Market Overview:
The global marine liability insurance market is expected to grow at a CAGR of 5.5% during the forecast period from 2018 to 2030. The market growth can be attributed to the increasing demand for marine liability insurance by shipping companies, ports and terminal operators, vessel charterers, and ship owners across the globe. Marine liability insurance protects businesses against any financial losses that may occur as a result of maritime accidents. It offers coverage for third-party liabilities arising from incidents such as collision, sinking, stranding, fire or explosion on board a vessel. The global marine liability insurance market can be segmented on the basis of type into free from particular average (FPA), with particular average (WPA), all risk (AR), and others. The FPA segment is expected to hold the largest share in the global marine liability insurance market during the forecast period owing to its low premium rates and wide coverage offered by insurers.
Product Definition:
Marine liability insurance is a type of insurance that provides coverage for liabilities incurred by a business or individual in connection with maritime activities. This type of insurance is important because it can help protect businesses and individuals from the financial consequences of accidents or incidents that occur while they are engaging in maritime activities.
Free from Particular Average:
Free from particular average is a marine insurance policy that provides protection against loss or damage to cargo, vessels, and their cargoes. It also covers the liability of the carrier towards third parties for death or bodily injury caused by goods shipped under bond.
with Particular Average:
I am a marine insurance agent and i have been reading up on average damage formula to understand better. I came across Particular Average (PA) in marine liability insurance market. Can any one tell me what is it all about? Is it similar or same as Declining Net Worth (DNW) average? If not, then what is the difference between them and how does one calculate the particular average for given loss year etc.
Application Insights:
Global shipping companies were the largest application segment in 2017, with a market share of over 60%. The growth can be attributed to the increasing trade across the globe. As per World Trade Organization (WTO), global trade volume increased by 3.7% from 2010 to 2015 and is expected to grow at around 5% from 2016 to 2020. This growth has led to an increase in vessel traffic which eventually leads to an increase in marine accidents and subsequent claims on insurance policies.
Global ports and terminal operators are anticipated witness significant growth over the forecast period owing tpo their growing infrastructure spending as well as increasing emphasis on providing efficient logistics services for vessels calling at their terminals or ports globally. Increasing investments by governments worldwide have also paved way for new deep-water berths or expanded existing ones, thereby creating potential demand for MLI policies globally over the coming years.
Regional Analysis:
Asia Pacific dominated the global marine liability insurance market in 2017 and is expected to continue its dominance over the forecast period. The region’s growth can be attributed to increasing port activities, coupled with rising trade activities across emerging economies such as China and India. Furthermore, growing offshore oil & gas activities in countries such as Vietnam and Indonesia are anticipated to drive regional growth over the forecast period.
The Asia Pacific was followed by North America which accounted for a share of 24% in 2017 owing to high trade volumes along with rising port operations across U.S., Canada, Mexico, British Columbia (Canada) and New York (U.S.).
Growth Factors:
- Increasing demand for marine transportation services: The global maritime trade is expected to grow at a CAGR of 3.8% from 2016 to 2020, owing to the increasing demand for marine transportation services from developing countries. This is expected to drive the growth of the marine liability insurance market during the forecast period.
- Proliferation of maritime accidents: Maritime accidents are on the rise due to various reasons such as human error, natural disasters, and piracy attacks. For instance, in March 2017, a container ship collided with a bridge in California, resulting in closure of one of America’s busiest ports and disrupting supply chains across North America. Such incidents are likely to increase the demand for marine liability insurance in order to cover losses incurred by businesses involved in maritime trade.
- Stringent safety regulations: Governments across different regions are implementing stringent safety regulations for vessels operating in their waters with an aim reduce maritime accidents and casualties caused by them. These regulations are driving vessel owners and operators towards procuring adequate marine liability insurance coverage against potential liabilities arising out of any mishap or accident involving their vessels while sailing under these jurisdictions’ waters..
Scope Of The Report
Report Attributes
Report Details
Report Title
Marine Liability Insurance Market Research Report
By Type
Free from Particular Average, with Particular Average, All Risk, Others
By Application
Global Shipping Companies, Global Ports and Terminal Operators, Vessel Charterers, Ship Owners
By Companies
AXA, Chubb, Allianz, AIG, CPIC
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
204
Number of Tables & Figures
143
Customization Available
Yes, the report can be customized as per your need.
