New York, NY, May 21, 2019 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Marine Insurance Market by Type (Transport/Cargo, Hull, Offshore/Energy, and Marine Liability) and by Insurance (Loss/Damage, Fire/Explosion, Natural Calamity, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2026”. According to the report, the global marine insurance market was USD 29,440 million in 2018 and is expected to generate around USD 37,819 million by 2026, at a CAGR of 3.2% between 2019 and 2026.
Marine insurance includes the damages or losses caused to terminals, ships, and transport or cargo that acquire, transfer, or hold goods between different points of source and final terminus. The term “marine insurance” also relates to inland marine. However, it is typically used in the setting of marine insurance of ocean. Marine insurance is a haven for shipping and transporters corporations, as it helps to lessen the financial loss burden owing to the loss of cargo. The use of online gateways has enhanced customer experience by introducing advanced technologies in the marine industry, such as analytics and digitization. As a result, numerous countries, such as Singapore, are capable of endorsing insurance business prototypes via online platforms. Moreover, these new digital enterprise podiums involve decreased cost, create an online network distribution, alleviate risks, and offer an improved customer knowledge, which, in turn, propels the rate of revenue generation in the marine insurance market.
Browse through 47 Tables & 23 Figures spread over 110 Pages and in-depth TOC on “Global Marine Insurance Market Size & Trends 2018: Industry Type, Share, Segments, Companies, Analysis and Forecast to 2026”.
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The marine insurance market is fragmented into type and insurance. By type, the global marine insurance market includes transport/cargo, hull, offshore/energy, and marine liability. The transport/cargo insurance segment accounted for a major share, i.e., more than 50%, in 2018 and is expected to register a high growth rate over the forecast time period. This segmental growth can be attributed to the high demand for cargo/transport loading and inspection services are expected to increase in the future, as trade volumes are projected to rise in the next years, which, in turn, will propel the demand for cargo/transport insurers globally. Based on insurance, the global marine insurance market includes loss/damage, fire/explosion, natural calamity, and others. The loss/damage segment accounted for the largest market share, i.e., around 60%, in 2018, due to the increasing marine cases of accidental damages.
By geography, Europe accounted for the largest share of the global marine insurance market in 2018 and is expected to remain dominant over the forecast time period as well. Marine transport is one of the most important drivers of the European economy. The marine transport carries half of Europe’s goods and maintains millions of jobs. Thus, there is an increased demand for marine insurance in the region, which is anticipated to boost the growth of the European marine insurance market in the years ahead.
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Moreover, the growing number of mergers and acquisition in the region’s marine insurance market is expected to further fuel this market in the future. For instance, in January 2016, the ACE limited acquired Chubb, a marine insurance company established in Europe. The insurance solutions delivered by Chubb helped the carriers to make claims more proficiently, which will ultimately positively impact the European economy.
North America is expected to register notable growth in the global marine insurance market in the upcoming years, owing to the growing adoption of newer technologies and incorporation of IoT in marine insurance. Moreover, the acquisition of Jardine Lloyd Thompson Group (JLT) by Marsh & McLennan Companies in April 2019 is also expected to boost the growth of the North American marine insurance market.
Browse the full “Marine Insurance Market by Type (Transport/Cargo, Hull, Offshore/Energy, and Marine Liability) and by Insurance (Loss/Damage, Fire/Explosion, Natural Calamity, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2026” Report at https://www.zionmarketresearch.com/report/marine-insurance-market
Asia Pacific is expected to register the highest CAGR in the future in the global marine insurance market. Singapore is expected to register a high growth of 4% in the region’s marine insurance market in the years ahead. The marine insurance sector in Singapore has seen positive growth over the years, owing to an increasing number of marine insurance players operating across the country.
Latin America accounted for a significant share of the global marine insurance market in 2018, owing to the growing internet penetration and rising awareness about marine insurance in the region.
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Some key players operating in the global marine insurance market are Allianz, American International, Anderson Insurance Agency, Aries Marine Insurance Brokers, Ascot, Atrium, AXA, Beazley, Berkshire Hathaway Specialty Insurance, Brown & Brown, Gard, Hannover Re, Lampe & Schwartze, HDFC ERGO General Insurance, Gallagher, Marsh, Jardine Lloyd Thompson Group, Lockton, Mitsui Sumitomo Insurance, Munich Re, Sirius International Insurance, SOMPO Taiwan Brokers, Swiss Re, Thomas Miller, Tokio Marine Holdings, United India Insurance, Willis Towers Watson, XL Catlin, Zurich Insurance, and Chubb.
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This report segments the global marine insurance market into:
Global Marine Insurance Market: Type Analysis
- Transport/Cargo
- Hull
- Offshore/Energy
- Marine Liability
Global Marine Insurance Market: Insurance Analysis
- Loss/Damage
- Fire/Explosion
- Natural Calamity
- Others
Global Marine Insurance Market: Regional Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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