Marine Insurance market to grow at a CAGR of 3.16% by 2027, Increase in M&A and collaborations for industry growth to boost the market- Technavio

NEW YORK, Feb. 22, 2023 /PRNewswire/ -- According to Technavio, the global marine insurance market size is estimated to grow by USD 4,994.88 million from 2022 to 2027. The market is estimated to grow at a CAGR of 3.16% during the forecast period. The economic slowdown due to the outbreak of COVID-19, especially in key markets in China, Brazil, Argentina, and parts of Europe, has affected the cargo volumes and, consequently, marine cargo insurers, as less cargo will also lead to less insurance. In 2017, the global marine insurance market was valued at USD 26,025.47 million. For more insights on the historic market data from 2017 to 2021 , Request a sample report.

Leading trends influencing the market 

• The increase in M&A and collaborations between insurance providers is a major trend in the global marine insurance market. The presence of a large number of marine insurance providers is another key factor shaping the growth.
• For instance, in October 2022, Howden UK Ltd. acquired Seasecure Group, one of the biggest marine and cargo insurance brokers in France, to offer its clients a comprehensive range of insurance services.
• Adoption of IoT and other innovative technology have allowed suppliers to minimize the processing time in the value chain and increase the accuracy of information utilized/collected from buyers.
• Business process automation is another trend shaping the marine insurance market. This technology offers better customer experience as it enables transparent, and error-free transactions and reduces administrative costs.
• All such developments are expected to propel the growth of the market during the forecast period.
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Marine Insurance Market - Segmentation Assessment

Segment Overview
Technavio has segmented the market based on type, Product (Cargo, Hull, Offshore energy, and Marine liability), End-user (Cargo owners, Traders, and Government), and Geography (Europe, APAC, South America, Middle East and Africa, and North America). 

• The cargo segment is estimated to grow significantly during the forecast period. Cargo vessels carry cargo such as raw materials and finished goods from one port to another. They can handle both containerized and bulk products. Cargo owners dominated the global marine insurance market owing to factors including the availability of a broad range of insurance policies offered for financial protection.

Geography Overview
By geography, the global marine insurance market is segmented into Europe, APAC, South America, Middle East and Africa, and North America. The report provides actionable insights and estimates the contribution of all regions to the growth of the global marine insurance market.

Europe is estimated to contribute 51% to the growth of the global market during the forecast period.  The European Central Bank (ECB) introducing measures to boost credit growth (such as lowering interest rates) has increased the pressure on insurance companies to reconcile investment guarantees with low yields. APAC is one of the fastest-growing markets. The increase in trade in Asian regions is leading to a corresponding rise in the demand for marine insurance, which is further expected to support the growth of the global marine insurance market during the forecast period.

For insights on global, regional, and country-level parameters with growth opportunities from 2017 to 2027 - Download a Sample Report

Marine Insurance Market – Market Dynamics

Key factor driving market growth

• The use of multiple distribution channels, which has helped the suppliers reach a broader audience, especially in emerging markets, is a key driver for the market.
• Improvements in industry regulations is another major driver for the market. Many governments across the world have implemented insurance-enabling regulatory measures that mandate the use of insurance products and decrease the usage complexities, such as changes in the tariff.
• For instance, acts like ORSA promote ERM that helps organizations identify and profile their own risks provide an opportunity for organizations to understand risks, and enhance measures that reduce possible impact.
• For instance, countries like Singapore promote insurance business models that encourage direct underwriting via online platforms. 
• Factors like these are expected to drive the growth of the global marine insurance market during the forecast period.

Major challenges hindering market growth

• Low profitability is a major challenge to the global marine insurance market.
• Measures like the decrease in premiums to sustain increasing competition in the market to counter competition are likely to affect the growth of the industry. 
• One of the main factors that dictate the onset of a hard or a soft insurance market is related to the claims and losses encountered in the previous years.
• Scenarios like these have profound effects on the operations of insurance companies. This affects the development of the insurance market on a broader scale.

Driver, Trend & Challenges are the factor of market dynamics that states about consequences & sustainability of the businesses, find some insights from a sample report!

