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Marine Insurance Market By Type (Cargo Insurance, Hull & Machinery Insurance, Marine Liability Insurance, and Offshore/Energy Insurance), Distribution Channel (Wholesalers, Retail Brokers, and Others), and End User (Ship Owners, Traders, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2028

A11321
Pages: 210
May 2021 | 208 Views
 
Author(s) : Aarti Goswami, Pramod Borasi , Vineet Kumar
Tables: 50
Charts: 32
 

COVID-19

Pandemic disrupted the entire world and affected many industries.

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Marine Insurance Market Outlook - 2028

The global marine insurance market was valued at $26.83 billion in 2020, and is projected to reach $33.90 billion by 2028, growing at a CAGR of 3.1% from 2021 to 2028. 

With an unprecedented COVID-19 pandemic situation, the marine industry is one of the most severely affected industries, as the pandemic has affected the global supply chains, disrupting manufacturing output and causing delays to cargo in transit. The accumulated ships are costing the ship owners a huge amount of funds to manage, without having any commercial activity to support the flow of funds.

Marine insurance coverage helps in managing risks in the event of unfortunate incidents such as damage to the property & environment, accidents, and loss of life. It is designed to minimize the financial loss incurred by a policyholder in the event of an accident, natural hazard, or other catastrophe. Generally, marine insurance policy is availed by ship owners, cargo owners, and charterers.

Marine-Insurance-Market-2021-2028

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Surge in implementation of analytics & telematics, which provides an ability to more accurately assess both current and future risk occurring in the marine business is becoming major growth factor for the market.

In addition, increased demand & awareness toward marine insurance among ship owners, cargo owners, and charterers facing huge losses such as damage caused to ships, cargo vessels, and terminals, is another major factor that propels the marine insurance market growth. 

However, fluctuating & sudden increments in marine insurance premiums and imposition of lockdown across several countries are some of the factors that limit the market growth. Furthermore, developing economies offer significant opportunities for marine insurers to expand & develop their offerings, especially among emerging economies such as Australia, China, India, Singapore, and South Korea. In addition, rapid growth in incorporation of IoT, which helps in risk monitoring, simplifies claims processing, and facilitates loss prediction & prevention is expected to provide lucrative opportunities to the marine insurance market in the coming years.

The report focuses on growth prospects, restraints, and trends of the marine insurance market analysis. The study provides Porter’s five forces analysis to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the marine insurance market outlook

Segment Review

The marine insurance market is segmented on the basis of type, distribution channel, end user, and region. By type, it is segregated into cargo insurance, hull & machinery insurance, marine liability insurance, and offshore/energy insurance. By distribution channel, it is segregated into wholesalers, retail brokers, and others. Based on end user, the market is segmented into ship owners, traders, and others. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA. 

Marine Insurance Market
By Type

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Marine Liability Insurance segment will grow at a highest CAGR of 4.7% during 2020 - 2028

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Competitive Analysis

The report analyses the profiles of key players operating in the marine insurance market such as Allianz, American International Group, Inc., Aon plc, Arthur J. Gallagher & Co., AXA, Chubb, Lloyd's, Lockton Companies, Marsh LLC, and Zurich. These players have adopted various strategies to increase their market penetration and strengthen their position in the marine insurance industry. 

COVID-19 Impact Analysis

The COVID-19 pandemic has a negative impact on the marine insurance market, owing to increased uncertainty & protectionism in global trade, shifting supply chain demands, and business closures across several industry verticals, which is set to decline the demand for marine insurance. Moreover, to curb the spread of virus, several regions have imposed lockdown, which has resulted into geopolitical tensions & accelerating massive change in trade patterns, which has financially affected businesses. Therefore, demand for marine insurance products have declined tremendously during the global health crisis.

Top Impacting Factors

Increased Awareness & Demand Towards Marine Insurance Globally

There is an increase in the demand for marine insurance as it provides coverage against a wide range of risk measures and helps in the smooth functioning of trade activities. According to Uniglobal, a leading knowledge sharing institution, nearly 85% of the global trade is carried by sea & tons of cargo ships are into operations, largely contributing toward the global economy. 

