Industry

Marine Insurance Global Market Report 2023

The Marine Insurance Global Market Report 2023 by The Business Research Company, provides marine insurance market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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https://www.thebusinessresearchcompany.com/report/marine-insurance-global-market-report

According to The Business Research Company’s Marine Insurance Global Market Report 2023, the market size is expected to grow from $28.32 billion in 2022 to $30.21 billion in 2023 at a compound annual growth rate (CAGR) of 6.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of global marine insurance is expected to grow to $37.61 billion in 2027 at a CAGR of 5.6%.

The rise in global trade is expected to propel the growth of the marine insurance market going forward. Global trade refers to the import and export of goods and services across international boundaries. The growing use of ships for import and export drives marine insurance sector as all the shipping companies are getting insured to get protected from uncertain damages for ships and goods in it.

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The marine insurance market is segmented:

1) By Type: Cargo Insurance, Hull And Machinery Insurance, Marine Liability Insurance, Offshore or Energy Insurance

2) By Policy Type: Time Policy, Voyage Policy, Floating Policy, Valued Policy, Others Policy Types

3) By Distribution Channel: Wholesalers, Retail Brokers, Others Distribution Channels

4) By End User: Ship Owners, Traders, Others End Users

Technological advancements are the key trends gaining popularity in the marine insurance market. Major companies operating in the marine insurance sector are focused on introducing new technologies for market growth. For instance, in January 2021, B3i, a Zurich-based insurance blockchain firm, partnered with Eurapco, to launch Eurapco Unity. Eurapco Unity is a blockchain-based technology that enables the network of insurance companies to transfer one-time maritime insurance risks among one another. It also makes it possible for businesses to share development expenditures and have a shared infrastructure. Eurapco is a Europe-based alliance of primarily mutual insurance companies.

The marine insurance market report table of contents includes: