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Hull & machinery insurance protects owners of ships against the costs of repairing or replacing such property damaged, destroyed, or lost due to a covered danger. In addition, hull & machinery insurance is a contract between the insurance holder and the insurer to protect from loss from all covered perils. Insurance holders benefit from financial protection against losses incurred while ship & cargo in transit. Furthermore, the protection of ship owners in terms of investments, a wide range of coverage option, and facilities of repair & replacement make this market a better option for insurance holders. As a result, the market growth is expected to accelerate in the coming years.
The major companies profiled in the hull & machinery insurance market include Zurich, Aviva India, China Taiping Insurance Group Ltd, Reliance Nippon Life Insurance Company Limited, ING Group, United India Insurance Co. Ltd, CPIC, Ping An Insurance (Group) Company of China, Ltd, Allied Insurance Company, and Merriam-Webster. The players have adopted various strategies including new product launches, collaborations, partnerships, mergers & acquisitions, joint ventures, agreements, and others to gain a stronghold and international presence across the world.
The hull & machinery insurance market share is segmented based on coverage, application, and region. Based on type, the market is bifurcated into coverage, shipyard construction & conversion risks, ship repairer’s liability, marine employers' liability, marine cyber risks, crew personal accident, and others. By application, it is categorized into small recreational boats, on-water commercial boats, underwater leisure boats, and others. Based on region, the market is analyzed across Europe, Asia-Pacific, North America, and LAMEA.
Top Impacting Factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis
Comprehensive coverage, flexible plans, and better consumer experience are driving the growth of the market. However, changes in exposure and claims experience are expected to hamper the growth of the market. Contrarily, surge in demand for hull & machinery insurance and adoption of digital platforms in the insurance market can be witnessed as an opportunity for the market growth in the coming years.
The global hull & machinery insurance market trends are as follows:
Changes in exposure and stringent claims experience
The exposure patterns have shifted dramatically in terms of lower distance coverages to vessels. Several ships have been fixed in various ports, as vessels have discontinued operations due to global health crisis. Moreover, during the pandemic, ships were chained in ports and the engines were affected drastically. As a result of increased claims, the insurance department has become more active and strict in handling claims. Therefore, changes in exposure and stringent claim experience are expected to hamper the growth of the market.
Adoption of digital platform in insurance
According to International Business Machines (IBM), an American multinational technology company, projected that more than 80% of insurers and 99% of outperforming insurance companies are expected to boost their revenue collection through the adoption of a digital platform in the market. In addition, huge number of insurers is expected to increase their revenue growth by 15% with an implementation of digital platform. Therefore, the adotion of digital platforms is expected to foster the hull & machinery insurance market growth.
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