Marine insurance market size to grow by USD 4,994.88 million from 2022 to 2027: A descriptive analysis of customer landscape, vendor assessment, and market dynamics - Technavio

NEW YORK, Jan. 11, 2023 /PRNewswire/ -- The global marine insurance market size is estimated to increase by USD 4,994.88 million between 2022 and 2027. The market's growth momentum will progress at a CAGR of about 3.16% - Request a sample report

Vendor offerings -

• Allianz SE - The company offers a wide portfolio of marine insurance products. It offers highly customizable products and innovative marine solutions such as cargo insurance, inland marine, marine hull and liability, project cargo, and marine liability.
• American International Group Inc.  - The company offers multinational risk coverage under its marine insurance portfolio, with products and services such as cargo insurance and recreational marine insurance.
• Aon Plc - The company offers marine insurance services to different players such as mega-yachts, hull and machinery, ports, terminals, and logistics companies.
• Arthur J. Gallagher and Co. - The company offers a wide variety of marine insurance products such as maritime insurance and risk management and other specialty risks.
• For details on vendors and their offerings – Buy the report!

Vendor landscape -

The global marine insurance market is fragmented, with the presence of several global as well as regional vendors. A few prominent vendors that offer marine insurance in the market are 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. and others.

The competition among vendors in the market is intense. Local vendors find it difficult to compete with market leaders. Moreover, an extension of service offerings and technological innovations is likely to increase the competition among vendors in the market. Global vendors are expected to acquire regional or local players to increase their market share. Hence, the competition among vendors is expected to increase during the forecast period.

To help companies evaluate and develop growth strategies, the report outlines –

• Key purchase criteria
• Adoption rates
• Adoption lifecycle
• Drivers of price sensitivity

Segment overview

Technavio has segmented the market based on product (cargo, hull, offshore energy, and marine liability) and end-user (cargo owners, traders, and government). 

• The market share growth of the cargo segment will be higher than the other segments during the forecast period. In this segment, the movement of commodities by sea is referred to as marine freight. Shipping is considered an efficient mode of delivering products. Several vessels are used for sea transportation. For example, dry-cargo ships transport substantial dry items such as steel and metal ores. These factors will drive the growth of this segment during the forecast period.

Geography overview

Based on geography, the global marine insurance market is segmented into Europe, APAC, South America, Middle East and Africa, and North America. The report provides actionable insights and estimates the contribution of all regions to the growth of the global marine insurance market.

• Europe is estimated to account for 51% of the growth of the global market during the forecast period. The European Central Bank (ECB) has introduced measures to boost credit growth, which has increased the pressure on insurance companies to reconcile investment guarantees with low yields. The rise of aggregator websites that allow customers to compare houses, travel, auto, and insurance policies will further increase competition in the market. In addition, the low margins and significant regulatory pressure have encouraged insurers to shift to asset-backed securities on the investment front and risk-based products on the liabilities side. These factors will drive the growth of the market in the region.

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Leading drivers - The use of multiple distribution channels will drive the growth of the market during the forecast period. Multiple distribution channels help suppliers reach a wider audience, especially in emerging markets. In addition, technological developments such as digitization and analytics have led to the use of online portals. For example, countries such as Singapore promote insurance business models that encourage direct insurance through online platforms. Such factors are expected to fuel the growth of the global marine insurance market during the forecast period.

Key trends - The increase in M&A and collaborations for industry growth is a key trend in the global marine insurance market. Major players are acquiring small vendors to increase their sales. Such agreements strengthen the capacity and global reach of marine insurance providers. Thus, the rise in the number of M&A and partnerships is expected to support the growth of the global marine insurance market during the forecast period.

Major challenges - Low profitability for suppliers is a major challenge to the growth of the marine insurance market. Emerging markets have attracted a large number of domestic and international suppliers, which is increasing competition in the market. However, supplier profitability in regions such as APAC is low due to the decrease in insurance premiums. In addition, due to the low demand for existing and new policies, mainly from Europe, corporate overheads are increasing faster than  GWP, which is reducing profit margins. These factors will hinder the growth of the market during the forecast period. 

