LONDON–(BUSINESS WIRE)–The global marine insurance market has the potential to grow by USD 8.42 billion during 2020-2024, according to the latest market research report by Technavio. The report highlights key products offered by the top five vendors and their contribution to the overall growth of the market. Download a Free Sample Report Instantly for a More Detailed Analysis
The use of multiple distribution channels will be crucial in driving the growth of the global marine insurance market during the forecast period. Technological advances in the marine industry, such as digitization and analytics, have increased the number of online portals that improve customer experience. For example, countries such as Singapore encourage insurance business models that promote direct underwriting via online platforms. Also, the use of multiple distribution channels is helping suppliers reach a broader audience, especially in emerging markets. This leads to reduced costs, low risks, and helps vendors craft a better customer experience.
“The increase in the use of IoT has been a prominent factor in boosting the market growth. Also, an increase in premium contribution from the emerging markets will positively impact the market as well as the marine industry in the forthcoming years,” says an analyst at Technavio.
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Marine Insurance Market: Competitive Vendor Landscape
The market is fragmented due to the presence of many players. Allianz Group, American International Group Inc., Aon Plc, Arthur J. Gallagher & Co., and AXA Group are some of the major market participants. To help clients improve their market position, this marine insurance market report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies. The report also covers details on the market’s competitive landscape and offers information on the products offered by various companies.
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Top Five Vendors in the Global Marine Insurance Market:
Allianz Group operates its business through segments such as Property-Casualty, Life or Health, Asset Management, and Corporate and Other. The company offers marine and shipping insurance for all types of marine risk, from single vessels and shipments to the most complex fleets and multinational logistics businesses.
American International Group Inc.
American International Group Inc. operates its business through segments such as General Insurance, Life and Retirement, Other Operations, and Legacy Portfolio. The company provides marine insurance for goods in transit from warehouse to warehouse anywhere in the world.
Aon Plc operates its business through segments such as Commercial Risk Solutions, Reinsurance Solutions, Retirement Solutions, Health Solutions, and Data and Analytic Services. The company provides marine insurance which insure transport and storage risks in comfort, keep an administrative overview, and produce certificates and policies online.
Arthur J. Gallagher & Co.
Arthur J. Gallagher & Co. operates its business through segments such as Brokerage and Risk Management. The company offers specialized expertise, foresight, and knowledge of the current risks and future opportunities in the marine industry to manage your risk and develop alternative financing.
AXA Group operates its business through segments such as France, Europe, Asia, AXA XL, US, International, and Transversal and Central Holdings. The company offers insurance against loss or damage to goods while being transported by rail, road, air, and sea.
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