The global marine insurance market to grow at a CAGR of 2.57% during the period 2017-2021.
Global Marine Insurance Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the Key vendors operating in this market.
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.
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.