Market Overview:
The global marine hull 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 hull insurance by vessel owners and operators, owing to the high risks associated with maritime transportation. In addition, the increasing awareness about the benefits of marine hull insurance is also contributing to the growth of this market. The global marine hull insurance market can be segmented on the basis of type, application and region. On the basis of type, it can be divided into Marine Hull Third Party Liability Insurance, Marine Hull & Machinery Insurance, Marine Hull Increased Value Insurance and others. The Marine Hull Third Party Liability Insurance segment is expected to account for a major share in terms of revenue in 2018 owing to its mandatory nature in many countries across regions such as North America and Europe. However, over time there has been an increase in demand for other types such as Marine Hull & Machinery Insurance and Marine Hull Increased Value Insurance due their unique coverage features which are not provided by traditional third-party liability policies. On the basis application it can be classified into Pleasure Boats/Yachts/Jet Skis; Commercial Vessels (Bulk Carriers/Tankers); Offshore Support Vessels; Naval Ships; Others (Inland Waterways).
Product Definition:
Marine Hull Insurance is insurance that provides coverage for physical damage to a vessel and its contents. The purpose of Marine Hull Insurance is to protect the owner of the vessel from financial losses in the event that their vessel is damaged or destroyed.
Marine Hull Third Party Liability Insurance-:
Marine hull third-party liability insurance is a form of marine insurance designed to provide protection against losses incurred due to accidents at sea. It also covers the risks associated with pollution, environmental damage, and other hazards that may be caused by a vessel. The primary objective of this policy is to protect the financial stability of an insurer against loss payables in case there are any claims made regarding insured vessels or its cargo.
Marine Hull & Machinery Insurance-:
Marine hull and machinery insurance is a type of marine insurance that protects the vessel against all risks, both known and unknown. The policy covers the complete hull as well as machinery used in any commercial or passenger vessel. Marine hull & machinery insurance can be issued either on a named basis (also called policy) or an entire/floating basis (known as loss pay).
Application Insights:
Pleasure boats accounted for the largest share of over 40.0% in 2017 and are expected to continue their dominance over the forecast period. The rising number of superyachts, which require high levels of marine hull insurance, is anticipated to drive the demand for such products during the forecast period.
The yatch segment is expected to witness a significant growth rate over the next eight years owing to its growing popularity as a mode of transport across several regions including Europe and Asia Pacific. Growing tourism industry in countries including Italy, France, Spain and China on account with promotion by cruise liners companies is likely to boost product demand in this segment during future periods.
Bulk carriers are usually large ships that transport various types bulk cargo such as grains, coal or cement among others between different ports around the world.
Regional Analysis:
Asia Pacific dominated the global marine hull insurance market in 2016 with a share of over 40%. The region is expected to continue its dominance over the forecast period. This can be attributed to rising per capita income, increasing maritime trade activities, and growing investments in port infrastructure. Furthermore, countries such as China and Japan are amongst the top 10 exporters of ships whereas India is amongst the top 5 shipbuilding nations globally. These factors are anticipated to drive demand for marine hull insurance products in this region during the forecast period.
The Asia Pacific was followed by Europe which accounted for around 26% of total market revenue in 2016 owing to high levels of maritime transportation coupled with stringent regulations aimed at ensuring safety & security onboard vessels afloat and ashore.- In addition, rapidly developing economies such as Russia & Brazil have also contributed towards growth through increased trade activities along with other emerging economies across South America.
Growth Factors:
- Marine Hull Insurance is a necessary evil for businesses that operate vessels in open water. The risks and dangers of operating a vessel are many, and the potential for loss is high. Marine Hull Insurance protects businesses from those risks, and can help to ensure that they can continue to operate even in the event of a loss.
- The global market for Marine Hull Insurance is growing rapidly, as more and more businesses become aware of the benefits that it can provide them. As this trend continues, demand for Marine Hull Insurance will grow, driving growth in the market overall.
