Marine Insurance Market 2020-2024: 56% of Market Growth will Develop from North America
The marine insurance market share is set to grow up to USD 8.42 billion, accelerating at a CAGR of 4.18% during the forecast period. Technavio's research report analyses the growth trajectory of the market with a purview of the prevalent market scenarios, trends, and drivers. It also provides competitive bench-marking of the key market players and their product portfolios.
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Marine Insurance Market: Europe to lead market growth during the forecast period
- The marine insurance market is segmented by Product (cargo, hull, offshore energy, and marine liability) and Geography (Europe, APAC, South America, MEA, and North America). Each segment and sub-segment is analyzed in depth to derive market insights and forecast growth projections.
- The marine insurance market size in the cargo segment will be significant during the forecast period.
- Europe is projected to contribute 56% of the market growth during the forecast period. The UK, Germany, and France are the key markets for the marine insurance market in Europe.
- The marine insurance market report provides an accurate prediction of the contribution of all the geographic segments to the growth of the marine insurance market size.
Marine Insurance Market: Competitive Landscape
The market is concentrated due to the presence of several players. Allianz Group, American International Group Inc., Aon Plc, Arthur J. Gallagher & Co., AXA Group, Beazley Plc, Brown & Brown Inc., Lockton Companies, Marsh & McLennan Companies Inc., and Swiss Re Ltd. are some of the major marine insurance market vendors.
The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments. Download the Free PDF Sample Report
The report provides insights into the following FAQs:
- What is the market CAGR?
The market is accelerating at a CAGR of 4.18%.
- What is the incremental growth of the market?
The market is expected to grow by USD 8.42 billion.
- What is a key factor driving this market?
The use of multiple distribution channels will drive market growth over the forecast period.
- What are the key regions covered in this market research report?
Europe, APAC, South America, MEA, and North America are the key regions featured in this research report.
- Which is the leading geographic region for this market?
56% of market growth will originate in Europe.
- Who are the leading market vendors?
The leading vendors in this market are Allianz Group, American International Group Inc., Aon Plc, Arthur J. Gallagher and Co., AXA Group, Beazley Plc, Brown and Brown Inc., Lockton Companies, Marsh and McLennan Companies Inc., and Swiss Re Ltd.
- What are the market segments covered in this report?
The market is segmented by Product (cargo, hull, offshore energy, and marine liability) and Geography (Europe, APAC, South America, MEA, and North America).