Press release
Global Marine Reinsurance Market Insights, Forecast to 2028
The global Marine Reinsurance market size is projected to reach US$ million by 2028, from US$ million in 2021, at a CAGR of % during 2022-2028.Reinsurance, also known as insurance for insurers or stop-loss insurance, is the practice of insurers transferring portions of risk portfolios to other parties by some form of agreement to reduce the likelihood of paying a large obligation resulting from an insurance claim. The party that diversifies its insurance portfolio is known as the ceding party. The party that accepts a portion of the potential obligation in exchange for a share of the insurance premium is known as the reinsurer. Reinsurance allows insurers to remain solvent by recovering some or all of amounts paid to claimants.
Reinsurance reduces net liability on individual risks and catastrophe protection from large or multiple losses. It also provides ceding companies the capacity to increase their underwriting capabilities in terms of the number and size of risks. By covering the insurer against accumulated individual commitments, reinsurance gives the insurer more security for its equity and solvency and more stable results when unusual and major events occur. Insurers may underwrite policies covering a larger quantity or volume of risks without excessively raising administrative costs to cover their solvency margins. In addition, reinsurance makes substantial liquid assets available for insurers in case of exceptional losses. Marine insurance covers the loss or damage of ships, cargo, terminals, and any transport by which the property is transferred, acquired, or held between the points of origin and the final destination. Cargo insurance is the sub-branch of marine insurance, though Marine insurance also includes Onshore and Offshore exposed property, (container terminals, ports, oil platforms, pipelines), Hull, Marine Casualty, and Marine Liability. Fully considering the economic change by this health crisis, Proportional Reinsurance accounting for % of the Marine Reinsurance global market in 2021, is projected to value US$ million by 2028, growing at a revised % CAGR in the post-COVID-19 period. While Cargo segment is altered to an % CAGR throughout this forecast period.
China Marine Reinsurance market size is valued at US$ million in 2021, while the North America and Europe Marine Reinsurance are US$ million and US$ million, severally. The proportion of the North America is % in 2021, while China and Europe are % and % respectively, and it is predicted that China proportion will reach % in 2028, trailing a CAGR of % through the analysis period. Japan, South Korea, and Southeast Asia are noteworthy markets in Asia, with CAGR %, %, and % respectively for the next 6-year period. As for the Europe Marine Reinsurance landscape, Germany is projected to reach US$ million by 2028 trailing a CAGR of % over the forecast period.
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Segment by Type
Proportional Reinsurance
Non-proportional Reinsurance
Segment by Application
Cargo
Hull and Machinery
Offshore Energy
Inland Marine
Marine War
Others
BY COMPANY
Swiss Re
Munich Re
AXA XL
Hannover Re
Lloyd's
Berkshire Hathaway
RGA
China RE
Korean Re
PartnerRe
GIC Re
Mapfre
Alleghany
Everest Re
Maiden Re
Fairfax
AXIS
Mitsui Sumitomo
Sompo
Tokio Marine
BY REGION
North America
United States
Canada
Europe
Germany
France
UK
Italy
Russia
Nordic Countries
Rest of Europe
Asia-Pacific
China
Japan
South Korea
Southeast Asia
India
Australia
Rest of Asia
Latin America
Mexico
Brazil
Rest of Latin America
Middle East & Africa
Turkey
Saudi Arabia
UAE
Rest of MEA
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https://reports.valuates.com/request/sample/QYRE-Othe-3G246/Global_Marine_Reinsurance_Market
SIMILAR REPORTS
https://reports.valuates.com/reports/QYRE-Auto-6171/global-reinsurance
https://reports.valuates.com/market-reports/QYRE-Auto-35M2175/global-insurtech
https://reports.valuates.com/market-reports/QYRE-Auto-593/global-health-insurance
https://reports.valuates.com/market-reports/QYRE-Auto-19Y6011/global-healthcare-reimbursement
Valuates Reports
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