- Innovation within the insurance industry is making it easier than ever before for businesses to get coverage for their vessels. This increased availability will drive growth in the market as more businesses take advantage of it.
- . The maritime industry is growing rapidly around the world, as trade expands and new shipping routes are developed . This growth will create opportunities for marine hull insurers who are able to meet the needs of these businesses effectively . 5.. Technological advances are making sea travel safer than ever before , reducing th e risk associated with marine hull insurance policies . This trend will help to drive down premiums an d make th e product more affordable f or busine sses
Scope Of The Report
Report Attributes
Report Details
Report Title
Marine Hull Insurance Market Research Report
By Type
Marine Hull Third Party Liability Insurance-, Marine Hull & Machinery Insurance-, Marine Hull Increased Value Insurance, Others
By Application
Pleasure Boats, Yatchs, Bulk Carriers, Motor Tankers, Others
By Companies
Allianz, AXA, Chubb, Zurich Insurance, Allied Insurance, AIG, PingAn, 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
232
Number of Tables & Figures
163
Customization Available
Yes, the report can be customized as per your need.
Global Marine Hull Insurance Market Report Segments:
The global Marine Hull Insurance market is segmented on the basis of:
Types
Marine Hull Third Party Liability Insurance-, Marine Hull & Machinery Insurance-, Marine Hull Increased Value Insurance, 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
Pleasure Boats, Yatchs, Bulk Carriers, Motor Tankers, 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:
- Allianz
- AXA
- Chubb
- Zurich Insurance
- Allied Insurance
- AIG
- PingAn
- CPIC
Highlights of The Marine Hull 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:
- Marine Hull Third Party Liability Insurance-
- Marine Hull & Machinery Insurance-
- Marine Hull Increased Value Insurance
- Others
- By Application:
- Pleasure Boats
- Yatchs
- Bulk Carriers
- Motor Tankers
- 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 Hull 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
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- Consumer Insights
- Understanding Competition Scenario
- Product & Brand Management
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- 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 hull insurance is a type of insurance that covers the cost of repairing or replacing a ship's hull if it is damaged in an accident.
Some of the major players in the marine hull insurance market are Allianz, AXA, Chubb, Zurich Insurance, Allied Insurance, AIG, PingAn, CPIC.
The marine hull insurance market is expected to grow at a compound annual growth rate of 5.5%.
1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Marine Hull Insurance Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Marine Hull Insurance Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Marine Hull Insurance Market - Supply Chain
4.5. Global Marine Hull Insurance Market Forecast
4.5.1. Marine Hull Insurance Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Marine Hull Insurance Market Size (000 Units) and Y-o-Y Growth
