Commercial Earthquake Insurance

Commercial Earthquake Insurance Market Outlook

The global commercial earthquake insurance market is projected to reach approximately USD 30 billion by 2035, with a compound annual growth rate (CAGR) of around 6.5% during the forecast period of 2025 to 2035. This growth can be attributed to the increasing awareness of earthquake risks, particularly in seismically active regions, where businesses are proactively seeking insurance solutions to mitigate financial losses resulting from natural disasters. Additionally, the rising frequency of earthquakes and the concomitant economic impact are driving businesses to prioritize disaster preparedness and risk management, thus enhancing the demand for comprehensive earthquake insurance plans. Furthermore, advancements in technology that enable better risk assessment and underwriting practices are also contributing to market growth.

Growth Factor of the Market

The growth of the commercial earthquake insurance market is primarily influenced by several key factors that promote its adoption across various sectors. Firstly, the increasing frequency and severity of earthquakes globally highlight the urgent need for businesses to safeguard their assets against potential disaster-related damages. Secondly, regulatory mandates in certain regions are compelling businesses to obtain adequate insurance coverage, making earthquake insurance more of a necessity than a choice. Thirdly, rising construction and infrastructure development in earthquake-prone areas are creating a burgeoning demand for insurance products tailored to protect such investments. Additionally, innovative insurance products and coverage options are being introduced, enhancing customer awareness and accessibility to policies. Lastly, a growing emphasis on risk management and disaster recovery planning among organizations further fuels the demand for earthquake insurance as an essential component of business resilience strategies.

Key Highlights of the Market

• The global commercial earthquake insurance market is expected to grow at a CAGR of 6.5% from 2025 to 2035.
• Rising natural disasters and increased awareness of risk management are driving demand.
• Technological advancements in risk assessment and underwriting practices are facilitating market growth.
• Regulatory requirements are mandating businesses to secure adequate insurance coverage.
• Innovative insurance products are emerging, catering to the diverse needs of businesses across sectors.

By Coverage Type

Building Property Insurance:

Building property insurance is a critical component of earthquake insurance, specifically designed to cover physical damage incurred by seismic activities. This type of coverage protects the structure of a building, including the foundation, walls, roofs, and other integral features, ensuring that businesses can recover financially in the event of an earthquake. This insurance type is essential for businesses that have significant investments in their physical infrastructure, as it provides peace of mind and financial security. As construction standards evolve to incorporate better earthquake-resistant designs, the relevance of building property insurance is further amplified, thus driving market demand.

Business Interruption Insurance:

Business interruption insurance is a specialized form of coverage that compensates businesses for lost income due to disruptions caused by an earthquake. For enterprises that rely heavily on uninterrupted operations, this insurance type is crucial as it covers expenses associated with temporary closures, including payroll, rent, and other operational costs. As businesses increasingly recognize the financial implications of operational halts due to natural disasters, the demand for business interruption insurance has surged. This coverage enables organizations to maintain financial stability in the face of adversity, thereby enhancing their resilience against unforeseeable disasters.

Contents Insurance:

Contents insurance encompasses coverage for the physical assets within a business premises, such as equipment, inventory, and furnishings, against earthquake-related damages. This insurance type is pivotal for businesses that house valuable goods and assets, as it protects against potential losses incurred due to seismic events. Businesses are more inclined to invest in contents insurance as it not only mitigates financial losses but also aids in rapid recovery and continuity following an earthquake. The growing trend of businesses investing in high-value equipment further drives the demand for contents insurance, reinforcing its significance in the commercial insurance landscape.

Loss of Use Insurance:

Loss of use insurance provides coverage for additional living expenses businesses incur when their premises become uninhabitable due to earthquake damage. This insurance type is particularly beneficial for businesses with significant physical infrastructure, as it ensures that they can sustain operations while repairs are underway. By covering temporary accommodation costs or alternative operational locations, businesses can minimize disruption to their services and maintain customer trust. The increasing focus on business continuity planning in the face of natural disasters has amplified the need for loss of use insurance, driving its growth within the commercial insurance market.

Others:

This category encompasses various other specialized insurance types tailored to specific industries or unique business needs. These might include coverage for unique assets or tailored plans designed for specific business configurations and requirements. The diversity of commercial settings necessitates customizable insurance solutions that can address niche needs, thereby expanding the overall insurance market. As more businesses understand the importance of niche coverage, this segment is expected to witness growth, catering to the varied needs of a broad spectrum of industries.

