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Report
Marine Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
Market Report I 2023-11-24 I 147 Pages I IMARC Group
The global marine insurance market size reached US$ 32.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 40.5 Billion by 2028, exhibiting a growth rate (CAGR) of 3.58% during 2022-2028.
Marine insurance policy provides financial coverage against damages and losses caused to cargo vessels, ships, and terminals during transportation. It is generally required during import and export trade proceedings to meet strict regulatory compliance of different countries. Nowadays, several insurers are introducing specialty insurance plans that cover the risk of theft, malicious damage, shortage, and non-delivery of goods. These plans can be customized according to the specific business requirements of customers. Besides this, they also cover for losses incurred on account of fire, explosion, hijacks, accidents, collisions, and overturning.
Marine Insurance Market Trends:
Governing agencies of numerous countries are undertaking initiatives to promote local manufacturing and international trade, which is resulting in a significant rise in the number of export activities across the globe. In addition, they are mandating marine insurance for vessels used in commercial transportation. This represents one of the key factors driving the demand for marine insurance to keep goods or cargos insured against unforeseen incidents during transit. Furthermore, e-commerce companies are adopting marine shipping to facilitate cross-border transportation of goods and reach a broader audience. This, in confluence with the emerging trend of online shopping on account of rapid urbanization, improving income levels, and the growing influence of social media, is propelling the growth of the market. Apart from this, leading players are focusing on incorporating machine learning (ML) and artificial intelligence (AI) to deliver risk management services, improve renewal efficiency, and uncover behavioral factors that impact loss events in real-time. Such advancements are anticipated to drive the demand for marine insurance around the world to simplify claim processing, manage engine performance, and improve navigation and cargo supply chains.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global marine insurance market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on type, distribution channel and end user.
Breakup by Type:
Cargo Insurance
Hull and Machinery Insurance
Marine Liability Insurance
Offshore/Energy Insurance
Breakup by Distribution Channel:
Wholesalers
Retail Brokers
Others
Breakup by End User:
Ship Owners
Traders
Others
Breakup by Region:
North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Allianz SE, American International Group Inc., Aon plc, Arthur J. Gallagher & Co., AXA S.A., Beazley plc, Brown & Brown Inc., Chubb Group Holdings Inc, Lloyd's of London, Lockton Companies, Marsh & McLennan Companies Inc., QBE Insurance Group Ltd, Swiss Re Ltd, Willis Towers Watson plc, and Zurich Insurance Group Ltd.
