The marine insurance market size has grown strongly in recent years. It will grow from $30.35 billion in 2023 to $32.34 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The growth during the historical period can be attributed to the expansion of global trade, the increase in international shipping activities, concerns regarding piracy and maritime security, the implementation of stringent regulatory requirements, and the impact of natural disasters and climate risks.
The marine insurance market size is expected to see strong growth in the next few years. It will grow to $42.3 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The expected growth in the forecast period is influenced by several factors: the emergence of unmanned vessels, growing concerns about cybersecurity, adaptations to address climate change, initiatives promoting green shipping, and the expanding reach of renewable energy. Key trends anticipated during this period encompass digitization and the intersection with insurance technology (insurtech), the utilization of data analytics and predictive modeling, the challenges and opportunities posed by autonomous vessels and associated technology risks, the dynamics of economic and trade changes, as well as the exploration of alternative risk transfer mechanisms.
The rise in global trade is expected to drive the growth of the marine insurance market. Global trade involves the exchange of goods and services across international borders, and the increasing use of ships for import and export activities is a key driver for the marine insurance sector. Shipping companies seek insurance to protect their vessels and cargo from unforeseen damages, making marine insurance an essential component of the maritime industry. For example, in February 2021, the United Nations Conference on Trade and Development reported that global trade reached a record level of $28.5 trillion in 2021, marking a 25% increase from the previous year. This substantial growth in global trade underscores the need for marine insurance to mitigate the risks associated with shipping goods across international waters. As global trade continues to expand, driven by factors such as globalization and increased economic activity, the demand for marine insurance is expected to grow in tandem, thereby propelling the growth of the marine insurance market.
The increasing frequency of natural disasters is expected to drive the growth of the marine insurance market in the future. Natural disasters are sudden and catastrophic events in nature that often result in significant damage and loss of life. Marine insurance plays a critical role in mitigating the financial impact of natural disasters on the maritime industry. It serves as a safety net for shipping companies, cargo owners, and other stakeholders involved in marine transportation, offering financial compensation for losses or damages caused by natural events such as hurricanes, typhoons, earthquakes, and tsunamis. For example, in January 2022, according to the NOAA National Centers for Environmental Information, the United States experienced 18 separate weather and climate disasters, each costing at least 1 billion dollars. Therefore, the increasing occurrence of natural disasters is a key driver behind the growth of the marine insurance market.
Technological advancements are a significant trend gaining traction in the marine insurance market, with major companies in the sector focusing on the introduction of new technologies to drive market growth. For example, in January 2021, B3i, a Zurich-based insurance blockchain firm, partnered with Eurapco to launch Eurapco Unity. This blockchain-based technology enables a network of insurance companies to transfer one-time maritime insurance risks among themselves. Additionally, it allows businesses to share development expenditures and utilize a shared infrastructure. Eurapco is a European alliance primarily composed of mutual insurance companies.
Major players in the marine insurance market are emphasizing strategic collaborations to enhance their service offerings for customers. Strategic collaboration involves two or more independent entities forming a mutually beneficial partnership to achieve shared goals aligned with their individual strategic objectives. For example, in December 2021, Allianz Global Corporate & Specialty SE, a Germany-based financial services provider, partnered with Visicover, a UK-based insurtech company, to introduce an online marine insurance service for UK leisure vessel owners. This collaboration is in line with Allianz's Digital by Default strategy and leverages Visicover's expertise in delivering user-friendly online insurance solutions.
In November 2022, Ambac Financial Group, Inc., a US-based insurance company, acquired All Trans Risk Solutions and Capacity Marine Corporation for an undisclosed sum. This acquisition is expected to bolster Capacity Marine's capabilities to address challenges in the insurance and reinsurance sectors. All Trans Risk Solutions, based in the US, operates in the transportation insurance industry, while Capacity Marine Corporation, also based in the US, specializes in wholesale/retail brokerage and reinsurance intermediary services, focusing on marine and international risk.