What are the key data covered in this Marine Insurance Market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the Marine Insurance Market between 2023 and 2027
• Precise estimation of the size of the Marine Insurance Market size and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the Marine Insurance Market industry across Europe, APAC, South America, Middle East and Africa, and North America
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of Marine Insurance Market vendors

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1 Executive Summary

• 1.1 Market overview 
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Product
• Exhibit 06: Executive Summary – Chart on Market Segmentation by End-user
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem 
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition 
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.3 Market size 2022

• 3.4 Market outlook: Forecast for 2022-2027 
• Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global marine insurance market 2017 - 2021
• Exhibit 18: Historic Market Size – Data Table on Global marine insurance market 2017 - 2021 ($ million)

• 4.2 Product Segment Analysis 2017 - 2021 
• Exhibit 19: Historic Market Size – Product Segment 2017 - 2021 ($ million)

• 4.3 End-user Segment Analysis 2017 - 2021 
• Exhibit 20: Historic Market Size – End-user Segment 2017 - 2021 ($ million)

• 4.4 Geography Segment Analysis 2017 - 2021 
• Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ million)

• 4.5 Country Segment Analysis 2017 - 2021 
• Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ million)

5 Five Forces Analysis

• 5.1 Five forces summary 
• Exhibit 23: Five forces analysis - Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry 
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition 
• Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by Product

• 6.1 Market segments 
• Exhibit 30: Chart on Product - Market share 2022-2027 (%)
• Exhibit 31: Data Table on Product - Market share 2022-2027 (%)

• 6.2 Comparison by Product 
• Exhibit 32: Chart on Comparison by Product
• Exhibit 33: Data Table on Comparison by Product

• 6.3 Cargo - Market size and forecast 2022-2027
• Exhibit 34: Chart on Cargo - Market size and forecast 2022-2027 ($ million)
• Exhibit 35: Data Table on Cargo - Market size and forecast 2022-2027 ($ million)
• Exhibit 36: Chart on Cargo - Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on Cargo - Year-over-year growth 2022-2027 (%)

• 6.4 Hull - Market size and forecast 2022-2027
• Exhibit 38: Chart on Hull - Market size and forecast 2022-2027 ($ million)
• Exhibit 39: Data Table on Hull - Market size and forecast 2022-2027 ($ million)
• Exhibit 40: Chart on Hull - Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on Hull - Year-over-year growth 2022-2027 (%)

• 6.5 Offshore energy - Market size and forecast 2022-2027
• Exhibit 42: Chart on Offshore energy - Market size and forecast 2022-2027 ($ million)
• Exhibit 43: Data Table on Offshore energy - Market size and forecast 2022-2027 ($ million)
• Exhibit 44: Chart on Offshore energy - Year-over-year growth 2022-2027 (%)
• Exhibit 45: Data Table on Offshore energy - Year-over-year growth 2022-2027 (%)

• 6.6 Marine liability - Market size and forecast 2022-2027
• Exhibit 46: Chart on Marine liability - Market size and forecast 2022-2027 ($ million)
• Exhibit 47: Data Table on Marine liability - Market size and forecast 2022-2027 ($ million)
• Exhibit 48: Chart on Marine liability - Year-over-year growth 2022-2027 (%)
• Exhibit 49: Data Table on Marine liability - Year-over-year growth 2022-2027 (%)

• 6.7 Market opportunity by Product 
• Exhibit 50: Market opportunity by Product ($ million)

7 Market Segmentation by End-user

• 7.1 Market segments 
• Exhibit 51: Chart on End-user - Market share 2022-2027 (%)
• Exhibit 52: Data Table on End-user - Market share 2022-2027 (%)

• 7.2 Comparison by End-user 
• Exhibit 53: Chart on Comparison by End-user
• Exhibit 54: Data Table on Comparison by End-user

• 7.3 Cargo owners - Market size and forecast 2022-2027
• Exhibit 55: Chart on Cargo owners - Market size and forecast 2022-2027 ($ million)
• Exhibit 56: Data Table on Cargo owners - Market size and forecast 2022-2027 ($ million)
• Exhibit 57: Chart on Cargo owners - Year-over-year growth 2022-2027 (%)
• Exhibit 58: Data Table on Cargo owners - Year-over-year growth 2022-2027 (%)

• 7.4 Traders - Market size and forecast 2022-2027
• Exhibit 59: Chart on Traders - Market size and forecast 2022-2027 ($ million)
• Exhibit 60: Data Table on Traders - Market size and forecast 2022-2027 ($ million)
• Exhibit 61: Chart on Traders - Year-over-year growth 2022-2027 (%)
• Exhibit 62: Data Table on Traders - Year-over-year growth 2022-2027 (%)

• 7.5 Government - Market size and forecast 2022-2027
• Exhibit 63: Chart on Government - Market size and forecast 2022-2027 ($ million)
• Exhibit 64: Data Table on Government - Market size and forecast 2022-2027 ($ million)
• Exhibit 65: Chart on Government - Year-over-year growth 2022-2027 (%)
• Exhibit 66: Data Table on Government - Year-over-year growth 2022-2027 (%)

• 7.6 Market opportunity by End-user 
• Exhibit 67: Market opportunity by End-user ($ million)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 68: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation 
• Exhibit 69: Chart on Market share by geography 2022-2027 (%)
• Exhibit 70: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison 
• Exhibit 71: Chart on Geographic comparison
• Exhibit 72: Data Table on Geographic comparison

