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Marine Insurance Market by Product and Geography - Forecast and Analysis 2021-2025

  • Published: Oct 2021
  • Pages: 120
  • SKU: IRTNTR41091
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The marine insurance market share is expected to increase by USD 8.42 billion from 2019 to 2024, and the market’s growth momentum will accelerate at a CAGR of 4.18%.

This marine insurance market research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers marine insurance market segmentation by product (cargo, hull, offshore energy, and marine liability) and geography (North America, Europe, APAC, South America, and MEA). The marine insurance market report also offers information on several market vendors, including Allianz Group, American International Group Inc., Aon Plc, Arthur J. Gallagher & Co., AXA Group, Beazley Plc, Brown & Brown Inc., Lockton Companies, Marsh & McLennan Companies Inc., and Swiss Re Ltd. among others.

What will the Marine Insurance Market Size be During the Forecast Period?

Download the Free Report Sample to Unlock the Marine Insurance Market Size for the Forecast Period and Other Important Statistics

 

Marine Insurance Market: Key Drivers, Trends, and Challenges

Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The use of multiple distribution channels is notably driving the marine insurance market growth, although factors such as lack of technology adoption may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the marine insurance market industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Marine Insurance Market Driver

An increase in premium contribution from the emerging markets is a major driver of marine insurance market growth. An increase in economic developments in regions, such as Asia and Latin America, has driven the regional demand for various insurance products, compared with developed economies that are more saturated. The emerging markets are expected to drive the growth in premium revenues. An improvement in commodity prices and strengthening economic activity will stimulate increased demand for insurance from the emerging regions. The emerging market in Asia will likely have the strongest growth in marine premiums. International suppliers are focusing on emerging markets, given their growth potential and the increase in awareness among people toward risk management. Hence, the increase in premium contribution from the emerging markets will be a key driver for the growth of the global marine insurance market during the forecast period.

Key Marine Insurance Market Trend

An increase in the use of IoT is a major trend in marine insurance market growth. Adoption of technology and innovations by the insurance service industry has allowed suppliers to minimize the time required for various processes in the value chain and increase the accuracy of information utilized/collected from buyers. IoT refers to a network of devices connected to each other, which uses embedded technology to collect and transmit data. The global insurance service industry has been witnessing technological trends, such as an increase in the use of IoT and changes in the operating models adopted, such as the emergence of P2P and on-demand insurance models. In the insurance industry, the use of IoT helps insurers to analyze customer data and identify needs and risks. The benefit of using IoT is reduced TAT for claims initiation, as sensors can rapidly trace claim locations and circumstances that lead to their initiation. The IoT also allows insurers to initiate policyholder/customer service activities (rather than customers) based on the analysis of data obtained from IoT devices. 

Key Marine Insurance Market Challenge

Lack of technology adoption is a major hindrance to marine insurance market growth. Many mid-sized and small suppliers in the industry have relatively slow technology adoption rates, although now, the technology landscape in the industry has been rapidly altering traditional insurance operations. Large suppliers in the industry, such as Northwestern Mutual, AXA, and ACE Group, have been acquiring and collaborating with technology-based companies to offer better customer service. However, small suppliers face challenges due to their limited financial capabilities that restrict technology adoption and partnerships with technology firms. In addition, the present market conditions are stagnant, which is affecting the profitability of the vendors. The small vendors have cost shortages for adopting these new technologies

This marine insurance market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2020-2024.

Parent Market Analysis

Technavio categorizes the global marine insurance market as a part of the global specialized consumer services market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the marine insurance market during the forecast period.

Who are the Major Marine Insurance Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

  • Allianz Group
  • American International Group Inc.
  • Aon Plc
  • Arthur J. Gallagher & Co.
  • AXA Group
  • Beazley Plc
  • Brown & Brown Inc.
  • Lockton Companies
  • Marsh & McLennan Companies Inc.
  • Swiss Re Ltd.

 

This statistical study of the marine insurance market encompasses successful business strategies deployed by the key vendors. The marine insurance market is concentrated and the vendors are deploying growth strategies such as organic and inorganic strategies to compete in the market.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The marine insurance market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Marine Insurance Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the marine insurance market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The value chain of global specialized consumer services market includes the following core components:

  • Inputs
  • Inbound logistics
  • Operations
  • Outbound logistics
  • Marketing and sales
  • Service
  • Support activities
  • Innovation

The report has further elucidated on other innovative approaches being followed by service providers to ensure a sustainable market presence.

 

Which are the Key Regions for Marine Insurance Market?