4.5.3. Marine Hull Insurance Market Absolute $ Opportunity
5. Global Marine Hull Insurance Market Analysis and Forecast by Type
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Type
5.2.2. Y-o-Y Growth Projections by Type
5.3. Marine Hull Insurance Market Size and Volume Forecast by Type
5.3.1. Marine Hull Third Party Liability Insurance-
5.3.2. Marine Hull & Machinery Insurance-
5.3.3. Marine Hull Increased Value Insurance
5.3.4. Others
5.4. Absolute $ Opportunity Assessment by Type
5.5. Market Attractiveness/Growth Potential Analysis by Type
6. Global Marine Hull Insurance Market Analysis and Forecast by Application
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by Application
6.2.2. Y-o-Y Growth Projections by Application
6.3. Marine Hull Insurance Market Size and Volume Forecast by Application
6.3.1. Pleasure Boats
6.3.2. Yatchs
6.3.3. Bulk Carriers
6.3.4. Motor Tankers
6.3.5. Others
6.4. Absolute $ Opportunity Assessment by Application
6.5. Market Attractiveness/Growth Potential Analysis by Application
7. Global Marine Hull Insurance Market Analysis and Forecast by Sales Channel
7.1. Market Trends
7.2. Introduction
7.2.1. Basis Point Share (BPS) Analysis by Sales Channel
7.2.2. Y-o-Y Growth Projections by Sales Channel
7.3. Marine Hull Insurance Market Size and Volume Forecast by Sales Channel
7.3.1. Manufacturer/Distributor/Service Provider
7.3.2. Aftermarket
7.4. Absolute $ Opportunity Assessment by Sales Channel
7.5. Market Attractiveness/Growth Potential Analysis by Sales Channel
8. Global Marine Hull Insurance Market Analysis and Forecast by Region
8.1. Market Trends
8.2. Introduction
8.2.1. Basis Point Share (BPS) Analysis by Region
8.2.2. Y-o-Y Growth Projections by Region
8.3. Marine Hull Insurance Market Size and Volume Forecast by Region
8.3.1. North America
8.3.2. Latin America
8.3.3. Europe
8.3.4. Asia Pacific
8.3.5. Middle East and Africa (MEA)
8.4. Absolute $ Opportunity Assessment by Region
8.5. Market Attractiveness/Growth Potential Analysis by Region
8.6. Global Marine Hull Insurance Demand Share Forecast, 2019-2026
9. North America Marine Hull Insurance Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.2. North America Marine Hull Insurance Market Size and Volume Forecast by Country
9.2.1. U.S.
9.2.2. Canada
9.3. Absolute $ Opportunity Assessment by Country
9.4. North America Marine Hull Insurance Market Size and Volume Forecast by Application
9.4.1. Pleasure Boats
9.4.2. Yatchs
9.4.3. Bulk Carriers
9.4.4. Motor Tankers
9.4.5. Others
9.5. Basis Point Share (BPS) Analysis by Application
9.6. Y-o-Y Growth Projections by Application
9.7. North America Marine Hull Insurance Market Size and Volume Forecast by Type
9.7.1. Marine Hull Third Party Liability Insurance-
9.7.2. Marine Hull & Machinery Insurance-
9.7.3. Marine Hull Increased Value Insurance
9.7.4. Others
9.8. Basis Point Share (BPS) Analysis by Type
9.9. Y-o-Y Growth Projections by Type
9.10. Market Attractiveness/Growth Potential Analysis
9.10.1. By Country
9.10.2. By Product Type
9.10.3. By Application
9.10.4. By Sales Channel
9.11. North America Marine Hull Insurance Demand Share Forecast, 2019-2026
10. Latin America Marine Hull Insurance Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Latin America Average Pricing Analysis
