Dublin, April 01, 2022 (GLOBE NEWSWIRE) -- The "Marine Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.
The global marine insurance market reached a value of US$ 31.4 Billion in 2021. Looking forward, the market is set 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.
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 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?
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
- Zurich Insurance Group Ltd.
Key Market Segmentation:
Breakup by Type:
- 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:
- 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
For more information about this report visit https://www.researchandmarkets.com/r/tus7u5
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