Transparency Market Research delivers key insights on the global marine insurance market. In terms of revenue, the global marine insurance market is estimated to expand at a CAGR of ~3% during the forecast period, owing to numerous factors regarding which TMR offers thorough insights and forecasts in its report on the global marine insurance market.
Insurance companies are expanding their product lines to meet the increasing demand for marine insurance. Moreover, strong product innovation among insurance companies with newer features in marine insurance plans is expected to boost the marine insurance market during the forecast period. In addition, marine insurance companies are adopting latest technologies to help their clients in risk management and loss prevention efforts, and also to boost their own efficiencies. All this is expected to have a positive impact on the global marine insurance market during the forecast period.
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Marine Insurance Market: Key Segments
In terms of risk type, the ocean cargo segment is expected to dominate the market during the forecast period. In terms of growth rate, ocean cargo is projected to grow at the fastest rate during the forecast period. The growing free trade agreements across the world is likely to increase the demand for ocean cargo shipping. In addition, the demand and supply for sea transportation has increased across the world, which is likely to lead to increase in demand for higher ocean cargo marine insurance globally during the forecast period.
Based on policy type, the floating segment is anticipated to hold a major market share and maintain its share during the forecast period. In terms of growth rate, the multinational policy plan is expected to expand at the fastest rate during the forecast period. The growing awareness about the various benefits associated with multinational policy plans among different end-use applications such as cargo owners, ship owners, governments, and others is expected to increase the demand for multinational policy plans across the world during the forecast period.
In terms of premium type, the large premium type segment contributed a major revenue share to the global marine insurance market and is expected to expand at the fastest rate as compared to other premium types during the forecast period. Significant challenges in the shipping industry such as climate change, shifting regulations, local compulsory insurance, and pollution legislation are increasing the need for large premium marine insurance.
Marine Insurance Market: Prominent Regions
Based on region, the global marine insurance market can be categorized into North America, Europe, Asia, Oceania, Middle East, Africa, and Latin America. Europe accounted for the largest share of the global marine insurance market in 2020 and is expected to remain dominant over the forecast period. Marine transport is one of the most important drivers of the European economy. This factor is expected to have a positive impact on the Europe market during the forecast period.
Asia is anticipated to register the highest CAGR in the future in the global marine insurance market. Key players operating in the marine insurance market in the region are adopting new technologies to provide quality services to their customers. Increasing trade activities is also projected to have a positive impact in the region.
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Marine Insurance Market: Key Players
Key players operating in the global marine insurance market are American International Group, Inc., American Financial Group, Inc., Allianz SE, Axa S.A., Arthur J. Gallagher & Co., Aon Plc, Aspen Insurance Holdings Limited, Berkshire Hathaway Specialty Insurance, Swiss Re, Zurich Insurance Group, Tokio Marine Holdings, Inc., Chubb Limited, The Hanover Insurance Group, Inc., Markel Corporation, HDI Global SE, Intact Insurance Company, ProSight Global, Inc., RLI Corp, Sompo International Holdings Ltd, The Hartford, The Travelers Indemnity Company, Assicurazioni Generali S.p.A., Beazley Group, Starr International Company, Inc., and Marsh LTD., among Others.
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