Moreover, ship owners, cargo owners and charterers face huge losses such as damage caused to ships, cargo vessels, and terminals due to massive marine business operations. Therefore, management of these risks & losses in the marine business becomes very complex, and thus maritime insurance plays a vital role to overcome such losses. As a result, huge losses and higher concentrations of cargo in warehouses, ports & in transit are propel the demand for marine insurance globally.  

Marine Insurance Market
By Distribution Channel

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Wholesalers Segment holds a dominant position throughout the forecast period.

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Imposition of Lockdown across Several Countries 

Business uncertainties in terms of politically & economically, geopolitical tensions, changing trade patterns, cyber-attacks, the climate crisis, new environmental regulations, decarbonization of the shipping industry, among others have severely affected the marine insurance market owing to unprecedented COVID-19 pandemic situation. 

Moreover, with these several factors, demand for marine insurance tends to decline as ship owners & cargo owners across several countries have temporarily discontinued the business operations. Therefore, imposition of lockdown across several countries has limited the growth of the marine insurance market. 

Rapid Growth in Incorporation of IoT in Marine Insurance

Key players in the market continue to incorporate Internet of things (IoT) system in their existing marine insurance product lines. In addition, IoT helps in facilitating loss prediction & prevention, risk monitoring, and simplifies claims processing. Furthermore, insurers are investing heavily in IoT to manage engine performance, CO2 emissions, and navigation & cargo supply chains, which therefore accelerates streamlined offerings of marine insurance. 

Moreover, these benefits provided an incorporation of IoT promotes the demand for maritime insurance in the market. Therefore, incorporation of IoT in marine insurance by various players boosts the growth of marine insurance market in the upcoming years. 

Marine Insurance Market
By Region

2028
Europe 
North America
Asia-pacific
Lamea

Asia-Pacific would exhibit the highest CAGR of 4.1% during 2021-2028

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Key Benefits For Stakeholders 

  • The study provides in-depth analysis of the global marine insurance market share along with current & future trends to illustrate the imminent investment pockets.
  • Information about key drivers, restrains, & opportunities and their impact analysis on the global marine insurance market size are provided in the report.
  • Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the market.
  • An extensive analysis of the key segments of the industry helps to understand the global marine insurance market trends.
  • The quantitative analysis of the global marine insurance market forecast from 2021 to 2028 is provided to determine the market potential. 

Key Market Segments

By Type

  • Cargo Insurance
  • Hull & Machinery Insurance
  • Marine Liability Insurance
  • Offshore/Energy Insurance

By Distribution Channel

  • Wholesalers
  • Retail Brokers
  • Others  

By End User

  • Ship Owners
  • Traders
  • Others  

By Region

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Spain
    • Nordic Countries
    • Rest of Europe
  • Asia-Pacific 
    • China
    • Japan
    • South Korea
    • Singapore
    • India
    • Rest of Asia-Pacific  
  • LAMEA
    • Latin America 
    • Middle East
    • Africa

Key Market Players

  • Allianz 
  • American International Group, Inc.
  • Aon plc
  • Arthur J. Gallagher & Co.
  • AXA
  • Chubb 
  • Lloyd's 
  • Lockton Companies
  • Marsh LLC
  • Zurich   
 

CHAPTER 1:INTRODUCTION

1.1.REPORT DESCRIPTION
1.2.KEY MARKET SEGMENTS
1.3.KEY BENEFITS
1.4.RESEARCH METHODOLOGY

1.4.1.Primary research
1.4.2.Secondary research
1.4.3.Analyst tools and models

CHAPTER 2:EXECUTIVE SUMMARY

2.1.CXO PERSPECTIVE

CHAPTER 3:MARKET LANDSCAPE

3.1.MARKET DEFINITION AND SCOPE
3.2.KEY FINDINGS

3.2.1.Top investment pockets
3.2.2.Top winning strategies

3.3.PORTER'S FIVE FORCES ANALYSIS

3.3.1.Bargaining power of suppliers
3.3.2.Threat of new entrants
3.3.3.Threat of substitutes
3.3.4.Competitive rivalry
3.3.5.Bargaining power among buyers

