USD 29.08 Million
Marine Insurance Market Size, Share, Growth Analysis, By Coverage (Cargo Insurance, Hull & Machinery Insurance), By End User (Traders, Ship Owners), By Distribution Channel, By Region -Industry Forecast 2025-2032
Report ID:
SQMIG40O2007 |
Region:
Global |
Published Date: December, 2024
Pages:
197
|Tables:
89
|Figures:
66
Marine Insurance Market Insights
Marine Insurance Market size was valued at USD 29.08 Million in 2023 and is poised to grow from USD 30.01 Million in 2024 to USD 38.6 Million by 2032, growing at a CAGR of 3.2% during the forecast period (2025-2032).
Rapidly increasing international trade activity via marine transportation and high emphasis on insuring shipping vessels are expected to bolster the adoption of marine insurance going forward. Increasing maritime activity and rising risk of marine pirates and geopolitical tensions are also expected to bolster the demand for marine insurance over the coming years. Imposition of stringent mandates necessitating the use of marine insurance are also slated to create an opportune setting in the long run. Launch of new offshore energy projects to meet surging energy demands and rising investments in development of new offshore renewable energy projects are also slated to boost revenue generation for marine insurance providers in the future. Meanwhile, high premiums, time-consuming claims processing, fluctuations in global trade volumes, and increasing uncertainty are slated to impede the overall global marine insurance market outlook across the study period and beyond.
Market snapshot - 2025-2032
Global Market Size
Largest Segment
Traders
Fastest Growth
Ship Owners
Growth Rate
3.2% CAGR
Global Marine Insurance Market ($ Bn)
Country Share for Europe Region (%)
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Marine Insurance Market Segments Analysis
The global marine insurance market is segmented by coverage, distribution channel end user, and region. Based on coverage, the market is segmented into cargo insurance, hull & machinery insurance, marine liability insurance, and offshore energy insurance. Based on distribution channel, the market is segmented into wholesalers, retail brokers, and others. Based on end user, the market is segmented into ship owners and traders. Based on Region, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
Marine Insurance Market Analysis by Coverage
Cargo insurance is projected to account for a significant chunk of the global marine insurance market share over the coming years. This insurance covers the cargo and goods transported via marine vessels and ships and helps cover the damages for the same. This insurance is essential for ship owners to save themselves from economic losses that could cut into their profits upon losing or damaging the cargo goods. Cargo insurance provides protection against natural disasters, vehicle accidents, cargo abandonment, customs rejection, acts of war, and piracy. Increasing geopolitical tensions around the world are also slated to help promote the adoption of cargo insurance.
Meanwhile, hull and machinery insurance is expected to account for the second-largest share of the global marine insurance industry. As the name suggests, this type of insurance covers the hull of the ship, and the machinery used in the ship. Blockchain, IoT, sensors, and telemechanics are some highly advanced technologies that are used in this type of insurance. Growing incidence of damage to ship bodies owing to increasing uncertainty in ocean currents, rising prevalence of storms, and piracy are expected to help this segment generate new opportunities for marine insurance providers in the long run.
Analysis by End User
Traders are projected to spearhead the adoption of marine insurance on a global level going forward. Increasing international trade activity around the world and rising emphasis of traders on securing their business and goods are projected to promote the demand for marine insurance in this segment. Growing emphasis on improving trade conditions and reducing losses is also expected to further cement the dominance of this end user across the global marine insurance market forecast. Increasing number of traders and rising awareness regarding benefits of marine insurance are also expected to create new business scope for marine insurance providers in the long run.
Meanwhile, the demand for marine insurance among ship owners is expected to rise at a notable pace in the future. Increasing risk of accidents, damage to property, and loss of life on ships has led to major complications for ship owners, which is why they are opting for marine insurance to cover off these issues. From equipment to personnel, almost every aspect of a ship can be covered under marine insurance and help enhance operational efficiency for ship owners as well. Moreover, the imposition of stringent regulations mandating the use of marine insurance for ship owners is also expected to create new revenue generation opportunities in the long run.
Global Marine Insurance Market By End User
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Marine Insurance Market Regional Insights
Europe is expected to spearhead the global marine insurance market growth across the forecast period. The robust history of maritime trade, high volume of goods trading via marine transportation, and the presence of leading marine insurance providers are helping Europe hold sway over other regions. Imposition of highly stringent mandates regarding marine trade and the increasing number of international trade agreements signed by European countries are also expected to cement the dominance of this region going forward. Germany, France, Italy, and the United Kingdom are slated to emerge as the most opportune markets in the European region going forward.
