Marine Insurance Market Report 2025 (Global Edition)

Global Marine Insurance Market Report 2025 Market Size Split by Type (Cargo Insurance , Hull & Machinery Insurance , Marine Liability Insurance , Offshore/Energy Insurance), by Application (Ship Ow...

Marine Insurance Market Report Description

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Top Companies in Marine Insurance Market

The competitive landscape of the Marine Insurance market provides an analysis of how key players interact and position themselves in the market. It covers market share distribution, competitive strategies like product differentiation, pricing, mergers, and partnerships. The analysis includes recent business developments such as new product launches, geographic expansions, and technological innovations. Financial metrics (revenue, gross margin, market share) for 2021-2024 offer insights into company performance, while SWOT analyses highlight strengths, weaknesses, opportunities, and threats. The report also examines how companies have adapted to challenges like COVID-19 through cost-cutting and digital transformation. (For company-specific financials, request sample pages or consult with our experts.)

Top Companies Market Share in Marine Insurance Industry: (In no particular order of Rank)

• Lloyd's (UK)
• Concirrus (UK)
• Marsh & McLennan Companies INC. (US)
• Swiss Re (Switzerland) 
• American International Group Inc. (US) 
• Beazley Group (UK)
• QBE Insurance Group Limited. (Australia) 
• RSA (UK)
• Allianz (Germany)
• American International Group Inc. (US) 
• Aon plc. (UK)
• Gallagher (US)
• Brown & Brown Inc. (US) 
• Lockton Companies. (US) 
• Chubb (Switzerland)
• Willis Towers Watson (UK)
• United India Insurance Co. Ltd. (India) 
• Tokio Marine Holdings Inc. (Japan)
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*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.

Regional Analysis of Marine Insurance 

Which Region Dominates the Marine Insurance  Market in 2024?

According to Cognitive Market Research, North America dominated the market in 2024 and accounted for around 40% of the global revenue. Increased maritime trade activities, particularly along the coasts of the United States and Canada, contribute to heightened demand for insurance coverage. Furthermore, regulatory compliance requirements, advancements in technology, and risk management also influence market dynamics, ensuring a competitive landscape with opportunities for innovation and expansion favorable to the growth of the marine insurance market.

Which Region is Expanding at the Fastest CAGR?

The Asia Pacific region is witnessing an increase in the sales of reagents. The surge in demand is attributed to heightened trade activities, including increased movement of goods between imports, exports, and distribution centers, alongside the expansion of international trade connections. Marine insurance offers various risk management solutions for logistics, commercial hulls, ports, cargo terminals, and supply chains, encompassing equipment, machinery, and property liabilities. As a result, the Asia-Pacific area is witnessing a growing demand for marine insurance, fostering a dynamic market landscape.

The current report Scope analyzes Marine Insurance Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America Marine Insurance Market

According to Cognitive Market Research, the global Marine Insurance market size was estimated at USD 25154.2 Million, out of which North America held the major market of more than 40% of the global revenue with a market size of USD 10061.68 million in 2024 and will grow at a compound annual growth rate (CAGR) of 1.7% from 2024 to 2031. In North America, Marine Insurance sales dominate, fuelled by robust maritime trade activities along its coasts. The region's major ports and shipping hubs drive substantial demand for insurance coverage. Regulatory frameworks and technological advancements further shape the market landscape, ensuring a dynamic and competitive environment and contributing to market dominance. The cargo insurance segment in North America is intricately tied to the expanding Marine Insurance market. With extensive trade activities across land and sea, particularly through major ports and shipping routes, the demand for cargo insurance remains robust. The region's technological innovations further influence the segment's dynamics, ensuring efficient risk management solutions for businesses involved in international trade.

