Marine Reinsurance Market Report 2025 (Global Edition)

Global Marine Reinsurance Market Report 2025 Market Size Split by Type Outlook: (Proportional Reinsurance, Non-proportional Reinsurance), by Application Outlook: (Cargo, Hull & Machinery, Offshore Ene...

Marine Reinsurance Market Report Description

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Marine Reinsurance Market Insights Video

Competitive Landscape of the Marine Reinsurance Market

The competitive landscape of the marine reinsurance market is characterized by a mix of large global reinsurers, regional players, and specialized providers, each striving for market share. Leading reinsurers often focus on offering comprehensive solutions to cover a wide range of marine risks, including cargo, hull, and liability insurance, as well as new and emerging risks such as cyber threats and environmental liabilities. Moreover, reinsurers are actively leveraging digital technologies, such as data analytics and blockchain, to enhance underwriting processes, streamline claims management, and offer more tailored products.

In November 2022, Ambac Financial Group, Inc., a U.S.-based insurance firm, purchased All Trans Risk Solutions and Capacity Marine Corporation for an unknown sum. The acquisition provides Capacity Marine with the necessary foundation to continue addressing insurance and reinsurance concerns. All Trans Risk Solutions is a transportation insurance company established in the United States, and Capacity Marine Corporation is a wholesale/retail brokerage and reinsurance intermediary that specializes in marine and international risk. (Source: https://www.businesswire.com/news/home/20221108005451/en/Ambac-Acquires-Specialty-Insurance-MGU-All-Trans-Risk-Solutions-LLC-and-Wholesale-Broker-Capacity-Marine-Corporation) In January 2021, B3i, a Zurich-based insurance blockchain company, partnered with Eurapco to establish Eurapco Unity. Eurapco Unity is a blockchain-based system that allows insurance companies to share one-time maritime insurance risks. It additionally enables enterprises to share development costs and infrastructure. Eurapco is a European partnership consisting mostly of mutual insurance companies. (Source: https://www.mapfre.com/en/communicate/innovation-communicate/eurapco-b3i-launch-unity-global-risk-transfer/)

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

• Munich Re (Germany)
• Swiss Re (Switzerland)
• Hannover Re (Germany)
• SCOR SE (France)
• Lloyd's of London (U.K.)
• Berkshire Hathaway Reinsurance Group (U.S.)
• China Reinsurance Corporation (China)
• Tokio Marine & Nichido Fire Insurance Co. (Japan)
• Allianz Re (Germany)
• AXA XL Reinsurance (France)
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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!

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Regional Analysis of the Marine Reinsurance Market

Which Region Dominates the Marine Reinsurance Market in 2024?

According to Cognitive Market Research, North America currently dominates the marine reinsurance market due to its robust and highly developed insurance and reinsurance sectors, particularly in the United States. The U.S. is home to some of the largest and most influential reinsurance companies, which offer comprehensive coverage for a wide range of marine risks, including shipping, cargo, offshore energy, and maritime liability. The region also benefits from its vast maritime trade network, with major ports on both coasts, propelling the market demand for marine insurance and reinsurance.

Which Region is Expanding at the Fastest CAGR?

Asia Pacific stands out as the fastest-growing region in the global marine reinsurance market due to the rapid expansion of trade, shipping, and offshore energy sectors in countries like China, Japan, and India. The growing regional maritime sector, owing to booming international trade and increasing infrastructure development, has led to a higher demand for marine insurance and reinsurance. Besides, the rise of offshore oil & gas exploration, along with renewable energy projects such as offshore wind farms, further fuels the market need for specialized reinsurance products.

The current report Scope analyzes Marine Reinsurance 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 Reinsurance

According to Cognitive Market Research, the global marine reinsurance market size was estimated at USD 30561.5 Million, out of which North America held the major market share of more than 40% of the global revenue with a market size of USD 12224.6 million in 2024 and will grow at a compound annual growth rate (CAGR) of 2.7% from 2024 to 2031.

• According to Cognitive Market Research, the U.S. had a major share in the marine reinsurance market with a market size of USD 9645.2 million in 2024 and is projected to grow at a CAGR of 2.5% during the forecast period. The U.S. market for marine reinsurance is driven by its status as a major global trade hub and leader in maritime logistics, necessitating comprehensive risk management solutions.
• The Canada marine reinsurance market had a market share of USD 1467 million in 2024 and is projected to grow at a CAGR of 3.5% over the forecast period. In Canada, the growth of the marine reinsurance market is primarily fueled by significant shipping activities, particularly in the Arctic and trans-Pacific routes.
• The Mexico marine reinsurance market is projected to witness growth at a CAGR of 3.2% in the forecast period, with a market size of USD 1112.4 million in 2024.

