Global Marine Reinsurance Market Growth (Status and Outlook) 2023-2029

Global Marine Reinsurance Market Growth (Status and Outlook) 2023-2029

Reinsurance, also known as insurance for insurers or stop-loss insurance, is the practice of insurers transferring portions of risk portfolios to other parties by some form of agreement to reduce the likelihood of paying a large obligation resulting from an insurance claim. The party that diversifies its insurance portfolio is known as the ceding party. The party that accepts a portion of the potential obligation in exchange for a share of the insurance premium is known as the reinsurer.

Reinsurance allows insurers to remain solvent by recovering some or all of amounts paid to claimants. Reinsurance reduces net liability on individual risks and catastrophe protection from large or multiple losses. It also provides ceding companies the capacity to increase their underwriting capabilities in terms of the number and size of risks.

By covering the insurer against accumulated individual commitments, reinsurance gives the insurer more security for its equity and solvency and more stable results when unusual and major events occur. Insurers may underwrite policies covering a larger quantity or volume of risks without excessively raising administrative costs to cover their solvency margins. In addition, reinsurance makes substantial liquid assets available for insurers in case of exceptional losses.

Marine insurance covers the loss or damage of ships, cargo, terminals, and any transport by which the property is transferred, acquired, or held between the points of origin and the final destination. Cargo insurance is the sub-branch of marine insurance, though Marine insurance also includes Onshore and Offshore exposed property, (container terminals, ports, oil platforms, pipelines), Hull, Marine Casualty, and Marine Liability.

LPI (LP Information)' newest research report, the “Marine Reinsurance Industry Forecast” looks at past sales and reviews total world Marine Reinsurance sales in 2022, providing a comprehensive analysis by region and market sector of projected Marine Reinsurance sales for 2023 through 2029. With Marine Reinsurance sales broken down by region, market sector and sub-sector, this report provides a detailed analysis in US$ millions of the world Marine Reinsurance industry.

This Insight Report provides a comprehensive analysis of the global Marine Reinsurance landscape and highlights key trends related to product segmentation, company formation, revenue, and market share, latest development, and M&A activity. This report also analyzes the strategies of leading global companies with a focus on Marine Reinsurance portfolios and capabilities, market entry strategies, market positions, and geographic footprints, to better understand these firms’ unique position in an accelerating global Marine Reinsurance market.

This Insight Report evaluates the key market trends, drivers, and affecting factors shaping the global outlook for Marine Reinsurance and breaks down the forecast by type, by application, geography, and market size to highlight emerging pockets of opportunity. With a transparent methodology based on hundreds of bottom-up qualitative and quantitative market inputs, this study forecast offers a highly nuanced view of the current state and future trajectory in the global Marine Reinsurance.

The global Marine Reinsurance market size is projected to grow from US$ million in 2022 to US$ million in 2029; it is expected to grow at a CAGR of % from 2023 to 2029.

United States market for Marine Reinsurance is estimated to increase from US$ million in 2022 to US$ million by 2029, at a CAGR of % from 2023 through 2029.

China market for Marine Reinsurance is estimated to increase from US$ million in 2022 to US$ million by 2029, at a CAGR of % from 2023 through 2029.

Europe market for Marine Reinsurance is estimated to increase from US$ million in 2022 to US$ million by 2029, at a CAGR of % from 2023 through 2029.

Global key Marine Reinsurance players cover Swiss Re, Munich Re, AXA XL, Hannover Re, Lloyd’s, Berkshire Hathaway, RGA, China RE and Korean Re, etc. In terms of revenue, the global two largest companies occupied for a share nearly % in 2022.

This report presents a comprehensive overview, market shares, and growth opportunities of Marine Reinsurance market by product type, application, key players and key regions and countries.

Market Segmentation:

Segmentation by type
Proportional Reinsurance
Non-proportional Reinsurance

Segmentation by application
Cargo
Hull and Machinery
Offshore Energy
Inland Marine
Marine War
Others

This report also splits the market by region:
Americas
United States
Canada
Mexico
Brazil
APAC
China
Japan
Korea
Southeast Asia
India
Australia
Europe
Germany
France
UK
Italy
Russia
Middle East & Africa
Egypt
South Africa
Israel
Turkey
GCC Countries

The below companies that are profiled have been selected based on inputs gathered from primary experts and analyzing the company's coverage, product portfolio, its market penetration.
Swiss Re
Munich Re
AXA XL
Hannover Re
Lloyd’s
Berkshire Hathaway
RGA
China RE
Korean Re
PartnerRe
GIC Re
Mapfre
Alleghany
Everest Re
Maiden Re
Fairfax
AXIS
Mitsui Sumitomo
Sompo
Tokio Marine

Please note: The report will take approximately 2 business days to prepare and deliver.