This coverage is designed to protect against claims of bodily injury or property damage to third parties caused by operations. Marine crew insurance was created with the needs and risks of the ship's officers and crew in mind. The coverage for a shipowner's crew can be combined with a member's P&I policy to provide additional support. Furthermore, crew insurance, which has traditionally been used by yacht owners, is now being investigated by commercial shipping companies as a way to address the changing risks that crews face.Following an accident, crew insurance typically pays a lump sum to the crew member or their dependents, and it can be extended to cover continued wage payments in the event of injury or sickness. As it is becoming more difficult for shipowners to attract and retain crew, the security provided by crew insurance can help shipowners retain crew members by providing long-term benefits. Therefore, the rise in need to protect the crew members from the fatal accidents is expected to boost the growth of the marine crew insurance in the coming years.
The Marine Crew Insurance market is segmented on the basis of Type, Application, Distribution Channel, End User, and Region. Based on type, the market is divided into Individual and Group. In terms of application, the market is categorized into Emergency Medical Expenses [Physician Visits, Urgent Care, Emergency Room Visits, Surgery, Hospitalization, ICU, Labs, Prescription Drugs and Others ], Preventive Care & Wellness Benefits and Small Recreational Boats, On-Water Commercial & High End Leisure, Underwater Leisure and Underwater AUV. On the basis of Distribution Channels, the market is divided into Wholesalers, Retail Brokers and Others. Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).
COVID-19 Impact Analysis
Access to medical facilities has become increasingly important as the COVID-19 pandemic continued to have a wide range of consequences. Crew insurance coverage can include medical expenses up to a certain amount as well as assistance from providers in emergency medical situations up to a certain amount.
Shipowners are becoming increasingly aware of the pressures crew face in their day-to-day roles as a result of the global pandemic and the inability to change crew for extended periods of time, which in turn, help in boosting the growth of the marine crew insurance market during the forecast period.
Top Impacting Factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis
Rise in the need to safeguard savings and increased adoption of crew insurance for coverages included are driving the growth of the market. In addition, the advantage of mobile software solutions to allow the customers to access their accounts from any remote location helps propel the growth of the market.However, lesser awareness across many developing economies is expected to hamper the growth of the market. Contrarily, the increased adoption of marine crew insurance across developed economies is expected to provide lucrative opportunities for the market in the coming years.
The globalmarine crew insurancemarket trends are as follows:
Rise in the need to safeguard savings
Medical and related expenses will also be covered by marine crew insurance, which would cover all reasonable medical, surgical, ambulance, hospital, professional nursing expenses incurred within 12 months of the date of the accident for each insured person who sustains bodily injury while traveling. Furthermore, when a crew member is battling a serious illness, it not only affects their mental well-being but also affects their financial well-being. So, purchasing a suitable marine crew insurance plan would allow one to manage their expenses more rationally while not jeopardizing their savings. Aside from that, some insurance companies provide cashless treatments as well. So, rise in the need to safeguard savings is expected to drive the growth of the marine crew insurance market during the forecast period.
Increased adoption of crew insurance for the coverage included
As a professional marine crew member, it can be to obtain adequate medical coverage. Attributed the unique demands forthe profession, the crew members may be unable to obtain the comprehensive international health care plan that they require and deserve.Furthermore, marine crew insurance provides coverage for an insured person, who would usually be a crew member. Moreover, while engaging on board, insurers will offer an agreed-upon sum of money, regardless of the amount of the insured's actual loss for bodily injury, disablement, or death as a result of an accident.Therefore, the increased adoption of crew insurance for all the coverages that gets included is expected to drive the growth of the marine crew insurance market during the forecast period.
Key benefits of the report
- This study presents analytical depiction of the global marine crew 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 globalmarine crew insurancemarket 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 crew insurance market research report
- Which are the leading players active in the global marine crew insurancemarket?
- What are the detailed impacts of COVID-19 on the market?
- What are current trends that would influence the market in the next few years?
- What are the driving factors, restraints, and opportunities inthe globalmarine crew insurance market?
- What future projections would help in taking further strategic steps?
Marine Crew Insurance Market Report Highlights
By Distribution Channel
By End User
Key Market Players
Marine Insurance Co Ltd, Aon plc, Samsung Fire, Chubb, Allianz, Tokio Marine Holdings Inc., Swiss Re, AXA, Mitsui Sumitomo Insurance Co Ltd, Atrium, American International Group Inc.