By Policy Type

Deductible Plan:

The deductible plan is one of the most common policy types in earthquake insurance, where the insurer pays only after the policyholder covers a predetermined amount of loss. This type of policy may appeal to businesses looking for lower premiums in exchange for accepting higher risks. By having the deductible in place, companies can manage their insurance costs while still obtaining essential coverage against earthquake-related damages. However, businesses must carefully assess their financial capacity to absorb losses before opting for a deductible plan to ensure that they remain financially secure in the event of an earthquake.

Full Coverage Plan:

A full coverage plan provides comprehensive protection against all potential earthquake-related damages, ensuring that businesses can recover fully without incurring out-of-pocket expenses. This type of policy is particularly attractive to businesses that cannot afford significant financial losses caused by seismic events. Although they may come with higher premiums, full coverage plans offer peace of mind and financial security, thus becoming increasingly popular among large enterprises and commercial real estate owners. As awareness of earthquake risks continues to grow, the demand for full coverage plans is expected to increase significantly.

Named Peril Plan:

The named peril plan covers specific risks explicitly listed in the policy, which may include earthquake damages. This selective coverage allows businesses to tailor their insurance to their precise needs and budget constraints. For organizations that operate in low-risk areas or have other risk management strategies in place, named peril plans provide an economical choice while still offering some level of protection. However, it is essential for policyholders to thoroughly review the terms and conditions to ensure that they understand the extent of their coverage, as unforeseen events not mentioned may leave them exposed to substantial losses.

Standalone Earthquake Policy:

A standalone earthquake policy offers businesses specific coverage exclusively for earthquake-related damages, separate from other property insurance. This type of policy is particularly beneficial for organizations operating in seismically active regions where the risk of earthquake damage is significant. Standalone earthquake policies provide focused protection, enabling businesses to manage their risk more effectively by supplementing existing insurance coverage. As more businesses recognize the importance of specialized coverage in earthquake-prone areas, the demand for standalone policies is expected to rise, enhancing their market share.

Others:

This segment includes a variety of alternative policy types that cater to unique business needs, encompassing specialized coverage options not typically found in standard plans. These might incorporate custom clauses, flexible terms, or specific inclusions that address the distinct risk profiles of various industries. As businesses seek comprehensive and tailored insurance solutions, the demand for alternative policies is expected to grow, leading to an increasingly diverse array of offerings in the commercial earthquake insurance market.

By User

Commercial Real Estate Owners:

Commercial real estate owners are a primary user segment in the earthquake insurance market, as they hold significant investments in properties that can be severely affected by seismic events. This demographic is particularly vigilant about securing adequate insurance coverage to protect their assets and ensure business continuity in the face of natural disasters. With the rise in property values and the financial implications of earthquake damage, real estate owners are increasingly investing in comprehensive earthquake insurance plans that provide adequate coverage and peace of mind. Consequently, this segment is expected to contribute substantially to the overall growth of the commercial earthquake insurance market.

Small Business Owners:

Small business owners also represent a vital user segment for earthquake insurance, particularly those operating in regions susceptible to earthquakes. Given that these businesses may lack the financial resilience to recover from significant losses, obtaining insurance coverage is essential for their survival. Small businesses often seek cost-effective insurance solutions tailored to their specific needs, enabling them to safeguard their assets without overextending their budgets. As awareness of earthquake risks continues to rise, small business owners are increasingly prioritizing earthquake insurance as an integral part of their risk management strategies.

Large Enterprises:

Large enterprises typically require comprehensive and robust earthquake insurance coverage due to their substantial assets and complex operational structures. These organizations often have extensive risk management departments dedicated to assessing potential vulnerabilities and ensuring appropriate insurance measures are in place. Given their exposure to significant financial losses from earthquake damage, large enterprises are inclined to invest in full coverage plans and standalone earthquake policies that provide adequate protection. The growing trend among large corporations to incorporate disaster recovery plans further boosts the demand for earthquake insurance within this user segment.

