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Marine Insurance Market Demand, Growth, Unveiling Opportunities, Future Outlook, Global Key Players, Industry Analysis And Forecast To 2032: American International Group Inc., American Financial Group Inc., Allianz SE

Marine Insurance Market

Marine Insurance Market

The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

Marine Insurance Market Size, Growth Rate, And Forecast

The global marine insurance market size grew from $28.32 billion in 2022 to $30.21 billion in 2023 at a compound annual growth rate (CAGR) of 6.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The marine insurance market size is expected to grow to $37.61 billion in 2027 at a CAGR of 5.6%.

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Marine Insurance Market Drivers

The rise in global trade is expected to propel the growth of the marine insurance market going forward. Global trade refers to the import and export of goods and services across international boundaries. The growing use of ships for import and export drives marine insurance sector as all the shipping companies are getting insured to get protected from uncertain damages for ships and goods in it. For instance, in February 2021, according to the United Nations Conference on Trade and Development, a Switzerland-based intergovernmental organization, global trade reached a record level of $ 28.5 trillion in 2021, an increase of 25% from 2020. Therefore, the rise in global trade is driving the growth of the marine insurance market.

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Marine Insurance Market Segments

• By Type: Cargo Insurance, Hull And Machinery Insurance, Marine Liability Insurance, Offshore or Energy Insurance

• By Policy Type: Time Policy, Voyage Policy, Floating Policy, Valued Policy, Others Policy Types

• By Distribution Channel: Wholesalers, Retail Brokers, Others Distribution Channels

• By End User: Ship Owners, Traders, Others End Users

• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Europe was the largest region in the marine insurance market.

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Marine Insurance Market Key Players
Major competitors in the marine insurance market are American International Group Inc., American Financial Group Inc., Allianz SE, Axa S.A., Arthur J. Gallagher & Co., Aon PLC., Aspen Insurance Holdings Limited, Berkshire Hathaway Specialty Insurance, Swiss Re, Zurich Insurance Group, Tokio Marine Holdings Inc., Chubb Limited.

The Business Research Company's "Global Marine Insurance Market Report 2023" is a comprehensive report of the market, covering over 60 geographies and high level market segmentation per geography. The section on regional and country breakdowns examines the market in each geography as well as market size by region and country. Furthermore, it evaluates the market's historical and projected growth and identifies significant trends and strategies that businesses can use to expand their operations.

The Table Of Content For The Marine Insurance Market Include:
1. Executive Summary
2. Marine Insurance Market Characteristics
3. Marine Insurance Market Trends And Strategies
4. Marine Insurance Market - Macro Economic Scenario
5. Marine Insurance Market Size And Growth
………………
27. Marine Insurance Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Marine Insurance Market
29. Marine Insurance Market Future Outlook and Potential Analysis
30. Appendix

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