3.4.MARKET SHARE ANALYSIS/TOP PLAYER POSITIONING 2020
3.5.MARKET DYNAMICS

3.5.1.Drivers
3.5.2.Restraints
3.5.3.Opportunities

3.6.COVID-19 IMPACT ANALYSIS ON MARINE INSURANCE MARKET

3.6.1.Impact on marine insurance market size
3.6.2.Change in regulatory trends, preferences, and budget impact, owing to COVID-19
3.6.3.Framework for market challenges faced by marine insurance providers
3.6.4.Economic impact on marine insurance providers
3.6.5.Key player strategies to tackle negative impact on the industry
3.6.6.  Opportunity analysis for marine insurance providers 

CHAPTER 4:MARINE INSURANCE MARKET BY TYPE 

4.1.OVERVIEW
4.2.CARGO INSURANCE

4.2.1.Key market trends, growth factors and opportunities
4.2.2.Market size and forecast, by region 
4.2.3.Market share analysis, by country

4.3.HULL & MACHINERY INSURANCE

4.3.1.Key market trends, growth factors and opportunities
4.3.2.Market size and forecast, by region 
4.3.3.Market share analysis, by country

4.4.MARINE LIABILITY INSURANCE

4.4.1.Key market trends, growth factors and opportunities
4.4.2.Market size and forecast, by region 
4.4.3.Market share analysis, by country

4.5.OFFSHORE/ENERGY INSURANCE

4.5.1.Key market trends, growth factors and opportunities
4.5.2.Market size and forecast, by region 
4.5.3.Market share analysis, by country

CHAPTER 5:MARINE INSURANCE MARKET BY DISTRIBUTION CHANNEL

5.1.OVERVIEW
5.2.WHOLESALERS

5.2.1.Key market trends, growth factors and opportunities
5.2.2.Market size and forecast, by region 
5.2.3.Market share analysis, by country

5.3.RETAIL BROKERS

5.3.1.Key market trends, growth factors and opportunities
5.3.2.Market size and forecast, by region 
5.3.3.Market share analysis, by country

5.4.OTHERS

5.4.1.Key market trends, growth factors and opportunities
5.4.2.Market size and forecast, by region 
5.4.3.Market share analysis, by country

CHAPTER 6:MARINE INSURANCE MARKET BY END USER

6.1.OVERVIEW
6.2.SHIP OWNERS

6.2.1.Key market trends, growth factors and opportunities
6.2.2.Market size and forecast, by region 
6.2.3.Market share analysis, by country

6.3.TRADERS

6.3.1.Key market trends, growth factors and opportunities
6.3.2.Market size and forecast, by region 
6.3.3.Market share analysis, by country

6.4.OTHERS

6.4.1.Key market trends, growth factors and opportunities
6.4.2.Market size and forecast, by region 
6.4.3.Market share analysis, by country

CHAPTER 7:MARINE INSURANCE MARKET BY REGION

7.1.OVERVIEW
7.2.NORTH AMERICA

7.2.1.Key market trends and opportunities
7.2.2.Market size and forecast, by type 
7.2.3.Market size and forecast, by distribution channel
7.2.4.Market size and forecast, by end user
7.2.5.Market size and forecast, by Country
7.2.6.U.S.

7.2.6.1.Market size and forecast, by type 
7.2.6.2.Market size and forecast, by distribution channel
7.2.6.3.Market size and forecast, by end user

7.2.7.Canada

7.2.7.1.Market size and forecast, by type 
7.2.7.2.Market size and forecast, by distribution channel
7.2.7.3.Market size and forecast, by end user

7.3.EUROPE

7.3.1.Key market trends and opportunities
7.3.2.Market size and forecast, by type 
7.3.3.Market size and forecast, by distribution channel
7.3.4.Market size and forecast, by end user
7.3.5.Market size and forecast, by Country
7.3.6.UK

7.3.6.1.Market size and forecast, by type 
7.3.6.2.Market size and forecast, by distribution channel
7.3.6.3.Market size and forecast, by end user

7.3.7.Germany

7.3.7.1.Market size and forecast, by type 
7.3.7.2.Market size and forecast, by distribution channel
7.3.7.3.Market size and forecast, by end user

7.3.8.France

7.3.8.1.Market size and forecast, by type 
7.3.8.2.Market size and forecast, by distribution channel
7.3.8.3.Market size and forecast, by end user

7.3.9.Italy

7.3.9.1.Market size and forecast, by type 
7.3.9.2.Market size and forecast, by distribution channel
7.3.9.3.Market size and forecast, by end user

