Major players in the marine insurance market are American International Group Inc., American Financial Group Inc., Allianz SE, Axa SA, Arthur J. Gallagher & Co., Aon Plc, Aspen Insurance Holdings Limited, Berkshire Hathaway Specialty Insurance, Swiss Re, Zurich Insurance Group, Tokio Marine Holdings, Inc.
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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 projected to grow from $26.3 billion in 2021 to $27.81 billion in 2022, at a compound annual growth rate (CAGR) of 5.7%. The war between Russia and Ukraine has hampered any chances of the global economy recovering from the COVID-19 pandemic, at least in the short term. The war between the two countries has caused economic sanctions against multiple countries, soaring commodity prices, disrupted supply chains, and impacted many markets around the world. The market is expected to reach $32.61 billion in 2026 with a CAGR of 4.1%.
The marine insurance market consists of the sale of marine insurance products by entities (organizations, sole proprietorships and partnerships) to cover loss or damage to cargo or goods in transit. Marine insurance is a type of insurance that provides insurance to the owner of the cargo and the cargo against loss or damage caused by a ship accident or voyage delay.
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 used to protect cargo from physical damage or theft.
Cargo insurance usually protects your cargo against loss, damage or theft during transit. Different policy types include time policy, voyage policy, floating policy, value policy, and more.
Some distribution channels are wholesalers, retail brokers, etc. Various end users include ship owners, traders and other end users.
Europe was the largest region for the marine insurance market in 2021. Asia Pacific is expected to be the fastest growing region during the forecast period.
The regions covered by the marine insurance market report are Asia Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Increasing global trade is expected to drive the future growth of the marine insurance market. Global trade refers to the import and export of goods and services across borders.
The increasing use of ships for import and export is driving the marine insurance sector as all shipping lines insure their ships and goods against uncertain damage. For example, in February 2021, global trade in 2021 will reach $28.5 trillion, up 25% from 2020, according to the United Nations Conference on Trade and Development, an intergovernmental organization based in Switzerland. are driving the growth of the marine insurance market.
Technological advancement is an important trend gaining popularity in the marine insurance market. Leading companies operating in the marine insurance sector are focusing on introducing new technologies to grow the market.
For example, in September 2019, Hapag-Lloyd AG, a freight forwarding company based in Germany, launched Quick Cargo Insurance, an online marine insurance. Insurance anytime, anywhere.
Businesses offer people an easy way to buy insurance.
In January 2020, Italy-based insurance company Assicurazioni Generali SpA acquired Seguradoras Unidas SA for an undisclosed amount. This acquisition will help Generali strengthen its position in the European market. Seguradoras Unidas SA is an insurance company based in Portugal that offers legal protection insurance, sea, air and transport insurance.
The countries covered by the marine insurance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, United Kingdom and United States.
The Marine Insurance Market Research Report provides a new series of marine insurance market statistics, including global market size, regional share, competitors with marine insurance market share, detailed marine insurance market segments, market trends and opportunities for the marine insurance industry. One of the reports. , and other data you need to be successful in the marine insurance industry. This Marine Insurance Market research report offers a complete outlook of everything you need with an in-depth analysis of the industry’s current and future scenarios.
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