This market research study identifies Allianz, American International, Aon, AXA, and Marsh as the leading players in the global marine insurance market. A comprehensive analysis of this market is also presented by the product type (cargo, hull, offshore energy, and marine liability) and by geography (the Americas, APAC, and EMEA). Learn details of the Size, Status And Forecast 2022
Overview of the global marine insurance market
As per the market research report, the global marine insurance market is expected to grow at a steady rate and post a CAGR of close to 3% during the forecast period. The use of multiple distribution channels will drive the growth prospects for the global marine insurance market until the end of 2021.
The use of online portals has improved the customer experience by introducing technological advancements in the industry such as digitization and analytics. As a result, various countries like Singapore are able to promote insurance business models by encouraging direct underwriting via online platforms.
The increasing use of Internet of things (IoT) will drive the growth prospects for the global marine insurance market for the next four years. The use of IoT in the insurance service industry enables insurers to analyze customer data, initiate policyholder or customer service activities based on the analyzed data, thereby allowing them to easily identify the associated requirements and risks and wil in turn, fuel the market’s growth prospects.
Competitive landscape and key vendors
The global marine insurance market is highly competitive, fragmented, and diversified due to the presence of a large number of regional and international vendors. Several vendors are increasingly focusing on targeting new businesses outside their existing core businesses.
With the rising number of new initiatives for maritime insurance businesses in APAC, several marine insurance vendors will focus on the new markets in this region and grow inorganically during the predicted period.
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