The global marine insurance market is expected to grow at a compound annual growth rate of 2.57% between 2017 and 2021, according to the “Global Marine Insurance Market 2017-2021” report from Research and Markets.
The company noted that, among other factors, a rising number of marine insurance provider had created an intensely competitive marketplace that persisted in 2016 and into this year. In 2016 there are more than 100 major marine insurers in the global marine insurance market, with new entrants every year, the reseracher said.
The most notable consolidations were the global marine insurance XL Group acquiring Catlin Group to become XL Catlin in May 2015; ACE Group’s acquisition of Chubb in 2016, which is now operating under the Chubb name; the UK-based Amlin being acquired by Japanese Mitsui Sumitomo; and the US-based HCC’s acquisition by Tokio Marine Holding. “These deals strengthen marine insurers capabilities and global reach. Currently, the need driving market consolidation is enhanced product offerings at optimum costs”, Research and Markets said.
According to the report, an increase in economic developments in regions such as Asia and Latin America had driven the regional demand for various insurance products, while in developed economies the market had become more saturated. Emerging markets are expected to drive growth in the premium revenues. Premium growth in the emerging markets is estimated to increase steadily from more than 5% in 2016 to 5.5% in 2017 and 6.5% in 2018.
SOURCE: INSURANCE MARINE NEWS