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COVID-19
The pandemic continues to cause unprecedented disruption across industries worldwide.
Get detailed insights regarding the impact of COVID-19 on the market.

Marine Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027

Market Overview:

The global marine insurance market reached a value of US$ 31.4 Billion in 2021. 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. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.

Marine insurance policy provides financial coverage against damages and losses caused to cargo vessels, ships, and terminals during transportation. It is generally required during import and export trade proceedings to meet strict regulatory compliance of different countries. Nowadays, several insurers are introducing plans that cover the risk of theft, malicious damage, shortage, and non-delivery of goods. These plans can be customized according to the specific business requirements of customers. Besides this, they also cover for losses incurred on account of fire, explosion, hijacks, accidents, collisions, and overturning.

 

 
 

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Marine Insurance Market Trends:

Governing agencies of numerous countries are undertaking initiatives to promote local manufacturing and international trade, which is resulting in a significant rise in the number of export activities across the globe. In addition, they are mandating marine insurance for vessels used in commercial transportation. This represents one of the key factors driving the demand for marine insurance to keep goods or cargos insured against unforeseen incidents during transit. Furthermore, e-commerce companies are adopting marine shipping to facilitate cross-border transportation of goods and reach a broader audience. This, in confluence with the emerging trend of online shopping on account of rapid urbanization, improving income levels, and the growing influence of social media, is propelling the growth of the market. Apart from this, leading players are focusing on incorporating machine learning (ML) and artificial intelligence (AI) to deliver risk management services, improve renewal efficiency, and uncover behavioral factors that impact loss events in real-time. Such advancements are anticipated to drive the demand for marine insurance around the world to simplify claim processing, manage engine performance, and improve navigation and cargo supply chains.

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 2022-2027. Our report has categorized the market based on type, distribution channel and end user.

Breakup by Type:

 

 
 

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  • Cargo Insurance
  • Hull and Machinery Insurance
  • Marine Liability Insurance
  • Offshore/Energy Insurance
     

Breakup by Distribution Channel:

  • Wholesalers
  • Retail Brokers
  • Others 
     

Breakup by End User:

  • Ship Owners
  • Traders
  • Others
     

Breakup by Region:

 

 
 

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  • North America
    • United States
    • Canada
  • Asia-Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Indonesia
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Italy
    • Spain
    • Russia
    • Others
  • Latin America
    • Brazil
    • Mexico
    • Others
  • Middle East and Africa
     

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being 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 and Zurich Insurance Group Ltd.

Report Coverage:

Report Features Details
Base Year of the Analysis 2021
    Historical Period 2016-2021
Forecast Period 2022-2027
Units US$ Billion
Segment Coverage Type, Distribution Channel, End User, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered 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 and Zurich Insurance Group Ltd.
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

 

Key Questions Answered in This Report:

  • How has the global marine insurance market performed so far and how will it perform in the coming years?
  • What has been the impact of COVID-19 on the global marine insurance market?
  • What are the key regional markets?
  • What is the breakup of the market based on the type?
  • What is the breakup of the market based on the distribution channel?
  • What is the breakup of the market based on the end user?
  • What are the various stages in the value chain of the industry?
  • What are the key driving factors and challenges in the industry?
  • What is the structure of the global marine insurance market and who are the key players?
  • What is the degree of competition in the industry?

1    Preface
2    Scope and Methodology

    2.1    Objectives of the Study
    2.2    Stakeholders
    2.3    Data Sources
        2.3.1    Primary Sources
        2.3.2    Secondary Sources
    2.4    Market Estimation
        2.4.1    Bottom-Up Approach
        2.4.2    Top-Down Approach
    2.5    Forecasting Methodology
3    Executive Summary
4    Introduction

