The COVID-19 pandemic has dealt a heavy blow to the global marine insurance market. Rising uncertainty in trade, protectionist policies, supply chain disruptions, and widespread business closures have reduced demand for marine insurance worldwide. Lockdowns across several regions also triggered geopolitical tensions and major shifts in trade patterns, further straining companies financially.
A new report provides detailed insights into the market, breaking it down by coverage, distribution channel, end-user, and region.
By coverage, marine coverage insurance dominated in 2020, accounting for nearly three-fifths of the total market share. This segment is expected to maintain its lead through 2028. Meanwhile, marine liability insurance is projected to grow at the fastest pace, with a compound annual growth rate (CAGR) of 5.6% between 2021 and 2028.
By distribution channel, retail brokers are forecast to post the highest growth, with a CAGR of 6.2% through 2028. However, wholesalers held the largest share in 2020, representing about three-fifths of the market, and are expected to maintain their dominance.
By region, Asia-Pacific is expected to record the fastest growth, with a CAGR of 4.1% during the forecast period. Europe, however, led the market in 2020 with more than two-fifths of the global share and is set to remain the top regional market by 2028.
The report highlights several leading players shaping the global marine insurance industry. These include Allianz, American International Group, Inc., Aon plc, Arthur J. Gallagher & Co., AXA, Chubb, Lloyd’s, Lockton Companies, Marsh LLC, and Zurich.
Related topics:
