Marine Insurance Market

Marine Insurance Market Size, Share, and Trends Analysis Report by Insurance Type (Marine Liability Insurance, Inland Marine Insurance, Cargo Insurance, Hull Insurance, Freight Insurance, and Import and Export Insurance), by End User (Cargo Owners and Traders), and Forecast Period (2023-2030)
    Update Available - Forecast 2024-2030   

Published: Jul 2023 | Report Code: OMR2027299 | Category : Security | Delivery Format: /

Marine insurance market is anticipated to grow at a considerable CAGR of 3.8% during the forecast period. The key factor supporting the marine market’s growth is the advantages it provides to marine traders, cargo owners, and other exporters and importers. For instance, a marine insurance policy covers financial losses and damages to cargo vessels, ships, and terminals during transit. It is frequently necessary throughout import and export trade processes to fulfill various nations' demanding regulatory compliance. Some insurance companies are now offering plans that cover the risk of theft, intentional damage, shortage, and non-delivery of products. These programs can be tailored to customers' individual business requirements. Besides that, they cover damages caused by fire, explosions, hijacking, accidents, crashes, and overturning. Such factors increase the demand for marine insurance among businesses that are working in or through the marine sector.

Segmental Outlook 

The global marine insurance market is segmented by insurance type and end user. Based on insurance type, the market is sub-segmented into marine liability insurance, inland marine insurance, cargo insurance, hull insurance, freight insurance, and import and export insurance. Based on end users, the market is sub-segmented into cargo owners and traders. Among end users, the cargo owners segment is expected to hold a significant share in the market. Cargo owners generally get the highest number of marine insurance policies compared to traders. This is because cargo owners have a direct financial interest in the cargo being transported, and they want to protect themselves against the risk of loss or damage to their goods during transport.

The Cargo Insurance Sub-Segment Holds a Prominent Share in the Global Marine Insurance Market

Based on insurance type, the market is sub-segmented into marine liability insurance, inland marine insurance, cargo insurance, hull insurance, freight insurance, and import and export insurance. Among these, the cargo insurance segment is expected to hold the highest market share. Cargo insurance protects goods while they are in transit, providing coverage against losses due to damage, theft, or other perils. With the rise in global trade and the increasing movement of goods across borders, cargo insurance has become an essential component of trade finance.  As international trade continues to grow, the demand for cargo insurance also increases. For instance, according to a report published by the International Union of Marine Insurance in 2022, premiums in the cargo market for 2021 grew to $18.9 billion, owing to higher global trade volumes. In addition, the claims impact in this industry was very mild in 2021, and loss ratios in most areas improved.

Regional Outlook

The global marine insurance market is segmented based on geography, including North America (the US and Canada), Europe (Italy, Spain, Germany, France, and others), Asia-Pacific (India, China, Japan, South Korea, and others), and the rest of the world (the Middle East and Africa and Latin America). The market can be analyzed for a particular region or country level as per the requirement. Among the regions, the Asia-Pacific region is anticipated to generate the prominent market share, , owing to the large number of ship owners, ocean traders, and insurance policies. For instance, according to a UNCTAD report published in 2022, Asia remained the world’s leading maritime cargo handling center in 2021, accounting for 42% of goods loaded.

Global Marine Insurance Market Growth, by Region (2023-2030)

global marine insurance market growth, by region

The European Region is Expected to Dominate the Global Marine InsuranceMarket

One of the main drivers of growth is the continued growth of international trade and shipping in the region. Europe is home to some of the world's busiest and most important ports, including Rotterdam, Hamburg, and Antwerp, and it has a long history of trade and commerce with other regions around the world.Besides, the European region has several marine insurance companies that support its market’s growth, such as MSIG Insurance Europe AG, Allianz, Nordic Marine Insurance, and others. The region also has the highest number of marineinsurance premiums collected. For instance, according to the International Union of Marine Insurance (IUMI) report in 2021, IUMI collected $30 billion in global marine insurance premiums for the 2020 fiscal year, with Europe remaining the leading underwriting market with a 47.7% share. Another factor contributing to the growth of the European marine insurance market is the region's strong regulatory environment and established legal framework for marine insurance. The European Union (EU) has implemented various regulations and directives related to marine insurance, including the Solvency II Directive, which sets out prudential rules for insurers and reinsurers operating in the EU.

