Global marine insurance market is set to grow by USD 4.2 billion between 2020 and 2025, accelerating at a CAGR of about 3% during the forecast period. The market is segmented by product (cargo, hull, offshore energy, and marine liability) and geography (Europe, APAC, South America, MEA, and North America). The report provides detailed insights into how vendors are performing in terms of revenue generation, market position, product launches, and customer base among others. Although the increase in premium contribution from the emerging markets and improvements in industry regulations will further boost the market growth, low profitability might reduce the growth opportunities for market players
The marine insurance market is driven using multiple distribution channels. Technological advances, digitization and analytics, and the emergence of digital enterprise platforms have increased the use of online portals and improved customer experience. In addition, the creation of multiple distribution channels is helping suppliers to reach a broader audience, especially in emerging regions. With the growth of distribution channels, the demand for insurance for various products has increased significantly over the years. Besides, the introduction of regulations that mandate the use of insurance products is expected to positively influence the growth of the market during the forecast period.