Market Overview:
The global marine reinsurance market is expected to grow at a CAGR of 5.5% from 2018 to 2030. The growth in the market can be attributed to the increase in maritime trade and rise in demand for marine reinsurance products by businesses operating in the maritime sector. The market is segmented on the basis of type, application, and region. On the basis of type, the market is divided into proportional reinsurance and non-proportional reinsurance. Proportional reinsurance dominates the global marine reinsurance market as it offers insurers a way to spread their risk among several reinsured companies while retaining some exposure to each risk transferred.
Product Definition:
Marine reinsurance is a type of insurance that protects businesses and individuals against losses caused by events such as natural disasters, accidents or piracy. Marine reinsurance is important because it helps to protect policyholders from large financial losses in the event that something happens that leads to a claim.
Proportional Reinsurance:
Proportional Reinsurance is a type of insurance where the premium depends on the insured value.
Substantially similar to an insurable vessel; and Operated by a person domiciled in the European Union or associated states; and Has an EU-regulated cargo (or cargoes) under its control or management at any time during the policy period.
Non-proportional Reinsurance:
Non-proportional Reinsurance is a type of insurance where the premium does not depend upon the risk involved. The most common example of this would be automobile insurance, wherein the premium charged for comprehensive and collision coverage does not depend upon how many miles an insured vehicle has been driven.
Application Insights:
The cargo segment accounted for the largest revenue share of over 40% in 2017. The growth can be attributed to the rising demand for marine insurance policies to cover against risks associated with cargoes being transported by sea, such as loss or damage caused by fire, collision, theft and weather hazards. Furthermore, growing trade between Asia Pacific and North America will boost the growth of this segment over the forecast period.
The hull and machinery segment is expected to witness a significant CAGR during the forecast period owing to increasing demand from offshore oil & gas activities coupled with strong domestic industries in developed countries such as U.K., Germany, France and Spain that are majorly involved in manufacturing platforms & pipes for onshore oilfields as well as offshore wind energy projects. These factors are anticipated to increase marine casualties that trigger claims worthiness under hull & machinery coverage thereby driving market growth during the forecast period.
Regional Analysis:
Asia Pacific dominated the global market in 2017 and is expected to continue its dominance over the forecast period. The growth of this region can be attributed to increasing marine activities in countries such as China, India, Indonesia, Thailand and Singapore. Furthermore, rising demand for insurance coupled with favorable regulatory reforms by governments of developing nations will drive the industry growth over the next eight years.
The Asia Pacific was followed by Europe which accounted for a share of more than 25% in 2017 owing to growing maritime activities mainly due to tourism purposes along with increased trade across European countries including U.K., Spain and Italy among others. Moreover, presence of major players such as Allianz SE; AIG Marine Insurance Company; Coface GmbH & Co.; Reinsurance Group de France (RGF); Swiss Re AG; The Royal Bank Of Scotland Group plc.
Growth Factors:
- Increasing demand for marine cargo insurance from the shipping industry as a result of globalization and increase in maritime trade.
- Rising number of natural disasters and marine accidents, which is driving the demand for marine reinsurance products.
- Growing awareness about the benefits of marine reinsurance among ship owners and operators worldwide.
- Proliferation of online insurance platforms that are making it easier for ship owners to purchase marine reinsurance products quickly and easily.
- Increased investment by insurers in risk management tools and technologies that are helping to improve underwriting efficiency and reduce premiums
Scope Of The Report
Report Attributes
Report Details
Report Title
Marine Reinsurance Market Research Report
By Type
Proportional Reinsurance, Non-proportional Reinsurance
By Application
Cargo, Hull and Machinery, Offshore Energy, Inland Marine, Marine War, Others
By Companies
Swiss Re, Munich Re, AXA XL, Hannover Re, Lloyd’s, Berkshire Hathaway, RGA, China RE, Korean Re, PartnerRe, GIC Re, Mapfre, Alleghany, Everest Re, Maiden Re, Fairfax, AXIS, Mitsui Sumitomo, Sompo, Tokio Marine
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
157
Number of Tables & Figures
110
Customization Available
Yes, the report can be customized as per your need.
Global Marine Reinsurance Market Report Segments:
The global Marine Reinsurance market is segmented on the basis of:
Types
Proportional Reinsurance, Non-proportional Reinsurance
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
Cargo, Hull and Machinery, Offshore Energy, Inland Marine, Marine War, Others
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:
- Swiss Re
- Munich Re
- AXA XL
- Hannover Re
- Lloyd’s
- Berkshire Hathaway
- RGA
- China RE
- Korean Re
- PartnerRe
- GIC Re
- Mapfre
- Alleghany
- Everest Re
- Maiden Re
- Fairfax
- AXIS
- Mitsui Sumitomo
- Sompo
- Tokio Marine
Highlights of The Marine Reinsurance 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:
- Proportional Reinsurance
- Non-proportional Reinsurance
- By Application:
- Cargo
- Hull and Machinery
- Offshore Energy
- Inland Marine
- Marine War
- Others
- 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 Reinsurance 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.
