Marine Insurance Market Analysis - Global Industry Size, Share, Trends and Forecast, 2014 - 2024

Category : BFSI | Delivery Format : PDF | Status: Forthcoming | Report ID : ARC472

Introduction

Marine protection covers the misfortune or harm of boats, load, terminals, and any vehicle or payload by which property is exchanged, gained, or held between start and end of transport. Freight protection is a sub-branch of marine protection, however marine likewise incorporates onshore and offshore uncovered property, (compartment terminals, ports, oil stages, pipelines), hull, marine casualty, and marine liability. Shipping protection is utilized when the products are transported via mail or messenger. Marine insurance, also known as cargo insurance, is a type of insurance which assures to pay you if something unpleasant happens to the goods traveling via sea route. After globalization, there has been an increase in import and export of goods wherein, most of the trade takes place through sea routes. As a result, trading via sea routes demands a need for marine insurance.

Market Dynamics

The increasing trade of goods after globalization has been increasing every year. Most of import and export of goods happens through sea routes which has directly increased the demand for marine insurance. The marine transport of cargo involves huge cost and, any misfortune while transporting goods could result in huge loss to any company. Hence insuring the goods, vessel or even some ship damages can reduce the risk of complete loss. Marine insurance is a sigh of relief to ship owners, cargo owners, governments etc. as all of them can be benefited with such insurance.

Market Classification

The market for marine insurance can be bifurcated into end-user, product type, policy type and geography. Based on end-user, the market is classified as cargo owners, ship owners, government and others. Based on product type, the market can be classified as hull insurance, cargo insurance, freight insurance, liability insurance and others. Based on policy type, the market is classified into time policy, voyage policy, floating policy, valued policy, and others. On the basis of geography, the market can be segmented into North America, Latin America, Europe, Middle East & Africa (MEA) and Asia-Pacific.

Report Coverage

Market

Marine Insurance Market

Analysis Period

2014 – 2024

Historic Data

2014 – 2015

Base Year

2016

Forecast Data

2017 – 2024

Market Stratification

End User, Product Type, Policy Type, Geography

Regional Scope

North America, Europe, Asia-Pacific, Latin America, Middle East and Africa (MEA)

Report Coverage

Market Trends, Drivers, Restraints, Porter's Five Forces Analysis, Competitive Analysis,

Player Profiling, Value Chain Analysis

 

Market Participants

Some of the market vendors of marine insurance are Lloyd's, Bluewater Insurance, Allianz Global Corporate & Specialty  (AGCS)Fuji Fire and Marine Insurance, Assuranceforeningen Gard, North of England P&I Association, Norwegian Hull Club, Shoreline Managers, Assuranceforeningen Skuld, and Tokio Marine Group among others.

Market Segmentation

Market By End-User

·         Cargo owners

·         Ship owners

·         Government

·         Others

Market By Product Type

·         Hull insurance

·         Cargo insurance

·         Freight insurance

·         Liability insurance

·         Others

Market By Policy Type

·         Time  policy

·         Voyage policy

·         Floating policy

·         Valued policy

·         Others

Market By Geography

·         North America

o    US

o    Canada

o    Mexico

·         Europe

o    UK

o    Germany

o    France

o    Rest of Europe

·         Asia-Pacific

o    China

o    Japan

o    India

o    Australia

o    Rest of Asia-Pacific

·         Latin America

o    Brazil

o    Rest of Latin America

·         Middle East and Africa (MEA)

o    South Africa

o    Saudi Arabia

o    Rest of MEA

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