Market Players Outlook

The major companies serving the global marine insurance market include American International Group, Inc., Beazley Group, QBE Insurance Group Ltd., RSA, Allianz Group, and others. These companies are considerably contributing to the market’s growth through the adoption of various strategies, including mergers and acquisitions, partnerships, collaborations, and investments, to stay competitive in the market. For instance, in December 2022, Beat Capital Partners and Kevin Wolfe collaborated to develop Marcato Marine Insurance Services, a specialty marine underwriting firm. Marcato initially provide services such as project cargo, general cargo, hull, protection and indemnity (P&I), marineexcess liability, and marine general liability. It also intends to expand its portfolio to include inland marine items in the latter half of 2023. With the partnership Marcato is ableoffer project cargo limits of up to $147.5 million (project cargo and DSU combined limit), as well as $20 million for hull/P&I, cargo/warehouse, and marine liabilities (primary and excess).

The Report Covers-

  • Market value data analysis for 2023 and forecast to 2030.
  • Annualized market revenues ($ million) for each market segment.
  • Country-wise analysis of major geographical regions.
  • Key companies operating in the global marine insurance market. Based on the availability of data, information related to new product launches and relevant news is also available in the report.
  • Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
  • Analysis of market entry and market expansion strategies.
  • Competitive strategies by identifying ‘who stands where’ in the market.