Europe Marine Reinsurance

According to Cognitive Market Research, the global marine reinsurance market size was estimated at USD 30561.5 Million, out of which Europe held the market share of more than 30% of the global revenue with a market size of USD 9168.5 million in 2024 and will grow at a compound annual growth rate (CAGR) of 3% from 2024 to 2031.

• The United Kingdom marine reinsurance market had a market share of USD 1540.3 million in 2024 and is projected to grow at a CAGR of 3.8% during the forecast period. The marine reinsurance market in the U.K. is largely influenced by its long-established maritime history and its status as a leading global shipping and insurance center.
• The France marine reinsurance market is projected to witness growth at a CAGR of 2.2% during the forecast period, with a market size of USD 843.5 million in 2024.
• According to Cognitive Market Research, the German marine reinsurance market size was valued at USD 1815.4 million in 2024 and is projected to grow at a CAGR of 3.2% over the forecast period. The Increased focus on renewable energy, including offshore wind farms, has also contributed to a growing need for reinsurance products tailored to the offshore energy sector, diversifying the German market's scope.
• The Italy marine reinsurance market is projected to witness growth at a CAGR of 2.4% within the forecast period, with a market size of USD 788.5 million in 2024.
• The Russia marine reinsurance market is projected to witness growth at a CAGR of 2% during the forecast period, with a market size of USD 1421.1 million in 2024.
• The Spain marine reinsurance market is projected to witness growth at a CAGR of 2.1% during the forecast period, with a market size of USD 751.8 million in 2024.
• The Luxembourg marine reinsurance market is projected to witness growth at a CAGR of 3.1% during the forecast period, with a market size of USD 284.2 million in 2024.
• The Portugal marine reinsurance market is projected to witness growth at a CAGR of 2.8% during the forecast period, with a market size of USD 192.5 million in 2024.
• The Greece marine reinsurance market is projected to witness growth at a CAGR of 3.3% during the forecast period, with a market size of USD 110 million in 2024.
• The Rest of the European marine reinsurance market is projected to witness growth at a CAGR of 1.7% in the forecast period, with a market size of USD 1421.1 million in 2024.

Asia Pacific Marine Reinsurance

According to Cognitive Market Research, the global marine reinsurance market size was estimated at USD 30561.5 Million, out of which Asia Pacific held the market share of around 23% of the global revenue with a market size of USD 7029.1 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.5% from 2024 to 2031.

• According to Cognitive Market Research, the China marine reinsurance market size was valued at USD 3163.1 million in 2024 and is projected to grow at a CAGR of 6% over the forecast period. China, as the world's largest exporter and a key country in the global shipping industry, sees leading growth in marine reinsurance demand due to its vast trade volume.
• The Japan marine reinsurance market is projected to witness growth at a CAGR of 5% during the forecast period, with a market size of USD 970 million in 2024.
• The India marine reinsurance market had a market share of USD 843.5 million in 2024 and is projected to grow at a CAGR of 8.3% over the forecast period. In India, the marine reinsurance market benefits from the rapid growth of the maritime sector, including both domestic and international shipping lanes.
• The South Korean marine reinsurance market is projected to witness growth at a CAGR of 5.6% during the forecast period, with a market size of USD 702.9 million in 2024.
• The Australian marine reinsurance market is projected to witness growth at a CAGR of 6.2% during the forecast period, with a market size of USD 365.5 million in 2024.
• The South East Asia marine reinsurance market is projected to witness growth at a CAGR of 7.5% during the forecast period, with a market size of USD 485 million in 2024.
• The Rest of Asia Pacific marine reinsurance market is projected to witness growth at a CAGR of 6.3% during the forecast period, with a market size of USD 499.1 million in 2024.

South America Marine Reinsurance

According to Cognitive Market Research, the global marine reinsurance market size was estimated at USD 30561.5 Million, out of which Latin America held the market share of around 5% of the global revenue with a market size of USD 1528.1 million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.9% from 2024 to 2031.