Rapidly increasing global trade activity and the presence of leading shipping companies are helping Asia-Pacific hold the second-largest share in the global marine insurance industry. Robust urbanization and industrialization in countries such as China and India coupled with expansive shipbuilding industries in South Korea and Japan are also expected to promote the demand for marine insurance over the coming years. The presence of multiple important global trade ports and increasing marine trading of commodities and goods from this region are also forecasted to create new business scope for marine insurance providers in the long run.
Global Marine Insurance Market By Region
- Largest
- Fastest
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Marine Insurance Market Dynamics
Drivers
Rapid Expansion of Global Trade Activity
- Growing trade activity carried out by sea routes to support rapid industrialization and urbanization is projected to primarily drive up the demand for marine insurance over the coming years. With increased transportation of goods via sea, businesses seek coverage for risks like cargo loss, damage, and delays, fueling marine insurance market growth.
Rising Investments in Offshore Energy Projects
- Growing emphasis on improving energy infrastructure and efforts to fulfil surging demand for energy are resulting in high investments in offshore energy projects. Hence, wind farms and oil rig projects are bolstering the adoption of marine insurance to cover risks associated with their construction, transportation, and operations going forward.
Restraints
Complexity in Claims Processing
- Marine insurance policies vary vastly and so does the claims processing process which is subject to different regulations and highly complex in nature. Cases involving multiple stakeholders, international jurisdictions, and detailed documentation witness an extremely time-consuming and complicated claims process thereby slowing down the overall marine insurance adoption.
High Insurance Premiums
- Premiums for marine insurance are quite high, and these are especially expensive for high-value cargo or vessels operating in high-risk zones. Hence, these high costs discourage smaller shipping companies and businesses from obtaining adequate coverage, which in turn is expected to impede the global marine insurance market outlook in the future.
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Marine Insurance Market Competitive Landscape
Providing maximum coverages for all kinds of damage and issues should be the prime focus of all marine insurance companies. Focusing on reducing premiums and complexity of claims can also help marine insurance providers maximize their business potential in the long run. Targeting Asia-Pacific region and European region is slated to bring in the most revenue for marine insurance companies around the world.
Top Player’s Company Profiles
- Allianz
- American International Group, Inc.
- Aon plc
- Arthur J. Gallagher & Co.
- AXA
- Chubb
- Lloyd's
- Lockton Companies
- Marsh LLC
- Zurich
Recent Developments
- In September 2024, Sompo, a leading provider of commercial and consumer property and casualty (re)insurance announced the launch of a new marine insurance proposition for the United Kingdom. The company provides insurance coverage on an all-risk basis, and this is the first time it has been allowed to draft marine policies in the United Kingdom other than London.
- In September 2024, Tokio Marine Kiln (TMK) and Marsh collaboratively announced the launch of a new exclusive insurance policy for ports and terminals. This newly launched insurance provides standalone coverage of USD 50 million in capacity for losses caused due to interruptions in trades on ports.
- In January 2024, NorthStandard, a leading provider of marine insurance announced its collaboration with Tokio Marine. The new collaboration was aimed at offering Japanese ship owners more insurance options complementing the existing TS21 program.
Marine Insurance Key Market Trends
- Customized Insurance Policies: Marine insurance companies should focus on providing customized marine insurance policies for different organizations to expand their business scope. This will help marine insurance companies resolve specific challenges that the industry faces and also help resolve the issue of high premiums and lengthy claims processing procedures. Taking a modular approach can also help marine insurance companies maximize their business scope.
- Sustainability-Linked Insurance: emphasis on sustainability is becoming a crucial part of the marine transportation space. Marine insurance providers can focus on developing policies that support sustainability initiatives. Discounts for low-carbon operations and coverage for renewable energy projects could also offer new opportunities for companies as per this global marine insurance market trend in the long run.
Marine Insurance Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, increasing marine trade activity around the world and a rising number of offshore energy projects are expected to bolster the demand for marine insurance over the coming years. However, complexity in claims processing and high insurance premiums are forecasted to impede the global marine insurance market forecast through 2031. Investing in Europe is expected to offer lucrative returns for marine insurance companies owing to high margin trade activities in different European countries. The creation of customized and sustainability-linked insurance policies is projected to be an unmissable marine insurance market trend in the long run.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 29.08 Million |
| Market size value in 2032 | USD 38.6 Million |
| Growth Rate | 3.2% |
| Base year | 2024 |
| Forecast period | 2025-2032 |
| Forecast Unit (Value) | USD Million |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Marine Insurance Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Marine Insurance Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Marine Insurance Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Marine Insurance Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Marine Insurance Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Marine Insurance Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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