10.2. Latin America Marine Hull Insurance Market Size and Volume Forecast by Country
10.2.1. Brazil
10.2.2. Mexico
10.2.3. Rest of Latin America
10.3. Absolute $ Opportunity Assessment by Country
10.4. Latin America Marine Hull Insurance Market Size and Volume Forecast by Application
10.4.1. Pleasure Boats
10.4.2. Yatchs
10.4.3. Bulk Carriers
10.4.4. Motor Tankers
10.4.5. Others
10.5. Basis Point Share (BPS) Analysis by Application
10.6. Y-o-Y Growth Projections by Application
10.7. Latin America Marine Hull Insurance Market Size and Volume Forecast by Type
10.7.1. Marine Hull Third Party Liability Insurance-
10.7.2. Marine Hull & Machinery Insurance-
10.7.3. Marine Hull Increased Value Insurance
10.7.4. Others
10.8. Basis Point Share (BPS) Analysis by Type
10.9. Y-o-Y Growth Projections by Type
10.10. Market Attractiveness/Growth Potential Analysis
10.10.1. By Country
10.10.2. By Product Type
10.10.3. By Application
10.10.4. By Sales Channel
10.11. Latin America Marine Hull Insurance Demand Share Forecast, 2019-2026
11. Europe Marine Hull Insurance Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Europe Average Pricing Analysis
11.2. Europe Marine Hull Insurance Market Size and Volume Forecast by Country
11.2.1. Germany
11.2.2. France
11.2.3. Italy
11.2.4. U.K.
11.2.5. Spain
11.2.6. Russia
11.2.7. Rest of Europe
11.3. Absolute $ Opportunity Assessment by Country
11.4. Europe Marine Hull Insurance Market Size and Volume Forecast by Application
11.4.1. Pleasure Boats
11.4.2. Yatchs
11.4.3. Bulk Carriers
11.4.4. Motor Tankers
11.4.5. Others
11.5. Basis Point Share (BPS) Analysis by Application
11.6. Y-o-Y Growth Projections by Application
11.7. Europe Marine Hull Insurance Market Size and Volume Forecast by Type
11.7.1. Marine Hull Third Party Liability Insurance-
11.7.2. Marine Hull & Machinery Insurance-
11.7.3. Marine Hull Increased Value Insurance
11.7.4. Others
11.8. Basis Point Share (BPS) Analysis by Type
11.9. Y-o-Y Growth Projections by Type
11.10. Market Attractiveness/Growth Potential Analysis
11.10.1. By Country
11.10.2. By Product Type
11.10.3. By Application
11.10.4. By Sales Channel
11.11. Europe Marine Hull Insurance Demand Share, 2019-2026
12. Asia Pacific Marine Hull Insurance Market Analysis and Forecast
12.1. Introduction
12.1.1. Basis Point Share (BPS) Analysis by Country
12.1.2. Y-o-Y Growth Projections by Country
12.1.3. Asia Pacific Average Pricing Analysis
12.2. Asia Pacific Marine Hull Insurance Market Size and Volume Forecast by Country
12.2.1. China
12.2.2. Japan
12.2.3. South Korea
12.2.4. India
12.2.5. Australia
12.2.6. Rest of Asia Pacific (APAC)
12.3. Absolute $ Opportunity Assessment by Country
12.4. Asia Pacific Marine Hull Insurance Market Size and Volume Forecast by Application
12.4.1. Pleasure Boats
12.4.2. Yatchs
12.4.3. Bulk Carriers
12.4.4. Motor Tankers
12.4.5. Others
12.5. Basis Point Share (BPS) Analysis by Application
12.6. Y-o-Y Growth Projections by Application
12.7. Asia Pacific Marine Hull Insurance Market Size and Volume Forecast by Type
12.7.1. Marine Hull Third Party Liability Insurance-
12.7.2. Marine Hull & Machinery Insurance-
12.7.3. Marine Hull Increased Value Insurance
12.7.4. Others
12.8. Basis Point Share (BPS) Analysis by Type
12.9. Y-o-Y Growth Projections by Type
12.10. Market Attractiveness/Growth Potential Analysis
12.10.1. By Country
12.10.2. By Product Type
12.10.3. By Application
12.10.4. By Sales Channel
12.11. Asia Pacific Marine Hull Insurance Demand Share, 2019-2026
13. Middle East & Africa Marine Hull Insurance Market Analysis and Forecast
13.1. Introduction
13.1.1. Basis Point Share (BPS) Analysis by Country
