NEW YORK, US, Aug. 17, 2022 (GLOBE NEWSWIRE) -- Facts and Factors has published a new research report titled “Marine Insurance Market Size, Share, Growth Analysis Report By Type (Cargo Insurance, Hull & Machinery Insurance, Marine Liability Insurance and Offshore/Energy Insurance), By Distribution Channel (Wholesalers, Retail Brokers and Others), By End User (Ship Owners, Traders and Others), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028” in its research database.
“According to the latest research study, the demand of global Marine Insurance Market size & share was valued at approximately USD 26.5 billion in 2021. The market is expected to grow above a CAGR of 2.90% and is anticipated to reach over USD 31.5 billion by 2028.”
The report analyses the Marine Insurance market’s drivers and restraints, as well as the impact they have on-demand throughout the projection period. In addition, the report examines global opportunities in the global Marine Insurance market.
What is Marine Insurance? How big is the Marine Insurance Industry?
- Market Overview:
Marine insurance coverage aids in risk management in unfortunate events, including damage to property and the environment, accidents, and fatalities. Ship owners, cargo owners, and charterers typically use marine insurance policies. A marine insurance policy offers financial protection against losses and damages incurred during transit to cargo ships, terminals, and ships.
Meeting tight regulatory compliance of various countries is typically required throughout import and export trade proceedings. Many insurers are now offering policies that protect against the risk of theft, malicious damage, shortages, and non-delivery of goods. Customers' unique business requirements might be considered when creating these arrangements. They also cover losses brought on by fire, explosions, hijackings, accidents, collisions, and overturning. Owing to the rise in demand for Marine Insurance, the global Marine Insurance market is estimated to grow at a CAGR of 2.90% during the forecast period.
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Our Free Sample Report Consists of the Following:
- Introduction, Overview, and in-depth industry analysis are all included in the 2022 updated report.
- The COVID-19 Pandemic Outbreak Impact Analysis is included in the package
- About 221+ Pages Research Report (Including Recent Research)
- Provide detailed chapter-by-chapter guidance on Request
- Updated Regional Analysis with Graphical Representation of Size, Share, and Trends for the Year 2022
- Includes Tables and figures have been updated
- The most recent version of the report includes the Top Market Players, their Business Strategies, Sales Volume, Revenue Analysis, SWOT Analysis, Industry Major Players, Historical and ForecastGrowth, Porter's 5 Forces Analysis
- Facts and Factors research methodology
(Please note that the sample of this report has been modified to include the COVID-19 impact study prior to delivery.)
Key Insights from Primary Research
- As per the analysis, the Marine Insurance market is likely to grow above a CAGR of around 2.90% between 2022 and 2028.
- The Marine Insurance market size was worth around US$ 26.5 billion in 2021and is estimated to hit approximately US$ 31.5 billion by 2028. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
- By Type, the cargo insurance segment dominated the market in 2021.
- Based on end user, the ship owners segment dominated the market.
- On the basis of region, Europe dominated the global marine insurance market.
Market Dynamics
As a result of government agencies in many countries establishing initiatives to boost domestic industry and international commerce, the number of export activities globally is rapidly rising. A necessity for boats used for commercial transportation is marine insurance. This is one of the main reasons for the demand for maritime insurance, which guards goods or cargo against unforeseen catastrophes while in transit. To streamline cross-border product transportation and reach a broader customer base, e-commerce companies are embracing maritime shipping.
Along with the new online purchasing trend brought on by rapid urbanization, rising income levels, and the growing influence of social media, this hastened the market's growth. Leading companies emphasize integrating machine learning (ML) and artificial intelligence (AI) to supply risk management services, enhance renewal effectiveness, and identify behavioral characteristics affecting real-time loss incidents. It is anticipated that these developments will increase the demand for marine insurance. Numerous laws, rules, and regulations pertaining to insurance services, data privacy, and cyber-security that need further certification, digital security, licenses, and technical support may hinder the maritime insurance market. Strong potential for demand in developing nations has attracted domestic and international suppliers, raising market competitiveness.
