Global Marine Insurance Market to Reach USD 45.7 Billion by 2033, Catalyzed by Increasing Export Activities

November 26, 2024 | BFSI

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The latest report by IMARC Group, titled “Marine Insurance Market Report by Type (Cargo Insurance, Hull and Machinery Insurance, Marine Liability Insurance, Offshore/Energy Insurance), Distribution Channel (Wholesalers, Retail Brokers, and Others), End User (Ship Owners, Traders, and Others), and Region 2025-2033,” finds that the global marine insurance market size reached USD 35.0 Billion in 2024. Marine insurance refers to a type of insurance policy that covers the loss and damage of ships, cargo vessels, and terminals. It also includes other means of transportation by which goods are transferred between the point of origin and the final destination. It provides financial coverage against all potential marine-related perils exposed to the insured goods during transit. In recent years, marine insurance has gained immense popularity due to its flexibility, comprehensive coverage, hassle-free claim settlements, and easy customization according to customers’ needs.

Global Marine Insurance Market Trends:

Marine insurance is usually required during import and export trade proceedings to meet the strict regulatory compliance of different countries. As a result, the increasing export activities across the globe represent the primary factor driving the market growth. In addition, governments of various countries are introducing stringent policies mandating marine insurance for vessels used in commercial transportation. Along with this, the implementation of favorable government initiatives to promote local manufacturing and international trade has augmented the product demand to insure goods or cargo against potential accidents. Moreover, with the expanding e-commerce industry, the rising adoption of marine shipping to carry out cross-border transportation of goods and expand product reach has catalyzed the market growth. Furthermore, several key players are leveraging advanced technologies, such as the Internet of Things (IoT), artificial intelligence (AI), and machine learning (ML), for calculating existing and predicting future risks accurately to enhance risk management and streamline claim processing. They are also offering new plans that cover the risk of theft, malicious damage, and non-delivery of goods and losses incurred due to fire, explosion, accidents, collisions, overturning, and hijacks, which has accelerated product adoption rates. On account of these factors, IMARC Group expects the market value to reach USD 45.7 Billion by 2033, growing at a CAGR of 3% during the forecast period (2025-2033).

Market Summary:

Based on the type, the market has been classified into cargo, hull and machinery, marine liability, and offshore/energy insurance.
On the basis of the distribution channel, the market has been segregated into wholesalers, retail brokers, and others.
The market has been divided based on the end user into ship owners, traders, and others.
Region-wise, the market has been segmented into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
The competitive landscape of the market has also been analyzed, with some of the key players being Allianz SE, American International Group Inc., Aon plc, Arthur J. Gallagher & Co., AXA S.A., Beazley plc, Brown & Brown Inc., Chubb Group Holdings Inc, Lloyd’s of London, Lockton Companies, Marsh & McLennan Companies Inc., QBE Insurance Group Ltd, Swiss Re Ltd, Willis Towers Watson plc, and Zurich Insurance Group Ltd.

Report Coverage:

Report Features	Details
Base Year of the Analysis	2024
Historical Period	2019-2024
Forecast Period	2025-2033
Units	Billion USD
Segment Coverage	Type, Distribution Channel, End User, Region
Region Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered	United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered	Allianz SE, American International Group Inc., Aon plc, Arthur J. Gallagher & Co., AXA S.A., Beazley plc, Brown & Brown Inc., Chubb Group Holdings Inc, Lloyd’s of London, Lockton Companies, Marsh & McLennan Companies Inc., QBE Insurance Group Ltd, Swiss Re Ltd, Willis Towers Watson plc, and Zurich Insurance Group Ltd
Customization Scope	10% Free Customization
Post-Sale Analyst Support	10-12 Weeks
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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Global Marine Insurance Market to Reach USD 45.7 Billion by 2033, Catalyzed by Increasing Export Activities

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