The global marine insurance market is anticipated to grow at a considerable CAGR of 3.8% during the forecast period. The market growth is mainly attributed to the growing marine exports and imports and other activities. For instance, according to a report published by the International Union of Marine Insurance (IUMI) in 2022, 1517 boats weighing more than 20,000 dwt (deadweight tonnage) were ordered in 2021. In comparison, just 257 ships were ordered in 2016. As of August 2022, 120 yards throughout the world had at least one vessel of 20,000 dwt or greater under order. As per the same report, global maritime insurance premiums reached $33 billion in 2021, up 6.4% from 2020. Premiums have risen as a result of rising global trade volumes, a stronger US currency, more offshore activity, and higher vessel valuations. The premiums were increased for insurers in Europe and Asia, in particular.
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Additionally, the growth in global trade is anticipated to boost marine activities. According to the United Nations Conference on Trade and Development, global commerce hit a record of $28.5 trillion in 2021, a 25% increase over 2020. According to the Organization for Economic Co-operation and Development, ocean shipping is the primary route of global trade, carrying around 90% of traded goods. Hence, the increase in global trade will increase marine activities as well. As per the same source, marine commerce volumes are expected to quadruple by 2050.
Another factor that drives the market is the technology-driven initiatives by marine insurance companies. For instance, in January 2021, Eurapco Unity was launched in collaboration with B3i, a Zurich-based insurance blockchain business. Eurapco Unity is a blockchain-based platform that allows a network of insurance providers to share one-time marine insurance risks. It also allows enterprises to pool their development funds and use a common infrastructure. Eurapco is a European partnership mostly comprised of mutual insurance firms.
Global Marine Insurance Market Report Segment
By Insurance Type
- Marine Liability Insurance
- Inland Marine Insurance
- Cargo Insurance
- Hull Insurance
- Freight Insurance
- Import and Export Insurance
By End Users
- Cargo Owners
- Traders
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Marine Insurance Market Report Segment by Region
North America
- United States
- Canada
Europe
- Germany
- United Kingdom
- France
- Spain
- Italy
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
Rest of the World
- Middle East & Africa
- Latin America
Company Profiles
- Lloyd’s
- Concirrus
- Marsh LLC
- Swiss Re
- American International Group, Inc.
- Beazley Group
- QBE Insurance Group Ltd.
- RSA
- Allianz Group
- Aon plc
- Arthur J. Gallagher & Co.
- Brown & Brown, Inc.
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