Marine Insurance Market to register a growth of USD 4.20 billion |Use of multiple distribution channels is a key driver | Technavio
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. |
Do reach out to our analysts for more customized reports as per needs. Speak to our Analyst now!
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
About Technavio
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SOURCE Technavio
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