Marine Insurance Market size to Increase by USD 4.2 Bn | Featuring Top Vendors Including Allianz Group, American International Group Inc., and Aon Plc | Technavio

NEW YORK, Nov. 3, 2021 /PRNewswire/ — The global marine insurance market is set to grow by USD 4.2 billion…

NEW YORK, Nov. 3, 2021 /PRNewswire/ — The global marine insurance market is set to grow by USD 4.2 billion between 2020 and 2025, accelerating at a CAGR of about 3% during the forecast period. The market is segmented by product (cargo, hull, offshore energy, and marine liability) and geography (Europe, APAC, South America, MEA, and North America). The report provides detailed insights into how vendors are performing in terms of revenue generation, market position, product launches, and customer base among others.

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Key takeaways from marine insurance market study

  • Marine insurance market size to increase by USD 4.2 billion at about 3% CAGR between 2020 and 2025
  • 2.07% year-over-year growth expected in 2021
  • 52% market growth to originate in Europe during the forecast period
  • Cargo segment accounted for maximum growth in the market in 2020
  • Dominant vendors include Allianz Group, American International Group Inc., Aon Plc, and others

Marine Insurance Market: Growth Drivers and Restraints

The marine insurance market is driven by the use of multiple distribution channels. Technological advances, digitization and analytics, and the emergence of digital enterprise platforms have increased the use of online portals and improved customer experience. In addition, the creation of multiple distribution channels is helping suppliers to reach a broader audience, especially in emerging regions. With the growth of distribution channels, the demand for insurance for various products has increased significantly over the years. Besides, the introduction of regulations that mandate the use of insurance products is expected to positively influence the growth of the market during the forecast period.

«Although the increase in premium contribution from the emerging markets and improvements in industry regulations will further boost the market growth, low profitability might reduce the growth opportunities for market players», says an analyst at Technavio.

The marine insurance market report answers questions such as:

  • Is the market structure fragmented or concentrated?
  • What was the market size in 2020 and the forecast of the marine insurance market through 2025?
  • Which are the best segment areas to invest in over the forecast period?
  • What is the market share of dominant and strong vendors in the marine insurance market?
  • What are the latest trends and regulatory frameworks in the marine insurance market?

Get all your questions answered in our full report.

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Marine Insurance Market Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Accelerate at a CAGR of about 3%

Market growth 2021-2025

USD 4.20 billion

Market structure

Fragmented

YoY growth (%)

2.07

Regional analysis

Europe, APAC, South America, MEA, and North America

Performing market contribution

Europe at 52%

Key consumer countries

UK, Germany, China, France, and Singapore

Competitive landscape

Leading companies, competitive strategies, consumer engagement scope

Companies profiled

Allianz Group, American International Group Inc., Aon Plc, Arthur J. Gallagher and Co., AXA Group, Beazley Plc, Brown and Brown Inc., Lockton Companies, Marsh and McLennan Companies Inc., and Swiss Re Ltd.

Market Dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Market Scope Table:

Table of Contents:

Executive Summary

Market Landscape

  • Market ecosystem
  • Value chain analysis

Market Sizing… View our marine insurance market snapshot to unlock TOC

About Us

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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