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56% of the market’s growth will originate from Europe during the forecast period. The UK, Germany, and France are the key markets for the marine insurance market in Europe. Market growth in this region will be faster than the growth of the market in regions.

As Europe is the key region for marine industry activities, many players in this region have already acknowledged the cybersecurity risk and expressed the need for marine insurance policies that can mitigate the cybersecurity risks. Consequently, many insurance providers are developing products that can address this challenge. This will facilitate the marine insurance market growth in Europe over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

As a result of the COVID-19 pandemic in 2020, supply lines were severely disrupted. In ports, terminals, and other areas, goods that could not be moved have been stacked. In other circumstances, producers are producing less goods as a result of their own restraints. Furthermore, due to labor reductions enforced by national or regional lockdowns, some facilities are unable to function effectively. This had a detrimental impact on the European marine insurance market. For instance, in 2020, the Aon Marine insurance market, both the West of England and the UK P&I Club have reported significant underwriting losses with combined ratios of 139.8% and 149.6%, respectively. Moreover, vendors such as Allianz Group, Aon Plc, Beazley Plc, Swiss Re Ltd., and Zurich Insurance Co. Ltd. are providing marine insurance in the region and are continuously acquiring smaller companies to increase their sales. This will drive the growth of the marine insurance market in the region during the forecast period. 

What are the Revenue-generating Product Segments in the Marine Insurance Market?

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The marine insurance market share growth by the cargo segment will be significant during the forecast period. It is expected that by 2030, seaborne trade will amount to 20-25 billion tons, with China accounting for a quarter of the global commercial fleet. This will eventually increase the number of insurances and thus contribute to cargo insurance growth.

Besides the above-mentioned factors, the post COVID-19 impact has brought forth a slowdown in or fast tracked the demand for the service or product. This report provides an accurate prediction of the contribution of all the segments to the growth of the marine insurance market size and actionable market insights on post COVID-19 impact on each segment.

 

Marine Insurance Market Scope

Report Coverage

Details

Page number

120

Base year

2019

Forecast period

2020-2024

Growth momentum & CAGR

Accelerate at a CAGR of 4.18%

Market growth 2020-2024

$ 8.42 billion

Market structure

Concentrated

YoY growth (%)

3.29

Regional analysis

North America, Europe, APAC, South America, and MEA

Performing market contribution

Europe at 56%

Key consumer countries

Germany, UK, China, France, and Japan

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

Allianz Group, American International Group Inc., Aon Plc, Arthur J. Gallagher & Co., AXA Group, Beazley Plc, Brown & Brown Inc., Lockton Companies, Marsh & 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 recovery analysis and future consumer dynamics, Market condition analysis for 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.

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What are the Key Data Covered in this Marine Insurance Market Report?

  • CAGR of the market during the forecast period 2020-2024
  • Detailed information on factors that will drive marine insurance market growth during the next five years
  • Precise estimation of the marine insurance market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the marine insurance market industry across North America, Europe, APAC, South America, and MEA
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of marine insurance market vendors

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1 Executive Summary

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 01: Parent market
    • Exhibit 02: Market characteristics
  • 2.2 Value chain analysis
    • Exhibit 03: Value chain analysis: Specialized consumer services

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 04: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 05: Market segments
  • 3.3 Market size 2020
    • 3.4 Market outlook: Forecast for 2020 - 2025
      • Exhibit 06: Global - Market size and forecast 2020 - 2025 ($ million)
      • Exhibit 07: Global market: Year-over-year growth 2020 - 2025 (%)

    4 Five Forces Analysis

    • 4.1 Five forces summary
      • Exhibit 08: Five forces analysis 2020 & 2025
    • 4.2 Bargaining power of buyers
      • Exhibit 09: Bargaining power of buyers
    • 4.3 Bargaining power of suppliers
      • Exhibit 10: Bargaining power of suppliers
    • 4.4 Threat of new entrants
      • Exhibit 11: Threat of new entrants
    • 4.5 Threat of substitutes
      • Exhibit 12: Threat of substitutes
    • 4.6 Threat of rivalry
      • Exhibit 13: Threat of rivalry
    • 4.7 Market condition
      • Exhibit 14: Market condition - Five forces 2020

