LONDON–(BUSINESS WIRE)–#GlobalMarineInsuranceMarket–Technavio has been monitoring the marine insurance market and it is poised to grow by USD 8.42 bn during 2020-2024, progressing at a CAGR of over 4% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.
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Frequently Asked Questions:
What are the major trends in the market?
Increase in the use of IoT is a major trend driving the growth of the market.
At what rate is the market projected to grow?
The year-over-year growth for 2020 is estimated at 3.29% and the incremental growth of the market is anticipated to be $ 8.42 bn.
Who are the top players in the market?
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 market participants.
What is the key market driver?
The use of multiple distribution channels is one of the major factors driving the market.
How big is the Europe market?
The Europe region will contribute 54% of the market share.
The market is concentrated, and the degree of concentration will accelerate during the forecast period. 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 market participants. The use of multiple distribution channels will offer immense growth opportunities. To make most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
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Marine Insurance Market 2020-2024: Segmentation
Marine Insurance Market is segmented as below:
- Offshore Energy
- Marine Liability
- North America
- South America
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Marine Insurance Market 2020-2024: Scope
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The marine insurance market report covers the following areas:
- Marine Insurance Market Size
- Marine Insurance Market Trends
- Marine Insurance Market Industry Analysis
This study identifies increase in the use of IoT as one of the prime reasons driving the marine insurance market growth during the next few years.
Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio’s in-depth research has direct and indirect COVID-19 impacted market research reports.
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Marine Insurance Market 2020-2024: Key Highlights
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will assist marine insurance market growth during the next five years
- Estimation of the marine insurance market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the marine insurance market
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of marine insurance market vendors
Table of Contents:
- Market Overview
- Market ecosystem
- Value chain analysis
- Market definition
- Market segment analysis
- Market size 2019
- Market outlook: Forecast for 2019 – 2024
Five Forces Analysis
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by Product
- Market segments
- Comparison by Product placement
- Cargo – Market size and forecast 2019-2024
- Hull – Market size and forecast 2019-2024
- Offshore energy – Market size and forecast 2019-2024
- Marine liability – Market size and forecast 2019-2024
- Market opportunity by Product
- Geographic segmentation
- Geographic comparison
- Europe – Market size and forecast 2019-2024
- APAC – Market size and forecast 2019-2024
- South America – Market size and forecast 2019-2024
- North America – Market size and forecast 2019-2024
- MEA – Market size and forecast 2019-2024
- Key leading countries
- Market opportunity by geography
Drivers, Challenges, and Trends
- Market drivers
- Volume driver – Demand led growth
- Volume driver – Supply led growth
- Volume driver – External factors
- Volume driver – Demand shift in adjacent markets
- Price driver – Inflation
- Price driver – Shift from lower to higher-priced units
- Market challenges
- Market trends
- Landscape disruption
- Vendor Analysis
- Market positioning of vendors
- 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.
- Swiss Re Ltd.
- Scope of the report
- Currency conversion rates for US$
- Research methodology
List of abbreviations
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