    4.1    Overview
    4.2    Key Industry Trends
5    Global Marine Insurance Market
    5.1    Market Overview
    5.2    Market Performance
    5.3    Impact of COVID-19
    5.4    Market Forecast
6    Market Breakup by Type
    6.1    Cargo Insurance
        6.1.1 Market Trends
        6.1.2 Market Forecast
    6.2    Hull and Machinery Insurance
        6.2.1 Market Trends
        6.2.2 Market Forecast
    6.3    Marine Liability Insurance
        6.3.1 Market Trends
        6.3.2 Market Forecast
    6.4    Offshore/Energy Insurance
        6.4.1 Market Trends
        6.4.2 Market Forecast
7    Market Breakup by Distribution Channel
    7.1    Wholesalers
        7.1.1 Market Trends
        7.1.2 Market Forecast
    7.2    Retail Brokers
        7.2.1 Market Trends
        7.2.2 Market Forecast
    7.3    Others 
        7.3.1 Market Trends
        7.3.2 Market Forecast
8    Market Breakup by End User
    8.1    Ship Owners
        8.1.1 Market Trends
        8.1.2 Market Forecast
    8.2    Traders
        8.2.1 Market Trends
        8.2.2 Market Forecast
    8.3    Others  
        8.3.1 Market Trends
        8.3.2 Market Forecast
9    Market Breakup by Region
    9.1    North America
        9.1.1 United States
           9.1.1.1 Market Trends
           9.1.1.2 Market Forecast
        9.1.2 Canada
           9.1.2.1 Market Trends
           9.1.2.2 Market Forecast
    9.2    Asia-Pacific
        9.2.1 China
           9.2.1.1 Market Trends
           9.2.1.2 Market Forecast
        9.2.2 Japan
           9.2.2.1 Market Trends
           9.2.2.2 Market Forecast
        9.2.3 India
           9.2.3.1 Market Trends
           9.2.3.2 Market Forecast
        9.2.4 South Korea
           9.2.4.1 Market Trends
           9.2.4.2 Market Forecast
        9.2.5 Australia
           9.2.5.1 Market Trends
           9.2.5.2 Market Forecast
        9.2.6 Indonesia
           9.2.6.1 Market Trends
           9.2.6.2 Market Forecast
        9.2.7 Others
           9.2.7.1 Market Trends
           9.2.7.2 Market Forecast
    9.3    Europe
        9.3.1 Germany
           9.3.1.1 Market Trends
           9.3.1.2 Market Forecast
        9.3.2 France
           9.3.2.1 Market Trends
           9.3.2.2 Market Forecast
        9.3.3 United Kingdom
           9.3.3.1 Market Trends
           9.3.3.2 Market Forecast
        9.3.4 Italy
           9.3.4.1 Market Trends
           9.3.4.2 Market Forecast
        9.3.5 Spain
           9.3.5.1 Market Trends
           9.3.5.2 Market Forecast
        9.3.6 Russia
           9.3.6.1 Market Trends
           9.3.6.2 Market Forecast
        9.3.7 Others
           9.3.7.1 Market Trends
           9.3.7.2 Market Forecast
    9.4    Latin America
        9.4.1 Brazil
           9.4.1.1 Market Trends
           9.4.1.2 Market Forecast
        9.4.2 Mexico
           9.4.2.1 Market Trends
           9.4.2.2 Market Forecast
        9.4.3 Others
           9.4.3.1 Market Trends
           9.4.3.2 Market Forecast
    9.5    Middle East and Africa
        9.5.1 Market Trends
        9.5.2 Market Breakup by Country
        9.5.3 Market Forecast
10    SWOT Analysis
    10.1    Overview
    10.2    Strengths
    10.3    Weaknesses
    10.4    Opportunities
    10.5    Threats
11    Value Chain Analysis
12    Porters Five Forces Analysis

    12.1    Overview
    12.2    Bargaining Power of Buyers
    12.3    Bargaining Power of Suppliers
    12.4    Degree of Competition
    12.5    Threat of New Entrants
    12.6    Threat of Substitutes
13    Price Analysis
14    Competitive Landscape