Government Entities:

Government entities also represent a significant user group in the commercial earthquake insurance market. Municipalities and governmental organizations are increasingly recognizing the importance of safeguarding public infrastructure and facilities against seismic risks. Consequently, local and state governments are investing in adequate insurance coverage to mitigate potential financial losses and ensure community resilience in the aftermath of an earthquake. Additionally, government entities may also promote and incentivize earthquake insurance uptake among businesses and residents in high-risk zones, thereby driving overall market growth.

Others:

This category encompasses various other user types, including educational institutions, non-profit organizations, and specific industry sectors that require tailored earthquake insurance solutions. Each of these entities faces unique challenges and risks associated with earthquake damage, necessitating specialized coverage options to address their specific needs. As awareness of earthquake risks broadens across diverse sectors, this user segment is projected to grow, contributing to the overall expansion of the commercial earthquake insurance market.

By Distribution Channel

Insurance Brokers:

Insurance brokers play a pivotal role in facilitating the distribution of earthquake insurance policies, serving as intermediaries between insurers and businesses seeking coverage. Brokers possess the expertise to assess individual business needs and recommend suitable insurance products, thereby promoting informed decision-making among their clients. With personalized service and tailored solutions, brokers enhance accessibility to earthquake insurance, particularly for small and medium enterprises that may lack the resources to navigate the complex insurance landscape independently. As businesses increasingly turn to expert guidance for risk management, the role of insurance brokers in the earthquake insurance market is likely to expand.

Direct Sales:

Direct sales represent another essential distribution channel for earthquake insurance, whereby insurers sell policies directly to businesses without intermediaries. This approach often leads to cost savings for policyholders, as it eliminates broker commissions. Additionally, direct sales allow insurers to build strong relationships with their clients, leading to better understanding and tailored solutions for their specific insurance needs. In an era where digital platforms are gaining traction, many insurers are investing in direct sales channels to enhance customer engagement and streamline the purchasing process for earthquake insurance policies.

Online Platforms:

Online platforms have revolutionized the distribution of earthquake insurance by enabling businesses to easily compare policies, obtain quotes, and purchase coverage online. The convenience and accessibility of online platforms have appealed to a vast array of businesses, particularly those seeking quick and efficient insurance solutions. As more companies embrace digital transformation, the reliance on online channels for insurance purchase is likely to increase, further driving the growth of the earthquake insurance market. Insurers are also focusing on developing user-friendly interfaces and online tools, enhancing customer experience and engagement.

Bancassurance:

Bancassurance refers to the partnership between banks and insurance companies, allowing banks to offer insurance products, including earthquake insurance, to their clients. This distribution channel leverages existing customer relationships and financial transactions, making it convenient for customers to access insurance products while managing their finances. As banks expand their service offerings to include insurance solutions, the bancassurance model is gaining popularity, particularly among small and medium enterprises. This trend is expected to contribute to the growth of the earthquake insurance market as more businesses seek comprehensive financial services.

Others:

This segment includes various alternative distribution channels that facilitate the sale of earthquake insurance, such as agents, financial advisors, and industry-specific partnerships. Each of these channels offers unique advantages and caters to different business needs and preferences. As businesses become more discerning in their insurance purchasing decisions, the diversity of distribution channels will play a crucial role in the overall growth of the commercial earthquake insurance market. By addressing the varied requirements of clients, these alternative channels can enhance accessibility and foster market expansion.

By Region

The commercial earthquake insurance market is experiencing varied growth dynamics across different regions, largely driven by the frequency and severity of seismic activities. North America, particularly the western United States, is the largest market for earthquake insurance, with an estimated market size of USD 10 billion in 2023. The region has a well-established framework for earthquake preparedness, with many businesses recognizing the necessity of insurance coverage to protect against costly damages. The anticipated CAGR for North America is approximately 6.2% from 2025 to 2035, reflecting the continuous need for comprehensive insurance solutions as the risk of earthquakes persists.

In Europe, the commercial earthquake insurance market is also gaining traction, particularly in countries such as Italy and Greece, where seismic risks are pronounced. The market is anticipated to grow significantly, with an estimated value of USD 7 billion by 2035, driven by increasing awareness among businesses regarding the importance of risk management and disaster recovery initiatives. The CAGR for Europe is projected at around 5.8% during the same period, indicating a gradual yet steady rise in demand for earthquake insurance products. Other regions, such as Asia Pacific and Latin America, are witnessing increasing investments in earthquake insurance as urbanization and infrastructure development grow in earthquake-prone areas. The Middle East and Africa, while still a developing market, are also gaining momentum due to emerging economies recognizing the need for disaster preparedness.