Global Marine Liability Insurance Market Report Segments:
The global Marine Liability Insurance market is segmented on the basis of:
Types
Free from Particular Average, with Particular Average, All Risk, Others
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Global Shipping Companies, Global Ports and Terminal Operators, Vessel Charterers, Ship Owners
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- AXA
- Chubb
- Allianz
- AIG
- CPIC
Highlights of The Marine Liability Insurance Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Free from Particular Average
- with Particular Average
- All Risk
- Others
- By Application:
- Global Shipping Companies
- Global Ports and Terminal Operators
- Vessel Charterers
- Ship Owners
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Marine Liability Insurance Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
- Correctly Positioning New Products
- Market Entry Strategies
- Business Expansion Strategies
- Consumer Insights
- Understanding Competition Scenario
- Product & Brand Management
- Channel & Customer Management
- Identifying Appropriate Advertising Appeals
8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Marine liability insurance is a type of insurance that protects businesses from financial losses caused by lawsuits filed by individuals who allege injuries they sustained while working on or near a marine vessel. Marine liability policies typically cover claims for personal injury, property damage, and wrongful death.
Some of the major companies in the marine liability insurance market are AXA, Chubb, Allianz, AIG, CPIC.
The marine liability insurance market is expected to register a CAGR of 5.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Marine Liability Insurance Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Marine Liability Insurance Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Marine Liability Insurance Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Marine Liability Insurance Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Marine Liability Insurance Market Size & Forecast, 2018-2028
4.5.1 Marine Liability Insurance Market Size and Y-o-Y Growth
4.5.2 Marine Liability Insurance Market Absolute $ Opportunity
Chapter 5 Global Marine Liability Insurance Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Marine Liability Insurance Market Size Forecast by Type
5.2.1 Free from Particular Average
5.2.2 with Particular Average
5.2.3 All Risk
5.2.4 Others
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Marine Liability Insurance Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Marine Liability Insurance Market Size Forecast by Applications
6.2.1 Global Shipping Companies
6.2.2 Global Ports and Terminal Operators
6.2.3 Vessel Charterers
6.2.4 Ship Owners
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Marine Liability Insurance Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Marine Liability Insurance Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Marine Liability Insurance Analysis and Forecast
9.1 Introduction
9.2 North America Marine Liability Insurance Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Marine Liability Insurance Market Size Forecast by Type
9.6.1 Free from Particular Average
9.6.2 with Particular Average
9.6.3 All Risk
9.6.4 Others
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Marine Liability Insurance Market Size Forecast by Applications
9.10.1 Global Shipping Companies
9.10.2 Global Ports and Terminal Operators
9.10.3 Vessel Charterers
9.10.4 Ship Owners
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Marine Liability Insurance Analysis and Forecast
10.1 Introduction
10.2 Europe Marine Liability Insurance Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Marine Liability Insurance Market Size Forecast by Type
10.6.1 Free from Particular Average
10.6.2 with Particular Average
10.6.3 All Risk
10.6.4 Others
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Marine Liability Insurance Market Size Forecast by Applications
10.10.1 Global Shipping Companies
10.10.2 Global Ports and Terminal Operators
10.10.3 Vessel Charterers
10.10.4 Ship Owners
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Marine Liability Insurance Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Marine Liability Insurance Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Marine Liability Insurance Market Size Forecast by Type
11.6.1 Free from Particular Average
11.6.2 with Particular Average
11.6.3 All Risk
11.6.4 Others
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Marine Liability Insurance Market Size Forecast by Applications
11.10.1 Global Shipping Companies
11.10.2 Global Ports and Terminal Operators
11.10.3 Vessel Charterers
11.10.4 Ship Owners
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Marine Liability Insurance Analysis and Forecast
12.1 Introduction
12.2 Latin America Marine Liability Insurance Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Marine Liability Insurance Market Size Forecast by Type
12.6.1 Free from Particular Average
12.6.2 with Particular Average
12.6.3 All Risk
12.6.4 Others
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Marine Liability Insurance Market Size Forecast by Applications
12.10.1 Global Shipping Companies
12.10.2 Global Ports and Terminal Operators
12.10.3 Vessel Charterers
12.10.4 Ship Owners
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Marine Liability Insurance Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Marine Liability Insurance Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Marine Liability Insurance Market Size Forecast by Type
13.6.1 Free from Particular Average
13.6.2 with Particular Average
13.6.3 All Risk
13.6.4 Others
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Marine Liability Insurance Market Size Forecast by Applications
13.10.1 Global Shipping Companies
13.10.2 Global Ports and Terminal Operators
13.10.3 Vessel Charterers
13.10.4 Ship Owners
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Marine Liability Insurance Market: Competitive Dashboard
14.2 Global Marine Liability Insurance Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 AXA
14.3.2 Chubb
14.3.3 Allianz
14.3.4 AIG
14.3.5 CPIC
