Marine Insurance covers cargo losses or damage caused to ships, cargo vessels, terminals, and any transport in which goods are transferred or acquired between different points of origin and their final destination.
Providing protection against transport-related losses, this voyage policy provides a haven for shipping companies and couriers because it protects them from costly potential losses while transporting goods by water. Despite following laws and safety regulations, transporters cannot control natural occurrences that might disrupt the cargo or vessel.
This is where a marine insurance policy comes to the rescue, protecting the interests of shipping corporations and transporters by providing them with insurance coverage needed to defend against possible losses. Another great feature of marine insurance is that transporters can choose coverage options applicable to their specific trade.
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MARINE INSURANCE MARKET DYNAMICS
Marine insurance covers the loss or damage of ships, cargo, terminals, and any transport or cargo by which property is transferred, acquired, or held between the points of origin and final destination. Maritime insurance was the earliest well-developed kind of insurance, with origins in the Greek and Roman maritime loan. Separate marine insurance contracts were developed in Genoa and other Italian cities in the fourteenth century and spread to northern Europe.
The normal practice in export /import trade is for the exporter to ask the importer to open a letter of credit with a bank in favour of the exporter. As and when the goods are ready for shipment by the exporter, he hands over the documents of title to the bank and gets the bill of exchange drawn by him on the importer, discounted with the bank.
MARINE INSURANCE MARKET SEGMENTATION
The Global Marine Insurance market can be segmented into following categories for further analysis.
By Boat / Ship Infrastructure Type
• Large Recreational Boats
• Small Recreational Boats
• Military Vessels
• Underwater Vessels
• On Water commercial Vessels
• High End Leisure Vessels
• Underwater Leisure Vessels
• Commercial Vessels
• Tanker Vessels
• Cargo Vessels
• Residential / Personal Application
• Commercial Application
• Industrial Application
• Military Application
• High-Capacity User Application
By Integration / Structure Type
• Private Partnership Only
• Public Private Partnership
• Program based Public Private Partnership
By End Insurance Type
• Cargo Based Insurance
• Onshore Energy Insurance
• Hull Insurance
• Marine Liability Insurance
• Onboard Machinery Insurance
By Ownership Model Operation Type
• Self-Paying Individuals
• Government Sponsored establishments
• Commercial establishments
By Distribution Channel Type
• Retail Brokers
• Ship Stakeholders
By Regional Classification
• Asia Pacific Region – APAC
• Middle East and Gulf Region
• Africa Region
• North America Region
• Europe Region
• Latin America and Caribbean Region
RECENT TRENDS IN MARINE INSURANCE MARKET
The Internet of Things (IoT) is a term that is quite mainstream these days. And players in the Marine industry are finding ways to use it to their advantage. Cost-savings, safety, efficiency, and product/service quality are all wins when embracing technological innovations, but there are some concerns to be addressed.
Some marine insurers, including protection and indemnity (P&I) clubs and cargo insurers, go a step further and help customers with loss prevention. Using IoT data to dynamically assess that customer’s risk makes sense. Providing data-based advice to help customers mitigate or prevent losses makes even more sense.
With today’s rapid development of digital technology, marine insurance is adapting to the times, evolving to keep up with new advances and addressing new risks that emerge.
Concirrus has been part of the marine insurance sector as part of the improvisation based technological integrations within the Global marine insurance market. It has proved that behavioural data is a better indicator of risk than traditional demographics. Their hull, cargo and P&I insurance offerings leverage the latest in digital techniques, including IoT, to gain a holistic view of vessel behaviour. This enables real-time asset management, predictive modelling, and optimised connected insurance policies.
Alliance Global Corporate and Speciality
Global Marine Insurance
Zurich Marine Insurance
XL Catlin Insurance
Sompo Japan Nippon Koa Insurance
Mitsui Sumitomo Insurance
Tokio Marine holdings
Samsung Fire and Marine Insurance
Read More Information: https://mobilityforesights.com/product/marine-insurance-market/
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