• 9.3 Europe - Market size and forecast 2022-2027
• Exhibit 73: Chart on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 74: Data Table on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 75: Chart on Europe - Year-over-year growth 2022-2027 (%)
• Exhibit 76: Data Table on Europe - Year-over-year growth 2022-2027 (%)

• 9.4 APAC - Market size and forecast 2022-2027
• Exhibit 77: Chart on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 78: Data Table on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 79: Chart on APAC - Year-over-year growth 2022-2027 (%)
• Exhibit 80: Data Table on APAC - Year-over-year growth 2022-2027 (%)

• 9.5 South America - Market size and forecast 2022-2027
• Exhibit 81: Chart on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 82: Data Table on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 83: Chart on South America - Year-over-year growth 2022-2027 (%)
• Exhibit 84: Data Table on South America - Year-over-year growth 2022-2027 (%)

• 9.6 Middle East and Africa - Market size and forecast 2022-2027 
• Exhibit 85: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 86: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 87: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
• Exhibit 88: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)

• 9.7 North America - Market size and forecast 2022-2027
• Exhibit 89: Chart on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 90: Data Table on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 91: Chart on North America - Year-over-year growth 2022-2027 (%)
• Exhibit 92: Data Table on North America - Year-over-year growth 2022-2027 (%)

• 9.8 UK - Market size and forecast 2022-2027
• Exhibit 93: Chart on UK - Market size and forecast 2022-2027 ($ million)
• Exhibit 94: Data Table on UK - Market size and forecast 2022-2027 ($ million)
• Exhibit 95: Chart on UK - Year-over-year growth 2022-2027 (%)
• Exhibit 96: Data Table on UK - Year-over-year growth 2022-2027 (%)

• 9.9 Germany - Market size and forecast 2022-2027
• Exhibit 97: Chart on Germany - Market size and forecast 2022-2027 ($ million)
• Exhibit 98: Data Table on Germany - Market size and forecast 2022-2027 ($ million)
• Exhibit 99: Chart on Germany - Year-over-year growth 2022-2027 (%)
• Exhibit 100: Data Table on Germany - Year-over-year growth 2022-2027 (%)

• 9.10 China - Market size and forecast 2022-2027
• Exhibit 101: Chart on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 102: Data Table on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 103: Chart on China - Year-over-year growth 2022-2027 (%)
• Exhibit 104: Data Table on China - Year-over-year growth 2022-2027 (%)

• 9.11 France - Market size and forecast 2022-2027
• Exhibit 105: Chart on France - Market size and forecast 2022-2027 ($ million)
• Exhibit 106: Data Table on France - Market size and forecast 2022-2027 ($ million)
• Exhibit 107: Chart on France - Year-over-year growth 2022-2027 (%)
• Exhibit 108: Data Table on France - Year-over-year growth 2022-2027 (%)

• 9.12 Singapore - Market size and forecast 2022-2027
• Exhibit 109: Chart on Singapore - Market size and forecast 2022-2027 ($ million)
• Exhibit 110: Data Table on Singapore - Market size and forecast 2022-2027 ($ million)
• Exhibit 111: Chart on Singapore - Year-over-year growth 2022-2027 (%)
• Exhibit 112: Data Table on Singapore - Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography 
• Exhibit 113: Market opportunity by geography ($ million)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers

• 10.2 Market challenges

• 10.3 Impact of drivers and challenges 
• Exhibit 114: Impact of drivers and challenges in 2022 and 2027

• 10.4 Market trends

11 Vendor Landscape

• 11.1 Overview

• 11.2 Vendor landscape 
• Exhibit 115: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption 
• Exhibit 116: Overview on factors of disruption

• 11.4 Industry risks 
• Exhibit 117: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered 
• Exhibit 118: Vendors covered

• 12.2 Market positioning of vendors 
• Exhibit 119: Matrix on vendor position and classification

• 12.3 Allianz SE 
• Exhibit 120: Allianz SE - Overview
• Exhibit 121: Allianz SE - Business segments
• Exhibit 122: Allianz SE - Key news
• Exhibit 123: Allianz SE - Key offerings
• Exhibit 124: Allianz SE - Segment focus

• 12.4 American International Group Inc. 
• Exhibit 125: American International Group Inc. - Overview
• Exhibit 126: American International Group Inc. - Business segments
• Exhibit 127: American International Group Inc. - Key news
• Exhibit 128: American International Group Inc. - Key offerings
• Exhibit 129: American International Group Inc. - Segment focus