Major companies operating in the marine insurance market report are Berkshire Hathaway Specialty Insurance, Axa S.A., American International Group Inc., Tokio Marine Holdings Inc., Swiss Reinsurance Company Ltd., Chubb Limited, Zurich Insurance Group, Sompo International Holdings Ltd., The Travelers Indemnity Company, Fairfax Financial Holdings Limited, The Hartford Financial Services Group Inc., Intact Financial Corporation, Everest Reinsurance Group Ltd., Aon PLC, Arch Capital Group Ltd., HDI Global SE, Markel Corporation, Arthur J. Gallagher & Co., American Financial Group Inc., The Hanover Insurance Group Inc., AXIS Capital Holdings Limited, RenaissanceRe Holdings Ltd., Aspen Insurance Holdings Limited, Enstar Group Limited, Essent Group Ltd., ProSight Global Inc., Employers Holdings Inc., Allianz SE, Bermudan Insurance Holding Company Ltd., Validus Holdings Inc., Argo Group International Holdings Ltd.
Europe was the largest region in the marine insurance market in 2023. Asia-Pacific is expected to be the fastest growing region in the forecast period. The regions covered in the marine insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the marine insurance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
In marine insurance, the main types are cargo insurance, hull and machinery insurance, marine liability insurance, and offshore/energy insurance. Cargo insurance protects shipments from physical damage or theft while in transit, covering loss, damage, or theft. Policy types include time, voyage, floating, valued, and others, with distribution through wholesalers, retail brokers, and others. End users include ship owners, traders, and others.
The marine insurance market research report is one of a series of new reports that provides marine insurance market statistics, including marine insurance industry global market size, regional shares, competitors with a marine insurance market share, detailed marine insurance market segments, market trends and opportunities, and any further data you may need to thrive in the marine insurance industry. This marine insurance market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The marine insurance market includes revenues earned by entities by protection & indemnity (P&I) insurance, freight, demurrage and defense (FD&D) insurance. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
The marine insurance market size is expected to see strong growth in the next few years. It will grow to $42.3 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The expected growth in the forecast period is influenced by several factors: the emergence of unmanned vessels, growing concerns about cybersecurity, adaptations to address climate change, initiatives promoting green shipping, and the expanding reach of renewable energy. Key trends anticipated during this period encompass digitization and the intersection with insurance technology (insurtech), the utilization of data analytics and predictive modeling, the challenges and opportunities posed by autonomous vessels and associated technology risks, the dynamics of economic and trade changes, as well as the exploration of alternative risk transfer mechanisms.
The rise in global trade is expected to drive the growth of the marine insurance market. Global trade involves the exchange of goods and services across international borders, and the increasing use of ships for import and export activities is a key driver for the marine insurance sector. Shipping companies seek insurance to protect their vessels and cargo from unforeseen damages, making marine insurance an essential component of the maritime industry. For example, in February 2021, the United Nations Conference on Trade and Development reported that global trade reached a record level of $28.5 trillion in 2021, marking a 25% increase from the previous year. This substantial growth in global trade underscores the need for marine insurance to mitigate the risks associated with shipping goods across international waters. As global trade continues to expand, driven by factors such as globalization and increased economic activity, the demand for marine insurance is expected to grow in tandem, thereby propelling the growth of the marine insurance market.
The increasing frequency of natural disasters is expected to drive the growth of the marine insurance market in the future. Natural disasters are sudden and catastrophic events in nature that often result in significant damage and loss of life. Marine insurance plays a critical role in mitigating the financial impact of natural disasters on the maritime industry. It serves as a safety net for shipping companies, cargo owners, and other stakeholders involved in marine transportation, offering financial compensation for losses or damages caused by natural events such as hurricanes, typhoons, earthquakes, and tsunamis. For example, in January 2022, according to the NOAA National Centers for Environmental Information, the United States experienced 18 separate weather and climate disasters, each costing at least 1 billion dollars. Therefore, the increasing occurrence of natural disasters is a key driver behind the growth of the marine insurance market.
