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 term “marine insurance” also relates to inland marine. However, it is typically used in the setting of marine insurance of ocean. Marine insurance is a haven for shipping and transporters corporations, as it helps to lessen the financial loss burden owing to the loss of cargo. The use of online gateways has enhanced customer experience by introducing advanced technologies in the marine industry, such as analytics and digitization. As a result, numerous countries, such as Singapore, are capable of endorsing insurance business prototypes via online platforms. Moreover, these new digital enterprise podiums involve decreased cost, create an online network distribution, alleviate risks, and offer an improved customer knowledge, which, in turn, propels the rate of revenue generation in the marine insurance market.
The marine insurance market is fragmented into type and insurance. By type, the global marine insurance market includes transport/cargo, hull, offshore/energy, and marine liability. The transport/cargo insurance segment accounted for a major share, i.e., more than 50%, in 2018 and is expected to register a high growth rate over the forecast time period. This segmental growth can be attributed to the high demand for cargo/transport loading and inspection services are expected to increase in the future, as trade volumes are projected to rise in the next years, which, in turn, will propel the demand for cargo/transport insurers globally. Based on insurance, the global marine insurance market includes loss/damage, fire/explosion, natural calamity, and others. The loss/damage segment accounted for the largest market share, i.e., around 60%, in 2018, due to the increasing marine cases of accidental damages.
By geography, Europe accounted for the largest share of the global marine insurance market in 2018 and is expected to remain dominant over the forecast time period as well. Marine transport is one of the most important drivers of the European economy, as it carries half of Europe’s goods and maintains millions of jobs. Thus, there is an increased demand for marine insurance in the region, which is anticipated to boost the growth of the European marine insurance market in the years ahead. Asia Pacific is expected to register the highest CAGR in the future in the global marine insurance market.
Some key players operating in the global marine insurance market are Allianz, American International, Anderson Insurance Agency, Aries Marine Insurance Brokers, Ascot, Atrium, AXA, Beazley, Berkshire Hathaway Specialty Insurance, Brown & Brown, Gard, Hannover Re, Lampe & Schwartze, HDFC ERGO General Insurance, Gallagher, Marsh, Jardine Lloyd Thompson Group, Lockton, Mitsui Sumitomo Insurance, Munich Re, Sirius International Insurance, SOMPO Taiwan Brokers, Swiss Re, Thomas Miller, Tokio Marine Holdings, United India Insurance, Willis Towers Watson, XL Catlin, Zurich Insurance, and Chubb.
This report segments the global marine insurance market into:
Global Marine Insurance Market: Type Analysis
- Marine Liability
Global Marine Insurance Market: Insurance Analysis
- Natural Calamity
Global Marine Insurance Market: Regional Analysis
- North America
- The U.S.
- Asia Pacific
- Latin America
- The Middle East and Africa