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Subject: MRR

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

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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.

In addition to the forecast, the report also highlights the key opportunities by analyzing drivers, trends, and challenges for the market!

Marine Insurance Market - Customer landscape
To help companies evaluate and develop growth strategies, the report outlines ?

Marine Insurance Market? Vendor Analysis

Some of the major marine insurance market vendors are:

The marine insurance market is fragmented, with the presence of several global as well as regional vendors. The degree of fragmentation will accelerate during the forecast period.

Vendor offerings -

Marine Insurance Market- Segmentation Assessment

The marine insurance market is segmented as below:

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Technavio's analysis of the marine insurance market also includes:

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Marine Insurance Market Scope

Report Coverage


Historic period


Forecast period


Growth momentum & CAGR

Accelerate at a CAGR of 3.16%

Market growth 2023-2027

USD 4994.88 million

Market structure


YoY growth 2022-2023(%)


Regional analysis

Europe, APAC, South America, Middle East and Africa, and North America

Performing market contribution

Europe at 51%

Key countries

China, Singapore, UK, Germany, and France

Competitive landscape

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.

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.

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Product

7 Market Segmentation by End-user

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Vendor Landscape

12 Vendor Analysis

13 Appendix

About Us

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.

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com

SOURCE Technavio

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