Marine Cargo Insurance Market - Global Size, Share, Trend Analysis, Opportunity and Forecast Report, 2019-2029, Segmented By Type ; By Coverage ; By End User ; By Region

Description

Global Marine Cargo Insurance Market Size Set to Touch USD 38 Billion by 2029

The global marine cargo insurance market is gaining traction because of a growing demand for marine transportation and a focus on insurance coverage against the increasing number of natural disasters and accidents at sea.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the global marine cargo insurance market size at USD 28.31 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the global marine cargo insurance market size to grow at a CAGR of 4.42% reaching a value of USD 37.88 billion by 2029.

Global Marine Cargo Insurance Market - Overview:

Marine cargo insurance covers the risks of loss, damage, expense, and liability to items while transporting cargo from one location to another. For instance, from an inland factory to a port, and then over the ocean to the address of the buyer of goods in another country. Along with coverage for the cargo, the owner of the cargo is provided insurance against any loss or damage brought on by a ship disaster, a delay in the voyage, or offloading, under such insurance coverage.

Global Marine Cargo Insurance Market - By End User:

Based on end users, the global marine cargo insurance market is segmented into manufacturer/potential investors, traders, distributors, wholesalers, retailers, importers, exporters, associations, and government bodies. Importers and exporters account for the largest market share. It covers freight and offers protection against cargo loss or damage. The trader shifts the responsibility for the products from the initial players (the exporter and importer) to the insurance company by acquiring marine insurance. Even though the phrase refers to "marine" insurance, it also includes inland trade. Marine insurance can provide coverage for any shipment, whether it is transported by ship, train, or container truck.

Impact of COVID-19 on the Global Marine Cargo Insurance Market

The COVID-19 pandemic negatively impacted the growth of the global marine cargo insurance market. The COVID-19 pandemic drastically decreased maritime and commercial activities. The harshest effects of this outbreak were felt by the shipping and maritime sectors, where the workforce was curtailed for everyone's safety and to stop the COVID-19 virus from spreading. The setback was brought on by the suspension of all waterborne and airborne cargo during this quarantine (period of isolation), as the movement of such cargo on ships or over the air may have the potential to spread the virus from port to port.

Competitive Landscape:

Major players operating in the global marine cargo insurance market include: Allianz, Liberty Mutual Insurance, Integro Group, Samsung Fire, Marine Insurance Co. Ltd., Munich Re, Chubb, Atrium, Zurich, TIBA, and Marsh. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and the Global Marine Cargo Insurance Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Global Marine Cargo Insurance Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

Product Code: BWC23463

1. Research Framework

1.1. Research Objective
1.2. Product Overview
1.3. Market Segmentation

2. Executive Summary

3. Global Marine Cargo Insurance Market Insights

3.1. Industry Value Chain Analysis
3.2. DROC Analysis
- 3.2.1. Growth Drivers
  - 3.2.1.1. Increasing global trade and interconnectivity
  - 3.2.1.2. Growing demand for marine transportation
  - 3.2.1.3. Rise in the number of natural disasters and accidents at sea
- 3.2.2. Restraints
  - 3.2.2.1. High competition among insurance providers leading to pricing pressure
  - 3.2.2.2. Volatility in international trade and economic conditions
- 3.2.3. Opportunities
  - 3.2.3.1. Emerging markets and untapped potential in developing regions
  - 3.2.3.2. Increasing use of containerization and multimodal transportation
- 3.2.4. Challenges
  - 3.2.4.1. Uncertain and fluctuating nature of insurance markets
  - 3.2.4.2. Adapting to changing regulatory frameworks and compliance requirements
3.3. Technological Advancements/Recent Developments
3.4. Regulatory Framework
3.5. Porter's Five Forces Analysis
- 3.5.1. Bargaining Power of Suppliers
- 3.5.2. Bargaining Power of Buyers
- 3.5.3. Threat of New Entrants
- 3.5.4. Threat of Substitutes
- 3.5.5. Intensity of Rivalry

