Global Marine Insurance Market Is All Set to Expand at a CAGR of 2.57% During Forecast 2017-2021
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The volume of trade through the sea have tremendously increased, and so has the risk of loss at the sea. Therefore, marine insurance plays a significant role in facilitating the global trade by minimizing the risk thereof. Marine insurance is an essential thing, as it protects the vessel from damage upon exposure to a wide range of risks, such as the accident of the vehicle carrying the cargo, failure in the dock or port area and any damage incurred at sea. One of the major advantages is that, through marine insurance, ship owners and transporters can be sure of claiming damages especially considering the mode of transportation used. The various types of marine insurance policies include:
Cargo insurance
Marine liability insurance
Onshore energy insurance
Hull insurance
According to the research findings, the use of multiple distribution channels will drive the growth prospects for the marine insurance market. Some of the major market trends observed by the study include increase in M&A activity; increase in the use of IoT, and increase in automation of business processes. Also, EMEA is estimated to be the highest revenue generating region in the global marine insurance market.
The report further analyzes that the global marine insurance market is highly competitive, fragmented, and diversified due to the presence of a large number of regional and international vendors. At present, the leading market players are:
Aon
Marsh
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This section comprises the details of each company along with their overview, sales area, and its competitors.
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