The Marine Insurance Market, in terms of revenue, was estimated at US$ 28,483.6 Mn in 2020 and is expected to reach US$ 33,471.5 Mn in 2030. Marine Insurance deals with cover of loss or damage of ships, cargos, terminals, and any transport of cargo by which property is transferred, acquired, or held between the points of origin and final destination. It is one of the oldest forms of insurance which was developed with expansion of international trade. Marine insurance is a very wide subject which requires definite categorization of various types of insurance and insurance policies. As per the requirement and specification of carrier/shipper, an appropriate type of insurance can be selected to be put into operation. When it comes to shipment of goods and cargos via marine transportation, the risks involved due to environmental or accidental causes are very high, which may lead to loss of valuables and personals. Thus, to ensure all the risk can be managed without loss of monetary funds, various marine insurance are made mandatory for ships and ship owners.
The primary market participants: Lockton Companies, Jardine Lloyd Thompson Group plc, HDFC ERGO General Insurance Company Limited, Gallagher, Marsh LLC, Lampe & Schwartze KG, Hannover Re, American International Group, Inc., Anderson Insurance Agency, ARIES MARINE INSURANCE BROKERS LTD, Atrium, Ascot, AXA Insurance Company, MS&AD Insurance Group Holdings, Inc., Tokio Marine Holdings, Inc., United India Insurance Co. Ltd., Gard, Allianz Global Corporate & Specialty SE, Eidgenössische Technische Hochschule Zürich, Berkshire Hathaway Inc. (Berkshire Hathaway Specialty Insurance), Swiss Re, SOMPO Taiwan Brokers Co., Ltd, Beazley, Willis Towers Watson, AXA XL, Thomas Miller, Sirius International Insurance Corporation, Munich Re Group, Brown & Brown Insurance, Aon plc, The Chubb Corporation.
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Marine Insurance Market, By Type
Transport/cargo holds the highest market share in 2017. Cargo holds a huge array of goods from raw materials to finished goods, which may range from low to high risk. Millions of cargos are lost in transit annually, thus measures to safe guard such goods is a necessity. Marine cargos face exposure on many levels and this makes the need of correct insurance options even more important. In July 2016, the SOLAS regulation was introduced in respect to misdeclared cargo which stated that shippers were required to declare complete details of the cargo, failure to do so would prohibit the loading of the cargo. This regulation allows to manage the claims and payments of insurance in a more effective manner which is impacting the growth of the market.
Marine Insurance Market, By Region
Europe region holds the highest market share in the global marine insurance market. Marine transport is one of the most important driver of European economy. It carries half of Europe’s goods and supports millions of jobs, thus there is huge demand of marine insurance in Europe which is enhancing the market growth. In Jan, 2016, ACE limited acquired Europe based marine insurance company Chubb and retained the brand name Chubb which is one of the biggest player in the market. Insurance Solutions provided by Chubb will help the transporters to make claims more efficiently which will indirectly impact European economy.
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