UK Business Reporter
SEE OTHER BRANDS

Your best source on business and economy news from the United Kingdom

Marine Insurance Market is Expected to Reach $33.90 Billion By 2028

Marine Insurance Market is Expected to Reach $33.90 Billion By 2028

NEW CASTLE, DE, UNITED STATES, July 31, 2025 /EINPresswire.com/ -- According to a recent report published by Allied Market Research, titled, “Marine Insurance Market By Type, Distribution Channel, and End User: Global Opportunity Analysis and Industry Forecast, 2021-2028,”.

Get a Sample Copy of this Report
https://www.alliedmarketresearch.com/request-sample/A11321

The global marine insurance market size was valued at $26.83 billion in 2020, and is projected to reach $33.90 billion by 2028, growing at a CAGR of 3.1% from 2021 to 2028. Marine insurance largely engages in covering perils such as cross border conflicts, weather hazards, encounters with pirates, and other damages associated with these situations which can cause a significant financial loss for ship & cargo owners.

Furthermore, maritime insurance provides transporters with huge flexibility in terms of choosing coverage applicable to their specific trade and covers customized requirements of the cargo owners & ship owners in the market. Factors such as increased awareness toward marine insurance globally and surge in implementation of analytics and telematics propel the marine insurance market growth. In addition, rapid growth in incorporation of IoT in marine insurance and untapped potential of emerging economies are expected to provide lucrative opportunities for the marine insurance solution providers in the coming years.

On the basis of type, the cargo insurance segment dominated the marine insurance market in 2020, and is projected to maintain its dominance during the forecast period. This is attributed to the fact that cargo insurance protects ship owners & traders from financial loss occurring through damaged or lost cargo. It covers the amount for loss incurred to the freight and events such as natural disasters, vehicle accidents, cargo abandonment, customs rejection, acts of war, and piracy. These are the major growth factor for cargo insurance in the market.

Enquire Before Buying
https://www.alliedmarketresearch.com/purchase-enquiry/A11321

By region, the global marine insurance market was dominated by Europe in 2021, and is expected to maintain this trend during the forecast period. Attributed to massive trade operations through sea and huge number of marine insurance experts & experienced risk professionals offer guidance, knowledge, and support to customers while in transit, are the major factors that influence the growth of the marine insurance market trends in this region.

However, Asia-Pacific is expected to grow at the fastest CAGR during the forecast period due to increased flow of imports, exports & distribution of goods and improvement of trade relations with different nations have increased the demand for maritime insurance in the region.

COVID-19 Impact Analysis

The COVID-19 pandemic has a negative impact on the marine insurance market, owing to increased uncertainty & protectionism in global trade, shifting supply chain demands, and business closures across several industry verticals, which is set to decline the demand for marine insurance. Moreover, to curb the spread of virus, several regions have imposed lockdown, which has resulted into geopolitical tensions & accelerating massive change in trade patterns, which has financially affected businesses. Therefore, demand for marine insurance products have declined tremendously during the global health crisis.

The marine insurance industry has been severely affected, due to sudden business shutdown, ship & cargo owners are filing business interrupted claims at a large number to cover their business expenses and to overcome losses. Moreover, handling large number of claims at a time has become a challenging factor for the marine insurance companies. As a result, these major factors affected the growth of the market during the pandemic situation.

Key Findings Of The Study

By type, the cargo insurance segment led the marine insurance, in terms of revenue in 2020.
By distribution channel, the wholesalers segment accounted for the highest marine insurance market share in 2020.
By region, Europe generated the highest revenue in 2020.

Request Customization
https://www.alliedmarketresearch.com/request-for-customization/A11321

The key players profiled in the marine insurance market analysis are 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 industry.

Trending Reports:
Specialty Insurance Market https://www.alliedmarketresearch.com/specialty-insurance-market
Impact Investing Market https://www.alliedmarketresearch.com/impact-investing-market-A53663
Unsecured Business Loans Market https://www.alliedmarketresearch.com/unsecured-business-loans-market-A15157
Saudi Arabia Personal Loan Market https://www.alliedmarketresearch.com/saudi-arabia-personal-loan-market-A74407
Foreign Exchange Services Market https://www.alliedmarketresearch.com/foreign-exchange-services-market-A07394
Crowdfunding Market https://www.alliedmarketresearch.com/crowdfunding-market-A47387
Asset-Based Lending Market https://www.alliedmarketresearch.com/asset-based-lending-market-A12934
RPA in Insurance Market https://www.alliedmarketresearch.com/rpa-in-insurance-market-A53549

About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Contact Us:
United States
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
Int'l: +1-503-894-6022
Toll Free: +1-800-792-5285
Fax: +1-800-792-5285
help@alliedmarketresearch.com
https://medium.com/@kokate.mayuri1991
https://bfsibloghub.blogspot.com/
https://steemit.com/@monikak/posts

David Correa
Allied Market Research
+ + 1 800-792-5285
email us here
Visit us on social media:
LinkedIn
Facebook
YouTube
X

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.

Share us

on your social networks:
AGPs

Get the latest news on this topic.

SIGN UP FOR FREE TODAY

No Thanks

By signing to this email alert, you
agree to our Terms & Conditions