The Freight Marine Lability Insurance Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Freight Marine Lability Insurance Global Market Report 2024, The freight marine liability insurance market size has grown strongly in recent years. It will grow from $31.51 billion in 2023 to $33.36 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The growth in the historic period can be attributed to performance optimization, player analytics, fan engagement, injury prevention, data-driven decision making.
The freight marine liability insurance market size is expected to see steady growth in the next few years. It will grow to $40.01 billion in 2028 at a compound annual growth rate (CAGR) of 4.6%. The growth in the forecast period can be attributed to advancements in computer vision, customized training programs, real-time decision support, expanding fan experiences, global sporting events. Major trends in the forecast period include integration with emerging technologies, technological advancements in wearables, sponsorship and revenue opportunities, injury prevention and rehabilitation, wearable technology integration.
The increasing frequency of natural disasters is expected to propel the growth of the freight marine liability insurance market going forward. Natural disasters are catastrophic and uncontrollable events resulting from biological processes on Earth, such as earthquakes, hurricanes, floods, or wildfires, causing widespread damage to life, property, and the environment. Freight marine liability insurance is used in the face of natural disasters to provide financial protection for shipping companies against potential losses and liabilities incurred during the transportation of goods by sea, compensating for damages to cargo, vessels, and third parties, thereby mitigating the adverse impacts of natural disasters on the maritime industry. For instance, in January 2024, the National Centers for Environmental Information (NCEI), a US-based government agency that manages one of the world's archives of atmospheric, coastal, geophysical, and oceanic data, In 2023, there were 28 weather and climate disasters, exceeding the previous record of 22 set in 2020. These events incurred a minimum cost of $92.9 billion. Therefore, the increasing frequency of natural disasters is driving the growth of the freight marine liability insurance market.
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The freight marine lability insurance market covered in this report is segmented –
1) By Policy Type: Time Policy, Voyage Policy, Floating Policy, Valued Policy, Others
2) By Insurance Coverage: Loss/Damage, Fire/Explosion, Natural Calamity, Others
3) By Premium Type: Large Market, Middle Market, Small Market
Major companies operating in the freight marine liability insurance market are focused on providing innovative insurance services, such as specialized marine general liability insurance coverage. Specialized marine general liability insurance offers comprehensive coverage for businesses involved in maritime trade. For instance, in December 2023, Axa XL, a US-based insurance company, launched specialized marine general liability insurance coverage tailored for marine artisans in the US. The new product seeks to protect maritime artisans, who work as contractors on boat construction, maintenance, and repair. Additionally, offerings include inland marine, ocean cargo, blue and brown water hulls, protection and indemnity, and excess and primary marine liabilities.
The freight marine lability insurance market report table of contents includes:
- Executive Summary
- Freight Marine Lability Insurance MarketCharacteristics
- Freight Marine Lability Insurance MarketTrends And Strategies
- Freight Marine Lability Insurance Market- Macro Economic Scenario
- Global Freight Marine Lability Insurance MarketSize and Growth
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- Global Freight Marine Lability Insurance MarketCompetitive Benchmarking
- Global Freight Marine Lability Insurance MarketCompetitive Dashboard
- Key Mergers And Acquisitions In Freight Marine Lability Insurance Market
- Freight Marine Lability Insurance MarketFuture Outlook and Potential Analysis
- Appendix
Top Major Players :
- Berkshire Hathaway Inc.
- Ping An Insurance
- Allianz SE
- Axa S.A.
- Assicurazioni Generali SpA
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The rise of Ocean freight has been a massive boost for exporters and importers globally.
This growth has been fueled by ocean freight shipping – almost 90 percent of global trade is driven via sea and ocean transport today.
Ocean freight today provides a safe and cost-effective way to transport all kinds of goods.
It is a mode of transporting goods through the sea.
It is amongst the most common transportation mode that shippers use worldwide.How does international sea freight work?There are several processes that Sea freight company follows, such as:Step 1 – There is an agreement between a Sea freight company and its client, presumably from different countries.
They decide to conduct a transaction under an agreed Incoterm, deciding how the ownership and risk transfer will occur.
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Marine Insurance Industry 2021The Marine Insurance Industry is Predicted to Reach US$ 33,471.5 Mn by 2022, Due to Rise in International Trade VolumeAbsolute Markets Insights issued new statistical data titled as Marine Insurance Industry.
The report gives a detailed description of factual records in addition to a penetrative insight into existing strategies along with future predictions about Insurance industries.
The report scrutinizes market scope by means of primary and secondary research techniques, used to provide effective data to make ensure erudite business decisions.Access Full Report Details and Order this Premium Report @ https://www.absolutemarketsinsights.com/reports/Marine-Insurance-Market-2018-2026-142Major Key Players:Some of the significant players functioning in the Marine Insurance Industry include Lockton Companies, Jardine Lloyd Thompson Group plc, HDFC ERGO General Insurance Company Limited, Gallagher, Marsh LLC, Lampe & Schwartze KG, Hannover Re, American International Group, Inc., Anderson Insurance Agency, ARIES MARINE INSURANCE BROKERS LTD, Atrium, Ascot, AXA Insurance Company, MS Insurance Group Holdings, Inc., Tokio Marine Holdings, Inc., United India Insurance Co. Ltd., Gard, Allianz Global Corporate & Specialty SE, Eidgenössische Technische Hochschule Zürich, Berkshire Hathaway Inc. (Berkshire Hathaway Specialty Insurance), Swiss Re, SOMPO Taiwan Brokers Co., Ltd, Beazley, Willis Towers Watson, AXA XL, Thomas Miller, Sirius International Insurance Corporation, Munich Re Group, Brown & Brown Insurance, Aon plc, The Chubb Corporation.As countries import & export of good is interlinked with economic growth, marine insurance plays a very crucial role in industrial growth.
Thus any transport of cargo or freight is always insured which will drive the market growth in the forecast period.
One of the main concern for this Marine Insurance Industry is the new technological advances that are used to moves goods via marine transport.
Insurers are facing a challenge in providing policies which can cover the various technological devices used in freight logistics.