• 12.5 Aon Plc 
• Exhibit 130: Aon Plc - Overview
• Exhibit 131: Aon Plc - Business segments
• Exhibit 132: Aon Plc - Key news
• Exhibit 133: Aon Plc - Key offerings
• Exhibit 134: Aon Plc - Segment focus

• 12.6 Arthur J. Gallagher and Co. 
• Exhibit 135: Arthur J. Gallagher and Co. - Overview
• Exhibit 136: Arthur J. Gallagher and Co. - Business segments
• Exhibit 137: Arthur J. Gallagher and Co. - Key offerings
• Exhibit 138: Arthur J. Gallagher and Co. - Segment focus

• 12.7 Atrium Underwriters Ltd. 
• Exhibit 139: Atrium Underwriters Ltd. - Overview
• Exhibit 140: Atrium Underwriters Ltd. - Product / Service
• Exhibit 141: Atrium Underwriters Ltd. - Key news
• Exhibit 142: Atrium Underwriters Ltd. - Key offerings

• 12.8 AXA Group 
• Exhibit 143: AXA Group - Overview
• Exhibit 144: AXA Group - Business segments
• Exhibit 145: AXA Group - Key offerings
• Exhibit 146: AXA Group - Segment focus

• 12.9 Beazley Plc 
• Exhibit 147: Beazley Plc - Overview
• Exhibit 148: Beazley Plc - Business segments
• Exhibit 149: Beazley Plc - Key news
• Exhibit 150: Beazley Plc - Key offerings
• Exhibit 151: Beazley Plc - Segment focus

• 12.10 Chubb Ltd. 
• Exhibit 152: Chubb Ltd. - Overview
• Exhibit 153: Chubb Ltd. - Business segments
• Exhibit 154: Chubb Ltd. - Key news
• Exhibit 155: Chubb Ltd. - Key offerings
• Exhibit 156: Chubb Ltd. - Segment focus

• 12.11 Hannover Re 
• Exhibit 157: Hannover Re - Overview
• Exhibit 158: Hannover Re - Product / Service
• Exhibit 159: Hannover Re - Key offerings

• 12.12 Munich Reinsurance Co. 
• Exhibit 160: Munich Reinsurance Co. - Overview
• Exhibit 161: Munich Reinsurance Co. - Business segments
• Exhibit 162: Munich Reinsurance Co. - Key offerings
• Exhibit 163: Munich Reinsurance Co. - Segment focus

• 12.13 Samsung Fire and Marine Insurance Co. Ltd.
• Exhibit 164: Samsung Fire and Marine Insurance Co. Ltd. - Overview
• Exhibit 165: Samsung Fire and Marine Insurance Co. Ltd. - Key offerings

• 12.14 Sompo Holdings Inc. 
• Exhibit 166: Sompo Holdings Inc. - Overview
• Exhibit 167: Sompo Holdings Inc. - Business segments
• Exhibit 168: Sompo Holdings Inc. - Key news
• Exhibit 169: Sompo Holdings Inc. - Key offerings
• Exhibit 170: Sompo Holdings Inc. - Segment focus

• 12.15 Swiss Re Ltd. 
• Exhibit 171: Swiss Re Ltd. - Overview
• Exhibit 172: Swiss Re Ltd. - Business segments
• Exhibit 173: Swiss Re Ltd. - Key news
• Exhibit 174: Swiss Re Ltd. - Key offerings
• Exhibit 175: Swiss Re Ltd. - Segment focus

• 12.16 Thomas Miller and Co. Ltd. 
• Exhibit 176: Thomas Miller and Co. Ltd. - Overview
• Exhibit 177: Thomas Miller and Co. Ltd. - Product / Service
• Exhibit 178: Thomas Miller and Co. Ltd. - Key offerings

• 12.17 Tokio Marine Holdings Inc. 
• Exhibit 179: Tokio Marine Holdings Inc. - Overview
• Exhibit 180: Tokio Marine Holdings Inc. - Business segments
• Exhibit 181: Tokio Marine Holdings Inc. - Key news
• Exhibit 182: Tokio Marine Holdings Inc. - Key offerings
• Exhibit 183: Tokio Marine Holdings Inc. - Segment focus

13 Appendix

• 13.1 Scope of the report

• 13.2 Inclusions and exclusions checklist 
• Exhibit 184: Inclusions checklist
• Exhibit 185: Exclusions checklist

• 13.3 Currency conversion rates for US$ 
• Exhibit 186: Currency conversion rates for US$

• 13.4 Research methodology 
• Exhibit 187: Research methodology
• Exhibit 188: Validation techniques employed for market sizing
• Exhibit 189: Information sources

• 13.5 List of abbreviations 
• Exhibit 190: List of abbreviations

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