• According to Cognitive Market Research, the Brazil marine reinsurance market size was valued at USD 654 million in 2024 and is projected to grow at a CAGR of 4.5% over the forecast period. The growing importance of Brazil in South American trade and shipping routes boosts the need for specialized marine reinsurance products that cover transportation and cargo risks across vast distances.
• Argentina marine reinsurance market had a market share of USD 256.7 million in 2024 and is projected to grow at a CAGR of 4.8% in the forecast period. In Argentina, the growth of the marine reinsurance market is mainly driven by its agricultural exports, especially grain and soybeans, which rely heavily on maritime transport.
• Colombia marine reinsurance market is projected to witness growth at a CAGR of 3.7% over the forecast period, with a market size of USD 136 million in 2024.
• Peru marine reinsurance market is projected to witness growth at a CAGR of 4.1% during the forecast period, with a market size of USD 125.3 million in 2024.
• Chile marine reinsurance market is projected to witness growth at a CAGR of 4.2% in the forecast period, with a market size of USD 110 million in 2024.
• The Rest of the Latin American marine reinsurance market is projected to witness growth at a CAGR of 3% over the forecast period, with a market size of USD 246 million in 2024.

Middle East Marine Reinsurance

According to Cognitive Market Research, the global marine reinsurance market size was estimated at USD 30561.5 Million, out of which the Middle East & Africa held the major market share of around 2% of the global revenue with a market size of USD 611.2 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.2% from 2024 to 2031.

• The GCC Countries marine reinsurance market is projected to witness growth at a CAGR of 5% over the forecast period, with a market size of USD 261.6 million in 2024. The rapid development of ports and offshore oil & gas infrastructure, particularly in the Arabian Gulf, has increased the need for specialized reinsurance products covering marine and energy risks.
• The Egypt marine reinsurance market is projected to witness growth at a CAGR of 4.5% during the forecast period, with a market size of USD 64.2 million in 2024.
• The South Africa marine reinsurance market is projected to witness growth at a CAGR of 5.2% in the forecast period, with a market size of USD 96.6 million in 2024. The marine reinsurance market growth in South Africa is primarily influenced by its strategic position as a key gateway for trade between Europe, Asia, and Africa, particularly through the port of Cape Town.
• The Turkey marine reinsurance market is projected to witness growth at a CAGR of 3.7% during the forecast period, with a market size of USD 52.6 million in 2024.
• The Nigeria marine reinsurance market is projected to witness growth at a CAGR of 3.3% during the forecast period, with a market size of USD 64.2 million in 2024.
• The Rest of the MEA marine reinsurance market is projected to witness growth at a CAGR of 3.2% during the forecast period, with a market size of USD 72.1 million in 2024.

Marine Reinsurance Market Analysis

How are Segments Performing in the Global Marine Reinsurance Market?

Marine Reinsurance Market Type Segment Analysis

According to Cognitive Market Research, proportional reinsurance is the dominant category in the global marine reinsurance market due to its traditional structure and widespread use. In this type of reinsurance, the primary insurer and the reinsurer share the premiums and losses based on a fixed percentage. This model is straightforward, with both parties taking on a proportional share of the risk. Proportional reinsurance is highly favored in the marine industry as it provides insurers with more predictable risk management, especially for standard marine policies like cargo and hull insurance. The simplicity and transparency of this structure make it the preferred choice for insurers seeking to manage their exposure to marine risks.

Non-proportional reinsurance is the fastest-growing segment in the marine reinsurance market due to its ability to address larger and more unpredictable risks. In this model, the reinsurer only becomes liable for claims that exceed a certain threshold, known as the attachment point. This type of reinsurance is increasingly popular in the marine sector as it provides primary insurers with higher protection against catastrophic events, such as large-scale natural disasters or significant accidents. With the rising frequency of extreme weather events, such as hurricanes and typhoons, and the growing size of marine vessels and infrastructure, non-proportional reinsurance allows insurers to limit their exposure to large, unexpected losses.

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 Reinsurance Industry. Request a Free Sample PDF!

Marine Reinsurance Market Application Segment Analysis

According to Cognitive Market Research, the cargo segment is the leading application category in the marine reinsurance market, as it plays a central role in protecting the vast volumes of goods transported across the globe. Cargo insurance and reinsurance cover a wide range of risks associated with the transportation of goods, including damage, theft, or loss during transit, whether by sea, air, or land. The cargo segment also benefits from recent advancements in risk assessment and tracking technologies, which allow for more precise underwriting and enhanced coverage options.

The offshore energy segment is a rapidly developing category within the marine reinsurance market, mainly attributed to the growth of offshore oil, gas, and renewable energy projects, such as offshore wind farms. These operations involve complex and high-risk activities, requiring specialized insurance and reinsurance solutions. Offshore energy risks include potential damage to platforms, equipment failure, environmental liabilities, and accidents.

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

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Sumedha Gosavi

Research Associate at Cognitive Market Research

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