Drivers, trends, and challenges have an impact on market dynamics, which can impact businesses. Find some insights from a sample report!

What are the key data covered in this marine insurance market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the marine insurance market between 2023 and 2027
• Precise estimation of the size of the marine insurance market and its contribution to the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the marine insurance market across Europe, APAC, South America, Middle East and Africa, and North America
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of marine insurance market vendors

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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)

• 4.2 Product Segment Analysis 2017 - 2021 
• Exhibit 19: Historic Market Size – Product Segment 2017 - 2021 ($ million)

• 4.3 End-user Segment Analysis 2017 - 2021 
• Exhibit 20: Historic Market Size – End-user Segment 2017 - 2021 ($ million)

• 4.4 Geography Segment Analysis 2017 - 2021 
• Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ million)

• 4.5 Country Segment Analysis 2017 - 2021 
• Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ million)

5 Five Forces Analysis

• 5.1 Five forces summary
• Exhibit 23: Five forces analysis - Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition
• Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by Product

• 6.1 Market segments
• Exhibit 30: Chart on Product - Market share 2022-2027 (%)
• Exhibit 31: Data Table on Product - Market share 2022-2027 (%)

• 6.2 Comparison by Product 
• Exhibit 32: Chart on Comparison by Product
• Exhibit 33: Data Table on Comparison by Product

• 6.3 Cargo - Market size and forecast 2022-2027 
• Exhibit 34: Chart on Cargo - Market size and forecast 2022-2027 ($ million)
• Exhibit 35: Data Table on Cargo - Market size and forecast 2022-2027 ($ million)
• Exhibit 36: Chart on Cargo - Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on Cargo - Year-over-year growth 2022-2027 (%)

• 6.4 Hull - Market size and forecast 2022-2027 
• Exhibit 38: Chart on Hull - Market size and forecast 2022-2027 ($ million)
• Exhibit 39: Data Table on Hull - Market size and forecast 2022-2027 ($ million)
• Exhibit 40: Chart on Hull - Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on Hull - Year-over-year growth 2022-2027 (%)

• 6.5 Offshore energy - Market size and forecast 2022-2027 
• Exhibit 42: Chart on Offshore energy - Market size and forecast 2022-2027 ($ million)
• Exhibit 43: Data Table on Offshore energy - Market size and forecast 2022-2027 ($ million)
• Exhibit 44: Chart on Offshore energy - Year-over-year growth 2022-2027 (%)
• Exhibit 45: Data Table on Offshore energy - Year-over-year growth 2022-2027 (%)

• 6.6 Marine liability - Market size and forecast 2022-2027 
• Exhibit 46: Chart on Marine liability - Market size and forecast 2022-2027 ($ million)
• Exhibit 47: Data Table on Marine liability - Market size and forecast 2022-2027 ($ million)
• Exhibit 48: Chart on Marine liability - Year-over-year growth 2022-2027 (%)
• Exhibit 49: Data Table on Marine liability - Year-over-year growth 2022-2027 (%)

• 6.7 Market opportunity by Product 
• Exhibit 50: Market opportunity by Product ($ million)

7 Market Segmentation by End-user

• 7.1 Market segments
• Exhibit 51: Chart on End-user - Market share 2022-2027 (%)
• Exhibit 52: Data Table on End-user - Market share 2022-2027 (%)

• 7.2 Comparison by End-user 
• Exhibit 53: Chart on Comparison by End-user
• Exhibit 54: Data Table on Comparison by End-user

• 7.3 Cargo owners - Market size and forecast 2022-2027 
• Exhibit 55: Chart on Cargo owners - Market size and forecast 2022-2027 ($ million)
• Exhibit 56: Data Table on Cargo owners - Market size and forecast 2022-2027 ($ million)
• Exhibit 57: Chart on Cargo owners - Year-over-year growth 2022-2027 (%)
• Exhibit 58: Data Table on Cargo owners - Year-over-year growth 2022-2027 (%)

