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PUBLISHER: IMARC | PRODUCT CODE: 1390826
PUBLISHER: IMARC | PRODUCT CODE: 1390826
Marine Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
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PAGES: 147 Pages
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Abstract
The global marine insurance market size reached US$ 32.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 40.5 Billion by 2028, exhibiting a growth rate (CAGR) of 3.58% during 2022-2028.
Marine insurance policy provides financial coverage against damages and losses caused to cargo vessels, ships, and terminals during transportation. It is generally required during import and export trade proceedings to meet strict regulatory compliance of different countries. Nowadays, several insurers are introducing specialty insurance plans that cover the risk of theft, malicious damage, shortage, and non-delivery of goods. These plans can be customized according to the specific business requirements of customers. Besides this, they also cover for losses incurred on account of fire, explosion, hijacks, accidents, collisions, and overturning.
Marine Insurance Market Trends:
Governing agencies of numerous countries are undertaking initiatives to promote local manufacturing and international trade, which is resulting in a significant rise in the number of export activities across the globe. In addition, they are mandating marine insurance for vessels used in commercial transportation. This represents one of the key factors driving the demand for marine insurance to keep goods or cargos insured against unforeseen incidents during transit. Furthermore, e-commerce companies are adopting marine shipping to facilitate cross-border transportation of goods and reach a broader audience. This, in confluence with the emerging trend of online shopping on account of rapid urbanization, improving income levels, and the growing influence of social media, is propelling the growth of the market. Apart from this, leading players are focusing on incorporating machine learning (ML) and artificial intelligence (AI) to deliver risk management services, improve renewal efficiency, and uncover behavioral factors that impact loss events in real-time. Such advancements are anticipated to drive the demand for marine insurance around the world to simplify claim processing, manage engine performance, and improve navigation and cargo supply chains.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global marine insurance market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on type, distribution channel and end user.
Breakup by Type:
Cargo Insurance
Hull and Machinery Insurance
Marine Liability Insurance
Offshore/Energy Insurance
Breakup by Distribution Channel:
Wholesalers
Retail Brokers
Others
Breakup by End User:
Ship Owners
Traders
Others
Breakup by Region:
North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Allianz SE, American International Group Inc., Aon plc, Arthur J. Gallagher & Co., AXA S.A., Beazley plc, Brown & Brown Inc., Chubb Group Holdings Inc, Lloyd's of London, Lockton Companies, Marsh & McLennan Companies Inc., QBE Insurance Group Ltd, Swiss Re Ltd, Willis Towers Watson plc, and Zurich Insurance Group Ltd.
Key Questions Answered in This Report
- 1. What was the size of the global marine insurance market in 2022?
- 2. What is the expected growth rate of the global marine insurance market during 2023-2028?
- 3. What are the key factors driving the global marine insurance market?
- 4. What has been the impact of COVID-19 on the global marine insurance market?
- 5. What is the breakup of the global marine insurance market based on the type?
- 6. What is the breakup of the global marine insurance market based on the distribution channel?
- 7. What is the breakup of the global marine insurance market based on the end user?
- 8. What are the key regions in the global marine insurance market?
- 9. Who are the key players/companies in the global marine insurance market?
