korea holds the largest surety market share in APAC region. This growth is attributed to legal bonding requirements in the country for public and infrastructure construction projects. Also, commercial surety segment in South Korea is benefited from obligatory bonding requirements.
Majority of the countries have not witnessed significant increase in the number of global surety players entering in their market in the recent past. However, Europe, on the other hand, has noticed a slight expansion of global players’ entering markets to fulfil the demand.
Merger and acquisition is expected to be the key growth strategy to be adopted by players for next two-three years. However, this strategy could impact competition, it is also expected to generate new market as well as product opportunities as recently combined companies will thrive to maintain position and profitability.
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Source: EmailWire.Com 
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