Facts and Factors Market Research has published a new report titled “Marine Insurance Market By Type (Transport/Cargo, Marine Liability, Hull, and Offshore/Energy) and By Insurance Coverage (Natural Calamity, Loss/Damage, Fire/Explosion, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018 – 2027”.
According to the report, the global marine insurance market is anticipated to be valued approximately USD 29,440 million in 2018 and is projected to hit the revenue of around USD 39,029 million by 2027, at a CAGR of around 3.2 % between 2019 and 2027.
Marine insurance covers the damage or loss to the ships, terminals, cargo, and any kind of transport due to which the property or asset is shifted, held, or acquired from the point of origin to the point of destination. The marine insurance also covers offshore as well as an onshore exposed asset along with marine liability, hull, and marine casualty.
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Massive use of online web portals in the insurance sector to steer market growth
Rise in the acceptance of digital web portals in the insurance activities in order to improve the end-user experience will boost the growth of the marine insurance industry over the forecast period. Apart from this, technological breakthroughs witnessed across the digitization & analytics sectors will boost the market growth over the forecast period. Additionally, innovative digital enterprise tools generate online channels of distribution of insurance at reduced costs and lessened risks, thereby further driving the market trends. It also helps in improving the consumer experience and thus propels the market revenue.
Furthermore, the growing IoT trends witnessed in the insurance service sector will boost market expansion over the forecast period. For instance, the connected devices help the insurers to examine the customer information and type of customer services. Nonetheless, the poor state of the shipping industry, as well as offshore activities and oscillating commodity costs, will put brakes on the industry expansion. Moreover, diminishing rates of freight will pose a huge challenge to the growth of the market over the forecast timeline.
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Transport/Cargo type segment to register the highest CAGR over the forecast period
Transport/Cargo type segment is set to record a CAGR of 3.3% during the period from 2019 to 2027. The rise in the trade activities will result in the escalating demand for transport/cargo loading & inspecting services. This, in turn, will generate the need for insuring the cargo/transport across the globe, thereby driving the growth of the segment.
Loss/Damage insurance coverage segment to contribute majorly towards the overall market share
The growth of the segment is attributed to the rise in the number of collisions occurring in the sea resulting in the humungous demand for loss/damage insurance coverage.
Europe to dominate the overall regional market share by 2027
The European market is slated to lead the overall market growth during the forecast period. The P & I clubs in the countries like the UK are offering the majority of global shipping fleets with insurance coverage against legal liabilities to third party vendors. Moreover, the insurance firms based in Europe have enhanced their presence in Rotterdam and Genoa ports as well as other seaports in the vicinity of harbor sites. All these factors are likely to support the growth as well as the dominance of the European marine insurance industry during the period from 2019 to 2025.
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Key players involved in marine insurance industry include Allianz, American International, Anderson Insurance Agency, Aon, Mitsui Sumitomo Insurance Co., Ltd., ARIES MARINE INSURANCE BROKERS LTD., Thomas Miller,Sirius International Insurance Group Ltd., United India Insurance Co. Ltd., Ascot, Atrium, AXA, Beazley, Willis Towers Watson, Swiss Re, Berkshire Hathaway Specialty Insurance, XL Catlin, Brown & Brown, Inc., Chubb, Gallagher, Gard, Hannover Re, HDFC ERGO General Insurance Company Limited , Jardine Lloyd Thompson Group plc, Lampe & Schwartze, Lockton, Marsh, Munich Re, SOMPO Taiwan Brokers Co., Ltd., Tokio Marine Holdings, and Zurich Insurance.
This report segments the marine insurance market as follows:
Global Marine Insurance Market: By Type Segment Analysis
- Marine Liability
Global Marine Insurance Market: By Insurance Coverage Segment Analysis
- Natural Calamity
Global Marine Insurance Market: Regional Segment Analysis
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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