Technological advancements are a significant trend gaining traction in the marine insurance market, with major companies in the sector focusing on the introduction of new technologies to drive market growth. For example, in January 2021, B3i, a Zurich-based insurance blockchain firm, partnered with Eurapco to launch Eurapco Unity. This blockchain-based technology enables a network of insurance companies to transfer one-time maritime insurance risks among themselves. Additionally, it allows businesses to share development expenditures and utilize a shared infrastructure. Eurapco is a European alliance primarily composed of mutual insurance companies.
Major players in the marine insurance market are emphasizing strategic collaborations to enhance their service offerings for customers. Strategic collaboration involves two or more independent entities forming a mutually beneficial partnership to achieve shared goals aligned with their individual strategic objectives. For example, in December 2021, Allianz Global Corporate & Specialty SE, a Germany-based financial services provider, partnered with Visicover, a UK-based insurtech company, to introduce an online marine insurance service for UK leisure vessel owners. This collaboration is in line with Allianz's Digital by Default strategy and leverages Visicover's expertise in delivering user-friendly online insurance solutions.
In November 2022, Ambac Financial Group, Inc., a US-based insurance company, acquired All Trans Risk Solutions and Capacity Marine Corporation for an undisclosed sum. This acquisition is expected to bolster Capacity Marine's capabilities to address challenges in the insurance and reinsurance sectors. All Trans Risk Solutions, based in the US, operates in the transportation insurance industry, while Capacity Marine Corporation, also based in the US, specializes in wholesale/retail brokerage and reinsurance intermediary services, focusing on marine and international risk.
Major companies operating in the marine insurance market report are Berkshire Hathaway Specialty Insurance, Axa S.A., American International Group Inc., Tokio Marine Holdings Inc., Swiss Reinsurance Company Ltd., Chubb Limited, Zurich Insurance Group, Sompo International Holdings Ltd., The Travelers Indemnity Company, Fairfax Financial Holdings Limited, The Hartford Financial Services Group Inc., Intact Financial Corporation, Everest Reinsurance Group Ltd., Aon PLC, Arch Capital Group Ltd., HDI Global SE, Markel Corporation, Arthur J. Gallagher & Co., American Financial Group Inc., The Hanover Insurance Group Inc., AXIS Capital Holdings Limited, RenaissanceRe Holdings Ltd., Aspen Insurance Holdings Limited, Enstar Group Limited, Essent Group Ltd., ProSight Global Inc., Employers Holdings Inc., Allianz SE, Bermudan Insurance Holding Company Ltd., Validus Holdings Inc., Argo Group International Holdings Ltd.
Europe was the largest region in the marine insurance market in 2023. Asia-Pacific is expected to be the fastest growing region in the forecast period. The regions covered in the marine insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the marine insurance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
In marine insurance, the main types are cargo insurance, hull and machinery insurance, marine liability insurance, and offshore/energy insurance. Cargo insurance protects shipments from physical damage or theft while in transit, covering loss, damage, or theft. Policy types include time, voyage, floating, valued, and others, with distribution through wholesalers, retail brokers, and others. End users include ship owners, traders, and others.