13.1.2. Y-o-Y Growth Projections by Country
13.1.3. Asia Pacific Average Pricing Analysis
13.2. Middle East & Africa Marine Hull Insurance Market Size and Volume 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. Absolute $ Opportunity Assessment by Country
13.4. Middle East & Africa Marine Hull Insurance Market Size and Volume Forecast by Application
13.4.1. Pleasure Boats
13.4.2. Yatchs
13.4.3. Bulk Carriers
13.4.4. Motor Tankers
13.4.5. Others
13.5. Basis Point Share (BPS) Analysis by Application
13.6. Y-o-Y Growth Projections by Application
13.7. Middle East & Africa Marine Hull Insurance Market Size and Volume Forecast by Type
13.7.1. Marine Hull Third Party Liability Insurance-
13.7.2. Marine Hull & Machinery Insurance-
13.7.3. Marine Hull Increased Value Insurance
13.7.4. Others
13.8. Basis Point Share (BPS) Analysis by Type
13.9. Y-o-Y Growth Projections by Type
13.10. Market Attractiveness/Growth Potential Analysis
13.10.1. By Country
13.10.2. By Product Type
13.10.3. By Application
13.10.4. By Sales Channel
13.11. Middle East & Africa Marine Hull Insurance Demand Share, 2019-2026
14. Competition Landscape
14.1. Global Marine Hull Insurance Market: Market Share Analysis
14.2. Marine Hull Insurance Distributors and Customers
14.3. Marine Hull Insurance Market: Competitive Dashboard
14.4. Company Profiles (Details Overview, Financials, Developments, Strategy)
14.4.1. Allianz
14.4.1.1. Overview
14.4.1.2. Financials
14.4.1.3. Developments
14.4.1.4. Strategic Outlook
14.4.2. AXA
14.4.2.1. Overview
14.4.2.2. Financials
14.4.2.3. Developments
14.4.2.4. Strategic Outlook
14.4.3. Chubb
14.4.3.1. Overview
14.4.3.2. Financials
14.4.3.3. Developments
14.4.3.4. Strategic Outlook
14.4.4. Zurich Insurance
14.4.4.1. Overview
14.4.4.2. Financials
14.4.4.3. Developments
14.4.4.4. Strategic Outlook
14.4.5. Allied Insurance
14.4.5.1. Overview
14.4.5.2. Financials
14.4.5.3. Developments
14.4.5.4. Strategic Outlook
14.4.6. AIG
14.4.6.1. Overview
14.4.6.2. Financials
14.4.6.3. Developments
14.4.6.4. Strategic Outlook
14.4.7. PingAn
14.4.7.1. Overview
14.4.7.2. Financials
14.4.7.3. Developments
14.4.7.4. Strategic Outlook
14.4.8. CPIC
14.4.8.1. Overview
14.4.8.2. Financials
14.4.8.3. Developments
14.4.8.4. Strategic Outlook
14.4.9. COMPANY9
14.4.9.1. Overview
14.4.9.2. Financials
14.4.9.3. Developments
14.4.9.4. Strategic Outlook
14.4.10. COMPANY 10
14.4.10.1. Overview
14.4.10.2. Financials
14.4.10.3. Developments
14.4.10.4. Strategic Outlook
14.4.11. COMPANY 11
14.4.11.1. Overview
14.4.11.2. Financials
14.4.11.3. Developments
14.4.11.4. Strategic Outlook
14.4.12. COMPANY 12
14.4.12.1. Overview
14.4.12.2. Financials
14.4.12.3. Developments
14.4.12.4. Strategic Outlook
14.4.13. COMPANY 13
14.4.13.1. Overview
14.4.13.2. Financials
14.4.13.3. Developments
14.4.13.4. Strategic Outlook
14.4.14. COMPANY 14
14.4.14.1. Overview
14.4.14.2. Financials
14.4.14.3. Developments
14.4.14.4. Strategic Outlook
14.4.15. COMPANY 15
14.4.15.1. Overview
14.4.15.2. Financials
14.4.15.3. Developments
14.4.15.4. Strategic Outlook
14.4.16. COMPANY 16
14.4.16.1. Overview
14.4.16.2. Financials
14.4.16.3. Developments
14.4.16.4. Strategic Outlook
14.4.17. COMPANY 17
14.4.17.1. Overview
14.4.17.2. Financials
14.4.17.3. Developments
14.4.17.4. Strategic Outlook
14.4.18. COMPANY 18
14.4.18.1. Overview
14.4.18.2. Financials
14.4.18.3. Developments
14.4.18.4. Strategic Outlook
14.4.19. COMPANY 19
14.4.19.1. Overview
14.4.19.2. Financials
14.4.19.3. Developments
14.4.19.4. Strategic Outlook
14.4.20. COMPANY 20
14.4.20.1. Overview
14.4.20.2. Financials
14.4.20.3. Developments
14.4.20.4. Strategic Outlook
