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NEW YORK, Feb. 22, 2023 /PRNewswire/ — According to Technavio, the global marine insurance market size is estimated to grow by USD 4,994.88 million from 2022 to 2027. The market is estimated to grow at a CAGR of 3.16% during the forecast period. The economic slowdown due to the outbreak of COVID-19, especially in key markets in China, Brazil, Argentina, and parts of Europe, has affected the cargo volumes and, consequently, marine cargo insurers, as less cargo will also lead to less insurance. In 2017, the global marine insurance market was valued at USD 26,025.47 million. For more insights on the historic market data from 2017 to 2021 , Request a sample report.
Leading trends influencing the market
- The increase in M&A and collaborations between insurance providers is a major trend in the global marine insurance market. The presence of a large number of marine insurance providers is another key factor shaping the growth.
- For instance, in October 2022, Howden UK Ltd. acquired Seasecure Group, one of the biggest marine and cargo insurance brokers in France, to offer its clients a comprehensive range of insurance services.
- Adoption of IoT and other innovative technology have allowed suppliers to minimize the processing time in the value chain and increase the accuracy of information utilized/collected from buyers.
- Business process automation is another trend shaping the marine insurance market. This technology offers better customer experience as it enables transparent, and error-free transactions and reduces administrative costs.
- All such developments are expected to propel the growth of the market during the forecast period.
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Marine Insurance Market – Segmentation Assessment
Segment Overview
Technavio has segmented the market based on type, Product (Cargo, Hull, Offshore energy, and Marine liability), End-user (Cargo owners, Traders, and Government), and Geography (Europe, APAC, South America, Middle East and
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