Global Marine Cargo Insurance Market Set For Significant Growth, Projected To Reach US$ 34.0 Billion By 2032

(MENAFN- EIN Presswire)

The global marine cargo insurance market was valued at US$ 20.8 billion in 2023 and is expected to soar to US$ 34.0 billion by 2032

CHICAGO, NY, UNITED STATES, November 19, 2024 /EINPresswire / -- The marine cargo insurance market is experiencing a period of robust growth, driven by the increasing volume of global trade, rising concerns over cargo safety, and the expansion of shipping routes. According to a new market research report, the global marine cargo insurance market, which stood at US$ 20.8 billion in 2023, is projected to reach US$ 34.0 billion by 2032, expanding at a CAGR of 5.86% between 2024 and 2032.

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Marine cargo insurance is a critical tool for businesses involved in international trade, providing financial protection against potential losses or damages to goods during transit. The growing reliance on shipping for global trade coupled with increasing risks associated with adverse weather conditions, piracy, and accidents has fueled demand for comprehensive insurance solutions.

Market Dynamics

Driver: Surge in Global Trade Volume

The exponential growth of global trade volume is one of the main drivers that have led to the expansion of the marine cargo insurance market. The World Trade Organization (WTO) estimates that in 2023, global merchandise trade volume will be at 0.8%. With this upsurge in business transactions, there is an increasing need for covering goods being transported over very long distances using different modes of transport especially through marine cargo insurance. A major cause of increased trade volumes is due to rapid development in emerging markets. For example, China, India and Brazil among others have experienced tremendous economic growth which has led them into importing and exporting more goods than before. In the year 2022 alone, China exported goods valued at $3.73 trillion thus becoming world number one exporter. Similarly, India recorded highest ever overall export figure of US$ 776.3 billion during 2022-23 fiscal year.

Moreover, another factor contributing greatly towards this rise of the marine cargo insurance market can be attributed to electronic commerce or e-commerce which has seen massive expansion worldwide over recent years resulting into substantial increases in international trading activities. This convenience brought about by online shopping platforms globally has promoted cross border transactions hence leading to unprecedented levels of movement and exchange goods across different nations' borders. Global e-commerce sales hit $5.8 trillion mark by end year 2023.

Marine cargo insurance demand has also been stirred up by widening trade routes especially through initiatives like 'One Belt One Road' (OBOR) otherwise known as Belt & Road Initiative (BRI) spearheaded by China among other countries involved worldwide. BRI seeks to enhance connectivity as well as infrastructure development across Asia, Europe, Middle East and Africa thereby facilitating greater investments in these regions through increased business partnerships along its various corridors. Therefore, firms engaged in BRI related projects require wider coverage against risks arising out of shipping products across diverse geographical areas with difficult terrains

Key Market Drivers:

Global Trade Expansion: The increasing flow of goods across international borders continues to propel the demand for marine cargo insurance, as businesses seek to safeguard valuable shipments.

Technological Advancements: Innovations in risk assessment and digitalization of insurance services are making marine cargo insurance more accessible and efficient for companies of all sizes.

Environmental and Regulatory Factors: With the growing focus on sustainable shipping practices and tighter regulations in the shipping industry, insurance providers are adapting to meet new compliance requirements and mitigate risks linked to environmental factors.

Key Players in The Global Marine Cargo Insurance Market

Allianz
American International Group, Inc.
Aon plc
Arthur J. Gallagher & Co.
AXA SA
Berkshire Hathaway Specialty Insurance
Chubb
Liberty General Insurance Ltd.
The Travelers Indemnity Company
Zurich Group
Other Prominent Players

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Market Segmentation Overview:

By Type

Time Plan
Voyage Plan
Mixed Plan
Port Risk Plan
Valued Plan
Floating Plan
Wager Plan
Others

By Coverage

Damage from Loading / Unloading
Fire or Explosion
Sinking or Stranding
Overturning or Derailment
Collision or Contact of Vessel
Natural calamities
Piracy
Others

By Duration

Single Transit Insurance
Annual Marine Cargo Insurance

By Enterprise Size

SMEs
Large/Public Enterprises

By End User

Manufacturers
Retailers
Wholesalers
Importers
Exporters
Logistics Providers
Commodity Traders
Customhouse Brokers
Freight forwarders
Association and Government Bodies
Others

By Distribution Channel

Online
Offline

By Region

North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
South Korea
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
Saudi Arabia
South Africa
UAE
Rest of MEA
South America
Argentina
Brazil
Rest of South America

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About Astute Analytica:

Astute Analytica is a global analytics and advisory company that has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in-depth, and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the globe.

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Astute Analytica
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