• According to Cognitive Market Research, the US had a major share in the Marine Insurance market with a market size of USD 7938.67 million in 2024 and is projected to grow at a CAGR of 1.5% during the forecast period. The demand is amplified by the nation's extensive maritime trade routes and regulatory frameworks, which propel consistent growth. 
• The Canada Marine Insurance market had a market share of USD 1207.40 million in 2024 and is projected to grow at a CAGR of 2.5% during the forecast period. Canada's regulatory compliance and technological advancements contribute to increased usage of Marine Insurance.
• The Mexico Marine Insurance market is projected to witness growth at a CAGR of 2.2% during the forecast period, with a market size of USD 915.61 million in 2024.

 

Europe Marine Insurance Market

According to Cognitive Market Research, with a market value of USD 25154.2 million in 2024, it is projected to expand at a compound annual growth rate (CAGR) of 2.0% from 2024 to 2031. Europe accounted for a share of over 30% of the global market size of USD 7546.26 million. The European marine insurance market is prominent, offering comprehensive coverage for maritime risks, including vessels, cargo, and liabilities across diverse coastal regions and trade routes. The surge in hull & machinery segment growth across Europe is intimately linked to the burgeoning Marine Insurance market. With Europe's extensive coastline and bustling maritime trade, this segment plays a vital role in protecting the region's maritime assets. The segment's resilience and adaptability make it a cornerstone of the European marine insurance landscape.

• The United Kingdom Marine Insurance market had a market share of USD 1267.77 million in 2024 and is projected to grow at a CAGR of 2.8% during the forecast period. In the UK, Marine Insurance sales witness an upswing due to the nation's technological advancements driving competitiveness and innovation. 
• The France Marine Insurance market is projected to witness growth at a CAGR of 1.2% during the forecast period with a market size of USD 694.26 million in 2024.
• According to Cognitive Market Research, the Germany Marine Insurance market size was valued at USD 1494.16 million in 2024 and is projected to grow at a CAGR of 2.2% during the forecast period. In Germany, Marine Insurance sales surged due to the nation's strong maritime infrastructure and extensive trade connections. 
• The Italy Marine Insurance market is projected to witness growth at a CAGR of 1.4% during the forecast period with a market size of USD 648.98 million in 2024.
• The Russia Marine Insurance market is projected to witness growth at a CAGR of 1.0% during the forecast period with a market size of USD 1169.67 million in 2024.
• The Spain Marine Insurance market is projected to witness growth at a CAGR of 1.1% during the forecast period with a market size of USD 618.79 million in 2024.
• The Luxembourg Marine Insurance market is projected to witness growth at a CAGR of 2.1% during the forecast period with a market size of USD 233.93 million in 2024.
• The Portugal Marine Insurance market is projected to witness growth at a CAGR of 1.8% during the forecast period with a market size of USD 158.47 million in 2024.
• The Greece Marine Insurance market is projected to witness growth at a CAGR of 2.3% during the forecast period, with a market size of USD 90.56 million in 2024.
• Rest of Europe Marine Insurance market is projected to witness growth at a CAGR of 0.7% during the forecast period with a market size of USD 1169.67 million in 2024.

Asia Pacific Marine Insurance Market

According to Cognitive Market Research, the global Marine Insurance market size was estimated at USD 25154.2 Million, out of which Asia Pacific held the market of around 23% of the global revenue with a market size of USD 5785.47 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.5% from 2024 to 2031. The Asia Pacific region is experiencing growth in the sales of marine insurance. This growth can be attributed to the region's rapid economic growth and focus on advancements. The rising demand for Marine Insurance in the Asia Pacific finds a pivotal ally in the growing preference of ship owners as end users. Increasingly, with the region’s bustling maritime trade routes and growing fleet size, ship owners seek comprehensive insurance coverage for their vessels and operations, ensuring effective risk management solutions for APAC's leading maritime players.