Opportunities

The commercial earthquake insurance market is poised for significant growth opportunities in the coming years, particularly as awareness of earthquake risks continues to rise among businesses globally. One of the most promising avenues for growth lies in the development of innovative insurance products that cater to the diverse needs of businesses across various sectors. Insurers can explore the creation of customizable policies that allow organizations to tailor their coverage based on specific risk profiles, enabling them to find cost-effective solutions that provide adequate protection against earthquake losses. Additionally, as advancements in technology continue to improve risk assessment and underwriting practices, insurers can leverage data analytics to offer more accurate pricing and coverage options, thus enhancing customer satisfaction and engagement.

Furthermore, the expanding focus on sustainability and resilience in urban planning presents another opportunity for the commercial earthquake insurance market. As governments and organizations increasingly prioritize disaster recovery and climate resilience initiatives, there is a growing demand for comprehensive insurance solutions that support risk management strategies. Insurers can align their products with these broader societal efforts, providing coverage that not only protects businesses but also contributes to community resilience. By positioning themselves as partners in disaster preparedness and recovery, insurers can tap into a burgeoning market segment while enhancing their reputation and appeal among clients.

Threats

Despite the promising outlook for the commercial earthquake insurance market, several threats could undermine its growth. One major concern is the increasing incidence of catastrophic seismic events that exceed the capacity of insurance providers to cover claims. As earthquakes become more frequent and severe, insurers may face challenges in managing risk and ensuring sustained profitability. Rising loss ratios and the potential for large-scale disasters could lead to increased premiums, driving some businesses away from securing necessary coverage. Moreover, the complexity and variability of seismic risks present difficulties in accurate underwriting, which could further complicate the insurance landscape.

Additionally, regulatory changes and legislative actions can pose significant challenges to the earthquake insurance market. Changes in government policies regarding disaster preparedness, funding for recovery efforts, or insurance regulations may impact how insurance products are structured and sold. These shifts could create uncertainty among both insurers and businesses, affecting their willingness to invest in earthquake insurance. It is crucial for stakeholders in the commercial earthquake insurance market to remain adaptive and responsive to evolving regulatory environments to mitigate potential disruptions.

Competitor Outlook

• Allstate Insurance Company
• State Farm Mutual Automobile Insurance Company
• Chubb Limited
• AIG (American International Group, Inc.)
• Farmers Insurance Group
• Lloyd's of London
• Nationwide Mutual Insurance Company
• Zurich Insurance Group
• Travelers Companies, Inc.
• Liberty Mutual Insurance
• AXA XL
• MetLife, Inc.
• Hiscox Ltd.
• QBE Insurance Group
• Markel Corporation

The competitive landscape of the commercial earthquake insurance market is characterized by a diverse range of players, including traditional insurers, specialty brokers, and innovative insurtech firms. As businesses increasingly recognize the importance of earthquake insurance, the competition among these entities has intensified, fostering a dynamic market environment. Established insurance companies are expanding their product portfolios to include specialized earthquake coverage, while newer entrants leverage technology and data analytics to offer innovative solutions. This shift is enhancing customer engagement and ensuring that businesses have access to a variety of insurance options tailored to their unique needs.

Key players such as Allstate, State Farm, and AIG are leading the market with their extensive experience and established reputations. These companies have the resources necessary to invest in advanced risk assessment tools and underwriting processes, allowing them to provide comprehensive coverage tailored to the unique needs of businesses in earthquake-prone regions. Their expansive distribution networks and customer service capabilities further enhance their competitive advantage. Additionally, these major players are actively involved in promoting disaster preparedness and risk management initiatives, solidifying their position as trusted partners for businesses seeking insurance solutions.

Moreover, insurtech companies are emerging as significant competitors in the earthquake insurance market, driven by technological innovations that improve efficiency and customer experience. These firms often utilize advanced algorithms and machine learning techniques for risk assessment, enabling them to offer competitive pricing and personalized policies. By streamlining the purchasing process through user-friendly digital platforms, insurtech companies are appealing to a tech-savvy customer base that values convenience and accessibility. As the market evolves, the ongoing competition between traditional insurers and new entrants is expected to spur innovations and improvements in earthquake insurance products, ultimately benefiting consumers.