1. Report Summary

Current Industry Analysis and Growth Potential Outlook

1.1. Research Methods and Tools

1.2. Market Breakdown

1.2.1. By Segments

1.2.2. By Region

2. Market Overview and Insights

2.1. Scope of the Report

2.2. Analyst Insight and Current Market Trends

2.2.1. Key Findings

2.2.2. Recommendations

2.2.3. Conclusion

3. Competitive Landscape

3.1. Key Company Analysis

3.1.1. Overview

3.1.2. Financial Analysis 

3.1.3. SWOT Analysis

3.1.4. Recent Developments

3.2. Key Strategy Analysis

4. Market Segmentation

4.1. Global Marine Insurance Market by Insurance Type 

4.1.1. Marine Liability Insurance

4.1.2. Inland Marine Insurance

4.1.3. Cargo Insurance

4.1.4. Hull Insurance

4.1.5. Freight Insurance

4.1.6. Import and Export Insurance

4.2. Global Marine Insurance Market by End User

4.2.1. Cargo Owners

4.2.2. Traders

5. Regional Analysis

5.1. North America

5.1.1. US

5.1.2. Canada

5.2. Europe

5.2.1. UK

5.2.2. Germany

5.2.3. Italy

5.2.4. Spain

5.2.5. France

5.2.6. Rest of Europe 

5.3. Asia-Pacific

5.3.1. China

5.3.2. India

5.3.3. Japan

5.3.4. South Korea

5.3.5. Rest of Asia-Pacific 

5.4. Rest of the World

6. Company Profiles 

6.1. Lloyd's 

6.2. Concirrus 

6.3. Marsh LLC

6.4. Swiss Re

6.5. American International Group, Inc. 

6.6. Beazley Group 

6.7. QBE Insurance Group Ltd.

6.8. RSA 

6.9. Allianz Group

6.10. Aon plc 

6.11. Arthur J. Gallagher & Co.

6.12. Brown & Brown, Inc. 

6.13. Lockton Companies

6.14. Willis Towers Watson 

6.15. United India Insurance Co., Ltd. 

6.16. Tokio Marine Holdings, Inc. 

1. GLOBAL MARINE INSURANCE MARKET RESEARCH AND ANALYSIS BY INSURANCE TYPE, 2022-2030 ($ MILLION)

2. GLOBAL MARINE LIABILITY INSURANCE MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)

3. GLOBAL INLAND MARINE INSURANCE MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)

4. GLOBAL CARGO INSURANCE MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)

5. GLOBAL HULL INSURANCE MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)

6. GLOBAL FREIGHT INSURANCE MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)

7. GLOBAL IMPORT AND EXPORT INSURANCE MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)

8. GLOBAL MARINE INSURANCE MARKET RESEARCH AND ANALYSIS BY END USER, 2022-2030 ($ MILLION)

9. GLOBAL MARINE INSURANCE FOR CARGO OWNERS MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)

10. GLOBAL MARINE INSURANCE FOR TRADERS MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)

11. GLOBAL MARINE INSURANCE MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)

12. NORTH AMERICAN MARINE INSURANCE MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2022-2030 ($ MILLION)

13. NORTH AMERICAN MARINE INSURANCE MARKET RESEARCH AND ANALYSIS BY INSURANCE TYPE, 2022-2030 ($ MILLION)

14. NORTH AMERICAN MARINE INSURANCE MARKET RESEARCH AND ANALYSIS BY END USER, 2022-2030 ($ MILLION)

15. EUROPEAN MARINE INSURANCE MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2022-2030 ($ MILLION)

16. EUROPEAN MARINE INSURANCE MARKET RESEARCH AND ANALYSIS BY INSURANCE TYPE, 2022-2030 ($ MILLION)

17. EUROPEAN MARINE INSURANCE MARKET RESEARCH AND ANALYSIS BY END USER, 2022-2030 ($ MILLION)

18. ASIA-PACIFIC MARINE INSURANCE MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2022-2030 ($ MILLION)

19. ASIA-PACIFIC MARINE INSURANCE MARKET RESEARCH AND ANALYSIS BY INSURANCE TYPE, 2022-2030 ($ MILLION)

20. ASIA-PACIFIC MARINE INSURANCE MARKET RESEARCH AND ANALYSIS BY END USER, 2022-2030 ($ MILLION)

21. REST OF THE WORLD MARINE INSURANCE MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2022-2030 ($ MILLION)

22. REST OF THE WORLD MARINE INSURANCE MARKET RESEARCH AND ANALYSIS BY INSURANCE TYPE, 2022-2030 ($ MILLION)

23. REST OF THE WORLD MARINE INSURANCE MARKET RESEARCH AND ANALYSIS BY END USER, 2022-2030 ($ MILLION)

1. GLOBAL MARINE INSURANCE MARKET SHARE BY INSURANCE TYPE, 2022 VS 2030 (%)

2. GLOBAL MARINE LIABILITY INSURANCE MARKET SHARE BY REGION, 2022 VS 2030 (%)

3. GLOBAL INLAND MARINE INSURANCE MARKET SHARE BY REGION, 2022 VS 2030 (%)

4. GLOBAL CARGO INSURANCE BY MARKET SHARE REGION, 2022 VS 2030 (%)

5. GLOBAL HULL INSURANCE BY MARKET SHARE REGION, 2022 VS 2030 (%)

6. GLOBAL FREIGHT INSURANCE BY MARKET SHARE REGION, 2022 VS 2030 (%)

7. GLOBAL IMPORT AND EXPORT INSURANCE BY MARKET SHARE REGION, 2022 VS 2030 (%)

8. GLOBAL MARINE INSURANCE MARKET SHARE BY END USER, 2022 VS 2030 (%)

9. GLOBAL MARINE INSURANCE FOR CARGO OWNERS MARKET SHARE BY REGION, 2022 VS 2030 (%)

10. GLOBAL MARINE INSURANCE FOR TRADERS MARKET SHARE BY REGION, 2022 VS 2030 (%)

11. GLOBAL MARINE INSURANCE MARKET SHARE BY REGION, 2022 VS 2030 (%)

12. US MARINE INSURANCE MARKET SIZE, 2022-2030 ($ MILLION)

13. CANADA MARINE INSURANCE MARKET SIZE, 2022-2030 ($ MILLION)

14. UK MARINE INSURANCE MARKET SIZE, 2022-2030 ($ MILLION)

15. FRANCE MARINE INSURANCE MARKET SIZE, 2022-2030 ($ MILLION)

16. GERMANY MARINE INSURANCE MARKET SIZE, 2022-2030 ($ MILLION)

17. ITALY MARINE INSURANCE MARKET SIZE, 2022-2030 ($ MILLION)

18. SPAIN MARINE INSURANCE MARKET SIZE, 2022-2030 ($ MILLION)

19. REST OF EUROPE MARINE INSURANCE MARKET SIZE, 2022-2030 ($ MILLION)

20. INDIA MARINE INSURANCE MARKET SIZE, 2022-2030 ($ MILLION)

21. CHINA MARINE INSURANCE MARKET SIZE, 2022-2030 ($ MILLION)

22. JAPAN MARINE INSURANCE MARKET SIZE, 2022-2030 ($ MILLION)

23. SOUTH KOREA MARINE INSURANCE MARKET SIZE, 2022-2030 ($ MILLION)

24. REST OF ASIA-PACIFIC MARINE INSURANCE MARKET SIZE, 2022-2030 ($ MILLION)

25. REST OF THE WORLD MARINE INSURANCE MARKET SIZE, 2022-2030 ($ MILLION)