    5 Market Segmentation by Product

    • 5.1 Market segments
      • Exhibit 15: Product - Market share 2020-2025 (%)
    • 5.2 Comparison by Product
      • Exhibit 16: Comparison by Product
    • 5.3 Cargo - Market size and forecast 2020-2025
      • Exhibit 17: Cargo - Market size and forecast 2020-2025 ($ million)
      • Exhibit 18: Cargo - Year-over-year growth 2020-2025 (%)
    • 5.4 Hull - Market size and forecast 2020-2025
      • Exhibit 19: Hull - Market size and forecast 2020-2025 ($ million)
      • Exhibit 20: Hull - Year-over-year growth 2020-2025 (%)
    • 5.5 Offshore energy - Market size and forecast 2020-2025
      • Exhibit 21: Offshore energy - Market size and forecast 2020-2025 ($ million)
      • Exhibit 22: Offshore energy - Year-over-year growth 2020-2025 (%)
    • 5.6 Marine liability - Market size and forecast 2020-2025
      • Exhibit 23: Marine liability - Market size and forecast 2020-2025 ($ million)
      • Exhibit 24: Marine liability - Year-over-year growth 2020-2025 (%)
    • 5.7 Market opportunity by Product
      • Exhibit 25: Market opportunity by Product

    6 Customer landscape

    7 Geographic Landscape

    • 7.1 Geographic segmentation
      • Exhibit 27: Market share by geography 2020-2025 (%)
    • 7.2 Geographic comparison
      • Exhibit 28: Geographic comparison
    • 7.3 Europe - Market size and forecast 2020-2025
      • Exhibit 29: Europe - Market size and forecast 2020-2025 ($ million)
      • Exhibit 30: Europe - Year-over-year growth 2020-2025 (%)
    • 7.4 APAC - Market size and forecast 2020-2025
      • Exhibit 31: APAC - Market size and forecast 2020-2025 ($ million)
      • Exhibit 32: APAC - Year-over-year growth 2020-2025 (%)
    • 7.5 South America - Market size and forecast 2020-2025
      • Exhibit 33: South America - Market size and forecast 2020-2025 ($ million)
      • Exhibit 34: South America - Year-over-year growth 2020-2025 (%)
    • 7.6 MEA - Market size and forecast 2020-2025
      • Exhibit 35: MEA - Market size and forecast 2020-2025 ($ million)
      • Exhibit 36: MEA - Year-over-year growth 2020-2025 (%)
    • 7.7 North America - Market size and forecast 2020-2025
      • Exhibit 37: North America - Market size and forecast 2020-2025 ($ million)
      • Exhibit 38: North America - Year-over-year growth 2020-2025 (%)
    • 7.8 Key leading countries
      • Exhibit 39: Key leading countries
    • 7.9 Market opportunity by geography
      • Exhibit 40: Market opportunity by geography

    8 Drivers, Challenges, and Trends

    • 8.1 Market drivers
      • 8.2 Market challenges
        • Exhibit 41: Impact of drivers and challenges
      • 8.3 Market trends

        9 Vendor Landscape

        • 9.1 Competitive scenario
          • 9.2 Vendor landscape
            • Exhibit 42: Vendor landscape
          • 9.3 Landscape disruption
            • Exhibit 43: Landscape disruption
            • Exhibit 44: Industry risks

