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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.
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.