Marine Insurance Market Report 2022: Industry Trends, Growth Analysis and Forecast 2027

According to the latest report by IMARC Group, titled "Marine Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027.'  the global marine insurance market reached a value of US$ 31.4 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 39.2 Billion by 2027, exhibiting at a CAGR of 3.65% during 2022-2027. 

Marine Insurance Market Overview:

Marine insurance is a contract of indemnity providing insurance to the goods dispatched from the country of origin until they reach the destination. The insurance provides financial coverage against damages caused to terminals, ships, and cargo vessels and losses, such as theft, non-delivery, and damaged goods. It is primarily required during trade proceedings to meet strict regulatory compliance of various countries. Freight, hull, liability, and marine cargo are some of the commonly available marine insurances availed by cargo owners, ship owners, and charterers. The two branches of marine insurance include ocean marine and inland marine. Moreover, marine insurance plans can be customized as per the specific business requirements of customers.   

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

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The increasing need to simplify claim processing and improve navigation and cargo supply chains represents one of the primary factor driving the global marine insurance market growth. Additionally, governments of various nations are undertaking initiatives to mandate marine insurance for vessels and promote local manufacturing and international trade, which is providing a considerable thrust to the market. Apart from this, the increasing adoption of marine shipping to facilitate cross-border transportation of goods and the ongoing trend of online shopping due to surging consumer expenditure power are factors creating a positive outlook for the market.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global marine insurance market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on type, distribution channel and end user.

Competitive Landscape with Key Players:

Allianz SE
American International Group Inc
Aon plc
Arthur J. Gallagher & Co.
AXA S.A.
Beazley Group
Brown & Brown Inc.
Chubb Limited
Lloyd's of London
Lockton Companies
Marsh & McLennan Companies Inc.
QBE Insurance Group Limited
Swiss Re
Willis Towers Watson Public Limited Company
Zurich Insurance Group Ltd.

Key Market Segmentation:

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:

Asia Pacific
North America
Europe
Middle East and Africa
Latin America

Ask Analyst for Customization and Explore full report with TOC & List of Figures: https://www.imarcgroup.com/request?type=report&id=4690&flag=C

We are updating our reports, If you want latest primary and secondary data (2022-2027) with Cost Module, Business Strategy, Distribution Channel, etc. Click request free sample report, published report will be delivered to you in PDF format via email within 24 to 48 hours.

Key highlights of the report:                                                           

Market Performance (2016-2021)
Market Outlook (2022-2027)
Market Trends
Market Drivers and Success Factors
The Impact of COVID-19 on the Global Market
Value Chain Analysis
Structure of the Global Market
Comprehensive mapping of the competitive landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

Contact Us:

IMARC Group
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About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise

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