New York, Dec. 08, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Marine Insurance Global Market Report 2022: Ukraine-Russia War Impact" - https://www.reportlinker.com/p06371419/?utm_source=GNW
, Chubb Limited, The Hanover Insurance Group Inc., Markel Corporation, HDI Global SE, Intact Financial Corporation, ProSight Global Inc., Sompo International Holdings Ltd, The Hartford Financial Services Group Inc., and The Travelers Indemnity Company.
The global marine insurance market is expected to grow from $ 26.30 billion in 2021 to $ 27.81 billion in 2022 at a compound annual growth rate (CAGR) of 5.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The market is expected to reach $ 32.61 billion in 2026 at a CAGR of 4.1%.
The marine insurance market consists of sales of marine insurance products by entities (organizations, sole traders, and partnerships) that cover loss or damage of cargo or goods during transportation. Marine insurance refers to a type of insurance policy in which insurance is provided to cargo owners and cargo for any loss or damage due to ship accidents and delays in the voyage.
The main types of marine insurance are cargo insurance, hull and machinery insurance, marine liability insurance, and offshore/energy insurance.Cargo insurance refers to insurance that is used to protect shipments from physical damage or theft.
Cargo insurance generally protects shipments from loss, damage, or theft while in transit.The various policy types include time policy, voyage policy, floating policy, valued policy, and others.
The several distribution channels are wholesalers, retail brokers, and others. The different end users include ship owners, traders, and other end users.
Europe was the largest region in the marine insurance market in 2021.Asia Pacific is expected to be the fastest growing region in the forecast period.
The regions covered in the marine insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The rise in global trade is expected to propel the growth of the marine insurance market going forward.Global trade refers to the import and export of goods and services across international boundaries.
The growing use of ships for import and export drives marine insurance sector as all the shipping companies are getting insured to get protected from uncertain damages for ships and goods in it. For instance, in February 2021, according to the United Nations Conference on Trade and Development, a Switzerland-based intergovernmental organization, global trade reached a record level of $ 28.5 trillion in 2021, an increase of 25% from 2020. Therefore, the rise in global trade is driving the growth of the marine insurance market.
Technological advancements are the key trends gaining popularity in the marine insurance market.Major companies operating in the marine insurance sector are focused on introducing new technologies for market growth.
For instance, in September 2019, Hapag-Lloyd AG, a Germany-based cargo shipping company, launched Quick Cargo Insurance, an online marine insurance.The Hapag-Lloyd website offers a digital solution that allows clients to purchase round-the-clock, anytime, anywhere insurance.
The business provides people with simple ways to buy insurance.
In January 2020, Assicurazioni Generali S.p.A., an Italy-based insurance provider acquired Seguradoras Unidas S.A. for an undisclosed amount. The acquisition will help Generali to strengthen its position in the European market. Seguradoras Unidas S.A. is a Portugal-based insurance company that offers legal protection insurance and marine, air, and transport insurance.
The countries covered in the marine insurance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The marine insurance market research report is one of a series of new reports that provides marine insurance market statistics, including marine insurance industry global market size, regional shares, competitors with a marine insurance market share, detailed marine insurance market segments, market trends and opportunities, and any further data you may need to thrive in the marine insurance industry. This marine insurance market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06371419/?utm_source=GNW
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