Marine protection and indemnityinsurance is tailored to the specific needs of the marine industry. It covers virtually all maritime liability risks associated with vessel ownership and operation, including third-party risks for cargo damage while in transit, environmental risks such as oil spills and pollution, war& political risks. Furthermore, when it comes to protection & indemnity insurance, there is no standard underwriting form. Instead, underwriters will create protection & indemnity coverage for each insured based on the risk's nature and character as well as the amount of coverage desired. Moreover, a protection & indemnity club, which is essentially a mutual insurance association that provides risk pooling, information, representation, and risk mitigation, is frequently used to provide protection & indemnity insurance, by providing protection against personal injuries, death claims & illnesses from the crew, passengers & others. Therefore, the increase in demand for the protection & indemnity insurance in the marine industry is expected to boost the growth of the marine protection & indemnity insurance market in the coming years.
The Marine Protection and Indemnity Insurance market is segmented on the basis of Coverage, End User, and Region. Based on Coverage, the market is divided into Illness, Injuries or Loss of the Life; Medical Expenditure; Damage to Cargo; Damage to Other Vessels or Property; Repatriation; War & Other Political Risks and Oil Spill & Pollution Civil Liabilities. In terms of End-User, the market is categorized into Ship Owners, Ship-Operators, Charterers of Ships and Others. Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).
COVID-19 scenario analysis
Businesses have felt the economic consequences of the pandemic, despite the tragic human impact of COVID-19 and government restrictions on travel and commerce. COVID-19 has altered the risk landscape in the marine industry, raising concerns about shipowners' protection and indemnity (P&I) coverage and how it may be triggered.
Furthermore, COVID-19 caused severe trade imbalances, and ship-ownershave been increasingly confronted with port congestion, requiring containerized cargos to be offloaded short of their final destination port and stored for delivery at a later date. Although this is a common occurrence in the container trade, much longer delays are expected, making it more difficult to predict what will happen. So, there has been rise in need for protection & indemnity insurance, and this is driving the growth of the market during the forecast period.
Top impacting factors: market scenario analysis, trends, drivers, and impact analysi
Increased customization of marine protection & indemnity insurance policies and incorporation of technological tools to assess risks are driving the growth of the market. In addition, rise in awareness of different kinds of coverages included in the protection & indemnity insurance helps propel the growth of the market. However, there are certain losses or claims, which cannot be covered, such as certain kinds of liability claims made by employers or the claims made by crew members who have suffered some accidents in the ship, which are expected to limit the growth of the market.Contrarily, growingadoption of protection & indemnity insurance over the years is expected to fuel the growth of the market in the coming years.
The global marine protection & indemnity insurancemarket trends are as follows:
Differentiating measures when compared with marine insurance policies
There are no standard forms or terms and conditions associated with marine protection and indemnity insurance policies. The underwriters customize coverage for each insured based on the insured's personality, the nature of the risk, and the amount of insurance desired.Furthermore, as the marine protection and indemnity insurance policy is a contract associated with indemnity, the insurance provider will not be liable to pay unless the claim is paid by the insuredand it differs from standard marine insurance. Therefore, the assistance in addressing the needs in the marine industry is driving the growth of the marine protection and indemnity insurance market during the forecast period.
Incorporation of technological tools to assess risks
Commercial insurers & brokers can now better predict the third-party liability risks that their clients pose to their insurers, due to technological advancements.Storing and collecting claims data has resulted in the development of massive datasets on ship behavioral patterns, operations, and claims.From these datasets, algorithms can quickly process hundreds of thousands of factors & data points, identifying trends & predicting future loss values. Furthermore, the risk assessment can be more accurate if the data is more diverse and all-encompassing. The ability to predict future risks and loss prevention initiatives would be greatly improved by collecting and sharing historical claims and behavioral data.
Therefore, rise in the integration of technological advancements is expected to boost the growth of the marine protection & indemnity insurance market during the forecast period.
Key benefits of the report:
- This study presents analytical depiction of the global marine protection and indemnity insurance market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the market share.
- The current market is quantitatively analyzed to highlight the global marine protection and indemnity insurance market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed market analysis depending on the present and future competitive intensity of the market.
Questions answered in the marine protection and indemnity insurancemarket research report:
- Which are the leading players active in the global marine protection and indemnity insurancemarket?
- What would be the detailed impact of COVID-19 on the global marine protection and indemnity insurancemarket?
- What are current trends that would influence the market in the next few years?
- What are the driving factors, restraints, and opportunities of the global marine protection and indemnity insurance market?
- What are the projections for the future that would help in taking further strategic steps?
Marine Protection and Indemnity Insurance Market Report Highlights
| Aspects | Details |
 By Coverage |
|
 By End User |
|
 By Region |
|
 Key Market Players | Munich, Zurich, Tokio Marine Holdings, Ping An Insurance, Aon Plc, Allianz, AIA Group, Chubb, Berkshire Hathaway Inc, AXA |
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