The marine insurance market size has the potential to grow by USD 8.42 billion during 2020-2024, and the market’s growth momentum will accelerate during the forecast period.
This report provides a detailed analysis of the market by product (cargo, hull, offshore energy, and marine liability) and geography (APAC, Europe, MEA, North America, and South America). Also, the report analyzes the market’s competitive landscape. It offers information on several market vendors, including 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.
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Market Competitive Analysis
The market is concentrated. Beazley Plc, Brown & Brown Inc., Lockton Companies, Marsh & McLennan Companies Inc., and Swiss Re Ltd. are some of the major market participants. Marine insurance vendors are expected to grow inorganically and focus on new markets in APAC, as a result of new initiatives for insurance businesses within the region. Although the use of multiple distribution channels will offer immense growth opportunities, the increased probability of catastrophic losses will challenge the growth of the market participants. To make the 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.
To help clients improve their market position, this marine insurance market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies. The report also covers details on the market’s competitive landscape and offers information on the products offered by various companies. Moreover, this marine insurance market analysis report also provides information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.