• According to Cognitive Market Research, the China Marine Insurance market size was valued at USD 2603.46 million in 2024 and is projected to grow at a CAGR of 5.0% during the forecast period. Marine Insurance sales surged in China due to the nation's strategic position in global trade and shipping.
• The Japan Marine Insurance market is projected to witness growth at a CAGR of 4.0% during the forecast period with a market size of USD 798.39 million in 2024.
• The India Marine Insurance market had a market share of USD 694.26 million in 2024 and is projected to grow at a CAGR of 7.3% during the forecast period. The demand is augmented by India's increasing focus on major trade routes and a rapidly expanding maritime industry.
• The South Korea Marine Insurance market is projected to witness growth at a CAGR of 4.6% during the forecast period with a market size of USD 578.55 million in 2024.
• The Australia Marine Insurance market is projected to witness growth at a CAGR of 5.2% during the forecast period with a market size of USD 300.84 million in 2024.
• The South East Asia Marine Insurance market is projected to witness growth at a CAGR of 6.5% during the forecast period with a market size of USD 399.20 million in 2024.
• The Rest of the Asia Pacific Marine Insurance market is projected to witness growth at a CAGR of 5.3% during the forecast period, with a market size of USD 410.77 million in 2024.

South America Marine Insurance Market

According to Cognitive Market Research, the global Marine Insurance market size was estimated at USD 25154.2 Million, out of which the Latin America market has more than 5% of the global revenue with a market size of USD 1257.71 million in 2024 and will grow at a compound annual growth rate (CAGR) of 2.9% from 2024 to 2031. Marine Insurance sales in Latin America are experiencing growth due to the region's significant opportunities for insurers to provide coverage for vessels, cargo, and liabilities. It is a dynamic sector covering a vast geographic area with diverse maritime activities, including shipping, fishing, and offshore exploration. The upswing in traders across Latin America is closely tied to the expanding Marine Insurance market. Advancements in the market ensure tailored insurance solutions to mitigate risks associated with international trade. The segment’s resilience and adaptability make it vital to the region’s marine insurance market, supporting economic growth and global trade connections.

• According to Cognitive Market Research, the Brazil Marine Insurance market size was valued at USD 538.30 million in 2024 and is projected to grow at a CAGR of 3.5% during the forecast period. Marine Insurance sales flourish in Brazil due to the nation's demand for marine insurance products.
• The Argentina Marine Insurance market had a market share of USD 211.30 million in 2024 and is projected to grow at a CAGR of 3.8% during the forecast period. The demand is augmented by Argentina's technological advancements and regulatory compliances.
• The Colombia Marine Insurance market is projected to witness growth at a CAGR of 2.7% during the forecast period, with a market size of USD 111.94 million in 2024.
• The Peru Marine Insurance market is projected to witness growth at a CAGR of 3.1% during the forecast period with a market size of USD 103.13 million in 2024.
• The Chile Marine Insurance market is projected to witness growth at a CAGR of 3.2% during the forecast period, with a market size of USD 90.56 million in 2024.
• The Rest of Latin America Marine Insurance market is projected to witness growth at a CAGR of 2.0% during the forecast period with a market size of USD 202.49 million in 2024.

 

Middle East and Africa Marine Insurance Market

According to Cognitive Market Research, the global Marine Insurance market size was estimated at USD 25154.2 Million, out of which the Middle East and Africa held the major market of around 2% of the global revenue with a market size of USD 503.08 million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.2% from 2024 to 2031. MEA experiences an upswing in Marine Insurance sales driven by growing investments in maritime infrastructure and global trade expansion. The rise of wholesalers in the MEA region aligns with the flourishing Marine Insurance market. As trade expands, wholesalers are expected to experience sustained demand for marine insurance products. The wholesaler segment plays a vital role in facilitating MEA's trade connections and economic growth, contributing to the resilience and development of the marine insurance market.

• According to Cognitive Market Research, the GCC Countries Marine Insurance market size was valued at USD 215.32 million in 2024 and is projected to grow at a CAGR of 4.0% during the forecast period. Marine Insurance sales flourish in the GCC Countries due to the region's extensive maritime activities and growing trade connections.
• The Egypt Marine Insurance market is projected to witness growth at a CAGR of 3.5% during the forecast period with a market size of USD 52.82 million in 2024.
• The South Africa Marine Insurance market is projected to witness growth at a CAGR of 4.2% during the forecast period with a market size of USD 79.49 million in 2024. Marine Insurance sales flourish in South Africa due to the region's expertise and tailored insurance solutions to support the maritime industry.
• The Turkey Marine Insurance market is projected to witness growth at a CAGR of 2.7% during the forecast period with a market size of USD 43.27 million in 2024.
• The Nigeria Marine Insurance market is projected to witness growth at a CAGR of 2.3% during the forecast period, with a market size of USD 52.82 million in 2024.
• The Rest of MEA Marine Insurance market is projected to witness growth at a CAGR of 2.2% during the forecast period with a market size of USD 59.36 million in 2024.

