LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global marine insurance market is projected to grow to USD 39.75 billion by 2021, at a CAGR of nearly 3% over the forecast period.
This research report titled ‘Global Marine Insurance Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
| Marine insurance policies protect businesses against legal liabilities, equipment and cargo, and any transport or cargo by which property of the marine company is transferred or acquired, during any calamity. The increase in premium contribution from emerging economies is expected to boost the growth of the marine insurance market. |
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Based on the product type, the report categorizes the global marine insurance market into the following segments:
- Cargo
- Hull
- Offshore energy
- Marine liability
The top three revenue-generating product segments in the global marine insurance market are discussed below:
Cargo
“Cargo insurance represented the largest segment of the market in 2016, occupying over 50% of the overall shares. The market segment is expected to continue its dominance through the forecast period, driven by recovering trade volumes,” says Jhansi Mary, a lead analyst at Technavio for logistics research.
The decline in global trade values and imports and exports, coupled with slow economic growth in 2015-2016 are major factors, which have impacted the conditions for marine cargo insurance companies. The projected rise in trade volumes post-2018 will increase the demand for cargo loading and inspection services, also increasing the demand for cargo insurance companies.
Hull
Marine insurance by the hull segment is projected to be worth USD 9.04 billion by 2021, its growth resulting from the constant increase in vessel fleets. The stabilizing oil economy will result in high crude oil production, directly impacting the marine insurance for hulls. Exploration and production activities in EMEA and North America will lead to a rise in offshore drilling, requiring marine fleets and equipment. The vessel fleet owners and vessel operators provide technologically advanced fleets with value-added services, which will propel the growth of the market during the forecast period.
Offshore energy
“Marine insurance against offshore energy is a small but important segment of the market, where an increased market capacity has intensified the price competition. The increasingly popular offshore energy and related products will have a direct positive impact on the market segment,” says Jhansi.
The offshore energy insurance market segment is currently witnessing oversupply of market capacity, with the low oil prices leading to less drilling activities. However, during the 2017-2018 period, various offshore projects are expected to experience a sharp growth and will require innovative insurance products.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Allianz
- American International Group
- Aon
- AXA
- Marsh
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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