Global Marine Insurance Market 2017 Trends, Growth, Analysis and Forecast Report to 2021

Summary

Orbis Research Comprehensive Report: Global Marine Insurance Market-Segmented By Type, Application and by Geography-Trends and Forecasts (2017-2021) Major players in this industry and the key strategies adopted by them to sustain and grow in the studied market.

Description

The Following Companies as the Key Players in the Global Marine Insurance Market : Allianz, American International, Aon, AXA, and Marsh
Other Prominent Vendors in the market are: Arthur J. Gallagher, Atrium, Beazley, Chubb, Gard, Mitsui Sumitomo, Munich Re, Samsung Fire & Marine Insurance, Sompo Japan Nipponkoa Insurance, Swiss Re, Thomas Miller, Tokio Marine Holdings, XL Catlin, and Zurich Insurance

Commenting on the report: “The rising number of marine insurance providers, along with some other factors, have created an intense marketplace that persisted in 2016 and beyond. In 2016, there are over 100 major marine insurers in the global marine insurance market with new entrants every year. Since 2015, the marine insurance industry has seen its share of M&A activity. Most notable were the global marine insurance XL Group acquiring Catlin Group to become XL Catlin in May 2015; ACE Group's acquisition of Chubb in 2016, which is now operating under the Chubb name; the UK-based Amlin being acquired by Japanese Mitsui Sumitomo; and the US-based HCC’s acquisition by Tokio Marine Holding. These deals strengthen marine insurers capabilities and global reach. Currently, the need driving market consolidation is enhanced product offerings at optimum costs.”

According to the report, increase in economic developments in regions, such as Asia and Latin America have driven the regional demand for various insurance products, compared with developed economies that are more saturated. The emerging markets are expected to drive the growth in the premium revenues. Premium growth in the emerging markets is estimated to increase steadily from more than 5% in 2016 to 5.5% in 2017 and 6.5% in 2018. An improvement in commodity prices and strengthening economic activity will stimulate an increased demand for insurance from the emerging regions. The emerging market in Asia will likely have the strongest growth in marine premiums, forecast to be nearly 8% in 2017 and around 9% in 2018. International suppliers are focusing on emerging markets, given their growth potential and the increase in awareness among people toward risk management. For instance, as of 2015, about 40%–45% of the total premium income across the world was obtained from the growing economies in APAC.

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Further, the report states that strong demand opportunities in the emerging markets have attracted a pool of domestic and international suppliers, thereby driving market competition. Although the total written premium is high in regions like APAC, suppliers' profitability in the region is low. For instance, about 25%–30% of the non-life insurance providers reported profit margins of less than 10% in 2015. This can be attributed to the decrease in premiums to sustain increasing competition in the market. Such measures to counter competition are likely to eventually affect the growth of the industry. Further, with existing policies, and weak demand for new policies, mainly from EMEA, the companies' overheads will increase at a higher rate than the GWP, which will eventually contract profit margins.

The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.

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