Major players in marine insurance market are American International Group Inc., American Financial Group Inc., Allianz SE, Axa SA, Arthur J. Gallagher & Co., Aon Plc, Aspen Insurance Holdings Limited, Berkshire Hathaway Specialty Insurance, Swiss Re, Zurich Insurance Group, Tokyo Marine Holdings Inc.
NEW YORK, Dec. 08, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report, “Marine Insurance Global Market Report 2022: Ukraine-Russia War Impact” – https://www.reportlinker.com/p06371419/ ? utm_source=GNW
Chubb Limited, The Hanover Insurance Group Inc., Markel Corporation, HDI Global SE, Intact Financial Corporation, ProSight Global Inc., Sompo International Holdings Ltd, The Hartford Financial Services Group Inc. and The Travelers Indemnity Company.
The global marine insurance market is expected to grow from US$26.30 billion in 2021 to US$27.81 billion in 2022 at a compound annual growth rate (CAGR) of 5.7%. The Russia-Ukraine war has, at least in the short term, disrupted the chances of a global economic recovery from the COVID-19 pandemic. The war between these two countries has resulted in economic sanctions against several countries, a surge in commodity prices and supply chain disruptions, affecting many markets around the world. The market is expected to reach $32.61 billion in 2026 at a CAGR of 4.1%.
The marine insurance market consists of the sale by companies (organizations, sole traders and partnerships) of marine insurance products that cover loss of or damage to cargo or goods during transit. Ship insurance refers to a type of insurance policy whereby cargo owners and cargo are insured against loss or damage due to ship accidents and delays during the voyage.
The main types of marine insurance are cargo insurance, hull and machinery insurance, marine liability insurance and offshore/energy insurance. Cargo insurance refers to insurance used to protect shipments from property damage or theft.
Cargo insurance generally protects shipments from loss, damage, or theft during transit.
The different distribution channels are wholesalers, retail brokers and others. The various end users include shipowners, traders and other end users.
Europe was the largest region in the marine insurance market in 2021. Asia Pacific is projected to be the fastest growing region during the forecast period.
The regions covered in Marine Insurance Market report are Asia Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The increase in global trade is anticipated to impel the growth of marine insurance market. World trade refers to the import and export of goods and services across international borders.
The increasing use of ships for import and export is driving the marine insurance sector as all shipping companies are insured to protect against contingent damage to ships and goods within. For example, according to the United Nations Conference on Trade and Development, a Switzerland-based intergovernmental organization, in February 2021 global trade hit a record $28.5 trillion in 2021, a 25% increase from 2020. Hence, the increase in global trade is driving the growth of marine insurance market.
Technological advances are the key trends gaining popularity in the marine insurance market. Large companies operating in marine insurance sector focus on introducing new technologies for market growth.
For example, Hapag-Lloyd AG, a Germany-based shipping company, launched Quick Cargo Insurance, an online marine insurance, in September 2019. The Hapag-Lloyd website offers a digital solution that enables customers to be insured 24/7, anytime, anywhere.
The company offers people easy ways to buy insurance.
In January 2020, Assicurazioni Generali SpA, an Italy-based insurance provider, acquired Seguradoras Unidas SA for an undisclosed amount. The acquisition will help Generali strengthen its position in the European market. Seguradoras Unidas SA is a Portugal-based insurance company that offers legal protection, marine, air and transport insurance.
The countries covered by Marine Insurance Market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and the US.
Marine Insurance Market Research Report is one of a series of new reports that provide marine insurance market statistics, including global marine insurance industry market size, regional shares, competitors with marine insurance market share, detailed marine insurance market segments, market trends and opportunities, and all further data, you may need to succeed in the marine insurance industry. This Marine Insurance Market Research Report provides a complete overview of everything you need with in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06371419/?utm_source=GNW
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