7.3.10.Spain

7.3.10.1.Market size and forecast, by type 
7.3.10.2.Market size and forecast, by distribution channel
7.3.10.3.Market size and forecast, by end user

7.3.11.Nordic Countries

7.3.11.1.Market size and forecast, by type 
7.3.11.2.Market size and forecast, by distribution channel
7.3.11.3.Market size and forecast, by end user

7.3.12.Rest of Europe

7.3.12.1.Market size and forecast, by type 
7.3.12.2.Market size and forecast, by distribution channel
7.3.12.3.Market size and forecast, by end user

7.4.ASIA-PACIFIC

7.4.1.Key market trends and opportunities
7.4.2.Market size and forecast, by type 
7.4.3.Market size and forecast, by distribution channel
7.4.4.Market size and forecast, by end user
7.4.5.Market size and forecast, by Country
7.4.6.China

7.4.6.1.Market size and forecast, by type 
7.4.6.2.Market size and forecast, by distribution channel
7.4.6.3.Market size and forecast, by end user

7.4.7.Japan

7.4.7.1.Market size and forecast, by type 
7.4.7.2.Market size and forecast, by distribution channel
7.4.7.3.Market size and forecast, by end user

7.4.8.South Korea

7.4.8.1.Market size and forecast, by type 
7.4.8.2.Market size and forecast, by distribution channel
7.4.8.3.Market size and forecast, by end user

7.4.9.Singapore

7.4.9.1.Market size and forecast, by type 
7.4.9.2.Market size and forecast, by distribution channel
7.4.9.3.Market size and forecast, by end user

7.4.10.India

7.4.10.1.Market size and forecast, by type 
7.4.10.2.Market size and forecast, by distribution channel
7.4.10.3.Market size and forecast, by end user

7.4.11.Rest of Asia-Pacific

7.4.11.1.Market size and forecast, by type 
7.4.11.2.Market size and forecast, by distribution channel
7.4.11.3.Market size and forecast, by end user

7.5.LAMEA

7.5.1.Key market trends and opportunities
7.5.2.Market size and forecast, by type 
7.5.3.Market size and forecast, by distribution channel
7.5.4.Market size and forecast, by end user
7.5.5.Market size and forecast, by Country
7.5.6.Latin America

7.5.6.1.Market size and forecast, by type 
7.5.6.2.Market size and forecast, by distribution channel
7.5.6.3.Market size and forecast, by end user

7.5.7.Middle East

7.5.7.1.Market size and forecast, by type 
7.5.7.2.Market size and forecast, by distribution channel
7.5.7.3.Market size and forecast, by end user

7.5.8.Africa

7.5.8.1.Market size and forecast, by type 
7.5.8.2.Market size and forecast, by distribution channel
7.5.8.3.Market size and forecast, by end user

CHAPTER 8:COMPANY PROFILES

8.1.ALLIANZ  

8.1.1.Company overview
8.1.2.Key Executives
8.1.3.Company snapshot
8.1.4.Operating business segments
8.1.5.Product portfolio
8.1.6.Business performance
8.1.7.Key strategic moves and developments

8.2.AMERICAN INTERNATIONAL GROUP, INC.

8.2.1.Company overview
8.2.2.Key Executives
8.2.3.Company snapshot
8.2.4.Operating business segments
8.2.5.Product portfolio
8.2.6.Business performance
8.2.7.Key strategic moves and developments

8.3.AON PLC

8.3.1.Company overview
8.3.2.Key Executives
8.3.3.Company snapshot
8.3.4.Operating business segments
8.3.5.Product portfolio
8.3.6.Business performance
8.3.7.Key strategic moves and developments

8.4.ARTHUR J. GALLAGHER & CO.

8.4.1.Company overview
8.4.2.Key Executives
8.4.3.Company snapshot
8.4.4.Operating business segments
8.4.5.Product portfolio
8.4.6.Business performance
8.4.7.Key strategic moves and developments

8.5.AXA

8.5.1.Company overview
8.5.2.Key Executives
8.5.3.Company snapshot
8.5.4.Operating business segments
8.5.5.Product portfolio
8.5.6.Business performance
8.5.7.Key strategic moves and developments

8.6.CHUBB

8.6.1.Company overview
8.6.2.Key Executives
8.6.3.Company snapshot
8.6.4.Operating business segments
8.6.5.Product portfolio
8.6.6.Business performance
8.6.7.Key strategic moves and developments