    14.1    Market Structure
    14.2    Key Players
    14.3    Profiles of Key Players
        14.3.1    Allianz SE
           14.3.1.1 Company Overview
           14.3.1.2 Product Portfolio
           14.3.1.3 Financials
           14.3.1.4 SWOT Analysis
        14.3.2    American International Group Inc.
           14.3.2.1 Company Overview
           14.3.2.2 Product Portfolio
           14.3.2.3 Financials
           14.3.2.4 SWOT Analysis
        14.3.3    Aon plc
           14.3.3.1 Company Overview
           14.3.3.2 Product Portfolio
           14.3.3.3 Financials
           14.3.3.4 SWOT Analysis
        14.3.4    Arthur J. Gallagher & Co.
           14.3.4.1 Company Overview
           14.3.4.2 Product Portfolio
           14.3.4.3 Financials
           14.3.4.4 SWOT Analysis
        14.3.5    AXA S.A
           14.3.5.1 Company Overview
           14.3.5.2 Product Portfolio
           14.3.5.3 Financials
           14.3.5.4 SWOT Analysis
        14.3.6    Beazley Group
           14.3.6.1 Company Overview
           14.3.6.2 Product Portfolio
           14.3.6.3 Financials
        14.3.7    Brown & Brown Inc.
           14.3.7.1 Company Overview
           14.3.7.2 Product Portfolio
           14.3.7.3 Financials
           14.3.7.4 SWOT Analysis
        14.3.8    Chubb Limited
           14.3.8.1 Company Overview
           14.3.8.2 Product Portfolio
           14.3.8.3 Financials
           14.3.8.4 SWOT Analysis
        14.3.9    Lloyd's of London
           14.3.9.1 Company Overview
           14.3.9.2 Product Portfolio
        14.3.10    Lockton Companies
           14.3.10.1 Company Overview
           14.3.10.2 Product Portfolio
        14.3.11    Marsh & McLennan Companies Inc.
           14.3.11.1 Company Overview
           14.3.11.2 Product Portfolio
           14.3.11.3 Financials
           14.3.11.4 SWOT Analysis
        14.3.12    QBE Insurance Group Limited
           14.3.12.1 Company Overview
           14.3.12.2 Product Portfolio
           14.3.12.3 Financials
           14.3.12.4 SWOT Analysis
        14.3.13    Swiss Re
           14.3.13.1 Company Overview
           14.3.13.2 Product Portfolio
           14.3.13.3 Financials
           14.3.13.4 SWOT Analysis
        14.3.14    Willis Towers Watson Public Limited Company
           14.3.14.1 Company Overview
           14.3.14.2 Product Portfolio
           14.3.14.3 Financials
           14.3.14.4 SWOT Analysis
        14.3.15    Zurich Insurance Group Ltd.
           14.3.15.1 Company Overview
           14.3.15.2 Product Portfolio
           14.3.15.3 Financials
           14.3.15.4 SWOT Analysis