• 1 Appendix

  • 1.1 List of Tables
  • 1.2 List of Figures

• 2 Introduction

  • 2.1 Market Definition
  • 2.2 Scope of the Report
  • 2.3 Study Assumptions
  • 2.4 Base Currency & Forecast Periods

• 3 Market Dynamics

  • 3.1 Market Growth Factors
  • 3.2 Economic & Global Events
  • 3.3 Innovation Trends
  • 3.4 Supply Chain Analysis

• 4 Consumer Behavior

  • 4.1 Market Trends
  • 4.2 Pricing Analysis
  • 4.3 Buyer Insights

• 5 Key Player Profiles

  • 5.1 AXA XL
    • 5.1.1 Business Overview
    • 5.1.2 Products & Services
    • 5.1.3 Financials
    • 5.1.4 Recent Developments
    • 5.1.5 SWOT Analysis
  • 5.2 Hiscox Ltd.
    • 5.2.1 Business Overview
    • 5.2.2 Products & Services
    • 5.2.3 Financials
    • 5.2.4 Recent Developments
    • 5.2.5 SWOT Analysis
  • 5.3 Chubb Limited
    • 5.3.1 Business Overview
    • 5.3.2 Products & Services
    • 5.3.3 Financials
    • 5.3.4 Recent Developments
    • 5.3.5 SWOT Analysis
  • 5.4 MetLife, Inc.
    • 5.4.1 Business Overview
    • 5.4.2 Products & Services
    • 5.4.3 Financials
    • 5.4.4 Recent Developments
    • 5.4.5 SWOT Analysis
  • 5.5 Lloyd's of London
    • 5.5.1 Business Overview
    • 5.5.2 Products & Services
    • 5.5.3 Financials
    • 5.5.4 Recent Developments
    • 5.5.5 SWOT Analysis
  • 5.6 Markel Corporation
    • 5.6.1 Business Overview
    • 5.6.2 Products & Services
    • 5.6.3 Financials
    • 5.6.4 Recent Developments
    • 5.6.5 SWOT Analysis
  • 5.7 QBE Insurance Group
    • 5.7.1 Business Overview
    • 5.7.2 Products & Services
    • 5.7.3 Financials
    • 5.7.4 Recent Developments
    • 5.7.5 SWOT Analysis
  • 5.8 Zurich Insurance Group
    • 5.8.1 Business Overview
    • 5.8.2 Products & Services
    • 5.8.3 Financials
    • 5.8.4 Recent Developments
    • 5.8.5 SWOT Analysis
  • 5.9 Farmers Insurance Group
    • 5.9.1 Business Overview
    • 5.9.2 Products & Services
    • 5.9.3 Financials
    • 5.9.4 Recent Developments
    • 5.9.5 SWOT Analysis
  • 5.10 Liberty Mutual Insurance
    • 5.10.1 Business Overview
    • 5.10.2 Products & Services
    • 5.10.3 Financials
    • 5.10.4 Recent Developments
    • 5.10.5 SWOT Analysis
  • 5.11 Travelers Companies, Inc.
    • 5.11.1 Business Overview
    • 5.11.2 Products & Services
    • 5.11.3 Financials
    • 5.11.4 Recent Developments
    • 5.11.5 SWOT Analysis
  • 5.12 Allstate Insurance Company
    • 5.12.1 Business Overview
    • 5.12.2 Products & Services
    • 5.12.3 Financials
    • 5.12.4 Recent Developments
    • 5.12.5 SWOT Analysis
  • 5.13 Nationwide Mutual Insurance Company
    • 5.13.1 Business Overview
    • 5.13.2 Products & Services
    • 5.13.3 Financials
    • 5.13.4 Recent Developments
    • 5.13.5 SWOT Analysis
  • 5.14 AIG (American International Group, Inc.)
    • 5.14.1 Business Overview
    • 5.14.2 Products & Services
    • 5.14.3 Financials
    • 5.14.4 Recent Developments
    • 5.14.5 SWOT Analysis
  • 5.15 State Farm Mutual Automobile Insurance Company
    • 5.15.1 Business Overview
    • 5.15.2 Products & Services
    • 5.15.3 Financials
    • 5.15.4 Recent Developments
    • 5.15.5 SWOT Analysis

