Marine Insurance Market size to grow by USD 4,994.88 million from 2022 to 2027; Growth driven by the use of multiple distribution channels - Technavio
NEW YORK, May 29, 2023 /PRNewswire/ -- The marine insurance market size is estimated to increase by USD 4,994.88 million, accelerating at a CAGR of 3.16% during the forecast. The growth of the market is driven by the use of multiple distribution channels
Discover market potential and make informed business decisions based on qualitative and quantitative evidence highlighted in Technavio reports- Request a sample report
Marine Insurance Market? Market dynamics
Leading drivers - The global marine cargo insurance market is likely to grow due to the use of multiple distribution channels. The use of multiple distribution channels has helped suppliers reach a wider audience, especially in emerging markets. In addition, technological developments in the field, such as digitization and analytics, have led to the use of online portals that improve the customer experience.
Key trends - The increase in M&A and collaborations for industry growth is a primary trend in the global marine cargo insurance market. The increase in the number of marine insurance providers and some other factors such as moderate industry growth and low product differentiation has created an intense market that has continued since 2019. Major players are focusing on acquiring smaller vendors in the market to increase their sales in the marine insurance market globally.
Major challenges - Low profitability for the suppliers is a major challenge to the growth of the marine cargo insurance market. Strong demand opportunities in emerging markets have attracted a number of domestic and international suppliers, increasing competition in the market. Furthermore, due to weak demand for existing policies and new policies, mainly from Europe, corporate overheads are increasing faster than GWP, ultimately reducing profit margins.
Microinsurance Market- The microinsurance market is estimated to grow at a CAGR of 6.6% between 2022 and 2027, and the size of the market is forecasted to increase by USD 30.39 billion.
Marine Insurance Market Scope
Growth momentum & CAGR
Accelerate at a CAGR of 3.16%
Market growth 2023-2027
USD 4994.88 million
YoY growth 2022-2023(%)
Europe, APAC, South America, Middle East and Africa, and North America
Performing market contribution
Europe at 51%
China, Singapore, UK, Germany, and France
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks
Key companies profiled
Allianz SE, American International Group Inc., Aon Plc, Arthur J. Gallagher and Co., Atrium Underwriters Ltd., AXA Group, Beazley Plc, Chubb Ltd., Hannover Re, Munich Reinsurance Co., Samsung Fire and Marine Insurance Co. Ltd., Sompo Holdings Inc., Swiss Re Ltd., Thomas Miller and Co. Ltd., Tokio Marine Holdings Inc., United India Insurance Co. Ltd., and Zurich Insurance Co. Ltd.
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
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
1 Executive Summary
1.1 Market overview
Exhibit 01: Executive Summary ? Chart on Market Overview
Exhibit 02: Executive Summary ? Data Table on Market Overview
Exhibit 03: Executive Summary ? Chart on Global Market Characteristics
Exhibit 04: Executive Summary ? Chart on Market by Geography
Exhibit 05: Executive Summary ? Chart on Market Segmentation by Product
Exhibit 06: Executive Summary ? Chart on Market Segmentation by End-user
Exhibit 07: Executive Summary ? Chart on Incremental Growth
Exhibit 08: Executive Summary ? Data Table on Incremental Growth
Exhibit 09: Executive Summary ? Chart on Vendor Market Positioning
2 Market Landscape
2.1 Market ecosystem
Exhibit 10: Parent market
Exhibit 11: Market Characteristics
3 Market Sizing
3.1 Market definition
Exhibit 12: Offerings of vendors included in the market definition
3.2 Market segment analysis
Exhibit 13: Market segments
3.3 Market size 2022
3.4 Market outlook: Forecast for 2022-2027
Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ million)
Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ million)
Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)
4 Historic Market Size
4.1 Global marine insurance market 2017 - 2021
Exhibit 18: Historic Market Size ? Data Table on Global marine insurance market 2017 - 2021 ($ million)
Exhibit 164: Samsung Fire and Marine Insurance Co. Ltd. - Overview
Exhibit 165: Samsung Fire and Marine Insurance Co. Ltd. - Key offerings
12.14 Sompo Holdings Inc.
Exhibit 166: Sompo Holdings Inc. - Overview
Exhibit 167: Sompo Holdings Inc. - Business segments
Exhibit 168: Sompo Holdings Inc. - Key news
Exhibit 169: Sompo Holdings Inc. - Key offerings
Exhibit 170: Sompo Holdings Inc. - Segment focus
12.15 Swiss Re Ltd.
Exhibit 171: Swiss Re Ltd. - Overview
Exhibit 172: Swiss Re Ltd. - Business segments
Exhibit 173: Swiss Re Ltd. - Key news
Exhibit 174: Swiss Re Ltd. - Key offerings
Exhibit 175: Swiss Re Ltd. - Segment focus
12.16 Thomas Miller and Co. Ltd.
Exhibit 176: Thomas Miller and Co. Ltd. - Overview
Exhibit 177: Thomas Miller and Co. Ltd. - Product / Service
Exhibit 178: Thomas Miller and Co. Ltd. - Key offerings
12.17 Tokio Marine Holdings Inc.
Exhibit 179: Tokio Marine Holdings Inc. - Overview
Exhibit 180: Tokio Marine Holdings Inc. - Business segments
Exhibit 181: Tokio Marine Holdings Inc. - Key news
Exhibit 182: Tokio Marine Holdings Inc. - Key offerings
Exhibit 183: Tokio Marine Holdings Inc. - Segment focus
13.1 Scope of the report
13.2 Inclusions and exclusions checklist
Exhibit 184: Inclusions checklist
Exhibit 185: Exclusions checklist
13.3 Currency conversion rates for US$
Exhibit 186: Currency conversion rates for US$
13.4 Research methodology
Exhibit 187: Research methodology
Exhibit 188: Validation techniques employed for market sizing
Exhibit 189: Information sources
13.5 List of abbreviations
Exhibit 190: List of abbreviations
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
The bag on valve technology market is expected to grow by USD 97.43 million from 2022 to 2027. In addition, the growth momentum of the market will progress at a CAGR of 4.1% during the forecast period, according to Technavio. Increasing demand from...
Swiss performance sportswear brand On will today, October 4, 2023, host an Investor Day at On Labs in Zurich, Switzerland. Two years after the Company's IPO and following the successful execution on the growth strategies presented during the listing...
The smart lighting market is expected to grow by USD 17.20 billion from 2022 to 2027. However, the growth momentum of the market will progress at a CAGR of 16.88% during the forecast period. The market is segmented by application (commercial,...
The selective catalytic reduction (SCR) systems for coal-fired plants market is expected to grow by USD 759.19 million from 2022 to 2027. However, the growth momentum of the market will progress at a CAGR of 4.87% during the forecast period. The...
The "Asia-Pacific (APAC) Luxury Retail Market Size, Trends, Regional and Category Performance, Brands and Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
This report provides an overview of the APAC Luxury Retailing...