List of Figures

Figure 1: Global: Marine Insurance Market: Major Drivers and Challenges
Figure 2: Global: Marine Insurance Market: Sales Value (in Billion US$), 2016-2021
Figure 3: Global: Marine Insurance Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 4: Global: Marine Insurance Market: Breakup by Type (in %), 2021
Figure 5: Global: Marine Insurance Market: Breakup by Distribution Channel (in %), 2021
Figure 6: Global: Marine Insurance Market: Breakup by End User (in %), 2021
Figure 7: Global: Marine Insurance Market: Breakup by Region (in %), 2021
Figure 8: Global: Marine Insurance (Cargo Insurance) Market: Sales Value (in Million US$), 2016 & 2021
Figure 9: Global: Marine Insurance (Cargo Insurance) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 10: Global: Marine Insurance (Hull and Machinery Insurance) Market: Sales Value (in Million US$), 2016 & 2021
Figure 11: Global: Marine Insurance (Hull and Machinery Insurance) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 12: Global: Marine Insurance (Marine Liability Insurance) Market: Sales Value (in Million US$), 2016 & 2021
Figure 13: Global: Marine Insurance (Marine Liability Insurance) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 14: Global: Marine Insurance (Offshore/Energy Insurance) Market: Sales Value (in Million US$), 2016 & 2021
Figure 15: Global: Marine Insurance (Offshore/Energy Insurance) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 16: Global: Marine Insurance (Wholesalers) Market: Sales Value (in Million US$), 2016 & 2021
Figure 17: Global: Marine Insurance (Wholesalers) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 18: Global: Marine Insurance (Retail Brokers) Market: Sales Value (in Million US$), 2016 & 2021
Figure 19: Global: Marine Insurance (Retail Brokers) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 20: Global: Marine Insurance (Other Distribution Channels) Market: Sales Value (in Million US$), 2016 & 2021
Figure 21: Global: Marine Insurance (Other Distribution Channels) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 22: Global: Marine Insurance (Ship Owners) Market: Sales Value (in Million US$), 2016 & 2021
Figure 23: Global: Marine Insurance (Ship Owners) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 24: Global: Marine Insurance (Traders) Market: Sales Value (in Million US$), 2016 & 2021
Figure 25: Global: Marine Insurance (Traders) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 26: Global: Marine Insurance (Other End Users) Market: Sales Value (in Million US$), 2016 & 2021
Figure 27: Global: Marine Insurance (Other End Users) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 28: North America: Marine Insurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 29: North America: Marine Insurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 30: United States: Marine Insurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 31: United States: Marine Insurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 32: Canada: Marine Insurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 33: Canada: Marine Insurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 34: Asia-Pacific: Marine Insurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 35: Asia-Pacific: Marine Insurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 36: China: Marine Insurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 37: China: Marine Insurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 38: Japan: Marine Insurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 39: Japan: Marine Insurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 40: India: Marine Insurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 41: India: Marine Insurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 42: South Korea: Marine Insurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 43: South Korea: Marine Insurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 44: Australia: Marine Insurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 45: Australia: Marine Insurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 46: Indonesia: Marine Insurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 47: Indonesia: Marine Insurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 48: Others: Marine Insurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 49: Others: Marine Insurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 50: Europe: Marine Insurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 51: Europe: Marine Insurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 52: Germany: Marine Insurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 53: Germany: Marine Insurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 54: France: Marine Insurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 55: France: Marine Insurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 56: United Kingdom: Marine Insurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 57: United Kingdom: Marine Insurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 58: Italy: Marine Insurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 59: Italy: Marine Insurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 60: Spain: Marine Insurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 61: Spain: Marine Insurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 62: Russia: Marine Insurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 63: Russia: Marine Insurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 64: Others: Marine Insurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 65: Others: Marine Insurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 66: Latin America: Marine Insurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 67: Latin America: Marine Insurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 68: Brazil: Marine Insurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 69: Brazil: Marine Insurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 70: Mexico: Marine Insurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 71: Mexico: Marine Insurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 72: Others: Marine Insurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 73: Others: Marine Insurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 74: Middle East and Africa: Marine Insurance Market: Sales Value (in Million US$), 2016 & 2021
Figure 75: Middle East and Africa: Marine Insurance Market: Breakup by Country (in %), 2021
Figure 76: Middle East and Africa: Marine Insurance Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 77: Global: Marine Insurance Industry: SWOT Analysis
Figure 78: Global: Marine Insurance Industry: Value Chain Analysis
Figure 79: Global: Marine Insurance Industry: Porter's Five Forces Analysis

List of Tables

Table 1: Global: Marine Insurance Market: Key Industry Highlights, 2021 and 2027
Table 2: Global: Marine Insurance Market Forecast: Breakup by Type (in Million US$), 2022-2027
Table 3: Global: Marine Insurance Market Forecast: Breakup by Distribution Channel (in Million US$), 2022-2027
Table 4: Global: Marine Insurance Market Forecast: Breakup by End User (in Million US$), 2022-2027
Table 5: Global: Marine Insurance Market Forecast: Breakup by Region (in Million US$), 2022-2027
Table 6: Global: Marine Insurance Market: Competitive Structure
Table 7: Global: Marine Insurance Market: Key Players


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