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- Correctly Positioning New Products
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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 reinsurance is a type of insurance that helps protect marine businesses and vessels from financial losses in the event of a maritime disaster. Marine reinsurers provide coverage for both commercial and private vessels, as well as cargo, passengers, crew and property.
Some of the major companies in the marine reinsurance market are Swiss Re, Munich Re, AXA XL, Hannover Re, Lloyd’s, Berkshire Hathaway, RGA, China RE, Korean Re, PartnerRe, GIC Re, Mapfre, Alleghany, Everest Re, Maiden Re, Fairfax, AXIS, Mitsui Sumitomo, Sompo, Tokio Marine.
The marine reinsurance market is expected to grow at a compound annual growth rate of 5.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Marine Reinsurance 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 Reinsurance Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Marine Reinsurance 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 Reinsurance 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 Reinsurance Market Size & Forecast, 2018-2028
4.5.1 Marine Reinsurance Market Size and Y-o-Y Growth
4.5.2 Marine Reinsurance Market Absolute $ Opportunity
Chapter 5 Global Marine Reinsurance 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 Reinsurance Market Size Forecast by Type
5.2.1 Proportional Reinsurance
5.2.2 Non-proportional Reinsurance
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Marine Reinsurance 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 Reinsurance Market Size Forecast by Applications
6.2.1 Cargo
6.2.2 Hull and Machinery
6.2.3 Offshore Energy
6.2.4 Inland Marine
6.2.5 Marine War
6.2.6 Others
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Marine Reinsurance 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 Reinsurance 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 Reinsurance Analysis and Forecast
9.1 Introduction
9.2 North America Marine Reinsurance 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 Reinsurance Market Size Forecast by Type
9.6.1 Proportional Reinsurance
9.6.2 Non-proportional Reinsurance
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 Reinsurance Market Size Forecast by Applications
9.10.1 Cargo
9.10.2 Hull and Machinery
9.10.3 Offshore Energy
9.10.4 Inland Marine
9.10.5 Marine War
9.10.6 Others
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 Reinsurance Analysis and Forecast
10.1 Introduction
10.2 Europe Marine Reinsurance 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 Reinsurance Market Size Forecast by Type
10.6.1 Proportional Reinsurance
10.6.2 Non-proportional Reinsurance
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 Reinsurance Market Size Forecast by Applications
10.10.1 Cargo
10.10.2 Hull and Machinery
10.10.3 Offshore Energy
10.10.4 Inland Marine
10.10.5 Marine War
10.10.6 Others
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 Reinsurance Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Marine Reinsurance 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 Reinsurance Market Size Forecast by Type
11.6.1 Proportional Reinsurance
11.6.2 Non-proportional Reinsurance
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 Reinsurance Market Size Forecast by Applications
11.10.1 Cargo
11.10.2 Hull and Machinery
11.10.3 Offshore Energy
11.10.4 Inland Marine
11.10.5 Marine War
11.10.6 Others
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 Reinsurance Analysis and Forecast
12.1 Introduction
12.2 Latin America Marine Reinsurance 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 Reinsurance Market Size Forecast by Type
12.6.1 Proportional Reinsurance
12.6.2 Non-proportional Reinsurance
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 Reinsurance Market Size Forecast by Applications
12.10.1 Cargo
12.10.2 Hull and Machinery
12.10.3 Offshore Energy
12.10.4 Inland Marine
12.10.5 Marine War
12.10.6 Others
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 Reinsurance Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Marine Reinsurance 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 Reinsurance Market Size Forecast by Type
13.6.1 Proportional Reinsurance
13.6.2 Non-proportional Reinsurance
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 Reinsurance Market Size Forecast by Applications
13.10.1 Cargo
13.10.2 Hull and Machinery
13.10.3 Offshore Energy
13.10.4 Inland Marine
13.10.5 Marine War
13.10.6 Others
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 Reinsurance Market: Competitive Dashboard
14.2 Global Marine Reinsurance Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Swiss Re
14.3.2 Munich Re
14.3.3 AXA XL
14.3.4 Hannover Re
14.3.5 Lloyd’s
14.3.6 Berkshire Hathaway
14.3.7 RGA
14.3.8 China RE
14.3.9 Korean Re
14.3.10 PartnerRe
14.3.11 GIC Re
14.3.12 Mapfre
14.3.13 Alleghany
14.3.14 Everest Re
14.3.15 Maiden Re
14.3.16 Fairfax
14.3.17 AXIS
14.3.18 Mitsui Sumitomo
14.3.19 Sompo
14.3.20 Tokio Marine