4. Global Marine Cargo Insurance Market Overview

4.1. Market Size & Forecast by Value, 2019-2029
- 4.1.1. By Value (USD Billion)
4.2. Market Share & Forecast
- 4.2.1. By Type
  - 4.2.1.1. Open Marine Insurance Policy
  - 4.2.1.2. Time Plan
  - 4.2.1.3. Voyage Plan
  - 4.2.1.4. Mixed Plan
  - 4.2.1.5. Port Risk Plan
  - 4.2.1.6. Valued Plan
  - 4.2.1.7. Floating Plan
  - 4.2.1.8. Wager Plan
- 4.2.2. By Coverage
  - 4.2.2.1. Damage from Loading / Unloading
  - 4.2.2.2. Bad Weather
  - 4.2.2.3. Piracy
  - 4.2.2.4. Other Risk
- 4.2.3. By End User
  - 4.2.3.1. Manufacturer / Potential Investors
  - 4.2.3.2. Traders
  - 4.2.3.3. Distributors
  - 4.2.3.4. Wholesalers
  - 4.2.3.5. Retailers
  - 4.2.3.6. Importers
  - 4.2.3.7. Exporters
  - 4.2.3.8. Association and Government Bodies
- 4.2.4. By Region
  - 4.2.4.1. North America
  - 4.2.4.2. Europe
  - 4.2.4.3. Asia Pacific
  - 4.2.4.4. Latin America
  - 4.2.4.5. Middle East and Africa

5. North America Marine Cargo Insurance Market

5.1. Market Size & Forecast by Value, 2019-2029
- 5.1.1. By Value (USD Billion)
5.2. Market Share & Forecast
- 5.2.1. By Type
- 5.2.2. By Coverage
- 5.2.3. By End User
- 5.2.4. By Country
  - 5.2.4.1. United States
  - 5.2.4.1.1. By Type
  - 5.2.4.1.2. By Coverage
  - 5.2.4.1.3. By End User
  - 5.2.4.2. Canada
  - 5.2.4.2.1. By Type
  - 5.2.4.2.2. By Coverage
  - 5.2.4.2.3. By End User

6. Europe Marine Cargo Insurance Market

6.1. Market Size & Forecast by Value, 2019-2029
- 6.1.1. By Value (USD Billion)
6.2. Market Share & Forecast
- 6.2.1. By Type
- 6.2.2. By Coverage
- 6.2.3. By End User
- 6.2.4. By Country
  - 6.2.4.1. Germany
  - 6.2.4.1.1. By Type
  - 6.2.4.1.2. By Coverage
  - 6.2.4.1.3. By End User
  - 6.2.4.2. United Kingdom
  - 6.2.4.2.1. By Type
  - 6.2.4.2.2. By Coverage
  - 6.2.4.2.3. By End User
  - 6.2.4.3. Italy
  - 6.2.4.3.1. By Type
  - 6.2.4.3.2. By Coverage
  - 6.2.4.3.3. By End User
  - 6.2.4.4. France
  - 6.2.4.4.1. By Type
  - 6.2.4.4.2. By Coverage
  - 6.2.4.4.3. By End User
  - 6.2.4.5. Spain
  - 6.2.4.5.1. By Type
  - 6.2.4.5.2. By Coverage
  - 6.2.4.5.3. By End User
  - 6.2.4.6. The Netherlands
  - 6.2.4.6.1. By Type
  - 6.2.4.6.2. By Coverage
  - 6.2.4.6.3. By End User
  - 6.2.4.7. Rest of Europe
  - 6.2.4.7.1. By Type
  - 6.2.4.7.2. By Coverage
  - 6.2.4.7.3. By End User

7. Asia-Pacific Marine Cargo Insurance Market

7.1. Market Size & Forecast by Value, 2019-2029
- 7.1.1. By Value (USD Billion)
7.2. Market Share & Forecast
- 7.2.1. By Type
- 7.2.2. By Coverage
- 7.2.3. By End User
- 7.2.4. By Country
  - 7.2.4.1. China
  - 7.2.4.1.1. By Type
  - 7.2.4.1.2. By Coverage
  - 7.2.4.1.3. By End User
  - 7.2.4.2. India
  - 7.2.4.2.1. By Type
  - 7.2.4.2.2. By Coverage
  - 7.2.4.2.3. By End User
  - 7.2.4.3. Japan
  - 7.2.4.3.1. By Type
  - 7.2.4.3.2. By Coverage
  - 7.2.4.3.3. By End User
  - 7.2.4.4. South Korea
  - 7.2.4.4.1. By Type
  - 7.2.4.4.2. By Coverage
  - 7.2.4.4.3. By End User
  - 7.2.4.5. Australia & New Zealand
  - 7.2.4.5.1. By Type
  - 7.2.4.5.2. By Coverage
  - 7.2.4.5.3. By End User
  - 7.2.4.6. Indonesia
  - 7.2.4.6.1. By Type
  - 7.2.4.6.2. By Coverage
  - 7.2.4.6.3. By End User
  - 7.2.4.7. Malaysia
  - 7.2.4.7.1. By Type
  - 7.2.4.7.2. By Coverage
  - 7.2.4.7.3. By End User
  - 7.2.4.8. Singapore
  - 7.2.4.8.1. By Type
  - 7.2.4.8.2. By Coverage
  - 7.2.4.8.3. By End User
  - 7.2.4.9. Philippines
  - 7.2.4.9.1. By Type
  - 7.2.4.9.2. By Coverage
  - 7.2.4.9.3. By End User
  - 7.2.4.10. Vietnam
  - 7.2.4.10.1. By Type
  - 7.2.4.10.2. By Coverage
  - 7.2.4.10.3. By End User
  - 7.2.4.11. Rest of APAC
  - 7.2.4.11.1. By Type
  - 7.2.4.11.2. By Coverage
  - 7.2.4.11.3. By End User

