Global Marine Insurance Market is All Set to Expand at a CAGR of 2.57% during Forecast 2017-2021

Published on : Apr 26, 2017

Albany, New York, April 26, 2017: In today’s commercial age, marine insurance has become one of the most necessary and fundamental types of insurance within the insurance industry. According to the latest analysis, the market is showing positive signs of growth in the forthcoming years, due to various market trends. To explore the market growth and key factors, analysts have prepared a fresh study titled “Global Marine Insurance Market 2017-2021”, which has been broadcasted to the wide repository of Market Research Hub (MRH). In this new study, analysts have forecasted the global marine insurance market to expand at CAGR of 2.57%, by the end of 2021.

The volume of trade through the sea have tremendously increased, and so has the risk of loss at the sea. Therefore, marine insurance plays a significant role in facilitating the global trade by minimizing the risk thereof. Marine insurance is an essential thing, as it protects the vessel from damage upon exposure to a wide range of risks, such as accident of the vehicle carrying the cargo, failure in the dock or port area and any damage incurred at sea. One of the major advantages is that, through marine insurance, ship owners and transporters can be sure of claiming damages especially considering the mode of transportation used. The various types of marine insurance policies include:

  • Cargo insurance
  • Marine liability insurance
  • Onshore energy insurance
  • Hull insurance

Cargo Insurance & Marine Insurance is offered on a broad range of marine associated fields, as well as coverage for cargo, hull, liabilities, and fine art. Marine cargo insurance segment holds the majority market share and also will continue to dominate the market during the period 2017-21. Moreover, on the basis of geography, this report studies the market for marine insurance in APAC, Americas and EMEA. This section also encapsulates the details of trending factors influencing the market shares in each region, along with the market opportunities, challenges and threats faced by the vendors in the global market.

According to the research findings, the use of multiple distribution channels will drive the growth prospects for the marine insurance market. Some of the major market trends observed by the study include increase in M&A activity; increase in the use of IoT, and increase in automation of business processes. Also, EMEA is estimated to be the highest revenue generating region in the global marine insurance market.

The report further analyzes that the global marine insurance market is highly competitive, fragmented, and diversified due to the presence of a large number of regional and international vendors. At present, the leading market players are:

  • Aon
  • Allianz
  • AXA
  • American International
  • Marsh

Click here to get more info with TOC in a PDF Format :

This section comprises the details of each company along with their overview, sales area and its competitors.

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