Marine Insurance Market to register a growth of USD 4.20 billion |Use of multiple distribution channels is a key driver | Technavio - Insurance News

NEW YORK, April 20, 2022 /PRNewswire/ -- The marine insurance market value is estimated to grow by USD 4.20 billion from 2020 to 2025, and the market's growth is anticipated to accelerate at a CAGR of 3.03%. Factors such as the use of multiple distribution channels are significantly driving the marine insurance market.

The report on "Marine Insurance Market by Product and Geography - Forecast and Analysis 2021-2025" has extensively covered factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the market share during the forecast period.

Marine Insurance Market report key highlights

Estimated year-on-year growth rate: 2.07%
Key market segments: Product (cargo, hull, offshore energy, and marine liability) and geography (Europe, APAC, South America, MEA, and North America)
Key Consumer Region & contribution: Europe at 52%

Marine Insurance Market Scope
Report Coverage	Details
Page number	120
Base year	2020
Forecast period	2021-2025
Growth momentum & CAGR	Accelerate at a CAGR of 3.03%
Market growth 2021-2025	USD 4.20 billion
Market structure	Fragmented
YoY growth (%)	2.07
Regional analysis	Europe, APAC, South America, MEA, and North America
Performing market contribution	Europe at 52%
Key consumer countries	UK, Germany, China, France, and Singapore
Competitive landscape	Leading companies, Competitive strategies, Consumer engagement scope
Companies profiled	Allianz Group, American International Group Inc., Aon Plc, Arthur J. Gallagher and Co., AXA Group, Beazley Plc, Brown and Brown Inc., Lockton Companies, Marsh and McLennan Companies Inc., and Swiss Re Ltd.
Market Dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, Market condition analysis for the forecast period,
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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Marine Insurance Market Driver

Use of multiple distribution channels
The use of multiple distribution channels has helped the suppliers reach a broader audience, especially in emerging markets. New digital enterprise platforms are creating an omnichannel distribution, reducing costs, mitigating risks, and helping craft a better customer experience. Technological advances in the industry, such as digitization and analytics, have driven the use of online portals that improve customer experience.

Marine Insurance Market challenge

Low profitability
Strong demand opportunities in the emerging markets have attracted a pool of domestic and international suppliers, thereby driving market competition. Although the total written premium is high in regions such as APAC, suppliers' profitability in the region is low. This can be attributed to the decrease in premiums to sustain increasing competition in the market. Such measures to counter competition are likely to eventually affect the growth of the industry.

View a report sample for extensive insights on key market Drivers, Trends, and Challenges influencing the market.

Key market vendors insights

The marine insurance market is fragmented, and vendors are deploying growth strategies such as forming strategic partnerships to compete in the market. Some of the key market vendors are:

Allianz Group
American International Group Inc.
Aon Plc
Arthur J. Gallagher and Co.
AXA Group
Beazley Plc
Brown and Brown Inc.
Lockton Companies
Marsh and McLennan Companies Inc.
Swiss Re Ltd.

For more detailed highlights on products offerings and the growth strategies adopted by other vendors, Download a sample report

Key Segment Analysis by Product

Cargo The cargo segment will be significant in the marine insurance market share growth during the forecast period. By 2030, seaborne trade is expected to amount to 20-25 billion tons, with China accounting for a quarter of the global commercial fleet. This will, in turn, increase the number of insurances and thus contribute to cargo insurance growth.

Hull
Offshore energy
Marine liability

Regional Market Analysis

Europe will contribute to 52% of the marine insurance market share growth during the forecast period. The UK, Germany, and France are the major markets in the region. Many insurance providers are developing products that can address the challenge of cybersecurity risk.

Request our report sample for additional highlights and key segments that are expected to impact the market during the forecast period.

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Table of Contents

Executive Summary

Market Landscape

Market ecosystem
Value chain analysis

Market Sizing

Market definition
Market segment analysis
Market size 2020
Market outlook: Forecast for 2020 - 2025

Five Forces Analysis

Bargaining power of buyers
Bargaining power of suppliers
Threat of new entrants
Threat of substitutes
Threat of rivalry
Market condition

Market Segmentation by Product

Market segments
Comparison by Product
Cargo - Market size and forecast 2020-2025
Hull - Market size and forecast 2020-2025
Offshore energy - Market size and forecast 2020-2025
Marine liability - Market size and forecast 2020-2025
Market opportunity by Product

Customer landscape

Geographic Landscape

Geographic segmentation
Geographic comparison
Europe - Market size and forecast 2020-2025
APAC - Market size and forecast 2020-2025
South America - Market size and forecast 2020-2025
MEA - Market size and forecast 2020-2025
North America - Market size and forecast 2020-2025
Key leading countries
Market opportunity by geography
Market drivers
Market challenges
Market trends

Vendor Landscape

Vendor landscape
Landscape disruption

Vendor Analysis

Vendors covered
Market positioning of vendors
Allianz Group
American International Group Inc.
Aon Plc
Arthur J. Gallagher and Co.
AXA Group
Beazley Plc
Brown and Brown Inc.
Lockton Companies
Marsh and McLennan Companies Inc.
Swiss Re Ltd.

Appendix

Scope of the report
Currency conversion rates for US$
Research methodology
List of abbreviations

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