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Marine Insurance Market By Type (Offshore/Energy Insurance, Hull & Machinery Insurance, Cargo Insurance, and Marine Liability Insurance), By Distribution Channel (Retail Brokers, Wholesalers, and Others), By End-User (Traders, Ship Owners, and Others), And By Regions - Global & Regional Industry Perspective, Comprehensive Analysis, and Forecast 2021 – 2026

Covid-19

Global Marine Insurance Market Size, Share

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

Industry Insights

[187+ Pages Report] According to Facts & Factors, the global marine insurance market is projected to grow at a CAGR of 4% over 2021-­2026. However, the market is estimated to grow from USD 27 Billion in 2020 to USD 31 Billion by 2026.

logoMarket Overview

Marine insurance is an added advantage as it helps cover the property & environment damage, loss of life, and accident associated undue expenditure that occurs during unfortunate incidents. The financial loss of the policyholder at the time of any accident or natural hazard is covered in the marine insurance. This advantage is applicable for the cargo & ship owners as well as charterers.

logoIndustry Growth Factors

Major factor driving the global marine insurance market include rising adoption of analytics & telematics to gain better assessment in case of existing or future risks occurring in the marine business. The growing awareness toward marine insurance, rising damages to the ships or cargo vessels, and other factors are other factors augmenting the market growth. The rising opportunities for marine insurance in the developing economies coupled with the integration of IoT helps in the market expansion. The marine insurance market is expected to experience lucrative opportunities by offering a simple process for claiming, risk monitoring, loss prevention, or prediction. The coverage of broad range of risk factors and easy trading activities is likely to contribute to the market growth. But, the sudden impact of lockdown and increments in marine insurance will restrain the market growth. Even other uncertainties such as changing trade patterns, climate changes, demand for decarbonization, geopolitical, economic, and political tensions, among others further hinder global marine insurance market growth.

Marine Insurance Market

logoSegmentation Analysis

The global marine insurance market is segmented based on type, distribution channel, end-user, and regions.

On the basis of type, the global marine insurance market is divided into offshore/energy insurance, hull & machinery insurance, cargo insurance, and marine liability insurance. Cargo insurance segment is expected to dominate due to the rising free trade agreements. Furthermore, the supply & demand for sea transportation across the globe is projected to propel the demand for cargo insurance over the forecast period. By distribution channel, the market is classified into retail brokers, wholesalers, and others. Based on end-user, the marine insurance market is categorized into traders, ship owners, and others.

logo Report Scope

Report Attribute

Details

Market Size in 2020

USD 27 Billion

Projected Market Size in 2026

USD 31 Billion

CAGR Growth Rate

4% CAGR

Base Year

2020

Forecast Years

2021-2026

Key Market Players

Arthur J. Gallagher & Co., American International Group, Inc., American Financial Group, Inc., Allianz SE, Axa S.A., Aon Plc, and Others

Key Segment

By Type, By Distribution Channel, By End-User, and Region

Major Regions Covered

North America, Europe, Asia Pacific, Latin America, and Middle East & Africa

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logo Regional Analysis

Europe is expected to witness highest growth due to the growing business opportunities in the region over the forecast period. The positive impact of the marine transport on the European market is projected to propel the market in this region. Asia Pacific is likely to account for the highest growth during the forecast period due to the high number of players operating in the marine insurance in this region in order to offer quality services. Additionally, growing trading activities in the Asia Pacific is anticipated to have a positive impact on the marine insurance market.

logo Competitive Players

Some of the key players dominating the global marine insurance market include Arthur J. Gallagher & Co., American International Group, Inc., American Financial Group, Inc., Allianz SE, Axa S.A., Aon Plc, Berkshire Hathaway Specialty Insurance, Swiss Re, Zurich Insurance Group, Assicurazioni Generali S.p.A., Tokio Marine Holdings, Inc., Aspen Insurance Holdings Limited, Chubb Limited, The Hanover Insurance Group, Inc., Markel Corporation, ProSight Global, Inc., Sompo International Holdings Ltd, RLI Corp, The Hartford, The Travelers Indemnity Company, HDI Global SE, Intact Insurance Company, Beazley Group, Inc., Starr International Company, and Marsh LTD., among others.

logo By Type Segment Analysis

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

logo By Distribution Channel Segment Analysis

  • Retail Brokers
  • Wholesalers
  • Others

logo By End-User Segment Analysis

  • Traders
  • Ship Owners
  • Others  

logo By Regional Segment Analysis

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • France
    • Germany
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East and Africa
    • GCC Countries
    • South Africa
    • Rest of MEA

Covid-19

Marine Insurance Market

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

Industry Major Market Players

  • Arthur J. Gallagher & Co.
  • American International Group Inc.
  • American Financial Group Inc.
  • Allianz SE
  • Axa S.A.
  • Aon Plc
  • Berkshire Hathaway Specialty Insurance
  • Swiss Re
  • Zurich Insurance Group
  • Assicurazioni Generali S.p.A.
  • Tokio Marine Holdings Inc.
  • Aspen Insurance Holdings Limited
  • Chubb Limited
  • The Hanover Insurance Group Inc.
  • Markel Corporation
  • ProSight Global Inc.
  • Sompo International Holdings Ltd
  • RLI Corp
  • The Hartford
  • The Travelers Indemnity Company
  • HDI Global SE
  • Intact Insurance Company
  • Beazley Group Inc.
  • Starr International Company
  • Marsh LTD.
     

Frequently Asked Questions

The factors projected to drive the global marine insurance market includes the rising adoption of analytics & telematics to gain better assessment in case of existing or future risks occurring in the marine business. Additionally, the growing awareness toward marine insurance, rising damages to the ships or cargo vessels, and other factors are other factors augmenting the market growth.
According to Facts & Factors, global demand for marine insurance market is expected to generate revenue of around USD 31 Billion by end of 2026, growing at a CAGR of around 4% between 2021 and 2026.
Asia Pacific accounts for the highest growth rate during the forecast period due to the growing market players operating in the marine insurance to offer quality services and also the improvements in the trading activities in the Asia Pacific is anticipated to have a positive impact on the marine insurance market.
The key participants in the global marine insurance market are Arthur J. Gallagher & Co., American International Group, Inc., American Financial Group, Inc., Allianz SE, Axa S.A., Aspen Insurance Holdings Limited, and Aon Plc, among others.
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