          10 Vendor Analysis

          • 10.1 Vendors covered
            • Exhibit 45: Vendors covered
          • 10.2 Market positioning of vendors
            • Exhibit 46: Market positioning of vendors
          • 10.3 Allianz Group
            • 10.4 American International Group Inc.
              • Exhibit 52: American International Group Inc. - Overview
              • Exhibit 53: American International Group Inc. - Business segments
              • Exhibit 54: American International Group Inc.- Key news
              • Exhibit 55: American International Group Inc. - Key offerings
              • Exhibit 56: American International Group Inc. - Segment focus
            • 10.5 Aon Plc
              • Exhibit 57: Aon Plc - Overview
              • Exhibit 58: Aon Plc - Business segments
              • Exhibit 59: Aon Plc - Key news
              • Exhibit 60: Aon Plc - Key offerings
              • Exhibit 61: Aon Plc - Segment focus
            • 10.6 Arthur J. Gallagher and Co.
              • Exhibit 62: Arthur J. Gallagher and Co. - Overview
              • Exhibit 63: Arthur J. Gallagher and Co. - Business segments
              • Exhibit 64: Arthur J. Gallagher and Co. - Key offerings
              • Exhibit 65: Arthur J. Gallagher and Co. - Segment focus
            • 10.7 AXA Group
              • Exhibit 66: AXA Group - Overview
              • Exhibit 67: AXA Group - Business segments
              • Exhibit 68: AXA Group - Key news
              • Exhibit 69: AXA Group - Key offerings
              • Exhibit 70: AXA Group - Segment focus
            • 10.8 Beazley Plc
              • Exhibit 71: Beazley Plc - Overview
              • Exhibit 72: Beazley Plc - Business segments
              • Exhibit 73: Beazley Plc - Key news
              • Exhibit 74: Beazley Plc - Key offerings
              • Exhibit 75: Beazley Plc - Segment focus
            • 10.9 Brown and Brown Inc.
              • Exhibit 76: Brown and Brown Inc. - Overview
              • Exhibit 77: Brown and Brown Inc. - Business segments
              • Exhibit 78: Brown and Brown Inc. - Key news
              • Exhibit 79: Brown and Brown Inc. - Key offerings
              • Exhibit 80: Brown and Brown Inc. - Segment focus
            • 10.10 Lockton Companies
              • Exhibit 81: Lockton Companies - Overview
              • Exhibit 82: Lockton Companies - Product and service
              • Exhibit 83: Lockton Companies - Key offerings
            • 10.11 Marsh and McLennan Companies Inc.
              • Exhibit 84: Marsh and McLennan Companies Inc. - Overview
              • Exhibit 85: Marsh and McLennan Companies Inc. - Business segments
              • Exhibit 86: Marsh and McLennan Companies Inc. - Key offerings
              • Exhibit 87: Marsh and McLennan Companies Inc. - Segment focus
            • 10.12 Swiss Re Ltd.
              • Exhibit 88: Swiss Re Ltd. - Overview
              • Exhibit 89: Swiss Re Ltd. - Business segments
              • Exhibit 90: Swiss Re Ltd. - Key news
              • Exhibit 91: Swiss Re Ltd. - Key offerings
              • Exhibit 92: Swiss Re Ltd. - Segment focus

            11 Appendix

            • 11.1 Scope of the report
              • 11.2 Currency conversion rates for US$
                • Exhibit 93: Currency conversion rates for US$
              • 11.3 Research methodology
                • Exhibit 94: Research Methodology
                • Exhibit 95: Validation techniques employed for market sizing
                • Exhibit 96: Information sources
              • 11.4 List of abbreviations
                • Exhibit 97: List of abbreviations

              Research Framework

              Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

              TechnavioINFORMATION SOURCES

              Primary sources

              • Manufacturers and suppliers
              • Channel partners
              • Industry experts
              • Strategic decision makers

              Secondary sources

              • Industry journals and periodicals
              • Government data
              • Financial reports of key industry players
              • Historical data
              • Press releases
              Technavio

              TechnavioDATA ANALYSIS

              Data Synthesis

              • Collation of data
              • Estimation of key figures
              • Analysis of derived insights

              Data Validation

              • Triangulation with data models
              • Reference against proprietary databases
              • Corroboration with industry experts
              Technavio

              TechnavioREPORT WRITING

              Qualitative

              • Market drivers
              • Market challenges
              • Market trends
              • Five forces analysis

              Quantitative

              • Market size and forecast
              • Market segmentation
              • Geographical insights
              • Competitive landscape
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              The marine insurance market market growth will increase by $$ 8.42 bn during 2021-2024.
              The marine insurance market market is expected to grow at a CAGR of 4.18% during 2021-2024.
              Technavio has segmented the marine insurance market market by product (cargo, hull, offshore energy, and marine liability) ,geography (North America, Europe, APAC, South America, and MEA) , and geographic (Europe, APAC, South America, and North America).
              Allianz Group, American International Group Inc., Aon Plc, Arthur J. Gallagher & Co., AXA Group, Beazley Plc, Brown & Brown Inc., Lockton Companies, Marsh & McLennan Companies Inc., Swiss Re Ltd. are a few of the key vendors in the marine insurance market market.
              Europe will register the highest growth rate of 56% among the other regions. Therefore, the marine insurance market market in Europe is expected to garner significant business opportunities for the vendors during the forecast period.
              The key factors driving the marine insurance market market growth are:
              • 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. A part of this digital transformation drive hinges on big data analytics, which harvests large amounts of structured and unstructured data to boost underwriting profitability and provide important predictive and prescriptive insights. For instance, channels, such as bancassurance/BIM (banks and insurance suppliers form partnerships to sell products to the banks' customers) facilitate a wider reach by combining bank and insurance products. Technological advances in the industry, such as digitization and analytics, have driven the use of online portals that improve customer experience. For example, countries like Singapore promote insurance business models that encourage direct underwriting via online platforms.

              • Increase in M&A and collaborations
              The marine insurance market market vendors should focus on grabbing business opportunities from the cargo segment as it accounted for the largest market share in the base year.
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