LONDON--(BUSINESS WIRE)--Technavio has been monitoring the marine insurance market and it is poised to grow by USD 8.42 billion during 2020-2024, progressing at a CAGR of over 4% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.
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Impact of COVID-19
The COVID-19 pandemic continues to transform the growth of various industries, however, the immediate impact of the outbreak is varied. While a few industries will register a drop in demand, numerous others will continue to remain unscathed and show promising growth opportunities. COVID-19 will have a low impact on the marine insurance market. The market growth in 2020 is likely to increase compared to market growth in 2019.
Frequently Asked Questions:
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Based on segmentation by the product, which is the leading segment in the market?
The cargo is the leading segment in the market. -
What are the major trends in the market?
The increase in the use of IoT is the major trend in the market. -
At what rate is the market projected to grow?
The market is projected to accelerate at a CAGR of over 4%. -
Who are the top players in the market?
Allianz Group, American International Group Inc., Aon Plc, Arthur J. Gallagher & Co., AXA Group, Beazley Plc, Brown & Brown Inc., Lockton Companies, Marsh & McLennan Companies Inc., and Swiss Re Ltd. are the top players in the market. -
What are the key market drivers and challenges?
The use of multiple distribution channels is driving the market. However, the increased probability of catastrophic losses will challenge market growth. -
How big is the European market?
Almost 54% of the market’s growth will originate from Europe during the forecast period.
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The market is concentrated, and the degree of concentration will accelerate during the forecast period. Allianz Group, American International Group Inc., Aon Plc, Arthur J. Gallagher & Co., AXA Group, Beazley Plc, Brown & Brown Inc., Lockton Companies, Marsh & McLennan Companies Inc., and Swiss Re Ltd. are some of the major market participants. Although the use of multiple distribution channels will offer immense growth opportunities, the increased probability of catastrophic losses is likely to pose a challenge for the market vendors. In a bid to help players strengthen their market foothold, this marine insurance market forecast report provides a detailed analysis of the leading market vendors. The report also empowers industry honchos with information on the competitive landscape and insights into the different product offerings offered by various companies.
Technavio's custom research reports offer detailed insights on the impact of COVID-19 at an industry level, a regional level, and subsequent supply chain operations. This customized report will also help clients keep up with new product launches in direct & indirect COVID-19 related markets, upcoming vaccines and pipeline analysis, and significant developments in vendor operations and government regulations.
Marine Insurance Market 2020-2024: Segmentation
Marine Insurance Market is segmented as below:
-
Product
- Cargo
- Hull
- Offshore Energy
- Marine Liability
-
Geographic Landscape
- APAC
- Europe
- MEA
- North America
- South America
To learn more about the global trends impacting the future of market research, download a free sample: https://www.technavio.com/talk-to-us?report=IRTNTR41091
Marine Insurance Market 2020-2024: Scope
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The marine insurance market report covers the following areas:
- Marine Insurance Market Size
- Marine Insurance Market Trends
- Marine Insurance Market Industry Analysis
This study identifies the increase in the use of IoT as one of the prime reasons driving the marine insurance market growth during the next few years.
Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio’s in-depth research has direct and indirect COVID-19 impacted market research reports.
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Marine Insurance Market 2020-2024: Key Highlights
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will assist marine insurance market growth during the next five years
- Estimation of the marine insurance market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the marine insurance market
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of marine insurance market vendors
Table of Contents:
Executive Summary
- Market Overview
Market Landscape
- Market ecosystem
- Value chain analysis
Market Sizing
- Market definition
- Market segment analysis
- Market size 2019
- Market outlook: Forecast for 2019 - 2024
Five Forces Analysis
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by Product
- Market segments
- Comparison by Product placement
- Cargo - Market size and forecast 2019-2024
- Hull - Market size and forecast 2019-2024
- Offshore energy - Market size and forecast 2019-2024
- Marine liability - Market size and forecast 2019-2024
- Market opportunity by Product
Customer landscape
- Overview
Geographic Landscape
- Geographic segmentation
- Geographic comparison
- Europe - Market size and forecast 2019-2024
- APAC - Market size and forecast 2019-2024
- South America - Market size and forecast 2019-2024
- North America - Market size and forecast 2019-2024
- MEA - Market size and forecast 2019-2024
- Key leading countries
- Market opportunity by geography
Drivers, Challenges, and Trends
- Market drivers
- Volume driver - Demand led growth
- Volume driver - Supply led growth
- Volume driver - External factors
- Volume driver - Demand shift in adjacent markets
- Price driver - Inflation
- Price driver - Shift from lower to higher-priced units
- Market challenges
- Market trends
Vendor Landscape
- Overview
- Landscape disruption
- Vendor Analysis
Vendors covered
- Market positioning of vendors
- Allianz Group
- American International Group, Inc.
- Aon Plc
- Arthur J. Gallagher & Co.
- AXA Group
- Beazley Plc
- Brown & Brown, Inc.
- Lockton Companies
- Marsh & McLennan Companies Inc.
- Swiss Re Ltd.
Appendix
- Scope of the report
- Currency conversion rates for US$
- Research methodology
-
List of abbreviations
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Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