8. Latin America Marine Cargo Insurance Market

8.1. Market Size & Forecast by Value, 2019-2029
- 8.1.1. By Value (USD Billion)
8.2. Market Share & Forecast
- 8.2.1. By Type
- 8.2.2. By Coverage
- 8.2.3. By End User
- 8.2.4. By Country
  - 8.2.4.1. Brazil
  - 8.2.4.1.1. By Type
  - 8.2.4.1.2. By Coverage
  - 8.2.4.1.3. By End User
  - 8.2.4.2. Mexico
  - 8.2.4.2.1. By Type
  - 8.2.4.2.2. By Coverage
  - 8.2.4.2.3. By End User
  - 8.2.4.3. Argentina
  - 8.2.4.3.1. By Type
  - 8.2.4.3.2. By Coverage
  - 8.2.4.3.3. By End User
  - 8.2.4.4. Peru
  - 8.2.4.4.1. By Type
  - 8.2.4.4.2. By Coverage
  - 8.2.4.4.3. By End User
  - 8.2.4.5. Colombia
  - 8.2.4.5.1. By Type
  - 8.2.4.5.2. By Coverage
  - 8.2.4.5.3. By End User
  - 8.2.4.6. Rest of LATAM
  - 8.2.4.6.1. By Type
  - 8.2.4.6.2. By Coverage
  - 8.2.4.6.3. By End User

9. Middle East & Africa Marine Cargo Insurance Market

9.1. Market Size & Forecast by Value, 2019-2029
- 9.1.1. By Value (USD Billion)
9.2. Market Share & Forecast
- 9.2.1. By Type
- 9.2.2. By Coverage
- 9.2.3. By End User
- 9.2.4. By Country
  - 9.2.4.1. Saudi Arabia
  - 9.2.4.1.1. By Type
  - 9.2.4.1.2. By Coverage
  - 9.2.4.1.3. By End User
  - 9.2.4.2. UAE
  - 9.2.4.2.1. By Type
  - 9.2.4.2.2. By Coverage
  - 9.2.4.2.3. By End User
  - 9.2.4.3. Qatar
  - 9.2.4.3.1. By Type
  - 9.2.4.3.2. By Coverage
  - 9.2.4.3.3. By End User
  - 9.2.4.4. Kuwait
  - 9.2.4.4.1. By Type
  - 9.2.4.4.2. By Coverage
  - 9.2.4.4.3. By End User
  - 9.2.4.5. South Africa
  - 9.2.4.5.1. By Type
  - 9.2.4.5.2. By Coverage
  - 9.2.4.5.3. By End User
  - 9.2.4.6. Nigeria
  - 9.2.4.6.1. By Type
  - 9.2.4.6.2. By Coverage
  - 9.2.4.6.3. By End User
  - 9.2.4.7. Algeria
  - 9.2.4.7.1. By Type
  - 9.2.4.7.2. By Coverage
  - 9.2.4.7.3. By End User
  - 9.2.4.8. Rest of MEA
  - 9.2.4.8.1. By Type
  - 9.2.4.8.2. By Coverage
  - 9.2.4.8.3. By End User

10. Competitive Landscape

10.1. List of Key Players and Their Offerings
10.2. Global Marine Cargo Insurance Company Market Share Analysis, 2022
10.3. Competitive Benchmarking, By Operating Parameters
10.4. Key Strategic Development (Mergers, Acquisitions, Partnerships, etc.)

11. Impact of Covid-19 on Global Marine Cargo Insurance Market

12. Company Profile (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook and SWOT Analysis)

12.1. Allianz
12.2. Liberty Mutual Insurance
12.3. Integro Group
12.4. Samsung Fire
12.5. Marine Insurance Co Ltd
12.6. Munich Re
12.7. Chubb
12.8. Atrium
12.9. Zurich
12.10. TIBA
12.11. Marsh
12.12. Other Prominent Players

13. Key Strategic Recommendations

14. Research Methodology

14.1. Qualitative Research
- 14.1.1. Primary & Secondary Research
14.2. Quantitative Research
14.3. Market Breakdown & Data Triangulation
- 14.3.1. Secondary Research
- 14.3.2. Primary Research
14.4. Breakdown of Primary Research Respondents, By Region
14.5. Assumption & Limitation