The marine insurance market research report is one of a series of new reports that provides marine insurance market statistics, including marine insurance industry global market size, regional shares, competitors with a marine insurance market share, detailed marine insurance market segments, market trends and opportunities, and any further data you may need to thrive in the marine insurance industry. This marine insurance market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The marine insurance market includes revenues earned by entities by protection & indemnity (P&I) insurance, freight, demurrage and defense (FD&D) insurance. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
Table of Contents
1. Executive Summary2. Marine Insurance Market Characteristics3. Marine Insurance Market Trends and Strategies32. Global Marine Insurance Market Competitive Benchmarking33. Global Marine Insurance Market Competitive Dashboard34. Key Mergers and Acquisitions in the Marine Insurance Market
4. Marine Insurance Market - Macro Economic Scenario
5. Global Marine Insurance Market Size and Growth
6. Marine Insurance Market Segmentation
7. Marine Insurance Market Regional and Country Analysis
8. Asia-Pacific Marine Insurance Market
9. China Marine Insurance Market
10. India Marine Insurance Market
11. Japan Marine Insurance Market
12. Australia Marine Insurance Market
13. Indonesia Marine Insurance Market
14. South Korea Marine Insurance Market
15. Western Europe Marine Insurance Market
16. UK Marine Insurance Market
17. Germany Marine Insurance Market
18. France Marine Insurance Market
19. Italy Marine Insurance Market
20. Spain Marine Insurance Market
21. Eastern Europe Marine Insurance Market
22. Russia Marine Insurance Market
23. North America Marine Insurance Market
24. USA Marine Insurance Market
25. Canada Marine Insurance Market
26. South America Marine Insurance Market
27. Brazil Marine Insurance Market
28. Middle East Marine Insurance Market
29. Africa Marine Insurance Market
30. Marine Insurance Market Competitive Landscape and Company Profiles
31. Marine Insurance Market Other Major and Innovative Companies
35. Marine Insurance Market Future Outlook and Potential Analysis
36. Appendix
Executive Summary
Marine Insurance Global Market Report 2024 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on marine insurance market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Reasons to Purchase
- Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
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- Assess the Russia-Ukraine war’s impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
- Measure the impact of high global inflation on market growth.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market shares.
- Benchmark performance against key competitors.
- Suitable for supporting your internal and external presentations with reliable high quality data and analysis.
- Report will be updated with the latest data and delivered to you with an Excel data sheet for easy data extraction and analysis.
- All data from the report will also be delivered in an excel dashboard format.
Where is the largest and fastest growing market for marine insurance? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? This report answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
- The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
- The impact of higher inflation in many countries and the resulting spike in interest rates.
- The continued but declining impact of COVID-19 on supply chains and consumption patterns.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Report Scope
Markets Covered:1) By Type: Cargo Insurance; Hull and Machinery Insurance; Marine Liability Insurance; Offshore or Energy Insurance
2) By Policy Type: Time Policy; Voyage Policy; Floating Policy; Valued Policy; Others Policy Types
3) By Distribution Channel: Wholesalers; Retail Brokers; Others Distribution Channels
4) By End-user: Ship Owners; Traders; Others End-users
Key Companies Mentioned: Berkshire Hathaway Specialty Insurance; Axa S.A.; American International Group Inc.; Tokio Marine Holdings Inc.; Swiss Reinsurance Company Ltd.
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes
Delivery Format: PDF, Word and Excel Data Dashboard
Companies Mentioned
- Berkshire Hathaway Specialty Insurance
- Axa S.A.
- American International Group Inc.
- Tokio Marine Holdings Inc.
- Swiss Reinsurance Company Ltd.
- Chubb Limited
- Zurich Insurance Group
- Sompo International Holdings Ltd
- The Travelers Indemnity Company
- Fairfax Financial Holdings Limited
- The Hartford Financial Services Group Inc.
- Intact Financial Corporation
- Everest Reinsurance Group Ltd.
- Aon plc
- Arch Capital Group Ltd.
- HDI Global SE
- Markel Corporation
- Arthur J. Gallagher & Co.
- American Financial Group Inc.
- The Hanover Insurance Group Inc.
- AXIS Capital Holdings Limited
- RenaissanceRe Holdings Ltd.
- Aspen Insurance Holdings Limited
- Enstar Group Limited
- Essent Group Ltd.
- ProSight Global Inc.
- Employers Holdings Inc.
- Allianz SE
- Bermudan Insurance Holding Company Ltd.
- Validus Holdings Inc.
- Argo Group International Holdings Ltd.
Methodology
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