• 6 Market Segmentation

  • 6.1 Commercial Earthquake Insurance Market, By User
    • 6.1.1 Commercial Real Estate Owners
    • 6.1.2 Small Business Owners
    • 6.1.3 Large Enterprises
    • 6.1.4 Government Entities
    • 6.1.5 Others
  • 6.2 Commercial Earthquake Insurance Market, By Policy Type
    • 6.2.1 Deductible Plan
    • 6.2.2 Full Coverage Plan
    • 6.2.3 Named Peril Plan
    • 6.2.4 Standalone Earthquake Policy
    • 6.2.5 Others
  • 6.3 Commercial Earthquake Insurance Market, By Coverage Type
    • 6.3.1 Building Property Insurance
    • 6.3.2 Business Interruption Insurance
    • 6.3.3 Contents Insurance
    • 6.3.4 Loss of Use Insurance
    • 6.3.5 Others
  • 6.4 Commercial Earthquake Insurance Market, By Distribution Channel
    • 6.4.1 Insurance Brokers
    • 6.4.2 Direct Sales
    • 6.4.3 Online Platforms
    • 6.4.4 Bancassurance
    • 6.4.5 Others

• 7 Competitive Analysis

  • 7.1 Key Player Comparison
  • 7.2 Market Share Analysis
  • 7.3 Investment Trends
  • 7.4 SWOT Analysis

• 8 Research Methodology

  • 8.1 Analysis Design
  • 8.2 Research Phases
  • 8.3 Study Timeline

• 9 Future Market Outlook

  • 9.1 Growth Forecast
  • 9.2 Market Evolution

• 10 Geographical Overview

  • 10.1 Europe - Market Analysis
    • 10.1.1 By Country
      • 10.1.1.1 UK
      • 10.1.1.2 France
      • 10.1.1.3 Germany
      • 10.1.1.4 Spain
      • 10.1.1.5 Italy
  • 10.2 Asia Pacific - Market Analysis
    • 10.2.1 By Country
      • 10.2.1.1 India
      • 10.2.1.2 China
      • 10.2.1.3 Japan
      • 10.2.1.4 South Korea
  • 10.3 Latin America - Market Analysis
    • 10.3.1 By Country
      • 10.3.1.1 Brazil
      • 10.3.1.2 Argentina
      • 10.3.1.3 Mexico
  • 10.4 North America - Market Analysis
    • 10.4.1 By Country
      • 10.4.1.1 USA
      • 10.4.1.2 Canada
  • 10.5 Middle East & Africa - Market Analysis
    • 10.5.1 By Country
      • 10.5.1.1 Middle East
      • 10.5.1.2 Africa
  • 10.6 Commercial Earthquake Insurance Market by Region

• 11 Global Economic Factors

  • 11.1 Inflation Impact
  • 11.2 Trade Policies

• 12 Technology & Innovation

  • 12.1 Emerging Technologies
  • 12.2 AI & Digital Trends
  • 12.3 Patent Research

• 13 Investment & Market Growth

  • 13.1 Funding Trends
  • 13.2 Future Market Projections

• 14 Market Overview & Key Insights

  • 14.1 Executive Summary
  • 14.2 Key Trends
  • 14.3 Market Challenges
  • 14.4 Regulatory Landscape

Segments Analyzed in the Report

The global Commercial Earthquake Insurance market is categorized based on

By Coverage Type

• Building Property Insurance
• Business Interruption Insurance
• Contents Insurance
• Loss of Use Insurance
• Others

By Policy Type

• Deductible Plan
• Full Coverage Plan
• Named Peril Plan
• Standalone Earthquake Policy
• Others

By User

• Commercial Real Estate Owners
• Small Business Owners
• Large Enterprises
• Government Entities
• Others

By Distribution Channel

• Insurance Brokers
• Direct Sales
• Online Platforms
• Bancassurance
• Others

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Key Players

• Allstate Insurance Company
• State Farm Mutual Automobile Insurance Company
• Chubb Limited
• AIG (American International Group, Inc.)
• Farmers Insurance Group
• Lloyd's of London
• Nationwide Mutual Insurance Company
• Zurich Insurance Group
• Travelers Companies, Inc.
• Liberty Mutual Insurance
• AXA XL
• MetLife, Inc.
• Hiscox Ltd.
• QBE Insurance Group
• Markel Corporation