Product Code: SR112023A4690
Table of Contents
1 Preface
2 Scope and Methodology
- 2.1 Objectives of the Study
- 2.2 Stakeholders
- 2.3 Data Sources
- 2.3.1 Primary Sources
- 2.3.2 Secondary Sources
- 2.4 Market Estimation
- 2.4.1 Bottom-Up Approach
- 2.4.2 Top-Down Approach
- 2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
- 4.1 Overview
- 4.2 Key Industry Trends
5 Global Marine Insurance Market
- 5.1 Market Overview
- 5.2 Market Performance
- 5.3 Impact of COVID-19
- 5.4 Market Forecast
6 Market Breakup by Type
- 6.1 Cargo Insurance
- 6.1.1 Market Trends
- 6.1.2 Market Forecast
- 6.2 Hull and Machinery Insurance
- 6.2.1 Market Trends
- 6.2.2 Market Forecast
- 6.3 Marine Liability Insurance
- 6.3.1 Market Trends
- 6.3.2 Market Forecast
- 6.4 Offshore/Energy Insurance
- 6.4.1 Market Trends
- 6.4.2 Market Forecast
7 Market Breakup by Distribution Channel
- 7.1 Wholesalers
- 7.1.1 Market Trends
- 7.1.2 Market Forecast
- 7.2 Retail Brokers
- 7.2.1 Market Trends
- 7.2.2 Market Forecast
- 7.3 Others
- 7.3.1 Market Trends
- 7.3.2 Market Forecast
8 Market Breakup by End User
- 8.1 Ship Owners
- 8.1.1 Market Trends
- 8.1.2 Market Forecast
- 8.2 Traders
- 8.2.1 Market Trends
- 8.2.2 Market Forecast
- 8.3 Others
- 8.3.1 Market Trends
- 8.3.2 Market Forecast
9 Market Breakup by Region
- 9.1 North America
- 9.1.1 United States
- 9.1.1.1 Market Trends
- 9.1.1.2 Market Forecast
- 9.1.2 Canada
- 9.1.2.1 Market Trends
- 9.1.2.2 Market Forecast
- 9.1.1 United States
- 9.2 Asia-Pacific
- 9.2.1 China
- 9.2.1.1 Market Trends
- 9.2.1.2 Market Forecast
- 9.2.2 Japan
- 9.2.2.1 Market Trends
- 9.2.2.2 Market Forecast
- 9.2.3 India
- 9.2.3.1 Market Trends
- 9.2.3.2 Market Forecast
- 9.2.4 South Korea
- 9.2.4.1 Market Trends
- 9.2.4.2 Market Forecast
- 9.2.5 Australia
- 9.2.5.1 Market Trends
- 9.2.5.2 Market Forecast
- 9.2.6 Indonesia
- 9.2.6.1 Market Trends
- 9.2.6.2 Market Forecast
- 9.2.7 Others
- 9.2.7.1 Market Trends
- 9.2.7.2 Market Forecast
- 9.2.1 China
- 9.3 Europe
- 9.3.1 Germany
- 9.3.1.1 Market Trends
- 9.3.1.2 Market Forecast
- 9.3.2 France
- 9.3.2.1 Market Trends
- 9.3.2.2 Market Forecast
- 9.3.3 United Kingdom
- 9.3.3.1 Market Trends
- 9.3.3.2 Market Forecast
- 9.3.4 Italy
- 9.3.4.1 Market Trends
- 9.3.4.2 Market Forecast
- 9.3.5 Spain
- 9.3.5.1 Market Trends
- 9.3.5.2 Market Forecast
- 9.3.6 Russia
- 9.3.6.1 Market Trends
- 9.3.6.2 Market Forecast
- 9.3.7 Others
- 9.3.7.1 Market Trends
- 9.3.7.2 Market Forecast
- 9.3.1 Germany
- 9.4 Latin America
- 9.4.1 Brazil
- 9.4.1.1 Market Trends
- 9.4.1.2 Market Forecast
- 9.4.2 Mexico
- 9.4.2.1 Market Trends
- 9.4.2.2 Market Forecast
- 9.4.3 Others
- 9.4.3.1 Market Trends
- 9.4.3.2 Market Forecast
- 9.4.1 Brazil
- 9.5 Middle East and Africa
- 9.5.1 Market Trends
- 9.5.2 Market Breakup by Country
- 9.5.3 Market Forecast
10 SWOT Analysis
- 10.1 Overview
- 10.2 Strengths
- 10.3 Weaknesses
- 10.4 Opportunities
- 10.5 Threats
11 Value Chain Analysis
12 Porters Five Forces Analysis
- 12.1 Overview
- 12.2 Bargaining Power of Buyers
- 12.3 Bargaining Power of Suppliers
- 12.4 Degree of Competition
- 12.5 Threat of New Entrants
- 12.6 Threat of Substitutes
13 Price Analysis
14 Competitive Landscape
- 14.1 Market Structure
- 14.2 Key Players
- 14.3 Profiles of Key Players
- 14.3.1 Allianz SE
- 14.3.1.1 Company Overview
- 14.3.1.2 Product Portfolio
- 14.3.1.3 Financials
- 14.3.1.4 SWOT Analysis
- 14.3.2 American International Group Inc.
