Marine insurance market projected to grow to USD 46.13 billion by 2032
From GlobeNewswire: 2025-07-01 10:00:00
The Marine Insurance Market is set to grow from USD 32.31 billion in 2024 to USD 46.13 billion by 2032, with a CAGR of 4.6%. Factors driving this growth include increased global maritime commerce, regulatory requirements, and the use of technologies like blockchain and IoT to enhance operational efficiencies and customer trust.
In the U.S., the Marine Insurance Market is expected to reach USD 11.42 billion by 2032, with a CAGR of 3.36%. Growth is attributed to expanding port operations, rising cargo volumes, customized insurance solutions, and the adoption of digital platforms for faster claims processing and risk assessment.
The transport/cargo segment leads the marine insurance market with a 35.44% revenue share in 2024, driven by increasing cargo risks, global trade, and the demand for seamless insurance coverage. Companies like Allianz Global and AXA XL offer bespoke policies with real-time trackers and digital claims to meet growing needs.
The direct sales segment is experiencing the fastest growth at a CAGR of 5.19%, fueled by digital adoption and the trend of self-service policy management. Insurers such as Zurich and Tokio Marine are expanding access to marine insurance through online platforms and mobile apps for a transparent pricing and quick service experience.
Shipping companies witness the fastest growth at a CAGR of 5.63%, driven by fleet expansion and stricter regulations. Insurers like Britannia P&I and Skuld provide digital services for risk assessment and policy management to meet the increasing operational risks and compliance requirements in the industry.
Floating policies dominate the marine insurance market with a 25.41% share, favored by businesses managing high-volume cargo shipments. Insurers like Chubb and RSA offer IoT functions for tracking multiple shipments, meeting the demand for flexible and high-tech marine insurance solutions in the backdrop of increasing global trade.
North America leads the marine insurance market with a 40.27% market share, driven by advanced maritime infrastructure and high international trade volume. Asia Pacific is the fastest-growing market with a 5.54% CAGR, supported by regional trade growth, port capacity expansion, and investments in fleet renewal and digital port management.
Read more at GlobeNewswire: Marine Insurance Market to Reach USD 46.13 Billion by 2032