Key Questions Answered in This Report
1. What was the size of the global marine insurance market in 2022?
2. What is the expected growth rate of the global marine insurance market during 2023-2028?
3. What are the key factors driving the global marine insurance market?
4. What has been the impact of COVID-19 on the global marine insurance market?
5. What is the breakup of the global marine insurance market based on the type?
6. What is the breakup of the global marine insurance market based on the distribution channel?
7. What is the breakup of the global marine insurance market based on the end user?
8. What are the key regions in the global marine insurance market?
9. Who are the key players/companies in the global marine insurance market?
1 Preface
2 Scope and Methodology
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global Marine Insurance Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast
6 Market Breakup by Type
6.1 Cargo Insurance
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 Hull and Machinery Insurance
6.2.1 Market Trends
6.2.2 Market Forecast
6.3 Marine Liability Insurance
6.3.1 Market Trends
6.3.2 Market Forecast
6.4 Offshore/Energy Insurance
6.4.1 Market Trends
6.4.2 Market Forecast
7 Market Breakup by Distribution Channel
7.1 Wholesalers
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 Retail Brokers
7.2.1 Market Trends
7.2.2 Market Forecast
7.3 Others
7.3.1 Market Trends
7.3.2 Market Forecast
8 Market Breakup by End User
8.1 Ship Owners
8.1.1 Market Trends
8.1.2 Market Forecast
8.2 Traders
8.2.1 Market Trends
8.2.2 Market Forecast
8.3 Others
8.3.1 Market Trends
8.3.2 Market Forecast
9 Market Breakup by Region
9.1 North America
9.1.1 United States
9.1.1.1 Market Trends
9.1.1.2 Market Forecast
9.1.2 Canada
9.1.2.1 Market Trends
9.1.2.2 Market Forecast
9.2 Asia-Pacific
9.2.1 China
9.2.1.1 Market Trends
9.2.1.2 Market Forecast
9.2.2 Japan
9.2.2.1 Market Trends
9.2.2.2 Market Forecast
9.2.3 India
9.2.3.1 Market Trends
9.2.3.2 Market Forecast
9.2.4 South Korea
9.2.4.1 Market Trends
9.2.4.2 Market Forecast
9.2.5 Australia
9.2.5.1 Market Trends
9.2.5.2 Market Forecast
9.2.6 Indonesia
9.2.6.1 Market Trends
9.2.6.2 Market Forecast
9.2.7 Others
9.2.7.1 Market Trends
9.2.7.2 Market Forecast
9.3 Europe
9.3.1 Germany
9.3.1.1 Market Trends
9.3.1.2 Market Forecast
9.3.2 France
9.3.2.1 Market Trends
9.3.2.2 Market Forecast
9.3.3 United Kingdom
9.3.3.1 Market Trends
9.3.3.2 Market Forecast
9.3.4 Italy
9.3.4.1 Market Trends
9.3.4.2 Market Forecast
9.3.5 Spain
9.3.5.1 Market Trends
9.3.5.2 Market Forecast
9.3.6 Russia
9.3.6.1 Market Trends
9.3.6.2 Market Forecast
9.3.7 Others
9.3.7.1 Market Trends
9.3.7.2 Market Forecast
9.4 Latin America
9.4.1 Brazil
9.4.1.1 Market Trends
9.4.1.2 Market Forecast
9.4.2 Mexico
9.4.2.1 Market Trends
9.4.2.2 Market Forecast
9.4.3 Others
9.4.3.1 Market Trends
9.4.3.2 Market Forecast
9.5 Middle East and Africa
9.5.1 Market Trends
9.5.2 Market Breakup by Country
9.5.3 Market Forecast
10 SWOT Analysis
10.1 Overview
10.2 Strengths
10.3 Weaknesses
10.4 Opportunities
10.5 Threats
11 Value Chain Analysis
12 Porters Five Forces Analysis
12.1 Overview
12.2 Bargaining Power of Buyers
12.3 Bargaining Power of Suppliers
12.4 Degree of Competition
12.5 Threat of New Entrants
12.6 Threat of Substitutes
13 Price Analysis
14 Competitive Landscape
14.1 Market Structure
14.2 Key Players
14.3 Profiles of Key Players
14.3.1 Allianz SE
14.3.1.1 Company Overview
14.3.1.2 Product Portfolio
14.3.1.3 Financials
14.3.1.4 SWOT Analysis
14.3.2 American International Group Inc.
14.3.2.1 Company Overview
14.3.2.2 Product Portfolio
14.3.2.3 Financials
14.3.2.4 SWOT Analysis
14.3.3 Aon plc
14.3.3.1 Company Overview
14.3.3.2 Product Portfolio
14.3.3.3 Financials
14.3.3.4 SWOT Analysis
14.3.4 Arthur J. Gallagher & Co.
14.3.4.1 Company Overview
14.3.4.2 Product Portfolio
14.3.4.3 Financials
14.3.4.4 SWOT Analysis
14.3.5 AXA S.A
14.3.5.1 Company Overview
14.3.5.2 Product Portfolio
14.3.5.3 Financials
14.3.5.4 SWOT Analysis
14.3.6 Beazley plc
14.3.6.1 Company Overview
14.3.6.2 Product Portfolio
14.3.6.3 Financials
14.3.7 Brown & Brown Inc.
14.3.7.1 Company Overview
14.3.7.2 Product Portfolio
14.3.7.3 Financials
14.3.7.4 SWOT Analysis
