Global Marine Insurance Market – Industry Trends and Forecast to 2029

Global Marine Insurance Market, By Type (Transport/Cargo, Hull, Offshore/Energy, Marine Liability), Insurance (Loss/Damage, Fire/Explosion, Natural Calamity, Others), End-User (Cargo Owners, Ship Owners, Government, Others), Policy Type (Time Policy, Voyage Policy, Floating Policy, Valued Policy, Others) - Industry Trends and Forecast to 2029

Market Analysis and Size

Marine insurance has become a crucial aspect among cargo owners, and ship owners due to incidences of losses such as damage caused to ships, and cargo vessels, among others. This facility has decline the rate of financial loss incurred by a policyholder. The fundamental principles of this insurance are known to be drawn from Marine Insurance Act, 1963. The maritime insurance is based on the fundamental principles of Insurable Interest, Proximate Cause, Contribution, Insurable Interest, Proximate Cause, Subrogation and Utmost Good Faith.

Global Marine Insurance Market was valued at USD 28.04 billion in 2021 and is expected to reach USD 39.87 billion by 2029, registering a CAGR of 4.50% during the forecast period of 2022-2029. “Transport/Cargo” accounts for the largest type segment in the respective market owing to the rise in the free trade agreements. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.

Market Definition

Marine insurance covers the loss or damage of cargo, ships, terminals, and any transport by which the property is transferred, acquired, or held between the points of origin and the final destination.

Report Scope and Market Segmentation

Marine Insurance Market Dynamics

This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:

Drivers

• Coverage against a Wide Range of Risks

The increase in the adoption of marine insurance as it provides coverage against a wide range of risk measures acts as one of the major factors driving the marine insurance market. These type of insurance also assist in the smooth functioning of trade activities.

• Rise in Global Trade

The rise in the global trade along with the expansion of e-commerce sector accelerate the market growth. Approximately 85% of the global trade is carried by sea and tons cargo ships that largely contributes toward the global economy.

• Incidences of Losses

The increase in the incidences of losses such as damage caused to cargo vessels, ships and terminals due to massive marine business operations further influence the market. Maritime insurance possesses an important role in the management of these risks and losses in the marine business.

Additionally, rapid urbanization, change in lifestyle, surge in investments and increased consumer spending positively impact the marine insurance market.

Opportunities

Furthermore, incorporation of Internet of things (IoT) system in the existing marine insurance product lines for risk monitoring, and simplifies claims processing, among others extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Also, increase in demand for marine insurance due to higher concentrations of cargo in ports and in transit, and warehouses will further expand the market.

Restraints/Challenges

On the other hand, sudden increments in marine insurance premiums are expected to obstruct market growth. Also, imposition of lockdown across several countries during the COVID outbreak is projected to challenge the marine insurance market in the forecast period of 2022-2029.

This marine insurance market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on marine insurance market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Marine Insurance Market

The COVID-19 had a negative impact on the growth of the marine insurance market. The business travel insurance witnessed decline during the COVID-19 pandemic. The outbreak of COVID caused lockdown across various countries and ban on national and international travel.  The movement of people across borders came to a standstill due to countries closing their borders for visitors. The rise in number of flights cancellations enhanced number of insurance claims that negatively impacted the growth of the market after COVID-19 outbreak.

Recent Developments

• In April’2022, Tokio Marine launched corporate venture capital (CVC) fund to invest in early-stage startups globally. The Palo Alto-based CVC fund is expected to write checks worth between $500,000 and $3 million into seed and Series across sectors including fintech, healthcare, automation, climate tech, insurtech, mobility, cybersecurity, and artificial intelligence.

Global Marine Insurance Market Scope and Market Size

The marine insurance market is segmented on the basis of type, insurance, end-user and policy type. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

• Transport/Cargo
• Hull
• Offshore/Energy
• Marine Liability

Insurance

• Loss/Damage
• Fire/Explosion
• Natural Calamity
• Others

End-User

• Cargo Owners
• Ship Owners
• Government
• Others

Policy Type

• Time Policy
• Voyage Policy
• Floating Policy
• Valued Policy
• Others

Marine Insurance Market Regional Analysis/Insights

The marine insurance market is analysed and market size insights and trends are provided by country, type, insurance, end-user and policy type as referred above.

The countries covered in the marine insurance market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

Europe dominates the marine insurance market as the region is surrounded by waterbodies and promotes marine trades.

Asia-Pacific (APAC) is expected to witness significant growth during the forecast period of 2022 to 2029 because of the surge in investments and rise in the e-commerce sector in the region.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Marine Insurance Market

The marine insurance market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to marine insurance market.

Some of the major players operating in marine insurance market are

• Lloyd's (UK)
• Concirrus (UK)
• Marsh & McLennan Companies, INC. (US)
• Swiss Re (Switzerland)
• American International Group, Inc. (US)
• Beazley Group (UK)
• QBE Insurance Group Limited. (Australia)
• RSA (UK)
• Allianz (Germany)
• American International Group, Inc. (US)
• Aon plc (UK)
• Gallagher (US)
• Brown & Brown, Inc. (US)
• Lockton Companies. (US)
• Chubb (Switzerland)
• Willis Towers Watson (UK)
• United India Insurance Co. Ltd. (India)
• Tokio Marine Holdings, Inc. (Japan)