Marine Insurance Market Analysis

Marine Insurance  Type Segment Analysis

According to Cognitive Market Research, cargo insurance held the major market share over the forecast period. This is attributed to the increasing global trade volumes and heightened awareness of cargo risks. The cargo insurance segment is expected to continue growing in the foreseeable future. Furthermore, technological advancements are improving risk assessment and underwriting processes, driving further growth, and making cargo insurance the stalwart category over the forecast period.

Hull and machinery is the fastest-growing category over the forecast period. This is driven by increasing maritime activities worldwide and a rising demand for vessel protection and risk management. Technological advancements in ship construction and maintenance also contribute to the segment's growth by enhancing safety and reducing operational risks. Further, the emergence of new shipping routes and trade corridors is fueling the demand for hull and machinery insurance coverage, marking it as a dynamic and expanding market segment.

• Cargo Insurance 
• Hull & Machinery Insurance 
• Marine Liability Insurance 
• Offshore/Energy Insurance

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Marine Insurance Industry. Request a Free Sample PDF!

Marine Insurance  End User Segment Analysis

According to Cognitive Market Research, ship owners hold a prominent market share. It is driven by increased global trade and demand for shipping services. Advancements in vessel technology and efficiency encourage ship owners to upgrade their fleets, contributing to this growth. Also, expanding maritime infrastructure and the development of new shipping routes are creating opportunities, regulatory changes, and environmental concerns are influencing investment for further expansion, marking it as the dominant segment.

Traders are the fastest-growing category over the forecast period. This growth is primarily propelled by the increasing globalization of trade and the expansion of supply chains. They play a crucial role in facilitating international commerce, benefiting from logistics and trade facilitation technology advancements. Further, the growing demand for diversified sourcing and market access is driving the expansion of trader activities. As a result, this segment is experiencing rapid growth in the dynamic global trade landscape.

• Ship Owners 
• Traders 
• Others

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Marine Insurance Distribution Channel Segment Analysis

According to Cognitive Market Research, wholesalers hold a prominent market share. The expansion of e-commerce platforms and digital marketplaces is providing new avenues for wholesalers to reach customers globally. As a result, just-in-time inventory management practices are rising, fueling demand for timely and reliable wholesale services. Further, advancements in logistics and supply chain management technologies are enhancing the efficiency and competitiveness of wholesalers within this segment.

Retail brokers are the fastest-growing category over the forecast period. This is due to increasing global trade activities and heightened awareness of maritime risks. The expanding complexity of maritime risks, including cyber threats and environmental concerns, further emphasizes the need for specialized insurance expertise provided by retail brokers. Further, technological innovations are enabling retail brokers to offer more efficient and tailored insurance solutions, attracting a broader clientele. Also, the regulatory changes and compliance requirements are driving businesses to seek expert guidance from retail brokers.

• Wholesalers 
• Retail Brokers 
• Others

Marine Insurance Policy/Plan Type Segment Analysis

• Multinational
• ??Open Marine Insurance
• Floating
• Voyage
• Port Risk
• Others

Marine Insurance Premium Type Segment Analysis

• ??Large Market
• Middle Market
• Small Market

Author's Detail

Swasti Dharmadhikari

Research associate at Cognitive Market Research

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Swasti Dharmadhikari, an agile and achievement-focused market researcher with an innate ardor for deciphering the intricacies of the Service & Software sector. Backed by a profound insight into technology trends and consumer dynamics, she has committed herself to meticulously navigating the ever-evolving terrain of digital Services and software solutions.

Author's Conclusion