• 7.4 Traders - Market size and forecast 2022-2027 
• Exhibit 59: Chart on Traders - Market size and forecast 2022-2027 ($ million)
• Exhibit 60: Data Table on Traders - Market size and forecast 2022-2027 ($ million)
• Exhibit 61: Chart on Traders - Year-over-year growth 2022-2027 (%)
• Exhibit 62: Data Table on Traders - Year-over-year growth 2022-2027 (%)

• 7.5 Government - Market size and forecast 2022-2027 
• Exhibit 63: Chart on Government - Market size and forecast 2022-2027 ($ million)
• Exhibit 64: Data Table on Government - Market size and forecast 2022-2027 ($ million)
• Exhibit 65: Chart on Government - Year-over-year growth 2022-2027 (%)
• Exhibit 66: Data Table on Government - Year-over-year growth 2022-2027 (%)

• 7.6 Market opportunity by End-user 
• Exhibit 67: Market opportunity by End-user ($ million)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 68: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation 
• Exhibit 69: Chart on Market share by geography 2022-2027 (%)
• Exhibit 70: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison 
• Exhibit 71: Chart on Geographic comparison
• Exhibit 72: Data Table on Geographic comparison

• 9.3 Europe - Market size and forecast 2022-2027 
• Exhibit 73: Chart on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 74: Data Table on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 75: Chart on Europe - Year-over-year growth 2022-2027 (%)
• Exhibit 76: Data Table on Europe - Year-over-year growth 2022-2027 (%)

• 9.4 APAC - Market size and forecast 2022-2027 
• Exhibit 77: Chart on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 78: Data Table on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 79: Chart on APAC - Year-over-year growth 2022-2027 (%)
• Exhibit 80: Data Table on APAC - Year-over-year growth 2022-2027 (%)

• 9.5 South America - Market size and forecast 2022-2027 
• Exhibit 81: Chart on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 82: Data Table on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 83: Chart on South America - Year-over-year growth 2022-2027 (%)
• Exhibit 84: Data Table on South America - Year-over-year growth 2022-2027 (%)

• 9.6 Middle East and Africa - Market size and forecast 2022-2027 
• Exhibit 85: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 86: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 87: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
• Exhibit 88: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)

• 9.7 North America - Market size and forecast 2022-2027 
• Exhibit 89: Chart on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 90: Data Table on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 91: Chart on North America - Year-over-year growth 2022-2027 (%)
• Exhibit 92: Data Table on North America - Year-over-year growth 2022-2027 (%)

• 9.8 UK - Market size and forecast 2022-2027 
• Exhibit 93: Chart on UK - Market size and forecast 2022-2027 ($ million)
• Exhibit 94: Data Table on UK - Market size and forecast 2022-2027 ($ million)
• Exhibit 95: Chart on UK - Year-over-year growth 2022-2027 (%)
• Exhibit 96: Data Table on UK - Year-over-year growth 2022-2027 (%)

• 9.9 Germany - Market size and forecast 2022-2027 
• Exhibit 97: Chart on Germany - Market size and forecast 2022-2027 ($ million)
• Exhibit 98: Data Table on Germany - Market size and forecast 2022-2027 ($ million)
• Exhibit 99: Chart on Germany - Year-over-year growth 2022-2027 (%)
• Exhibit 100: Data Table on Germany - Year-over-year growth 2022-2027 (%)

• 9.10 China - Market size and forecast 2022-2027 
• Exhibit 101: Chart on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 102: Data Table on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 103: Chart on China - Year-over-year growth 2022-2027 (%)
• Exhibit 104: Data Table on China - Year-over-year growth 2022-2027 (%)

• 9.11 France - Market size and forecast 2022-2027 
• Exhibit 105: Chart on France - Market size and forecast 2022-2027 ($ million)
• Exhibit 106: Data Table on France - Market size and forecast 2022-2027 ($ million)
• Exhibit 107: Chart on France - Year-over-year growth 2022-2027 (%)
• Exhibit 108: Data Table on France - Year-over-year growth 2022-2027 (%)

