Marine Insurance Global Market Size, Share Report, Growth Prospects, Developments Plans, Future Insights and Trends Analysis And Forecast Till 2033 | Allianz SE, Aon PLC, HDI Global SE, Validus Holdings Inc.

Marine Insurance Global Market

The Marine Insurance Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Marine Insurance Global Market Report 2024, The marine insurance market size has grown strongly in recent years. It will grow from $30.35 billion in 2023 to $32.34 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The growth in the historic period can be attributed to global trade expansion, rise in international shipping, piracy and maritime security concerns, stringent regulatory requirements, natural disasters and climate risks.

The marine insurance market size is expected to see strong growth in the next few years. It will grow to $42.3 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The growth in the forecast period can be attributed to emergence of unmanned vessels, cybersecurity concerns, adaptation to climate change, green shipping initiatives, renewable energy expansion. Major trends in the forecast period include digitization and insurtech, data analytics and predictive modeling, autonomous vessels and technology risks, economic and trade dynamics, alternative risk transfer mechanisms.

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. For instance, in February 2021, according to the United Nations Conference on Trade and Development, a Switzerland-based intergovernmental organization, global trade reached a record level of $ 28.5 trillion in 2021, an increase of 25% from 2020. Therefore, the rise in global trade is driving the growth of the marine insurance market.

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The marine insurance market covered in this report 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

Major companies operating in the marine insurance market are focusing on strategic collaboration, to provide reliable services to customers. Strategic collaboration refers to a mutually beneficial partnership between two or more independent entities who work together to achieve shared goals aligned with their individual strategic objectives. For instance, in December 2021, Allianz Global Corporate & Specialty SE, a Germany-based financial services provider, collaborated with Visicover, a UK-based insurtech company, to launch online marine insurance service for UK leisure vessel owners. This collaboration aligns with both Allianz’s Digital by Default strategy and Visicover’s expertise in delivering user-friendly online insurance solutions.

The marine insurance market report table of contents includes:
1. Executive Summary