Report Code: A14731 | Pages: NA | Mar 2023 | 1775 Views | ||
Author(s) : NA | Tables: NA | Charts: NA |
|
Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Marine Cargo Insurance Market
Request Now !Marine cargo insurance is a type of insurance policy that covers the loss or damage of marine cargo while goods are in transportation node. The owner as well as the cargo is protected against any loss or damage resulting from a voyage delay, a ship accident, or unloading.Furthermore, marine insurance also covers third-party liabilities arising from any loss or damage caused by the insured cargo to the ship, port, or other modes of transportation. Moreover, this type of insurance is most beneficial to tankers and other heavy cargo shipments. Therefore, the surge in demand for marine cargo insurance is expected to boost the growth of the market in the coming years.
The Marine Cargo Insurance market is segmented on the basis of Type, Coverage, End User,and Region. Based on type, the market is divided into Open Marine Insurance Policy, Time Plan, Voyage Plan, Mixed Plan, Port Risk Plan, Valued Plan, Floating Plan and Wager Plan. In terms of Coverage, the market is categorized into Damage from Loading/Unloading, Bad Weather, Piracy and Other Risk. On the basis of End-User, the market is divided into Manufacturer/ Potential Investors, Traders, Distributors, Wholesalers, Retailers, Importers, Exporters, Association and Government Bodies. Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).
COVID-19 scenario analysis
Top impacting factors: market scenario analysis, trends, drivers, and impact analysis
Rise in number of cargo related risks and increase in demand for cargo insurance in the marine industry are driving the growth of the market. In addition, increase in implementation of analytics &telematics that provides an ability to assess current & future risks in the marine industry is further propelling the growth of the market. However, imposition of lockdown across several countries has limited the growth of the market. On the contrary, developing economies adopting marine cargo insurance to expand their operations can be perceived as an opportunity for the market during the forecast period.
The global marine cargo insurancemarket trends are as follows:
Rise in number of cargo related risks
The indicators for sea transportation have risen significantly. The most appealing aspect of sea transportation is its low transportation cost. In addition, cargo travels on a continuous basis, regardless of weather or season. However, as this
mode of transportation is associated with certain risks, it has become necessary to purchase marine cargo insurance. Furthermore, the main risks of cargo is related to the damage to containers while loading, various ship malfunctions, fires, rollovers, accidents, stranding, drowning, dangerous air conditions, cargo becoming wet, cargo being washed off the deck, or cargo being forcedly thrown overboard. Moreover, piracy or hijacking of the ship is also a possibility. Therefore, the rise in number of cargo related risks is expected to drive the growth of the marine cargo insurance during the forecast period.
Increased demand for cargo insurance in the marine industry
Marine cargo insurance is in high demand as it protects against a wide range of risks and facilitates the smooth operation of trade activities. Furthermore, massive marine business operations result in significant losses for shipowners, cargo owners, and charterers such as damage to ships, cargo vessels, and terminals.As a result, managing these risks and losses in the maritime industry becomes extremely difficult, and maritime insurance plays an important role in mitigating such losses. As a result, massive losses and increased cargo concentrations in warehouses, ports, and in transit are expected to drive the global demand for marine cargo insurance during the forecast period.
Key benefits of the report:
Questions answered in the marine cargo insurancemarket research report:Â Â Â
Marine Cargo Insurance Market Report Highlights
Aspects | Details |
---|---|
By Type |
|
By Coverage |
|
By End User |
|
By Region |
|
Key Market Players | Munich Re, Zurich, Liberty Mutual Insurance, Chubb, Samsung Fire, Marine Insurance Co Ltd, Atrium, Integro Group, Marsh, TIBA, Allianz |
Loading Table Of Content...
Start reading.
This Report and over 19,665+ more Reports, Available with Avenue Library. T&C*.
Enterprise
License/PDF
Library
Membership
*Taxes/Fees, if applicable will be added during checkout. All prices in USD
To ensure high-level data integrity, accurate analysis, and impeccable forecasts
For complete satisfaction
On-demand customization of scope of the report to exactly meet your needs
Targeted market view to provide pertinent information and save time of readers
Get insights on topics that are crucial for your business. Stay abreast of your interest areas.
Get Industry Data AlertsTo ensure high-level data integrity, accurate analysis, and impeccable forecasts
For complete satisfaction
On-demand customization of scope of the report to exactly meet your needs
Targeted market view to provide pertinent information and save time of readers