- 14.3.2.1 Company Overview
- 14.3.2.2 Product Portfolio
- 14.3.2.3 Financials
- 14.3.2.4 SWOT Analysis
- 14.3.3 Aon plc
- 14.3.3.1 Company Overview
- 14.3.3.2 Product Portfolio
- 14.3.3.3 Financials
- 14.3.3.4 SWOT Analysis
- 14.3.4 Arthur J. Gallagher & Co.
- 14.3.4.1 Company Overview
- 14.3.4.2 Product Portfolio
- 14.3.4.3 Financials
- 14.3.4.4 SWOT Analysis
- 14.3.5 AXA S.A
- 14.3.5.1 Company Overview
- 14.3.5.2 Product Portfolio
- 14.3.5.3 Financials
- 14.3.5.4 SWOT Analysis
- 14.3.6 Beazley plc
- 14.3.6.1 Company Overview
- 14.3.6.2 Product Portfolio
- 14.3.6.3 Financials
- 14.3.7 Brown & Brown Inc.
- 14.3.7.1 Company Overview
- 14.3.7.2 Product Portfolio
- 14.3.7.3 Financials
- 14.3.7.4 SWOT Analysis
- 14.3.8 Chubb Group Holdings Inc
- 14.3.8.1 Company Overview
- 14.3.8.2 Product Portfolio
- 14.3.8.3 Financials
- 14.3.8.4 SWOT Analysis
- 14.3.9 Lloyd's of London
- 14.3.9.1 Company Overview
- 14.3.9.2 Product Portfolio
- 14.3.10 Lockton Companies
- 14.3.10.1 Company Overview
- 14.3.10.2 Product Portfolio
- 14.3.11 Marsh & McLennan Companies Inc.
- 14.3.11.1 Company Overview
- 14.3.11.2 Product Portfolio
- 14.3.11.3 Financials
- 14.3.11.4 SWOT Analysis
- 14.3.12 QBE Insurance Group Ltd
- 14.3.12.1 Company Overview
- 14.3.12.2 Product Portfolio
- 14.3.12.3 Financials
- 14.3.12.4 SWOT Analysis
- 14.3.13 Swiss Re Ltd
- 14.3.13.1 Company Overview
- 14.3.13.2 Product Portfolio
- 14.3.13.3 Financials
- 14.3.13.4 SWOT Analysis
- 14.3.14 Willis Towers Watson plc
- 14.3.14.1 Company Overview
- 14.3.14.2 Product Portfolio
- 14.3.14.3 Financials
- 14.3.14.4 SWOT Analysis
- 14.3.15 Zurich Insurance Group Ltd.