14.3.8 Chubb Group Holdings Inc
14.3.8.1 Company Overview
14.3.8.2 Product Portfolio
14.3.8.3 Financials
14.3.8.4 SWOT Analysis
14.3.9 Lloyd's of London
14.3.9.1 Company Overview
14.3.9.2 Product Portfolio
14.3.10 Lockton Companies
14.3.10.1 Company Overview
14.3.10.2 Product Portfolio
14.3.11 Marsh & McLennan Companies Inc.
14.3.11.1 Company Overview
14.3.11.2 Product Portfolio
14.3.11.3 Financials
14.3.11.4 SWOT Analysis
14.3.12 QBE Insurance Group Ltd
14.3.12.1 Company Overview
14.3.12.2 Product Portfolio
14.3.12.3 Financials
14.3.12.4 SWOT Analysis
14.3.13 Swiss Re Ltd
14.3.13.1 Company Overview
14.3.13.2 Product Portfolio
14.3.13.3 Financials
14.3.13.4 SWOT Analysis
14.3.14 Willis Towers Watson plc
14.3.14.1 Company Overview
14.3.14.2 Product Portfolio
14.3.14.3 Financials
14.3.14.4 SWOT Analysis
14.3.15 Zurich Insurance Group Ltd.
14.3.15.1 Company Overview
14.3.15.2 Product Portfolio
14.3.15.3 Financials
14.3.15.4 SWOT Analysis
Figure 1: Global: Marine Insurance Market: Major Drivers and Challenges
Figure 2: Global: Marine Insurance Market: Sales Value (in Billion US$), 2017-2022
Figure 3: Global: Marine Insurance Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 4: Global: Marine Insurance Market: Breakup by Type (in %), 2022
Figure 5: Global: Marine Insurance Market: Breakup by Distribution Channel (in %), 2022
Figure 6: Global: Marine Insurance Market: Breakup by End User (in %), 2022
Figure 7: Global: Marine Insurance Market: Breakup by Region (in %), 2022
Figure 8: Global: Marine Insurance (Cargo Insurance) Market: Sales Value (in Million US$), 2017 & 2022
Figure 9: Global: Marine Insurance (Cargo Insurance) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 10: Global: Marine Insurance (Hull and Machinery Insurance) Market: Sales Value (in Million US$), 2017 & 2022
Figure 11: Global: Marine Insurance (Hull and Machinery Insurance) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 12: Global: Marine Insurance (Marine Liability Insurance) Market: Sales Value (in Million US$), 2017 & 2022
Figure 13: Global: Marine Insurance (Marine Liability Insurance) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 14: Global: Marine Insurance (Offshore/Energy Insurance) Market: Sales Value (in Million US$), 2017 & 2022
Figure 15: Global: Marine Insurance (Offshore/Energy Insurance) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 16: Global: Marine Insurance (Wholesalers) Market: Sales Value (in Million US$), 2017 & 2022
Figure 17: Global: Marine Insurance (Wholesalers) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 18: Global: Marine Insurance (Retail Brokers) Market: Sales Value (in Million US$), 2017 & 2022
Figure 19: Global: Marine Insurance (Retail Brokers) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 20: Global: Marine Insurance (Other Distribution Channels) Market: Sales Value (in Million US$), 2017 & 2022
Figure 21: Global: Marine Insurance (Other Distribution Channels) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 22: Global: Marine Insurance (Ship Owners) Market: Sales Value (in Million US$), 2017 & 2022
Figure 23: Global: Marine Insurance (Ship Owners) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 24: Global: Marine Insurance (Traders) Market: Sales Value (in Million US$), 2017 & 2022
Figure 25: Global: Marine Insurance (Traders) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 26: Global: Marine Insurance (Other End Users) Market: Sales Value (in Million US$), 2017 & 2022
Figure 27: Global: Marine Insurance (Other End Users) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 28: North America: Marine Insurance Market: Sales Value (in Million US$), 2017 & 2022
Figure 29: North America: Marine Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 30: United States: Marine Insurance Market: Sales Value (in Million US$), 2017 & 2022
Figure 31: United States: Marine Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 32: Canada: Marine Insurance Market: Sales Value (in Million US$), 2017 & 2022
Figure 33: Canada: Marine Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 34: Asia-Pacific: Marine Insurance Market: Sales Value (in Million US$), 2017 & 2022