8.7.LLOYD'S

8.7.1.Company overview
8.7.2.Key Executives
8.7.3.Company snapshot
8.7.4.Operating business segments
8.7.5.Product portfolio
8.7.6.Business performance
8.7.7.Key strategic moves and developments

8.8.LOCKTON COMPANIES

8.8.1.Company overview
8.8.2.Key Executives
8.8.3.Company snapshot
8.8.4.Operating business segments
8.8.5.Product portfolio
8.8.6.Business performance
8.8.7.Key strategic moves and developments

8.9.MARSH LLC

8.9.1.Company overview
8.9.2.Key Executives
8.9.3.Company snapshot
8.9.4.Operating business segments
8.9.5.Product portfolio
8.9.6.Business performance
8.9.7.Key strategic moves and developments

8.10.ZURICH

8.10.1.Company overview
8.10.2.Key Executives
8.10.3.Company snapshot
8.10.4.Operating business segments
8.10.5.Product portfolio
8.10.6.Business performance
8.10.7.Key strategic moves and developments

LIST OF TABLES

TABLE 1.GLOBAL MARINE INSURANCE MARKET, BY TYPE  2020-2028 ($MILLION)
TABLE 2.MARINE INSURANCE MARKET FOR CARGO INSURANCE, BY REGION,  2020-2028 ($MILLION)
TABLE 3.MARINE INSURANCE MARKET FOR HULL & MACHINERY INSURANCE, BY REGION,  2020-2028 ($MILLION)
TABLE 4.MARINE INSURANCE MARKET FOR MARINE LIABILITY INSURANCE, BY REGION,  2020-2028 ($MILLION)
TABLE 5.MARINE INSURANCE MARKET FOR OFFSHORE/ENERGY INSURANCE, BY REGION,  2020-2028 ($MILLION)
TABLE 6.GLOBAL MARINE INSURANCE MARKET, BY DISTRIBUTION CHANNEL 2020-2028 ($MILLION)
TABLE 7.MARINE INSURANCE MARKET FOR WHOLESALERS, BY REGION,  2020-2028 ($MILLION)
TABLE 8.MARINE INSURANCE MARKET FOR RETAIL BROKERS, BY REGION,  2020-2028 ($MILLION)
TABLE 9.MARINE INSURANCE MARKET FOR OTHERS, BY REGION,  2020-2028 ($MILLION)
TABLE 10.GLOBAL MARINE INSURANCE MARKET, BY END USER 2020-2028 ($MILLION)
TABLE 11.MARINE INSURANCE MARKET FOR SHIP OWNERS, BY REGION,  2020-2028 ($MILLION)
TABLE 12.MARINE INSURANCE MARKET FOR TRADERS, BY REGION,  2020-2028 ($MILLION)
TABLE 13.MARINE INSURANCE MARKET FOR OTHERS, BY REGION,  2020-2028 ($MILLION)
TABLE 14.MARINE INSURANCE MARKET FOR , BY REGION, 2020-2028 ($MILLION)
TABLE 15.NORTH AMERICA MARINE INSURANCE, BY TYPE  2020-2028 ($MILLION)
TABLE 16.NORTH AMERICA MARINE INSURANCE, BY DISTRIBUTION CHANNEL 2020-2028 ($MILLION)
TABLE 17.NORTH AMERICA MARINE INSURANCE, BY END USER 2020-2028 ($MILLION)
TABLE 18.NORTH AMERICA MARINE INSURANCE, BY REGION,  2020-2028 ($MILLION)
TABLE 19.EUROPE MARINE INSURANCE, BY TYPE  2020-2028 ($MILLION)
TABLE 20.EUROPE MARINE INSURANCE, BY DISTRIBUTION CHANNEL 2020-2028 ($MILLION)
TABLE 21.EUROPE MARINE INSURANCE, BY END USER 2020-2028 ($MILLION)
TABLE 22.EUROPE MARINE INSURANCE, BY REGION,  2020-2028 ($MILLION)
TABLE 23.ASIA-PACIFIC MARINE INSURANCE, BY TYPE  2020-2028 ($MILLION)
TABLE 24.ASIA-PACIFIC MARINE INSURANCE, BY DISTRIBUTION CHANNEL 2020-2028 ($MILLION)
TABLE 25.ASIA-PACIFIC MARINE INSURANCE, BY END USER 2020-2028 ($MILLION)
TABLE 26.ASIA-PACIFIC MARINE INSURANCE, BY REGION,  2020-2028 ($MILLION)
TABLE 27.LAMEA MARINE INSURANCE, BY TYPE  2020-2028 ($MILLION)
TABLE 28.LAMEA MARINE INSURANCE, BY DISTRIBUTION CHANNEL 2020-2028 ($MILLION)
TABLE 29.LAMEA MARINE INSURANCE, BY END USER 2020-2028 ($MILLION)
TABLE 30.LAMEA MARINE INSURANCE, BY REGION,  2020-2028 ($MILLION)
TABLE 31.ALLIANZ  : COMPANY SNAPSHOT
TABLE 32.ALLIANZ  : OPERATING SEGMENTS
TABLE 33.AMERICAN INTERNATIONAL GROUP, INC.: COMPANY SNAPSHOT
TABLE 34.AMERICAN INTERNATIONAL GROUP, INC.: OPERATING SEGMENTS
TABLE 35.AON PLC: COMPANY SNAPSHOT
TABLE 36.AON PLC: OPERATING SEGMENTS
TABLE 37.ARTHUR J. GALLAGHER & CO.: COMPANY SNAPSHOT
TABLE 38.ARTHUR J. GALLAGHER & CO.: OPERATING SEGMENTS
TABLE 39.AXA: COMPANY SNAPSHOT
TABLE 40.AXA: OPERATING SEGMENTS
TABLE 41.CHUBB: COMPANY SNAPSHOT
TABLE 42.CHUBB: OPERATING SEGMENTS
TABLE 43.LLOYD'S: COMPANY SNAPSHOT
TABLE 44.LLOYD'S: OPERATING SEGMENTS
TABLE 45.LOCKTON COMPANIES: COMPANY SNAPSHOT
TABLE 46.LOCKTON COMPANIES: OPERATING SEGMENTS
TABLE 47.MARSH LLC: COMPANY SNAPSHOT
TABLE 48.MARSH LLC: OPERATING SEGMENTS
TABLE 49.ZURICH: COMPANY SNAPSHOT
TABLE 50.ZURICH: OPERATING SEGMENTS