- 14.3.15.1 Company Overview
- 14.3.15.2 Product Portfolio
- 14.3.15.3 Financials
- 14.3.15.4 SWOT Analysis
- 14.3.1 Allianz SE
Product Code: SR112023A4690
List of Figures
- Figure 1: Global: Marine Insurance Market: Major Drivers and Challenges
- Figure 2: Global: Marine Insurance Market: Sales Value (in Billion US$), 2017-2022
- Figure 3: Global: Marine Insurance Market Forecast: Sales Value (in Billion US$), 2023-2028
- Figure 4: Global: Marine Insurance Market: Breakup by Type (in %), 2022
- Figure 5: Global: Marine Insurance Market: Breakup by Distribution Channel (in %), 2022
- Figure 6: Global: Marine Insurance Market: Breakup by End User (in %), 2022
- Figure 7: Global: Marine Insurance Market: Breakup by Region (in %), 2022
- Figure 8: Global: Marine Insurance (Cargo Insurance) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 9: Global: Marine Insurance (Cargo Insurance) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 10: Global: Marine Insurance (Hull and Machinery Insurance) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 11: Global: Marine Insurance (Hull and Machinery Insurance) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 12: Global: Marine Insurance (Marine Liability Insurance) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 13: Global: Marine Insurance (Marine Liability Insurance) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 14: Global: Marine Insurance (Offshore/Energy Insurance) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 15: Global: Marine Insurance (Offshore/Energy Insurance) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 16: Global: Marine Insurance (Wholesalers) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 17: Global: Marine Insurance (Wholesalers) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 18: Global: Marine Insurance (Retail Brokers) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 19: Global: Marine Insurance (Retail Brokers) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 20: Global: Marine Insurance (Other Distribution Channels) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 21: Global: Marine Insurance (Other Distribution Channels) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 22: Global: Marine Insurance (Ship Owners) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 23: Global: Marine Insurance (Ship Owners) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 24: Global: Marine Insurance (Traders) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 25: Global: Marine Insurance (Traders) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 26: Global: Marine Insurance (Other End Users) Market: Sales Value (in Million US$), 2017 & 2022
- Figure 27: Global: Marine Insurance (Other End Users) Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 28: North America: Marine Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 29: North America: Marine Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 30: United States: Marine Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 31: United States: Marine Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 32: Canada: Marine Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 33: Canada: Marine Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 34: Asia-Pacific: Marine Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 35: Asia-Pacific: Marine Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 36: China: Marine Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 37: China: Marine Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 38: Japan: Marine Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 39: Japan: Marine Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 40: India: Marine Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 41: India: Marine Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 42: South Korea: Marine Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 43: South Korea: Marine Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 44: Australia: Marine Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 45: Australia: Marine Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 46: Indonesia: Marine Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 47: Indonesia: Marine Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 48: Others: Marine Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 49: Others: Marine Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 50: Europe: Marine Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 51: Europe: Marine Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 52: Germany: Marine Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 53: Germany: Marine Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 54: France: Marine Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 55: France: Marine Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 56: United Kingdom: Marine Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 57: United Kingdom: Marine Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 58: Italy: Marine Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 59: Italy: Marine Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 60: Spain: Marine Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 61: Spain: Marine Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 62: Russia: Marine Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 63: Russia: Marine Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 64: Others: Marine Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 65: Others: Marine Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 66: Latin America: Marine Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 67: Latin America: Marine Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 68: Brazil: Marine Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 69: Brazil: Marine Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 70: Mexico: Marine Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 71: Mexico: Marine Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 72: Others: Marine Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 73: Others: Marine Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 74: Middle East and Africa: Marine Insurance Market: Sales Value (in Million US$), 2017 & 2022
- Figure 75: Middle East and Africa: Marine Insurance Market: Breakup by Country (in %), 2022
- Figure 76: Middle East and Africa: Marine Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
- Figure 77: Global: Marine Insurance Industry: SWOT Analysis
- Figure 78: Global: Marine Insurance Industry: Value Chain Analysis
- Figure 79: Global: Marine Insurance Industry: Porter's Five Forces Analysis
List of Tables
- Table 1: Global: Marine Insurance Market: Key Industry Highlights, 2022 and 2028
- Table 2: Global: Marine Insurance Market Forecast: Breakup by Type (in Million US$), 2023-2028
- Table 3: Global: Marine Insurance Market Forecast: Breakup by Distribution Channel (in Million US$), 2023-2028
- Table 4: Global: Marine Insurance Market Forecast: Breakup by End User (in Million US$), 2023-2028
- Table 5: Global: Marine Insurance Market Forecast: Breakup by Region (in Million US$), 2023-2028
- Table 6: Global: Marine Insurance Market: Competitive Structure
- Table 7: Global: Marine Insurance Market: Key Players
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