Dublin, Jan. 10, 2025 (GLOBE NEWSWIRE) — The “Marine Insurance – Global Strategic Business Report” report has been added to the ResearchAndMarkets.com’s offering.
The global market for Marine Insurance was valued at USD 29.6 billion in 2023 and is projected to reach USD 33.7 billion by 2030, growing at a CAGR of 1.9% from 2023 to 2030. This comprehensive report provides an in-depth analysis of market trends. drivers and forecasts, helping you make informed business decisions.
Growth in the marine insurance market has been driven by several factors, including increasing global trade volume, increased investment in offshore energy exploration, and growing demand for risk mitigation in high-value cargo transportation. The expansion of international shipping routes, particularly in emerging markets, has resulted in a greater need for comprehensive marine coverage to protect against cargo loss, damage and liability.
Additionally, regulatory requirements and environmental concerns are driving shipping companies to provide coverage for pollution and other marine liabilities. Technological advances, such as blockchain and IoT integration, are improving efficiency and transparency, further driving adoption in the marine insurance market.
Why is Marine Insurance critical to global trade and shipping?
Marine insurance is an essential component of global trade, providing protection against a variety of risks associated with maritime transport, including damage to or loss of ships, cargo and other marine assets. As the global economy relies heavily on maritime logistics to transport goods across continents, the risks posed by piracy, natural disasters, cargo damage and accidents at sea require comprehensive marine insurance policies.
Marine insurance policies cover a wide range of potential liabilities, ensuring that ship owners, cargo owners and traders can mitigate financial risks arising from unforeseen incidents. With the growth of maritime trade routes and the expansion of offshore energy projects, the importance of comprehensive marine insurance continues to grow in both established and emerging markets.
What are the main segments in the marine insurance market?
Types of coverage include body insurance, cargo insurance, and liability insurance. Hull insurance protects against physical damage to vessels, while cargo insurance covers loss or damage to goods in transit. Liability insurance provides coverage for legal liabilities arising from incidents such as pollution or collisions.
End users of marine insurance include shipping companies, freight forwarders, port operators and offshore energy companies. Geographically, the market is concentrated in regions with high maritime activity, such as North America, Europe and Asia-Pacific, with key shipping routes and growing offshore energy exploration.
How are technological advances shaping marine insurance?
Technological innovations are driving significant change in marine insurance by improving risk assessment, underwriting and claims management. The use of big data and predictive analytics allows insurers to more accurately assess risk by analyzing historical data on ship performance, weather conditions and piracy threats. Blockchain technology is increasing transparency and efficiency in marine insurance transactions, reducing paperwork and improving the speed of claims settlement.
Additionally, satellite tracking systems and IoT sensors installed on ships and cargo containers provide real-time asset monitoring, enabling insurers to proactively manage risks and reduce the likelihood of claims. These technological advances not only simplify the marine insurance process, but also improve the value proposition for stakeholders.
What factors are driving growth in the marine insurance market?
Key insights:
- Market Growth: Understand the significant growth trajectory of the Transportation Insurance segment, which is expected to reach USD 16.0 billion by 2030 at a CAGR of 2.3%. The Hull Insurance segment is also set to grow at 1.8% CAGR during the analysis period.
- Regional Analysis: Gain insights into the US market, estimated at $8.1 billion in 2023 and China, projected to grow at an impressive CAGR of 4.0% to reach $6.5 billion by 2030. Discover growth trends by region other key markets, including Japan, Canada, Germany, and Asia-Pacific.
Report Features:
- Comprehensive Market Data: Independent analysis of annual sales and market forecasts in USD million from 2023 to 2030.
- In-depth regional analysis: Detailed insights into key markets, including the US, China, Japan, Canada, Europe, Asia-Pacific, Latin America, the Middle East and Africa.
- Company Profiles: Covering major players like Allianz SE, American International Group, Inc., Aon PLC, and more.
- Complementary updates: Get free report updates for a year to keep you informed of the latest market developments.
Main attributes:
| The report attribute | The details |
| Number of pages | 197 |
| Forecast period | 2023 – 2030 |
| Estimated market value (USD) in 2023 | 29.6 billion dollars |
| Projected market value (USD) by 2030 | 33.7 billion dollars |
| Compound Annual Growth Rate | 1.9% |
| Regions covered | global |
Main topics covered:
MARKET SUMMARY
- Influencer Market Insights
- World Market Trajectories
- The impact of COVID-19 and an impending global recession
- Marine Insurance – Key Global Competitors Market Share Share to 2024 (E)
- Competitive market presence – strong/active/country/irrelevant for worldwide players in 2024 (E)
MARKET TRENDS AND RIGHTS
- Growth in Global Trade and Shipping Activities Drive Growth in Marine Insurance
- Technological innovations in risk assessment strengthen the business case for advanced marine insurance solutions
- Increasing focus on cyber security threats in maritime operations is expanding the demand for marine insurance
- The growing complexity in global supply chains puts the spotlight on Comprehensive Maritime Coverage
- The increasing incidence of natural disasters and climate-related risks drive the demand for marine insurance solutions
- Expansion of Demand for Offshore Energy Exploration Fuels for Specialized Marine Insurance Products
- Growing adoption of Digital Platforms for Marine Insurance increases accessibility and transparency
- Technological innovations in real-time risk monitoring drive adoption of IoT in Marine Insurance
- Increasing demand for green shipping and environmentally friendly practices expands opportunities for marine insurance
- The increased focus on protecting high-value cargo is driving growth in marine insurance policies
- Technological advances in Blockchain and smart contracts drive growth in marine insurance
- The growing role of big data and analytics in risk management expands the market for marine insurance solutions
- Increasing focus on piracy and maritime security threats is driving the demand for comprehensive marine insurance
FOCUS ON SELECTED PLAYERS(Total 53 featured):
- Allianz SE
- American International Group, Inc.
- Aon PLC
- Concirus
- Lockton, Inc.
- Marsh Inc.
- QBE Insurance (Australia) Ltd.
- RSA Insurance Group
- Swiss Re Ltd
- Hanover Insurance Group, Inc.
For more information about this report, visit https://www.researchandmarkets.com/r/xkpvia
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