LIST OF FIGURES

FIGURE 1.GLOBAL MARINE INSURANCE MARKET SEGMENTATION
FIGURE 2.TOP INVESTMENT POCKET
FIGURE 3.TOP WINNING STRATEGIES (%)
FIGURE 4.MARINE INSURANCE MARKET FOR CARGO INSURANCE, 2020-2028 ($MILLION)
FIGURE 5.MARINE INSURANCE MARKET FOR HULL & MACHINERY INSURANCE, 2020-2028 ($MILLION)
FIGURE 6.MARINE INSURANCE MARKET FOR MARINE LIABILITY INSURANCE, 2020-2028 ($MILLION)
FIGURE 7.MARINE INSURANCE MARKET FOR OFFSHORE/ENERGY INSURANCE, 2020-2028 ($MILLION)
FIGURE 8.MARINE INSURANCE MARKET FOR WHOLESALERS, 2020-2028 ($MILLION)
FIGURE 9.MARINE INSURANCE MARKET FOR RETAIL BROKERS, 2020-2028 ($MILLION)
FIGURE 10.MARINE INSURANCE MARKET FOR OTHERS, 2020-2028 ($MILLION)
FIGURE 11.MARINE INSURANCE MARKET FOR SHIP OWNERS, 2020-2028 ($MILLION)
FIGURE 12.MARINE INSURANCE MARKET FOR TRADERS, 2020-2028 ($MILLION)
FIGURE 13.MARINE INSURANCE MARKET FOR OTHERS, 2020-2028 ($MILLION)
FIGURE 14.GLOBAL MARINE INSURANCE, BY REGION,  2020 (%)
FIGURE 15.U.S. MARINE INSURANCE MARKET, 2020-2028 ($MILLION)
FIGURE 16.CANADA MARINE INSURANCE MARKET, 2020-2028 ($MILLION)
FIGURE 17.UK MARINE INSURANCE MARKET, 2020-2028 ($MILLION)
FIGURE 18.GERMANY MARINE INSURANCE MARKET, 2020-2028 ($MILLION)
FIGURE 19.FRANCE MARINE INSURANCE MARKET, 2020-2028 ($MILLION)
FIGURE 20.ITALY MARINE INSURANCE MARKET, 2020-2028 ($MILLION)
FIGURE 21.SPAIN MARINE INSURANCE MARKET, 2020-2028 ($MILLION)
FIGURE 22.NORDIC COUNTRIES MARINE INSURANCE MARKET, 2020-2028 ($MILLION)
FIGURE 23.REST OF EUROPE MARINE INSURANCE MARKET, 2020-2028 ($MILLION)
FIGURE 24.CHINA MARINE INSURANCE MARKET, 2020-2028 ($MILLION)
FIGURE 25.JAPAN MARINE INSURANCE MARKET, 2020-2028 ($MILLION)
FIGURE 26.SOUTH KOREA MARINE INSURANCE MARKET, 2020-2028 ($MILLION)
FIGURE 27.SINGAPORE MARINE INSURANCE MARKET, 2020-2028 ($MILLION)
FIGURE 28.INDIA MARINE INSURANCE MARKET, 2020-2028 ($MILLION)
FIGURE 29.REST OF ASIA-PACIFIC MARINE INSURANCE MARKET, 2020-2028 ($MILLION)
FIGURE 30.LATIN AMERICA MARINE INSURANCE MARKET, 2020-2028 ($MILLION)
FIGURE 31.MIDDLE EAST MARINE INSURANCE MARKET, 2020-2028 ($MILLION)
FIGURE 32.AFRICA MARINE INSURANCE MARKET, 2020-2028 ($MILLION)

