Marine Trade Insurance Claims Handling Market Scope
Marine Trade Insurance Claims Handling involve services provided by insurance company for marine vessels, cargo, terminals for their different damages. Claims come under different insurance namely freight insurance, liability insurance, hull insurance, and marine cargo insurance according to different damage. Maximum coverage, additional coverage, basic coverage are type of clause under which user claims the marine insurance. Increasing incidence of fire and explosion on board large vessels and damage due to climate condition give drive to the Marine Trade Insurance Claims Handling market
Attributes | Details |
---|
Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | Ascot Insurance Group (Australia), Concirrus (United Kingdom), Allianz (Germany), Berkshire Hathaway Specialty Insurance (United States), Arthur J. Gallagher & Co. (United States), Jardine Lloyd Thompson Group (United States), Aon Plc (United Kingdom), Mitsui Sumitomo Insurance Group Holdings, Incorporation (Japan), AXA S.A. (France), Zurich Insurance Group Ltd (Switzerland), Marsh LLC (United States), Chubb (Switzerland), IFFCO Tokio General Insurance Company Limited, Anderson Insurance Agency (United States) and Swiss Re (Switzerland) |
CAGR | % |
Marine Trade Insurance Claims Handling market is a fragmented market due to the presence of various players. The players are focusing on increasing their service and solutions to improve quality, enhances and promotes performance. The companies are coming up with partnerships or agreements along with planning strategic activities such as partnerships, product launch, mergers, and acquisitions which will help them to sustain in the market and maintain their competitive edge.
Ascot Insurance Group (Australia), Concirrus (United Kingdom), Allianz (Germany), Berkshire Hathaway Specialty Insurance (United States), Arthur J. Gallagher & Co. (United States), Jardine Lloyd Thompson Group (United States), Aon Plc (United Kingdom), Mitsui Sumitomo Insurance Group Holdings, Incorporation (Japan), AXA S.A. (France), Zurich Insurance Group Ltd (Switzerland), Marsh LLC (United States), Chubb (Switzerland), IFFCO Tokio General Insurance Company Limited, Anderson Insurance Agency (United States) and Swiss Re (Switzerland) are some of the key players that are part of study coverage.
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Marine Trade Insurance Claims Handling market by Type , by Application (Ship Owners, Cargo Owners, Government and Others) and Region with country level break-up.
On the basis of geography, the market of Marine Trade Insurance Claims Handling has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2022.
Market Leaders and their expansionary development strategies
In December 2020, Arthur J, Gallagher & Co acquired Seattle-based North Star Insurance Services, LLC and Fairhaven, Mass-based North Star marine insurance company. This acquisition helped J, Gallagher & Co to strengthen its presence in marine trade insurance claims market
In August 2022, ascot and broker marsh launched first of marine cargo and war insurance. This include protection for Ukrainian grain and other designated food product shipped, through safe corridors in the black sea established by Ukraine and Russia treaty. This launched helped ascot to expand its presence in marine trade insurance claims market
Influencing Trend:
Increasing Incidence of Explosion of Li-Ion Batteries in Electric Vehicle or Cargo
Market Growth Drivers:
Increasing Incidence of Fire and Explosion On Board Large Vessels, Rising Demand for Insurance Claims in Marine Trade Due To Higher Cost of Repair, Machinery, Spare Parts Due to Inflation, Growing Demand for Marine Insurance Claims for Damage Goods, Including Cargo Handling and Storage and Soaring Awareness in End Users for Marine Insurance Claims
Challenges:
Recovery from Insurance for Certain Goods Such As Chemicals, Fuels, or Perishable Items Is Difficult
Restraints:
Stringent Policies Pertaining to Damage Caused by Natural Calamities and Pirate Attacks
Opportunities:
Increasing Use of IoT to Generate Data and Predict the Loss and Simplified Claim Processing
Key Target Audience
Marine Trade Insurance Claims Handling companies, Government Bodies, Regulatory Bodies, Potential Investors, Research and Development Institutes, End Users and Others