The marine transport industry has expanded substantially over the years. The rising awareness about the benefits of transporting goods and services through waterways has been crucial for boosting the growth trajectory of the marine insurance market.
With an increase in transportation across the marine arena, increase in accidents and casualties was also reported. The European Maritime Safety Agency (EMSA), in its 2019 annual review, reported more than 3,000 casualties and incidents in 2019. These statistics highlight the importance of claiming the losses caused due to such incidents.
Marine insurance covers damage caused to ships, terminals, cargo vessels, and also includes cargo losses. These insurance types provide protection against all transport-related losses and beneficially assist the marine transport companies. Despite regulations and rules framed for safe marine transport, natural occurrences may disrupt the vessels or cargo extensively. These factors help in improving the growth prospects of the global market for marine insurance.
Transparency Market Research (TMR) has provided a detailed analysis of all the growth aspects related to the marine insurance market. The TMR market surveys on the marine insurance market project it to expand at a CAGR of 3% from 2021 to 2031. The sales analysis of marine insurance market projects it to surpass the valuation of US$ 36.8 Bn by 2031.
The influence of B2B2C insurance is spreading across many sectors and businesses. The marine insurance market is no exception. Furthermore, usage-based insurance options are also available in marine insurance. Hence, these factors have a massive impact on the growth of the marine insurance market. The rising cases of missing ships over the years have also led to an increase in the demand for marine ships. The World Shipping Council report highlights that nearly 733 container ships were lost at sea between 2011 and 2013. Such developments help in the overall development of the marine insurance market.
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Fast, Smooth Claim Settlement Helps in Boosting Market Growth
As compared to a liability claim, settling a marine insurance claim consumes less time. In some cases, liability claims do not work; for instance, when the loss or damage is uncertain. Thus, based on these factors, the marine insurance market is likely to observe profitable growth during the forecast period.
Customized Insurance Plans, Comprehensive Protection to Offer Lucrative Opportunities
Customized marine insurance enables a business entity to choose policy coverage limits and policy options. In addition, marine insurance provides comprehensive protection against different types of losses and protects the value of the merchandise in the specific ship, thus fueling market growth.
The recent blockage of the Suez Canal due to the Ever Given container ship, one of the world's largest container ships, is a case in point where marine insurance coverage has helped in managing losses. Any damage caused to the vessel during the incident was covered under the hull insurance. Refloating, towing, and freeing costs incurred during the blockage were borne by the marine insurance provider. If a container ship is not insured, it may lead to a huge loss of money. Thus, marine insurance market is expected to witness significant growth.
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