How Big Is the Marine Insurance Market | Size, Share & Insights 2031

Q: What is the size of the marine insurance market?

The marine insurance market is expected to grow from USD 30 billion in 2024 to USD 43.53 Billion by 2031, at a CAGR of 5.60%.

Q: What factors are driving the marine insurance market?

Growth in seaborne trade, rising cyber and climate risks, stricter port regulations, and offshore expansion are key market drivers.

Q: What are the common types of marine insurance?

They include hull insurance, cargo insurance, liability insurance, and freight insurance covering damage, theft, delay, and third-party risks.

Q: Who are the major players in the marine insurance market?

Top companies include Allianz, AXA XL, AIG, Zurich, Tokio Marine, and Lloyd’s of London.

Q: How does 6W market outlook report help businesses in making decisions?

6W monitors the market across 60+ countries Globally, publishing an annual market outlook report that analyses trends, key drivers, Size, Volume, Revenue, opportunities, and market segments. This report offers comprehensive insights, helping businesses understand market dynamics and make informed decisions.

Q: Do you also provide customisation in the market study?

Yes, we provide customisation as per your requirements. To learn more, feel free to contact us on sales@6wresearch.com

Code: MTA7054

Publication Date: Aug 2025

How Big Is the Marine Insurance Market?

According to 6Wresearch internal database and industry insights, the Global Marine Insurance Market was valued at USD 30 Billion in 2024 and is expected to reach USD 43.53 Billion by 2031, growing at a compound annual growth rate of 5.60% during the forecast period (2025-2031).

An increase in cargo volumes, cyber risks, and enforced global shipping regulations has led to more stakeholders making substantial investments in durable insurance solutions. Marine insurance generally refers to insurance coverage for cargo, vessels, ports and associated liabilities, it offers protection against damage, theft, piracy, collisions and natural disasters.

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Growth Factors of the Marine Insurance Market

Rising international maritime trade volumes
Increase in piracy, cargo theft, and natural disasters
Regulatory compliance for cargo and ship insurance
Expansion of offshore energy and shipping operations
Greater complexity in supply chains and transit risks
Digitalization and automation in underwriting and claims

Marine Insurance Market Trends

The Marine Insurance Market is trending overwhelmingly toward digital transformation and risk intelligence. Insurers are beginning to use blockchain as a smart contract mechanism to verify and settle claims nearly instantly and to diminish fraud.

The spotlight on Cyber insurance had brightened due to mounting vessel system hacking and threats to digital infrastructure. Meanwhile, AI-enhanced underwriting is redefining risk modeling, loss forecasting, and quick quote issuance. Moreover, numerous marine insurers are offering risk-adjusted premiums based on data related to route history, the nature of the cargo, and port activity analysis.

Emerging Developments in the Marine Insurance Market

The Marine Insurance Market is looking into parametric insurance models in which an automatic payout will occur, based on certain pre-defined conditions such as wave height, temperature or port delays. There is great potential for these models in the marine insurance industry to eliminate delays in settlements and improve liquidity for shipping companies.

Another development is the work on marine insurance products based on ESG, which will provide a premium incentive to shipping companies that use cleaner fuels or technologies to control emissions. The use of IoT sensors in monitoring the cargo to inform insurers immediately about damages or temperature alterations is also seen as the start of adding dynamic responsiveness to "Coverage Models".