The report presents a comprehensive overview of industry trends, growth share and the competitive landscape in 200 pages.
“Hull and Machinery Insurance Market” report contains detailed information on factors influencing demand, growth, opportunities, challenges, and restraints. It provides detailed information about the structure and prospects for global and regional industries. In addition, the report includes data on research & development, new product launches, product responses from the global and local markets by leading players. The structured analysis offers a graphical representation and a diagrammatic breakdown of the Hull and Machinery Insurance Market by region.
Global Hull & Machinery Insurance Market is valued at approximately USD $$ billion in 2021 and is anticipated to grow with a healthy growth rate of more than $% over the forecast period 2023-2030.
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Hull & Machinery Insurance is a type of marine ocean insurance that provides protection against physical damage and loss of property for a vessel, including the hull, machinery, and equipment by the Peril of the Sea. Hull and Machinery insurance covers a wide range of vessels including ships, tankers, bulk carriers, dredgers, trawlers, fishing boats, pontoons, yachts, cruises and jetties and wharves. This type of insurance does not cover damage caused by wear and tear, or deterioration due to weathering, insects, and animals. The increasing global maritime trade and availability of comprehensive coverage & flexible plans as well as strategic initiatives from leading market players are key factors accelerating the market growth.
The rapid expansion of marine trade worldwide is contributing to the growth of the market over the forecast period. For instance, as per UNCTAD’s Global Trade Update February 2022 report – in fourth quarter of 2021, the global trade in goods increased by almost USD 200 billion to reach USD 5.8 trillion. Moreover, in the same period trade in services increased by USD 50 billion to reach about USD 1.6 trillion. Furthermore, as per UNCTAD’s Review of Maritime Transport Report 2021 – as of 2020, more than 80% of the volume of international trade in goods worldwide is carried by sea, and the percentage is even higher for most developing countries. Also, growing emergence of digital insurance distribution platforms and rising expansion of international trade in post covid era would create a lucrative growth prospectus for the market over the forecast period. However, premium cost & stringent claims procedure stifle market growth throughout the forecast period of 2022-2029.
The key regions considered for the Global Hull & Machinery Insurance Market study include Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America is the leading region in terms of market share owing to presence of leading market players and rising expansion of maritime trade in the region. Whereas Asia Pacific is expected to grow with the highest CAGR during the forecast period, owing to factors such as rising penetration of leading market players and growing emergence of online insurance distribution platforms in the region.
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Major market players included in this report are:
- Zurich insurance Group Ltd.
- Aviva India
- China Taiping Insurance Group Ltd
- Reliance Nippon Life Insurance Company Limited
- ING Group
- United India Insurance Co. Ltd
- China Pacific Insurance Co., Ltd.
- Ping An Insurance (Group) Company of China, Ltd
- Allied Insurance Company,
- Merriam-Webster
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.
The detailed segments and sub-segment of the market are explained below:
By Coverage
Shipyard Construction & Conversion Risks
Ship Repairer’s Liability
Marine Employers’ Liability
Marine Cyber Risks
Crew Personal Accident
Others
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By Application
Small Recreational Boats
On-Water Commercial Boats
Underwater Leisure Boats
Others
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
RoLA
Rest of the World
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Report Include:
- Market Behavior/ Level of Risk and Opportunity
- End Industry Behavior/ Opportunity Assessment
- Expected Industry Recovery Timeline
Key Market Features in Global Market:The report assessed key market features, including revenue, capacity, price, capacity utilization rate, production rate, gross, production, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. The study also offers a thorough analysis of the most important market factors and their most recent developments, as well as pertinent market segments and sub-segments.
In this report, the following important queries are addressed:
- What is the Global market’s sales value, production value, consumption value, import, and export (including North America, Europe, Asia-Pacific, South America, Middle East, and Africa)?
- Who are the major manufacturers in this sector on a global scale? How are their capacity, production, sales, pricing, cost, gross, and revenue operating?
- What are the vendors’ market prospects and risks in the international industry?
- Which product types, end users, or applications might be looking for additional growth prospects? What is each type’s and application’s market share?
- What specific strategies and limitations are keeping the market in check?
- What is the various marketing, sales, and distribution channels in the international market?
- What are the upstream raw materials, as well as the manufacturing machinery?
- What are the Market opportunities, market risk, and market overview of this industry?
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