Global marine insurance market size, share to expand at 4% CAGR though 2027

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Nov 12, 2020 (Market Insight Reports) —
According to the report titled ‘Global Marine Insurance Market Size study, by Type (Cargo Insurance, Onshore Energy Insurance, Hull Insurance, Marine Liability Insurance), by Application (Small Recreational Boats, On-Water Commercial and High End Leisure, Underwater Leisure, Underwater AUV) and Regional Forecasts 2020-2027’, available with Market Study Report LLC, global marine insurance market was valued at USD 6.9 billion in 2019 and is anticipated to grow with a CAGR of 4% during 2020-2027.

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Imposition of marine insurance by the government in various economies owing to increasing cross-border trade is driving the growth of global marine insurance market. In fact, the Indian government declared funds worth INR 20,000 crore for the purpose of marine development in 2020.

Notably, marine insurance has become mandatory when it comes to heavy imports and exports through waterways. It offers coverage for accidents, and damage to goods, vehicles, ports, cargo, marines, and other losses sustained inside the water bodies during transit.

In the view of COVID-19 outbreak, almost all trades around the world came to a halt, negatively impacting global marine insurance industry. The lockdown has hampered business growth in many countries; however, companies are preparing to expand their operations in order to increase trade across the globe. For example, in 2020, Tokio Marine Holdings Inc. acquired Safety Insurance Public Company Limited to accelerate growth in the region, expand its presence, and encourage marine trade. However, heavy premiums paid by organizations for the policy is likely to hinder global marine insurance market outlook over the study period.

Based on type, worldwide marine insurance market is divided into marine liability insurance, hull insurance, onshore energy insurance, and cargo insurance. Speaking of application spectrum, the industry is bifurcated into underwater AUV, underwater leisure, on-water commercial & high end leisure, and small recreational boats.

Citing the regional landscape, worldwide marine insurance industry sphere is segmented into North America, Latin America, Asia Pacific, Europe, and Rest of the World. The report claims that Europe currently holds significant market share as it surrounded by waterbodies and encourages marine trades.

Meanwhile, Asia Pacific marine insurance industry is expected to register a decent growth rate through 2027, on account of rising cognizance of marine trade, enhancing marine infrastructure, and technological developments.

Major contenders impacting global marine insurance market trends are RSA Insurance Group plc, Ed Broking LLP, QBE Insurance Group Limited, Central Union of Marine Underwriters (CEFOR), Beazley Group, American International Group Inc., Swiss Re Corporate Solutions Ltd., Marsh & McLennan Companies Inc., Concirrus Ltd., and Lloyd’s of London.

Source- https://www.marketstudyreport.com/reports/global-marine-insurance-market-size-research[2]

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