According to the latest report by IMARC Group, titled “Marine Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027.’ The global marine insurance market reached a value of US$ 31.4 Billion in 2021. A marine insurance policy provides financial coverage against losses and damages caused to ships, cargo vessels, and terminals during transportation. It is designed to minimize the financial loss borne by the policyholder in the event of an accident, catastrophe, or natural hazard. In recent years, insurers have been introducing various plans that cover malicious damage, the risk of theft, shortage, and the non-delivery of goods. In addition, they cover for losses incurred in the event of a fire, hijacks, explosion, overturning and collisions.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Over the years, governments of numerous countries have been undertaking activities to encourage local manufacturing and international trade, thereby increasing the number of export activities across the globe. Additionally, they are mandating marine insurance for vehicles used in commercial transportation, which represents the major growth-inducing factor. Furthermore, the rising implementation of telematics that provides the ability to assess both current and future risks occurring in the marine business more accurately is anticipated to propel market growth in the upcoming years. Looking forward, IMARC Group expects the market to reach US$ 39.2 Billion by 2027, exhibiting at a CAGR of 3.65% during 2022-2027.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global marine insurance market, along with forecasts at the global, regional and country level from 2021-2026. Our report has categorized the market based on type, distribution channel and end user.
Competitive Landscape with Key Players:
- Allianz SE
- American International Group Inc
- Aon plc
- Arthur J. Gallagher & Co.
- AXA S.A.
- Beazley Group
- Brown & Brown Inc.
- Chubb Limited
- Lloyd’s of London
- Lockton Companies
- Marsh & McLennan Companies Inc.
- QBE Insurance Group Limited
- Swiss Re
- Willis Towers Watson Public Limited Company
- Zurich Insurance Group Ltd.
Key Market Segmentation:
Breakup by Type:
- Cargo Insurance
- Hull and Machinery Insurance
- Marine Liability Insurance
- Offshore/Energy Insurance
Breakup by Distribution Channel:
- Retail Brokers
Breakup by End User:
- Ship Owners
Breakup by Region:
- Asia Pacific
- North America
- Middle East and Africa
- Latin America
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Market Trends
- Market Drivers and Success Factors
- The Impact of COVID-19 on the Global Market
- Value Chain Analysis
- Structure of the Global Market
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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