 
 

Stringent government regulations & mandatory marine insurance coverage among ship owners & cargo owners are promoting the growth of the marine insurance industry. Further, the marine insurance market is one of the severely affected industries, as the pandemic has affected global supply chains, disrupting manufacturing output, and causing delays to cargo in transit. In addition, marine insurers are also affected by changing business infrastructure, government regulations, consumer demand, and disruption in supply chain globally. 

However, a considerable number of companies perceive that they have minimum marine insurance exposure. This scenario is changing, and 2020 has witnessed an increase in sale of marine insurance, owing to rapid growth in incorporation of IoT in marine insurance and surge in implementation of analytics & telematics, which has led to increased adoption of marine insurance among ship owners & cargo owners.

The marine insurance market is consolidated with the presence of top providers such as Marsh LLC, American International Group, Inc., Aon plc, and Arthur J. Gallagher & Co. Europe dominated the marine insurance market, in terms of revenue in 2020, and is expected to retain their dominance during the forecast period. However, Asia-Pacific is anticipated to experience significant growth in the future, owing to emerging economies and increasing government support toward trading globally. This is projected to accelerate the demand for marine insurance in the region. 

Furthermore, the marine insurance market is particularly brisk in countries, such as India, Australia, China, Japan, Indonesia, Korea, Hong Kong, Taiwan, with high GDP growth and rise in per capita income. Some of the key players profiled in the report include Allianz, AXA, Chubb, Lloyd's, Lockton Companies, Marsh LLC, and Zurich. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.

 
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A. The Marine Insurance Market is estimated to grow at a CAGR of 3.1% from 2021 to 2028.

A. The Marine Insurance Market is projected to reach $33.90 billion by 2028.

A. To get the latest version of sample report

A. Factors such as increased demand & awareness toward marine insurance among ship owners, cargo owners, and charterers facing huge losses such as damage caused to ships, cargo vessels, and terminals drives the growth of the Marine Insurance market

A. The key players profiled in the report include Allianz, American International Group, Inc., Aon plc, Arthur J. Gallagher & Co., AXA, Chubb, Lloyd's, Lockton Companies, Marsh LLC, and Zurich, and many more.

A. On the basis of top growing big corporations, we select top 10 players.

A. The Marine Insurance Market is segmented on the basis of type, distribution channel, end user, and region.

A. The key growth strategies of Marine Insurance market players include product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations.

A. Wholesalers Segment holds a dominant position throughout the forecast period.

A. Marine Liability Insurance segment will grow at a highest CAGR of 4.7% during 2021 - 2028

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Targeted market view to provide pertinent information and save time of readers