Global Marine Insurance Market 2020-2024 | Evolving Opportunities with Allianz Group and American International Group Inc. | Technavio

LONDON--(BUSINESS WIRE)-- The marine insurance market is poised to grow by USD 8.42 billion during 2020-2024, progressing at a CAGR of over 4% during the forecast period. Request free sample pages

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Technavio has announced its latest market research report titled Global Marine Insurance Market 2020-2024 (Graphic: Business Wire)

Read the 120-page report with TOC on "Marine Insurance Market Analysis Report by Product (Cargo, Hull, Offshore energy, and Marine liability) and Geography (APAC, Europe, MEA, North America, and South America), and the Segment Forecasts, 2020-2024".

https://www.technavio.com/report/global-marine-insurance-market-industry-analysis

The market is driven by the use of multiple distribution channels. In addition, the increase in the use of IoT is anticipated to boost the growth of the marine insurance market during the forecast period. The use of online portals has improved the customer experience by introducing technological advancements such as digitization and analytics in the industry. As a result, various countries, such as Singapore, can promote insurance business models by encouraging direct underwriting via online platforms. Also, these new digital enterprise platforms involves reduced cost, creates an omnichannel distribution, mitigates risks, and offers a better customer experience, which, in turn, will help vendors in revenue generation.

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Major Five Marine Insurance Companies:

Allianz Group

The company operates in key business segments including Property-Casualty, Life or Health, Asset Management, and Corporate and Other. The company offers marine and shipping insurance for all types of marine risk, from single vessels and shipments to the most complex fleets and multinational logistics businesses.

American International Group Inc.

The company operates in key business segments including General Insurance, Life and Retirement, Other Operations, and Legacy Portfolio. The company provides marine insurance for goods in transit from warehouse to warehouse anywhere in the world.

Aon Plc

The company operates in key business segments including Commercial Risk Solutions, Reinsurance Solutions, Retirement Solutions, Health Solutions, and Data and Analytic Services. The company provides marine insurance which insures transport and storage risks in comfort, keeps an administrative overview, and produces certificates and policies online.

Beazley Plc

The company operates in key business segments including Cyber and executive risk, Marine, Political, accident, and contingency, Property, Reinsurance, and Specialty lines. The company provides insurance in protection and indemnity, terminal or port operators, ship repairers liability, charterers, ancillary, contractual and excess liabilities.

Brown & Brown Inc.

The company operates through key business segments including Retail Segment, National Programs Segment, Wholesale Brokerage Segment, Services Segment, and Other. The company provides marine-related risks with charter vessels, yacht clubs, marinas, marine service companies, and any over the water commercial exposure.

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Marine Insurance Market Product Outlook (Revenue, USD Billion, 2020-2024)

• Cargo
• Hull
• Offshore energy
• Marine liability

Marine Insurance Market Geographic Outlook (Revenue, USD Billion, 2020-2024)

• Europe
• APAC
• South America
• North America
• MEA

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Source: Technavio Research