North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. Europe dominates the global marine cargo insurance market. The growth is mainly attributed to the flourishing import and export activities along with the presence of major global trade routes in the region. Following Europe, Asia Pacific is projected to register the highest growth rate during the forecast period owing to the rapid economic growth in countries like India and China along with the booming manufacturing industry in these regions, reports Global Newswire.
Global marine cargo insurance market
The global marine cargo insurance market is gaining traction because of a growing demand for marine transportation and a focus on insurance coverage against the increasing number of natural disasters and accidents at sea.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the global marine cargo insurance market size at USD 28.31 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the global marine cargo insurance market size to grow at a CAGR of 4.42% reaching a value of USD 37.88 billion by 2029.
Global Marine Cargo Insurance Market – Overview
Marine cargo insurance covers the risks of loss, damage, expense, and liability to items while transporting cargo from one location to another. For instance, from an inland factory to a port, and then over the ocean to the address of the buyer of goods in another country. Along with coverage for the cargo, the owner of the cargo is provided insurance against any loss or damage brought on by a ship disaster, a delay in the voyage, or offloading, under such insurance coverage.
Global Marine Cargo Insurance Market – By End User
Based on end users, the global marine cargo insurance market is segmented into manufacturer/potential investors, traders, distributors, wholesalers, retailers, importers, exporters, associations, and government bodies. Importers and exporters account for the largest market share. It covers freight and offers protection against cargo loss or damage. The trader shifts the responsibility for the products from the initial players (the exporter and importer) to the insurance company by acquiring marine insurance. Even though the phrase refers to “marine” insurance, it also includes inland trade. Marine insurance can provide coverage for any shipment, whether it is transported by ship, train, or container truck.
Impact of COVID-19 on the Global Marine Cargo Insurance Market
The COVID-19 pandemic negatively impacted the growth of the global marine cargo insurance market. The COVID-19 pandemic drastically decreased maritime and commercial activities. The harshest effects of this outbreak were felt by the shipping and maritime sectors, where the workforce was curtailed for everyone’s safety and to stop the COVID-19 virus from spreading. The setback was brought on by the suspension of all waterborne and airborne cargo during this quarantine (period of isolation), as the movement of such cargo on ships or over the air may have the potential to spread the virus from port to port.
Competitive Landscape
Major players operating in the global marine cargo insurance market include Allianz, Liberty Mutual Insurance, Integro Group, Samsung Fire, Marine Insurance Co. Ltd., Munich Re, Chubb, Atrium, Zurich, TIBA, and Marsh. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and the Global Marine Cargo Insurance Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Global Marine Cargo Insurance Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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Source: Global Newswire
