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Global Marine Insurance Market Driven by Increase in Premium Contribution from the Emerging Markets

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Published on : May 17, 2017

Albany, New York, May 17, 2017: The key point of provision for marine insurance is the protection of a company against losses in business. The top factors of protection provided in the insurance include loss or damage caused to the vessels, their equipment and cargo, and any transport or cargo by which property of the marine company is transferred or acquired, during any calamity. The different types of marine insurance currently provided include hull insurance, onshore energy insurance, cargo insurance, and marine liability insurance.

The global marine insurance market is expected to expand at a steady CAGR of 2.57% within a forecast period from 2017 to 2021. The market is being driven by the increase in premium contribution from the emerging markets. These emerging market are prime contenders for the expansion of marine insurance providers over the coming years. Another key trend currently being exhibited by the global marine insurance market includes the increasing rate of automation of business processes. However, the global marine insurance market is currently being restrained by a number of factors, including impact of catastrophic losses on the insurers' balance sheet and pricing, including the rating system.

The report divides the global marine insurance market on the basis of the geographical boundaries. The key regions explained in the report include the Americas, Asia Pacific, and the EMEA. In order to calculate the overall size of the global marine insurance market, the report includes the overall revenues being generated from the sales of marine insurance.

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The report thus provides a detailed perspective on the global marine insurance market using multiple points of industry insights provided by industry experts. The report also covers the competitive landscape of the global marine insurance market as well as the overall prospects of growth in the market over the coming years. This allows the readers of this report to generate a calculated strategy of expansion in the global marine insurance market in order to succeed in their business strategies. 

The leading vendors in the global marine insurance market include Allianz, American International, Aon, AXA, and Marsh. Other prominent vendors enumerated in the report include Arthur J. Gallagher, Atrium, Beazley, Chubb, Gard, Mitsui Sumitomo, Munich Re, Samsung Fire & Marine Insurance (SFMI), Sompo Japan Nipponkoa Insurance, Swiss Re, Thomas Miller, Tokio Marine Holdings, XL Catlin, and Zurich Insurance.

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