• 9.12 Singapore - Market size and forecast 2022-2027 
• Exhibit 109: Chart on Singapore - Market size and forecast 2022-2027 ($ million)
• Exhibit 110: Data Table on Singapore - Market size and forecast 2022-2027 ($ million)
• Exhibit 111: Chart on Singapore - Year-over-year growth 2022-2027 (%)
• Exhibit 112: Data Table on Singapore - Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography 
• Exhibit 113: Market opportunity by geography ($ million)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers

• 10.2 Market challenges

• 10.3 Impact of drivers and challenges 
• Exhibit 114: Impact of drivers and challenges in 2022 and 2027

• 10.4 Market trends

11 Vendor Landscape

• 11.1 Overview

• 11.2 Vendor landscape
• Exhibit 115: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption
• Exhibit 116: Overview on factors of disruption

• 11.4 Industry risks
• Exhibit 117: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered
• Exhibit 118: Vendors covered

• 12.2 Market positioning of vendors 
• Exhibit 119: Matrix on vendor position and classification

• 12.3 Allianz SE
• Exhibit 120: Allianz SE - Overview
• Exhibit 121: Allianz SE - Business segments
• Exhibit 122: Allianz SE - Key news
• Exhibit 123: Allianz SE - Key offerings
• Exhibit 124: Allianz SE - Segment focus

• 12.4 American International Group Inc. 
• Exhibit 125: American International Group Inc. - Overview
• Exhibit 126: American International Group Inc. - Business segments
• Exhibit 127: American International Group Inc. - Key news
• Exhibit 128: American International Group Inc. - Key offerings
• Exhibit 129: American International Group Inc. - Segment focus

• 12.5 Aon Plc
• Exhibit 130: Aon Plc - Overview
• Exhibit 131: Aon Plc - Business segments
• Exhibit 132: Aon Plc - Key news
• Exhibit 133: Aon Plc - Key offerings
• Exhibit 134: Aon Plc - Segment focus

• 12.6 Arthur J. Gallagher and Co. 
• Exhibit 135: Arthur J. Gallagher and Co. - Overview
• Exhibit 136: Arthur J. Gallagher and Co. - Business segments
• Exhibit 137: Arthur J. Gallagher and Co. - Key offerings
• Exhibit 138: Arthur J. Gallagher and Co. - Segment focus

• 12.7 Atrium Underwriters Ltd. 
• Exhibit 139: Atrium Underwriters Ltd. - Overview
• Exhibit 140: Atrium Underwriters Ltd. - Product / Service
• Exhibit 141: Atrium Underwriters Ltd. - Key news
• Exhibit 142: Atrium Underwriters Ltd. - Key offerings

• 12.8 AXA Group
• Exhibit 143: AXA Group - Overview
• Exhibit 144: AXA Group - Business segments
• Exhibit 145: AXA Group - Key offerings
• Exhibit 146: AXA Group - Segment focus

• 12.9 Beazley Plc
• Exhibit 147: Beazley Plc - Overview
• Exhibit 148: Beazley Plc - Business segments
• Exhibit 149: Beazley Plc - Key news
• Exhibit 150: Beazley Plc - Key offerings
• Exhibit 151: Beazley Plc - Segment focus

• 12.10 Chubb Ltd.
• Exhibit 152: Chubb Ltd. - Overview
• Exhibit 153: Chubb Ltd. - Business segments
• Exhibit 154: Chubb Ltd. - Key news
• Exhibit 155: Chubb Ltd. - Key offerings
• Exhibit 156: Chubb Ltd. - Segment focus

• 12.11 Hannover Re
• Exhibit 157: Hannover Re - Overview
• Exhibit 158: Hannover Re - Product / Service
• Exhibit 159: Hannover Re - Key offerings

• 12.12 Munich Reinsurance Co. 
• Exhibit 160: Munich Reinsurance Co. - Overview
• Exhibit 161: Munich Reinsurance Co. - Business segments
• Exhibit 162: Munich Reinsurance Co. - Key offerings
• Exhibit 163: Munich Reinsurance Co. - Segment focus

• 12.13 Samsung Fire and Marine Insurance Co. Ltd. 
• 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 Appendix

• 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 provide 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.

Contact
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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