North America Surety Market Analysis and Forecast by Size, Share, Growth, Trends 2031

North America Surety Market: Strategic Insights

North America Surety Market

• Market Size 2024
  US$ 9,147.8 Million
• Market Size 2025-2031
  US$ 14,086.3 Million

Market Dynamics

GROWTH DRIVERS

• Increase in Adoption of Public-Private Partnerships for Infrastructure Development
• Need for Restoration of Aging Infrastructure
• Proliferation of Insurance Industry

FUTURE TRENDS

• Rise in Digitalization, Automation, and Other Technological Advancements

OPPORTUNITIES

• Rapid Urbanization

Regional Overview

• North America

Market Segmentation

Bond Type

• Contract Surety Bond
• Commercial Surety Bond
• Fidelity Surety Bond
• Court Surety Bond

End Users

• Individuals
• Enterprises

North America Surety Market Segmentation Analysis:

• By Bond Type, the North America Surety Market is segmented into Contract Surety Bond, Commercial Surety Bond, Fidelity Surety Bond, and Court Surety Bond. Contract Surety Bond held the largest share of the market in 2024.
• By End Users, the North America Surety Market is segmented into Individuals and Enterprises. Enterprises held the largest share of the market in 2024.

North America Surety Market Outlook

Public-private partnerships (PPPs) are being increasingly used in the insurance industry for infrastructure development projects. In PPPs, the public and private sectors work together, with the private sector usually handling the financing, designing, building, and operations of infrastructure projects. Surety bonds are an essential feature of PPPs, offering financial stability to government agencies and reducing risks for private sector players. This offers a substantial chance for surety firms to offer tailored solutions that address the particular requirements of PPP projects.

Across the U.S. and Canada, aging infrastructure and rising capital requirements are pushing public authorities toward PPP models. For instance, the U.S. faces an estimated US$ 2.6 trillion infrastructure investment gap by 2030, compelling federal and state agencies to seek private financing and expertise for large-scale transportation, energy, and social infrastructure projects. This structural funding shortfall is directly increasing the volume of PPP-led projects, which typically require extensive bonding and risk guarantees—thereby driving demand for surety products. For instance, in October 2025, infrastructure investment firm Meridiam announced the successful closing of its fourth-generation North America infrastructure fund, MINA IV, raising over $1.8 billion. The fund surpassed its initial target of $1.7 billion and is focused on developing and investing in public-private partnership (PPP) projects across transportation, energy, and essential service sectors in the U.S. and Canada.

Increased infrastructure development projects often require financial assurances to guarantee performance, completion, and compliance. The backing of projects under PPP encourages confidence among investors, contractors, and stakeholders.

North America Surety Market Country Insights

By country, the North America Surety Market is segmented into the United States, Canada and Mexico. The United States held the largest share in 2024.

The US Small Business Administration (SBA) is an independent agency of the US government that provides support to entrepreneurs and small businesses. The SBA secures bid, performance, and payment surety bonds issued by surety companies for contracts and subcontracts up to US$ 9 million. Guarantees provided by the authority allow companies to offer surety bonds to small businesses that might not meet the criteria for other sureties. The SBA can also guarantee bonds for federal contracts up to US$ 14 million if a federal contracting officer certifies that the SBA's guarantee is required for the small business to obtain bonding.

Further, the SBA provides a simplified bond guarantee application under its QuickApp for contracts up to US$ 500,000. As announced by the Head of the US SBA and the voice in President Biden's Cabinet for more than 34 million small businesses nationwide, SBA's Surety Bond Guarantee (SBG) Program notched its best year in 25 years in fiscal year 2024. Thus, the SBA contributes significantly to the surety market in the US.

North America Surety Market Company Profiles

Some of the key players operating in the market include Crum & Forster, CNA Financial Corp, Great American Insurance Company, The Travelers Companies Inc, Liberty Mutual Holding Co Inc, The Hartford Insurance Group, Inc., Chubb Ltd, Credendo, Atradius NV, and IAT Insurance Group.

These players are adopting various strategies such as expansion, product innovation, and mergers and acquisitions to provide innovative products to their consumers and increase their market share.

North America Surety Market Research Methodology

The following methodology has been followed for the collection and analysis of data presented in this report:

Secondary Research

The research process begins with comprehensive secondary research, utilizing internal and external sources to gather qualitative and quantitative data for each market. Commonly referenced secondary research sources include, but are not limited to:

• Company websites, annual reports, financial statements, broker analyses, and investor presentations
• Industry trade journals and other relevant publications
• Government documents, statistical databases, and market reports
• News articles, press releases, and webcasts specific to companies operating in the market

Note:

Primary Research

The Insight Partners conducts a significant number of primary interviews each year with industry stakeholders and experts to validate its data analysis and gain valuable insights. These research interviews are designed to:

• Validate and refine findings from secondary research
• Enhance the expertise and market understanding of the analysis team
• Gain insights into market size, trends, growth patterns, competitive dynamics, and future prospects

Primary research is conducted via email interactions and telephone interviews, encompassing various markets, categories, segments, and sub-segments across different regions. Participants typically include:

• Industry stakeholders: Vice Presidents, Business Development Managers, Market Intelligence Managers, and National Sales Managers
• External experts: Valuation specialists, research analysts, and key opinion leaders with industry-specific expertise