Marine insurance provides coverage for loss or damage of ships, cargo, terminals, and any other transport engaged in transferring & acquiring of goods held between the points of origin and the final destination. This insurance policy relies on the principle of utmost good faith. Furthermore, hull insurance, cargo insurance, marine liability insurance, and offshore/energy insurance are the major coverages covered by marine insurance. It provides several policies including floating policy, voyage policy, time policy, mixed policy, fleet policy, and single vessel policy.
Huge losses and higher concentrations of cargo in warehouses, ports & in transit are propelling the demand for marine insurance globally. In addition, increased implementation of telematics which enables real-time tracking & monitoring telematic information regarding the activity of insured vessels are major factors that drive the market growth. However, imposition of lockdown with stringent measures across several countries and sudden increments in marine insurance premiums are some of the factors that hamper the market growth.
On the contrary, developing economies, such as India, South Korea, Taiwan, and Vietnam, are witnessing high growth in their manufacturing sector. Therefore, expansion of business and supply of goods & services are expected to provide an immense opportunity to the marine insurance market. Moreover, several benefits such as facilitating loss prediction & prevention, risk monitoring, and simplifies claims processing provided with an incorporation of IoT promote the demand for marine insurance in the coming years.
The marine insurance market is segmented on the basis of type, distribution channel, end user, and region. By type, it is segregated into cargo insurance, hull & machinery insurance, marine liability insurance, and offshore/energy insurance. By distribution channel, it is segregated into wholesalers, retail brokers, and others. Based on end user, the market is segmented into ship owners, traders, and others. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The report analyses the profiles of key players operating in the marine insurance market such as Allianz, American International Group, Inc., Aon plc, Arthur J. Gallagher & Co., AXA, Chubb, Lloyd's, Lockton Companies, Marsh LLC, and Zurich. These players have adopted various strategies to increase their market penetration and strengthen their position in the marine insurance industry.
Key Benefits For Stakeholders
- The study provides in-depth analysis of the global marine insurance market along with the current & future trends to illustrate the imminent investment pockets.
- Information about key drivers, restrains, & opportunities and their impact analysis on the global marine insurance market size are provided in the report.
- Porter's five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
- The quantitative analysis of the global marine insurance market from 2021 to 2028 is provided to determine the market potential.
Key Market Segments
By Type
- Cargo Insurance
- Hull & Machinery Insurance
- Marine Liability Insurance
- Offshore/Energy Insurance
By Distribution Channel
- Wholesalers
- Retail Brokers
- Others
By End User
- Ship Owners
- Traders
- Others


By Region
- North America
o U.S.
o Canada
- Europe
o UK
o Germany
o France
o Italy
o Spain
o Nordic Countries
o Rest of Europe

- Asia-Pacific
o China
o Japan
o South Korea
o Singapore
o India
o Rest of Asia-Pacific
- LAMEA
o Latin America
o Middle East
o Africa

Key market players
- Allianz
- American International Group, Inc.
- Aon plc
- Arthur J. Gallagher & Co.
- AXA
- Chubb
- Lloyd's
- Lockton Companies
- Marsh LLC
- Zurich