Figure 35: Asia-Pacific: Marine Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 36: China: Marine Insurance Market: Sales Value (in Million US$), 2017 & 2022
Figure 37: China: Marine Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 38: Japan: Marine Insurance Market: Sales Value (in Million US$), 2017 & 2022
Figure 39: Japan: Marine Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 40: India: Marine Insurance Market: Sales Value (in Million US$), 2017 & 2022
Figure 41: India: Marine Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 42: South Korea: Marine Insurance Market: Sales Value (in Million US$), 2017 & 2022
Figure 43: South Korea: Marine Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 44: Australia: Marine Insurance Market: Sales Value (in Million US$), 2017 & 2022
Figure 45: Australia: Marine Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 46: Indonesia: Marine Insurance Market: Sales Value (in Million US$), 2017 & 2022
Figure 47: Indonesia: Marine Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 48: Others: Marine Insurance Market: Sales Value (in Million US$), 2017 & 2022
Figure 49: Others: Marine Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 50: Europe: Marine Insurance Market: Sales Value (in Million US$), 2017 & 2022
Figure 51: Europe: Marine Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 52: Germany: Marine Insurance Market: Sales Value (in Million US$), 2017 & 2022
Figure 53: Germany: Marine Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 54: France: Marine Insurance Market: Sales Value (in Million US$), 2017 & 2022
Figure 55: France: Marine Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 56: United Kingdom: Marine Insurance Market: Sales Value (in Million US$), 2017 & 2022
Figure 57: United Kingdom: Marine Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 58: Italy: Marine Insurance Market: Sales Value (in Million US$), 2017 & 2022
Figure 59: Italy: Marine Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 60: Spain: Marine Insurance Market: Sales Value (in Million US$), 2017 & 2022
Figure 61: Spain: Marine Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 62: Russia: Marine Insurance Market: Sales Value (in Million US$), 2017 & 2022
Figure 63: Russia: Marine Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 64: Others: Marine Insurance Market: Sales Value (in Million US$), 2017 & 2022
Figure 65: Others: Marine Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 66: Latin America: Marine Insurance Market: Sales Value (in Million US$), 2017 & 2022
Figure 67: Latin America: Marine Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 68: Brazil: Marine Insurance Market: Sales Value (in Million US$), 2017 & 2022
Figure 69: Brazil: Marine Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 70: Mexico: Marine Insurance Market: Sales Value (in Million US$), 2017 & 2022
Figure 71: Mexico: Marine Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 72: Others: Marine Insurance Market: Sales Value (in Million US$), 2017 & 2022
Figure 73: Others: Marine Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 74: Middle East and Africa: Marine Insurance Market: Sales Value (in Million US$), 2017 & 2022
Figure 75: Middle East and Africa: Marine Insurance Market: Breakup by Country (in %), 2022
Figure 76: Middle East and Africa: Marine Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 77: Global: Marine Insurance Industry: SWOT Analysis
Figure 78: Global: Marine Insurance Industry: Value Chain Analysis
Figure 79: Global: Marine Insurance Industry: Porter's Five Forces Analysis
Table 1: Global: Marine Insurance Market: Key Industry Highlights, 2022 and 2028
Table 2: Global: Marine Insurance Market Forecast: Breakup by Type (in Million US$), 2023-2028
Table 3: Global: Marine Insurance Market Forecast: Breakup by Distribution Channel (in Million US$), 2023-2028
Table 4: Global: Marine Insurance Market Forecast: Breakup by End User (in Million US$), 2023-2028
Table 5: Global: Marine Insurance Market Forecast: Breakup by Region (in Million US$), 2023-2028
Table 6: Global: Marine Insurance Market: Competitive Structure
Table 7: Global: Marine Insurance Market: Key Players
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