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Marine Insurance Market to Exceed Valuation of US$ 36.8 Bn by 2031: Transparency Market Research

Marine Insurance Market: Introduction

Transparency Market Research delivers key insights on the global marine insurance market. In terms of revenue, the global marine insurance market is estimated to expand at a CAGR of 3.3% during the forecast period, owing to numerous factors regarding which TMR offers thorough insights and forecasts in its report on the global marine insurance market.

Insurance companies are expanding their product lines to meet the increasing demand for marine insurance. Moreover, strong product innovation among insurance companies with newer features in marine insurance plans is expected to boost the marine insurance market during the forecast period. In addition, marine insurance companies are adopting latest technologies to help their clients in risk management and loss prevention efforts, and also to boost their own efficiencies. All this is expected to have a positive impact on the global marine insurance market during the forecast period.

Marine Insurance Market: Key Segments

In terms of risk type, the ocean cargo segment is expected to dominate the market during the forecast period. In terms of growth rate, ocean cargo is projected to grow at the fastest rate during the forecast period. The growing free trade agreements across the world is likely to increase the demand for ocean cargo shipping. In addition, the demand and supply for sea transportation has increased across the world, which is likely to lead to increase in demand for higher ocean cargo marine insurance globally during the forecast period. 

Based on policy type, the floating segment is anticipated to hold a major market share and maintain its share during the forecast period. In terms of growth rate, the multinational policy plan is expected to expand at the fastest rate during the forecast period. The growing awareness about the various benefits associated with multinational policy plans among different end-use applications such as cargo owners, ship owners, governments, and others is expected to increase the demand for multinational policy plans across the world during the forecast period.

In terms of premium type, the large premium type segment contributed a major revenue share to the global marine insurance market and is expected to expand at the fastest rate as compared to other premium types during the forecast period. Significant challenges in the shipping industry such as climate change, shifting regulations, local compulsory insurance, and pollution legislation are increasing the need for large premium marine insurance.

Marine Insurance Market: Prominent Regions

Based on region, the global marine insurance market can be categorized into North America, Europe, Asia, Oceania, Middle East, Africa, and Latin America. Europe accounted for the largest share of the global marine insurance market in 2020 and is expected to remain dominant over the forecast period. Marine transport is one of the most important drivers of the European economy. This factor is expected to have a positive impact on the Europe market during the forecast period.

Asia is anticipated to register the highest CAGR in the future in the global marine insurance market. Key players operating in the marine insurance market in the region are adopting new technologies to provide quality services to their customers. Increasing trade activities is also projected to have a positive impact in the region.

Marine Insurance Market: Key Players

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

Global Marine Insurance Market: Segmentation

Marine Insurance Market, by Risk Type

  • Ocean Cargo
    • Importers/Exporters of General Merchandise
    • Project Cargo with Delay in Startup Risk
    • Manufacturers of General Merchandise
    • Auto Manufacturers/Distributors with Substantial Risk Retention by the Assured
    • Retail Stock Throughput Accounts with Limited Static Risk and Substantial CAT & Fire Deductible
    • Heavy Equipment Manufacturers/Distributors
    • High Tech
    • Wearing Apparel
    • Coffee & Cocoa
    • Sugar in Bags and Bulk
    • Freight Forwarders
    • Specie
    • Fine Arts
  • Marine Liability
    • Shipyards/Ship Repair
    • Marine Terminal Operators (Dry & Liquid)
    • Port Authorities
    • Stevedores
    • Fleeting/Wharf Operations
    • Marine Contractors
    • Marine Product Manufacturers
    • Charterers Liabilities (Commercial Only)
    • Excess Protection & Indemnity
    • Marinas
    • US L&H: Longshore and Harbor Workers Compensation
  • Hull & Machinery Insurance
    • Tugs and Barges
    • Offshore Support/Platform Support
    • Miscellaneous Workboat Fleets
    • Research Vessels
    • Hull Builders Risk
    • Yachts
  • Inland Marine
    • Specie
    • Fine Arts
    • Armored Cars

Marine Insurance Market, by Policy/Plan Type

  • Multinational
  • Open Marine Insurance
  • Floating
  • Voyage
  • Port Risk
  • Others (Blanket Policy, Fleet Policy, etc.)

Marine Insurance Market, by Premium Type

  • Large Market
  • Middle Market
  • Small Market

Marine Insurance Market, by Region

  • North America
    • Canada
    • U.S.
    • Rest of North America
  • Europe
    • Belgium
    • France
    • Germany
    • Greece
    • Italy
    • Netherlands
    • Spain
    • U.K.
    • Rest Of Europe
  • Asia
    • China
    • Japan
    • Philippines
    • Singapore
    • South Korea
    • Rest Of Asia
  • Oceania
  • Middle East
    • UAE
    • Rest Of Middle East
  • Africa
    • Egypt
    • South Africa
    • Rest Of Africa
  • Latin America
    • Brazil
    • Panama
    • Rest of Latin America

About Us

Transparency Market Research is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants, use proprietary data sources and various tools and techniques to gather, and analyse information.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

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