The latest report by IMARC Group, titled “Marine Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the global marine insurance market size reached US$ 31.4 Billion in 2021. Marine insurance refers to a type of insurance policy that covers the loss and damage of ships, cargo vessels, and terminals. It also includes other means of transportation by which goods are transferred between the point of origin and the final destination. It provides financial coverage against all potential marine-related perils exposed to the insured goods during transit. In recent years, marine insurance has gained immense popularity due to its flexibility, comprehensive coverage, hassle-free claim settlements, and easy customization according to customers’ needs.
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.
Global Marine Insurance Market Trends:
Marine insurance is usually required during import and export trade proceedings to meet the strict regulatory compliance of different countries. As a result, the increasing export activities across the globe represent the primary factor driving the market growth. In addition, governments of various countries are introducing stringent policies mandating marine insurance for vessels used in commercial transportation. Along with this, the implementation of favorable government initiatives to promote local manufacturing and international trade has augmented the product demand to insure goods or cargo against potential accidents. Moreover, with the expanding e-commerce industry, the rising adoption of marine shipping to carry out cross-border transportation of goods and expand product reach has catalyzed the market growth. Furthermore, several key players are leveraging advanced technologies, such as the Internet of Things (IoT), artificial intelligence (AI), and machine learning (ML), for calculating existing and predicting future risks accurately to enhance risk management and streamline claim processing. They are also offering new plans that cover the risk of theft, malicious damage, and non-delivery of goods and losses incurred due to fire, explosion, accidents, collisions, overturning, and hijacks, which has accelerated product adoption rates. On account of these factors, IMARC Group expects the market value to reach US$ 39.2 Billion by 2027, growing at a CAGR of 3.65% during the forecast period (2022-2027).
- Based on the type, the market has been classified into cargo, hull and machinery, marine liability, and offshore/energy insurance.
- On the basis of the distribution channel, the market has been segregated into wholesalers, retail brokers, and others.
- The market has been divided based on the end user into ship owners, traders, and others.
- Region-wise, the market has been segmented into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has also been analyzed, with some of the key players being Allianz SE, American International Group Inc., Aon plc, Arthur J. Gallagher & Co., AXA S.A., Beazley plc, Brown & Brown Inc., Chubb Group Holdings Inc, Lloyd’s of London, Lockton Companies, Marsh & McLennan Companies Inc., QBE Insurance Group Ltd, Swiss Re Ltd, Willis Towers Watson plc, and Zurich Insurance Group Ltd.
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