Marine Cargo Insurance Market

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

• The COVID-19 pandemic has a negative impact on the marine cargo insurance market, which is expected to lower the demand due to increased uncertainty and protectionism in global trade, shifting supply chain demands, and business closures across several industry verticals.
• In addition, to prevent the virus from spreading, several regions have imposed lockdown, resulting in geopolitical tensions and a rapid shift in trade patterns, both of which have harmed businesses. As a result, during COVID-19, the demand for marine cargo insurance has plummeted.

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:

• This study presents analytical depiction of the global marine cargo insurancemarket along with the current trends and future estimations to determine the imminent investment pockets.    
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the market share.     
• The current market is quantitatively analyzed to highlight the global marine cargo insurance market growth scenario.         
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.    
• The report provides a detailed market analysis depending on the present and future competitive intensity of the market.

Questions answered in the marine cargo insurancemarket research report:    

• Which are the leading players active in the globalmarine cargo insurancemarket?
• What would be the detailed impact of COVID-19 on the marine cargo insurancemarket?
• What are current trends that would influence the market in the next few years?
• What are the driving factors, restraints, and opportunities of the globalmarine cargo insurancemarket?
• What are the projections for the future that would help in taking further strategic steps?

 Marine Cargo Insurance Market Report Highlights