About Marine Insurance
The global Marine Insurance market is expected to witness high growth in the forecasted period due to increasing awareness about Marine Insurance. Marine insurance includes the damages or losses caused to terminals, ships, and transport or cargo that acquire, transfer, or hold goods between different points of source and final terminus. The use of online gateways has enhanced customer experience by introducing advanced technologies in the marine industry, such as analytics and digitization.the growing adoption by shipping and transporters will help to boost the market growth.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
High Growth Market | Asia Pacific |
Unit | Value (USD Million) |
CAGR | 3.5% |
The companies are exploring the market by adopting expansions, investments, new service launches and collaborations as their preferred strategies. the growing number of mergers and acquisitions in the region’s marine insurance market is expected to further fuel this market in the future. Analyst at AMA Research estimates that European Players will contribute the maximum growth to Global Marine Insurance market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Allianz (Germany), American International (United States), Aon (United Kingdom), AXA (France), Marsh (United States), Arthur J. Gallagher (United States), Atrium (United States), Beazley (United Kingdom), Chubb (United States), Gard (Norway) and Mitsui Sumitomo (Japan) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Munich Re (Germany), Samsung Fire & Marine Insurance (SFMI) (South Korea), Sompo Japan Nipponkoa Insurance (Japan), Swiss Re (Switzerland), Thomas Miller (United Kingdom), Tokio Marine Holdings (Japan) and Zurich Insurance (Switzerland).
Segmentation Overview
AMA Research has segmented the market of Global Marine Insurance market by Type (Transport/Cargo, Hull, Offshore/Energy and Marine Liability), Application (Commerical and Personal) and Region.
On the basis of Type, Transport/Cargo are dominating the market in the year 2023On the basis of geography, the market of Marine Insurance 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). Europe region held largest market share in the year 2023. North America, on the other hand, stood as the second largest market due to the presence of key companies in the region and high technological advancement. If we see Market by Insurance Analysis, the sub-segment i.e. Loss/Damage will boost the Marine Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Distribution Channel, the sub-segment i.e. Individual Agents will boost the Marine Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
the increasing number of marine insurance players operating across the Asia Pacific Region and Increase in Premium Contribution from the Emerging Markets
Market Growth Drivers:
The Growing Internet Penetration in Emerging Countries and Raising Awareness about Marine Insurance across The World
Challenges:
Impact of Catastrophic Losses on the Insurers' Balance Sheet and Pricing as well as The Rating System
Restraints:
The Increasing Concern of Government Rules and Regulations and Sudden Increments in Premium
Opportunities:
Growing Adoption of Newer Technologies and Incorporation of IoT in Marine Insurance and Increase in Automation of Business Processes
Market Leaders and their expansionary development strategies
On 5th March 2019, Aon plc is partnering with software company Skytek to provide real-time monitoring of insurers’ marine risks, identifying accumulations for enhanced underwriting and reinsurance programs.
Key Target Audience
Marine Insurance Providers, Government Regulatory Bodies, Private Research Organizations, Government Research Organizations and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.