Global Marine Insurance Market 2017-2021
About Marine Insurance
Marine insurance policies protect against losses in business. The protection provided is against legal liabilities that may arise from loss or damage caused to the vessels, their equipment and cargo, and any transport or cargo by which property of the marine company is transferred or acquired, during any calamity. The various types of marine insurance policies include cargo insurance; onshore energy insurance; hull insurance; and marine liability insurance.
Technavio’s analysts forecast the global marine insurance market to grow at a CAGR of 2.57% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global marine insurance market for 2017-2021. To calculate the market size, the report considers the revenue generated from the sales of marine insurance.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Marine Insurance Market 2017-2021
Technavio recognizes the following companies as the key players in the global marine insurance market: Allianz, American International, Aon, AXA, and Marsh
Other Prominent Vendors in the market are: Arthur J. Gallagher, Atrium, Beazley, Chubb, Gard, Mitsui Sumitomo, Munich Re, Samsung Fire & Marine Insurance, Sompo Japan Nipponkoa Insurance, Swiss Re, Thomas Miller, Tokio Marine Holdings, XL Catlin, and Zurich Insurance
Commenting on the report, an analyst from Technavio’s team said: “The rising number of marine insurance providers, along with some other factors, have created an intense marketplace that persisted in 2016 and beyond. In 2016, there are over 100 major marine insurers in the global marine insurance market with new entrants every year. Since 2015, the marine insurance industry has seen its share of M&A activity. Most notable were the global marine insurance XL Group acquiring Catlin Group to become XL Catlin in May 2015; ACE Group's acquisition of Chubb in 2016, which is now operating under the Chubb name; the UK-based Amlin being acquired by Japanese Mitsui Sumitomo; and the US-based HCC’s acquisition by Tokio Marine Holding. These deals strengthen marine insurers capabilities and global reach. Currently, the need driving market consolidation is enhanced product offerings at optimum costs.”
According to the report, increase in economic developments in regions, such as Asia and Latin America have driven the regional demand for various insurance products, compared with developed economies that are more saturated. The emerging markets are expected to drive the growth in the premium revenues. Premium growth in the emerging markets is estimated to increase steadily from more than 5% in 2016 to 5.5% in 2017 and 6.5% in 2018. An improvement in commodity prices and strengthening economic activity will stimulate an increased demand for insurance from the emerging regions. The emerging market in Asia will likely have the strongest growth in marine premiums, forecast to be nearly 8% in 2017 and around 9% in 2018. International suppliers are focusing on emerging markets, given their growth potential and the increase in awareness among people toward risk management. For instance, as of 2015, about 40%–45% of the total premium income across the world was obtained from the growing economies in APAC.
Further, the report states that strong demand opportunities in the emerging markets have attracted a pool of domestic and international suppliers, thereby driving market competition. Although the total written premium is high in regions like APAC, suppliers' profitability in the region is low. For instance, about 25%–30% of the non-life insurance providers reported profit margins of less than 10% in 2015. This can be attributed to the decrease in premiums to sustain increasing competition in the market. Such measures to counter competition are likely to eventually affect the growth of the industry. Further, with existing policies, and weak demand for new policies, mainly from EMEA, the companies' overheads will increase at a higher rate than the GWP, which will eventually contract profit margins.
Find more reports on related topics - https://www.spendedge.com/
Allianz, American International, Aon, AXA, Marsh, Arthur J. Gallagher, Atrium, Beazley, Chubb, Gard, Mitsui Sumitomo, Munich Re, Samsung Fire & Marine Insurance, Sompo Japan Nipponkoa Insurance, Swiss Re, Thomas Miller, Tokio Marine Holdings, XL Catlin, and Zurich Insurance