Dublin, Sept. 18, 2024 (GLOBE NEWSWIRE) -- The "Freight Marine Liability Insurance Global Market Report 2024" has been added to ResearchAndMarkets.com's offering.
The freight marine liability insurance market size has grown strongly in recent years. It will grow from $31.51 billion in 2023 to $33.36 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The growth observed in the historic period can be credited to factors such as performance optimization, player analytics, enhanced fan engagement, injury prevention initiatives, and the widespread adoption of data-driven decision-making in the relevant sectors.
The freight marine liability insurance market size is expected to see steady growth in the next few years. It will grow to $40.01 billion in 2028 at a compound annual growth rate (CAGR) of 4.6%. The anticipated growth in the forecast period can be linked to advancements in computer vision, the implementation of customized training programs, real-time decision support systems, the expansion of fan experiences, and the occurrence of major global sporting events. Key trends expected in the forecast period involve the integration of sports technologies with emerging technologies, advancements in wearable technology, exploration of sponsorship and revenue opportunities, emphasis on injury prevention and rehabilitation, and the continued integration of wearable technology in sports.
The escalating occurrence of natural disasters is anticipated to drive the growth of the freight marine liability insurance market. Natural disasters, stemming from Earth's biological processes, encompass events such as earthquakes, hurricanes, floods, and wildfires, causing extensive damage to life, property, and the environment. In response, freight marine liability insurance serves as a financial safeguard for shipping companies, offering protection against potential losses and liabilities incurred during sea transportation. This coverage compensates for damages to cargo, vessels, and third parties, mitigating the adverse effects of natural disasters on the maritime industry. For example, the National Centers for Environmental Information (NCEI) reported in January 2024 that in 2023, there were 28 weather and climate disasters, surpassing the previous record of 22 in 2020, incurring a minimum cost of $92.9 billion. Consequently, the upsurge in natural disasters is a driving force behind the growth of the freight marine liability insurance market.
Prominent players in the freight marine liability insurance market are strategically offering innovative insurance services, including specialized marine general liability insurance coverage. This comprehensive coverage caters to businesses engaged in maritime trade. A case in point is Axa XL, a US-based insurance company, which in December 2023 introduced specialized marine general liability insurance coverage tailored for marine artisans in the US. This product is designed to safeguard maritime artisans working as contractors in boat construction, maintenance, and repair, encompassing inland marine, ocean cargo, blue and brown water hulls, protection and indemnity, and excess and primary marine liabilities.
In April 2023, Pen Underwriting Limited, an Australia-based specialist insurance company, successfully acquired Tay River Holdings Ltd. for an undisclosed amount. This strategic move positions Pen Underwriting Limited to enter the specialist marine liability insurance market and enhance its capabilities in niche areas such as marine trades' liability, ports and terminals liability, and marine war risks through independent broker clients. Tay River Holdings Ltd., a UK-based insurance company, specializes in marine liability, ports and terminals liability, marine war risks, and related areas, aligning with Pen Underwriting Limited's expansion objectives.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Scope
Markets Covered:
- By Policy Type: Time Policy; Voyage Policy; Floating Policy; Valued Policy; Others
- By Insurance Coverage: Loss/Damage; Fire/Explosion; Natural Calamity; Others
- By Premium Type: Large Market; Middle Market; Small Market
Key Companies Mentioned: Berkshire Hathaway Inc.; Ping An Insurance; Allianz SE; AXA; Assicurazioni Generali SpA
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita.
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2024 - 2028 |
| Estimated Market Value (USD) in 2024 | $33.36 Billion |
| Forecasted Market Value (USD) by 2028 | $40.01 Billion |
| Compound Annual Growth Rate | 4.6% |
| Regions Covered | Global |
Key Topics Covered:
1. Executive Summary
2. Freight Marine Liability Insurance Market Characteristics
3. Freight Marine Liability Insurance Market Trends and Strategies
4. Freight Marine Liability Insurance Market - Macro Economic Scenario
5. Global Freight Marine Liability Insurance Market Size and Growth
5.1. Global Freight Marine Liability Insurance Market Drivers and Restraints
5.2. Global Freight Marine Liability Insurance Historic Market Size and Growth, 2018 - 2023, Value ($ Billion)
5.3. Global Freight Marine Liability Insurance Forecast Market Size and Growth, 2023 - 2028, 2033F, Value ($ Billion)
6. Freight Marine Liability Insurance Market Segmentation
6.1. Global Freight Marine Liability Insurance Market, Segmentation by Policy Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Time Policy
- Voyage Policy
- Floating Policy
- Valued Policy
- Others
6.2. Global Freight Marine Liability Insurance Market, Segmentation by Insurance Coverage, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Loss/Damage
- Fire/Explosion
- Natural Calamity
- Others
6.3. Global Freight Marine Liability Insurance Market, Segmentation by Premium Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Large Market
- Middle Market
- Small Market
7. Freight Marine Liability Insurance Market Regional and Country Analysis
7.1. Global Freight Marine Liability Insurance Market, Split by Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
7.2. Global Freight Marine Liability Insurance Market, Split by Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8. Asia-Pacific Freight Marine Liability Insurance Market
8.1. Asia-Pacific Freight Marine Liability Insurance Market Overview
8.2. Asia-Pacific Freight Marine Liability Insurance Market, Segmentation by Policy Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.3. Asia-Pacific Freight Marine Liability Insurance Market, Segmentation by Insurance Coverage, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.4. Asia-Pacific Freight Marine Liability Insurance Market, Segmentation by Premium Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
9-29. Country Breakdown Freight Marine Liability Insurance Market
30. Freight Marine Liability Insurance Market Competitive Landscape and Company Profiles
30.1. Freight Marine Liability Insurance Market Competitive Landscape
30.2. Freight Marine Liability Insurance Market Company Profiles
- Berkshire Hathaway Inc.
- Ping an Insurance
- Allianz
- AXA
- Assicurazioni Generali SpA
31. Freight Marine Liability Insurance Market Other Major and Innovative Companies
- State Farm Mutual Automobile Insurance Company
- Reliance Nippon Life Insurance Company Limited
- Nationwide Mutual Insurance Company
- American International Group Inc.
- Tokio Marine Group
- Allstate Insurance Company
- Liberty Mutual Insurance Company
- Chubb Limited
- Zurich Insurance Group Ltd.
- Travelers Indemnity Company
- Intact Insurance Company
- The Hartford Financial Services Group Inc.
- Aviva PLC
- Marsh & McLennan Companies Inc.
- Markel Corporation
32. Global Freight Marine Liability Insurance Market Competitive Benchmarking
33. Global Freight Marine Liability Insurance Market Competitive Dashboard
34. Key Mergers and Acquisitions in the Freight Marine Liability Insurance Market
35. Freight Marine Liability Insurance Market Future Outlook and Potential Analysis
35.1 Freight Marine Liability Insurance Market in 2028 - Countries Offering Most New Opportunities
35.2 Freight Marine Liability Insurance Market in 2028 - Segments Offering Most New Opportunities
35.3 Freight Marine Liability Insurance Market in 2028 - Growth Strategies
For more information about this report visit https://www.researchandmarkets.com/r/nntgri
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