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Marine Insurance Market: COVID-19 Impact Analysis
The development of the marine insurance market was adversely affected by COVID-19. A decrease in business travel insurance premiums was observed during the COVID-19 epidemic. Because of the COVID outbreak, numerous countries have implemented lockdowns and travel restrictions. The movement of people across international borders came to a halt when nations began to restrict entry for tourists. In the aftermath of the COVID-19 epidemic, the expansion of the industry was negatively impacted by an increase in the number of aircraft cancellations and insurance claims.
Competitive Players
The report contains qualitative and quantitative research on the global marine insurance Market, as well as detailed insights and development strategies employed by the leading competitors. The report also provides an in-depth analysis of the market's main competitors, as well as information on their competitiveness. The research also identifies and analyses important business strategies used by these main market players, such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts. The study examines, among other things, each company's global presence, competitors, service offers, and standards.
Some of the main players in the global Marine Insurance market include:
- Allianz
- AXA
- Chubb
- American International Group Inc.
- Arthur J. Gallagher & Co.
- Aon plc
- Lloyd's
- Lockton Companies
- Marsh LLC
- Zurich
Browse the full “Marine Insurance Market Size, Share, Growth Analysis Report - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028" report at https://www.fnfresearch.com/marine-insurance-market
Marine Insurance Market: Segmentation Analysis
The global marine insurance market is segregated based on type, distribution channel, end-user, and region.
Based on type, the market is divided into cargo insurance, hull &machinery insurance, marine liability insurance and offshore/energy insurance. Among these, the cargo insurance segment dominated the market in 2021. Based on the distribution channel, the market is divided into wholesalers, retail brokers and others. Among these, the broker's segment dominated the market in 2021.
Based on the end-user, the market is divided into ship owners, traders and others. Over the forecast period, the ship owners segment is expected to develop fastest in 2021.
Regional Analysis:
The global marine insurance market is divided into geographic regions: North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. Europe dominated the global marine insurance market in 2021due to the projected expansion of the region's commercial potential. Due to the positive effects of maritime transportation on the European market, it is projected that the industry in this area will expand. Europe is encircled by water, which promotes marine trade and propels market expansion.
Major businesses in the marine insurance market have opportunities due to the development of trade agreements globally and the operations of import and export. The demand for waterborne transportation is expanding, and import and export activity is picking up, which has led to an increase in the number of ship owners, helping the nation's marine insurance market.
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Recent Industry Developments:
- In October 2020 - Seguradorasunidas S.A. and the service firm advance care were acquired by AssicurazioniGeneraliS.p.A. from calm eagle parent holdings II S.àr.l. and calm rvagle Holdings S.à r.l.in Portugal.
- In April 2020, Tokiomarine established a corporate venture capital (CVC) fund to support local and international early-stage entrepreneurs. It is anticipated that the Palo Alto-based CVC fund will invest between $500,000 and $3 million in seed and series projects in various industries, including finance, healthcare, insurtech, mobility, automation, climate tech, cybersecurity, and artificial intelligence.
Key questions answered in this report:
- What is the market size and growth rate forecast for Marine Insurance industry?
- What are the main driving factors propelling the Marine Insurance Market forward?
- What are the leading companies in the Marine Insurance Industry?
- What segments does the Marine Insurance Market cover?
- How can I receive a free copy of the Marine Insurance Market sample report and company profiles?
Report Scope:
| Report Attribute | Details |
| Market Size in 2021 | USD 26.5 Billion |
| Projected Market Size in 2028 | USD 31.5 Billion |
| CAGR Growth Rate | 2.90% CAGR |
| Base Year | 2021 |
| Forecast Years | 2022-2028 |
| Key Market Players | Allianz, AXA, Chubb, American International Group Inc., Arthur J. Gallagher & Co., Aon plc, Lloyd's, Lockton Companies, Marsh LLC, Zurich, and Others |
| Key Segment | By Type, Distribution Channel, End User, and Region |
| Major Regions Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
| Purchase Options | Request customized purchase options to meet your research needs. |
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The global Marine Insurance market is segmented as follows:
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
- The U.S.
- Canada
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Southeast Asia
- Rest of Southeast Asia
- The Middle East & Africa
- GCC
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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Key Offerings:
- Market Size, Trends, & Forecast by Revenue | 2022−2028
- Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
- Market Segmentation – A detailed analysis by Type, Distribution Channel, End User, and Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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