Tools commonly used in the Insurance-Excess & Surplus industry for day-to-day tasks and operations.

• Risk management software
• Underwriting software
• Claims management software
• Actuarial software
• Policy administration software
• Customer relationship management software
• Compliance management software
• Data analytics software
• Reinsurance software
• Rating software

Common products and services typical of NAICS Code 524298-06, illustrating the main business activities and contributions to the market.

• High-risk construction projects
• Cyber liability insurance
• Kidnap and ransom insurance
• Environmental liability insurance
• Professional liability insurance
• Product liability insurance
• Directors and officers liability insurance
• Aviation insurance
• Marine insurance
• Event cancellation insurance

The specific certifications, permits, licenses, and regulatory compliance requirements within the United States for this industry.

• Surplus Lines Broker License: A license that allows an individual to sell, solicit, or negotiate insurance policies for non-admitted insurance carriers. This license is required in most states in the US. The National Association of Insurance Commissioners (NAIC) provides more information on the requirements for each state:
• Associate In Surplus Lines Insurance (ASLI): A professional designation that provides knowledge and skills in the surplus lines insurance market. The designation is offered by The Institutes, an organization that provides professional development and education for the risk management and insurance industry:
• Certified Insurance Counselor (CIC): A professional designation that provides knowledge and skills in insurance coverage and risk management. The designation is offered by the National Alliance for Insurance Education & Research, an organization that provides professional development and education for the insurance industry:
• Chartered Property Casualty Underwriter (CPCU): A professional designation that provides knowledge and skills in property-casualty insurance and risk management. The designation is offered by The Institutes:
• National Association Of Professional Surplus Lines Offices (NAPSLO) Surplus Lines School: A professional development program that provides education and training in the surplus lines insurance market. The program is offered by NAPSLO, a trade association for surplus lines insurance professionals:

A concise historical narrative of NAICS Code 524298-06 covering global milestones and recent developments within the United States.

• The "Insurance-Excess & Surplus" industry has a long history dating back to the 1800s when the first surplus lines insurance company was established in the United States. The industry grew rapidly in the 1900s, with the establishment of the National Association of Surplus Lines Offices (NAPSLO) in 1973, which helped to standardize the industry and provide a regulatory framework. In recent years, the industry has seen significant growth due to the increasing demand for specialized insurance products and the expansion of the global economy. For example, in 2019, the global excess and surplus lines insurance market was valued at $40.5 billion and is expected to reach $64.5 billion by 2027, growing at a CAGR of 6.1% from 2020 to 2027. In the United States, the industry has also experienced steady growth, with a market size of $45.5 billion in 2020, up from $42.5 billion in 2019. This growth can be attributed to the increasing demand for specialized insurance products, such as cyber liability insurance, and the expansion of the gig economy, which has created new risks and exposures that require unique insurance solutions.

The anticipated future trajectory of the NAICS 524298-06 industry in the USA, offering insights into potential trends, innovations, and challenges expected to shape its landscape.

• Growth Prediction: Growing

  The Insurance-Excess & Surplus industry in the USA is expected to grow in the coming years due to the increasing demand for specialized insurance coverage. The industry is expected to benefit from the growth of the overall insurance market, as well as the increasing number of businesses and individuals seeking coverage for unique risks. The industry is also expected to benefit from the increasing use of technology, which is making it easier for insurers to underwrite and price policies. However, the industry is also likely to face challenges, such as increased competition and regulatory scrutiny. Overall, the outlook for the Insurance-Excess & Surplus industry in the USA is positive, with strong growth expected in the coming years.

Recent groundbreaking advancements and milestones in the Insurance-Excess & Surplus industry, reflecting notable innovations that have reshaped its landscape.

• Use of predictive analytics to improve underwriting accuracy and pricing.
• Development of new insurance products to cover emerging risks, such as cyber liability and climate change.
• Expansion of distribution channels to reach new customers, such as online marketplaces and social media platforms.
• Use of blockchain technology to improve transparency and reduce fraud in the claims process.
• Adoption of artificial intelligence and machine learning to automate claims processing and improve customer service.
• Development of new risk management tools and services to help businesses identify and mitigate risks.
• Use of telematics and other sensor-based technologies to monitor and price risk in real-time.
• Expansion into new geographic markets to diversify revenue streams and reduce exposure to local economic conditions.
• Collaboration with insurtech startups to develop new products and services and improve operational efficiency.
• Investment in employee training and development to improve customer service and retention.