Marine Insurance Market Report 2026

The marine insurance market size has grown strongly in recent years. It will grow from $34.19 billion in 2025 to $36.69 billion in 2026 at a compound annual growth rate (CAGR) of 7.3%. The growth in the historic period can be attributed to expansion of global maritime trade, increasing volume of insured cargo shipments, growth in international shipping routes, rising demand for risk transfer solutions, adoption of standardized marine policies.

The marine insurance market size is expected to see strong growth in the next few years. It will grow to $48.8 billion in 2030 at a compound annual growth rate (CAGR) of 7.4%. The growth in the forecast period can be attributed to increasing regulatory scrutiny on maritime risk, rising impact of climate-related shipping disruptions, expansion of digital underwriting platforms, growing demand for flexible insurance coverage, increased use of data analytics in marine risk pricing. Major trends in the forecast period include increasing adoption of digital marine insurance platforms, rising use of real-time cargo tracking data, growing integration of automated risk assessment models, expansion of customized voyage-based policies, enhanced focus on climate-related risk coverage.

The increasing frequency and intensity of natural disasters are expected to drive the growth of the marine insurance market in the coming years. Natural disasters are abrupt and destructive events that result in significant damage to property, infrastructure, and human life. The escalation in natural disasters is largely attributed to rising climate variability, which is amplifying extreme weather conditions such as hurricanes, floods, and storms. Marine insurance supports the maritime sector by offering financial protection against losses caused by such disasters, shielding shipping companies, cargo owners, and other stakeholders from the economic consequences of climate-related events. For instance, in January 2024, according to the National Oceanic and Atmospheric Administration (NOAA), a US-based government agency responsible for climate and weather monitoring, the United States recorded 28 separate weather and climate disasters in 2023 that each resulted in damages exceeding one billion dollars, the highest number of billion-dollar events ever observed in a single year. Therefore, the increasing occurrence of natural disasters is driving the growth of the marine insurance market.

Major companies operating in the marine insurance market are focused on introducing cargo war risk insurance facilities to provide comprehensive coverage for goods in transit and protect against potential losses due to piracy, conflict. Cargo war risk insurance facilities refer to specialized insurance coverage designed to protect cargo owners and shipping companies against losses or damages to goods transported by sea that may occur due to war-related activities. For instance, in April 2024, Howden Insurance Brokers LLC, a UK-based company, launched Red Sea cargo war insurance. The facility offers coverage of up to $50 million per insured vessel, with the largest limit quoted so far reaching $150 million. This flexibility allows for varying levels of protection based on the specific needs of clients. This is the first dedicated insurance product designed specifically for cargo vessels within an active conflict zone, which includes critical maritime routes such as the Bab al Mandab Strait, the Red Sea, and parts of the Indian Ocean.

In June 2025, Markel Insurance, a US-based insurance company, acquired The MECO Group Limited for an undisclosed sum. Through this acquisition, Markel sought to enhance its global marine insurance capabilities and reinforce its specialty underwriting portfolio by incorporating MECO’s established marine brands, technical expertise, and international distribution network. The MECO Group Limited is a UK-based insurance provider that specializes in delivering niche marine insurance and risk solutions, including charterers’ protection and indemnity, freight and demurrage, trade disruption, loss of hire, and other specialized marine liability coverages for maritime clients worldwide.

Major companies operating in the marine insurance market 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., Arch Capital Group Ltd., HDI Global SE, Markel Corporation, American Financial Group Inc., The Hanover Insurance Group Inc., AXIS Capital Holdings Limited, RenaissanceRe Holdings Ltd., Aspen Insurance Holdings Limited, Allianz SE, Validus Holdings Inc., Argo Group International Holdings Ltd.

Europe was the largest region in the marine insurance market in 2025. 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, South East Asia, 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, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

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.

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