Global Marine Insurance Market 2021-2026

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    GLOBAL MARINE INSURANCE MARKET

     

    INTRODUCTION

    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.

     

    Things like weather hazards, encounters with pirates, and cross border conflicts are quite common in water transportation and the damages associated with these situations can cause a significant financial hardship for ship owners.

     

    infographic: Marine Insurance Market, Marine Insurance Market Size, Marine Insurance Market Trends, Marine Insurance Market Forecast, Marine Insurance Market Risks, Marine Insurance Market Report, Marine Insurance Market Share

     

    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.

     

    Coverage requirements can differ, so shipping businesses can choose an insurance plan that is customized. Different policies are available to provide coverage according to the size of the ship and routes taken. Marine insurance plays an important role in domestic trade as well as in international trade. Most contracts of sale require that the goods must be covered, either by the seller or the buyer, against loss or damage.

     

    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.

     

    The law relating to marine insurance was codified in England by the Marine Insurance Act of 1906, and this Act came into force on January 1, 1907. This was proposed and initiated in an attempt to clarify and set forth the regulations and policy variables associated with marine insurance agreements.

     

    Today, as in historical times, ocean marine insurance is essential to international commerce. The worldwide shipping of petroleum products, manufactured goods, and agricultural products creates a great need for ocean marine insurance. Many people who never think about this insurance actually pay the premiums because they are included in the price of foreign petroleum, imported automobiles, and other imported products.

     

    In international sales transactions, with goods generally having to be transported over long distances and being subject to a variety of hazards en-route, the risk of loss of, or damage to, goods is relatively high. If the loss or damage does occur, profitability will be lost unless the goods are covered by insurance.

     

    Marine cargo insurance is aimed at removing, as far as possible, the financial burden of the risks of loss or damage associated with the transportation of goods between exporters and importers and placing it with specialist insurance underwriters.

     

    MARINE INSURANCE MARKET SEGMENTATION

     

    The Global Marine Insurance market can be segmented into following categories for further analysis.

     

    Marine Insurance Market 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

     

    Marine Insurance Market By Application

    • Residential / Personal Application
    • Commercial Application
    • Industrial Application
    • Military Application
    • High-Capacity User Application

     

    Marine Insurance Market By Integration / Structure Type

    • Private Partnership Only
    • Public Private Partnership
    • Program based Public Private Partnership

     

    Marine Insurance Market By End Insurance Type

    • Cargo Based Insurance
    • Onshore Energy Insurance
    • Hull Insurance
    • Marine Liability Insurance
    • Onboard Machinery Insurance

     

    Marine Insurance Market By Ownership Model Operation Type

    • Self-Paying Individuals
    • Government Sponsored establishments
    • Commercial establishments

     

    Marine Insurance Market By Distribution Channel Type

    • Wholesalers
    • Retail Brokers
    • Traders
    • Ship Stakeholders

     

    Marine Insurance Market 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.

     

    Sensor technology and geo-spatial technology are aiding navigation. Advances in artificial intelligence are helping vessels to operate with less human interaction or smaller crews. Blockchain is starting to challenge the way that the industry conducts business.

     

    infographic: Marine Insurance Market, Marine Insurance Market Size, Marine Insurance Market Trends, Marine Insurance Market Forecast, Marine Insurance Market Risks, Marine Insurance Market Report, Marine Insurance Market Share

     

    There has been considerable analysis on advancements that are changing risk profiles, and possibility of insurance coverages protecting them. Similarly, the Global Marine insurance industry is adopting some of these technologies to help our clients’ risk management and loss prevention efforts, and to boost our own efficiencies.

     

    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.

     

    As ship managers turn to IoT to guide their decisions, insurers can use the same data to calculate premiums based on a more accurate assessment of each customer’s risk profile. IoT cargo monitoring for cargo insurance is a booming business. Continuous remote monitoring of physical parameters not only helps insurers understand the risks, but it can also help the cargo owner and the ship’s crew to prevent or minimise damage.

     

    MARINE INSURANCE MARKET COMPETITIVE LANDSCAPE

    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.

     

    Allianz Global Corporate & Specialty (AGCS) provides global marine and shipping insurance for all types of marine risk, from single vessels and shipments to the most complex fleets and multinational logistics businesses. The organisation operates on varied levels of products which includes Protecting specialist shipments of project-critical equipment for large civil, production facility and infrastructure projects around the world alongside Hull and machinery coverage for all types of blue- and brown-water shipping, plus shipyards and building risks, as well for mega yachts, yachts, and pleasure craft.

     

    MARINE INSURANCE MARKET COMPANIES PROFILED

     

    THIS MARINE INSURANCE MARKET REPORT WILL ANSWER FOLLOWING QUESTIONS

    1. Marine Insurance Market size and Forecast, by region, by application
    2. Average B-2-B price for Marine Insurance Market, by region, per user
    3. Technology trends and related opportunity for new Marine Insurance Market tech suppliers
    4. Marine Insurance Market share of leading vendors, by region,
    5.  Coronavirus impact on Marine Insurance Market earnings
    Sl no Topic
    1 Market Segmentation
    2 Scope of the report
    3 Abbreviations
    4 Research Methodology
    5 Executive Summary
    6 Introduction
    7 Insights from Industry stakeholders
    8 Cost breakdown of Product by sub-components and average profit margin
    9 Disruptive innovation in the Industry
    10 Technology trends in the Industry
    11 Consumer trends in the industry
    12 Recent Production Milestones
    13 Component Manufacturing in US, EU and China
    14 COVID-19 impact on overall market
    15 COVID-19 impact on Production of components
    16 COVID-19 impact on Point of sale
    17 Market Segmentation, Dynamics and Forecast by Geography, 2021-2026
    18 Market Segmentation, Dynamics and Forecast by Product Type, 2021-2026
    19 Market Segmentation, Dynamics and Forecast by Application, 2021-2026
    20 Market Segmentation, Dynamics and Forecast by End use, 2021-2026
    21 Product installation rate by OEM, 2021
    22 Incline/Decline in Average B-2-B selling price in past 5 years
    23 Competition from substitute products
    24 Gross margin and average profitability of suppliers
    25 New product development in past 12 months
    26 M&A in past 12 months
    27 Growth strategy of leading players
    28 Market share of vendors, 2021
    29 Company Profiles
    30 Unmet needs and opportunity for new suppliers
    31 Conclusion
    32 Appendix

     

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