While in Greece, Surety Bonds/Letters of Guarantee are primarily issued by banks, approximately 25% of Surety Bonds worldwide are issued by insurance companies, with guaranteed funds exceeding €900 billion.
Countries such as the UK and Italy have markets where letters of guarantee are issued equally by both insurance companies and banking institutions.
The global surety bond market reached US$ 16.1 billion in 2019 and is projected to grow to US$ 25.2 billion by 2027.
The steady annual growth rate (CAGR) is estimated at 6.4% from 2020 to 2027. Specifically, the surety bond market in Europe reached US$ 3.6 billion in 2019 and is expected to grow to US$ 5.4 billion by 2027, with an annual growth rate (CAGR) of 5.8% from 2020 to 2027.