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Global Marine Insurance Market 2023 Industry Size, Growth Rate, Regional Segments And Forecast To 2032 | Major Players Are American International Group Inc., American Financial Group Inc., Allianz SE, Axa S.A., Arthur J
Marine Insurance Market
The Business Research Company's Marine Insurance Global Market Report 2023 identifies rise in global trade as the major driver for the Marine Insurance Market's growth in the forecast period. 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.
The global marine insurance market size will grow 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 market size of global marine insurance is expected to grow to $37.61 billion in 2027 at a CAGR of 5.6%.
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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 Hanover Insurance Group Inc., Markel Corporation, HDI Global SE, Intact Financial Corporation, ProSight Global Inc., Sompo International Holdings Ltd., The Hartford Financial Services Group Inc., and The Travelers Indemnity Company.
A key trend in the Marine Insurance Market includes technological advancement. Major companies operating in the marine insurance sector are focused on introducing new technologies for market growth. For instance, in January 2021, B3i, a Zurich-based insurance blockchain firm, partnered with Eurapco, to launch Eurapco Unity. Eurapco Unity is a blockchain-based technology that enables the network of insurance companies to transfer one-time maritime insurance risks among one another. It also makes it possible for businesses to share development expenditures and have a shared infrastructure. Eurapco is a Europe-based alliance of primarily mutual insurance companies.
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The Marine Insurance Market is segmented -
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.
The Business Research Company's "Global Marine Insurance Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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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
……
26. Africa Marine Insurance Market
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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