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Global Hull & Machinery Insurance Market Size study & Forecast, by Coverage (Shipyard Construction & Conversion Risks, Ship Repairer’s Liability, Marine Employers' Liability, Marine Cyber Risks, Crew Personal Accident, and Others), by Application (Small Recreational Boats, On-Water Commercial Boats, Underwater Leisure Boats, and Others) and Regional Analysis, 2022-2029

January 2023 | 200 pages | ID: GF8A0CDF343AEN
Bizwit Research & Consulting LLP

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Global Hull & Machinery Insurance Market is valued at approximately USD XX billion in 2021 and is anticipated to grow with a healthy growth rate of more than XX% over the forecast period 2022-2029. 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.

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

Recent Developments in the Market:
In November 2020, Arch Insurance (UK) Limited launched a new UK regional marine hull & machinery product for small and medium-sized commercial vessels. This new insurance solution is intended for vessel fleets and single vessels operating throughout inland and coastal waters of the UK and Western Europe.

Global Hull & Machinery Insurance Market Report Scope:
Historical Data 2019-2020-2021
Base Year for Estimation 2021
Forecast period 2022-2029
Report Coverage Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered Coverage, Application, Region
Regional Scope North America; Europe; Asia Pacific; Latin America; Rest of the World
Customization Scope Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*

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

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
CHAPTER 1. EXECUTIVE SUMMARY

1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2019-2029 (USD Billion)
  1.2.1. Hull & Machinery Insurance Market, by Region, 2019-2029 (USD Billion)
  1.2.2. Hull & Machinery Insurance Market, by Coverage, 2019-2029 (USD Billion)
  1.2.3. Hull & Machinery Insurance Market, by Application, 2019-2029 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption

CHAPTER 2. GLOBAL HULL & MACHINERY INSURANCE MARKET DEFINITION AND SCOPE

2.1. Objective of the Study
2.2. Market Definition & Scope
  2.2.1. Scope of the Study
  2.2.2. Industry Evolution
2.3. Years Considered for the Study
2.4. Currency Conversion Rates

CHAPTER 3. GLOBAL HULL & MACHINERY INSURANCE MARKET DYNAMICS

3.1. Hull & Machinery Insurance Market Impact Analysis (2019-2029)
  3.1.1. Market Drivers
    3.1.1.1. Increasing global maritime trade
    3.1.1.2. Availability of Comprehensive coverage & flexible plans
    3.1.1.3. Strategic initiatives from leading market players
  3.1.2. Market Challenges
    3.1.2.1. High premium cost & stringent claims procedure
  3.1.3. Market Opportunities
    3.1.3.1. Growing emergence of digital insurance distribution platforms
    3.1.3.2. Rising expansion of international trade in post covid era

CHAPTER 4. GLOBAL HULL & MACHINERY INSURANCE MARKET INDUSTRY ANALYSIS

4.1. Porter’s 5 Force Model
  4.1.1. Bargaining Power of Suppliers
  4.1.2. Bargaining Power of Buyers
  4.1.3. Threat of New Entrants
  4.1.4. Threat of Substitutes
  4.1.5. Competitive Rivalry
4.2. Futuristic Approach to Porter’s 5 Force Model (2019-2029)
4.3. PEST Analysis
  4.3.1. Political
  4.3.2. Economical
  4.3.3. Social
  4.3.4. Technological
4.4. Investment Adoption Model
4.5. Analyst Recommendation & Conclusion
4.6. Top investment opportunity
4.7. Top winning strategies

CHAPTER 5. RISK ASSESSMENT: COVID-19 IMPACT

5.1. Assessment of the overall impact of COVID-19 on the industry
5.2. Pre COVID-19 and post COVID-19 Market scenario

CHAPTER 6. GLOBAL HULL & MACHINERY INSURANCE MARKET, BY COVERAGE

6.1. Market Snapshot
6.2. Global Hull & Machinery Insurance Market by Coverage, Performance - Potential Analysis
6.3. Global Hull & Machinery Insurance Market Estimates & Forecasts by Coverage 2019-2029 (USD Billion)
6.4. Hull & Machinery Insurance Market, Sub Segment Analysis
  6.4.1. Shipyard Construction & Conversion Risks
  6.4.2. Ship Repairer’s Liability
  6.4.3. Marine Employers' Liability
  6.4.4. Marine Cyber Risks
  6.4.5. Crew Personal Accident
  6.4.6. Others

CHAPTER 7. GLOBAL HULL & MACHINERY INSURANCE MARKET, BY APPLICATION

7.1. Market Snapshot
7.2. Global Hull & Machinery Insurance Market by Application, Performance - Potential Analysis
7.3. Global Hull & Machinery Insurance Market Estimates & Forecasts by Application 2019-2029 (USD Billion)
7.4. Hull & Machinery Insurance Market, Sub Segment Analysis
  7.4.1. Small Recreational Boats
  7.4.2. On-Water Commercial Boats
  7.4.3. Underwater Leisure Boats
  7.4.4. Others

CHAPTER 8. GLOBAL HULL & MACHINERY INSURANCE MARKET, REGIONAL ANALYSIS

8.1. Hull & Machinery Insurance Market, Regional Market Snapshot
8.2. North America Hull & Machinery Insurance Market
  8.2.1. U.S. Hull & Machinery Insurance Market
    8.2.1.1. Coverage breakdown estimates & forecasts, 2019-2029
    8.2.1.2. Application breakdown estimates & forecasts, 2019-2029
  8.2.2. Canada Hull & Machinery Insurance Market
8.3. Europe Hull & Machinery Insurance Market Snapshot
  8.3.1. U.K. Hull & Machinery Insurance Market
  8.3.2. Germany Hull & Machinery Insurance Market
  8.3.3. France Hull & Machinery Insurance Market
  8.3.4. Spain Hull & Machinery Insurance Market
  8.3.5. Italy Hull & Machinery Insurance Market
  8.3.6. Rest of Europe Hull & Machinery Insurance Market
8.4. Asia-Pacific Hull & Machinery Insurance Market Snapshot
  8.4.1. China Hull & Machinery Insurance Market
  8.4.2. India Hull & Machinery Insurance Market
  8.4.3. Japan Hull & Machinery Insurance Market
  8.4.4. Australia Hull & Machinery Insurance Market
  8.4.5. South Korea Hull & Machinery Insurance Market
  8.4.6. Rest of Asia Pacific Hull & Machinery Insurance Market
8.5. Latin America Hull & Machinery Insurance Market Snapshot
  8.5.1. Brazil Hull & Machinery Insurance Market
  8.5.2. Mexico Hull & Machinery Insurance Market
  8.5.3. Rest of Latin America Hull & Machinery Insurance Market
8.6. Rest of The World Hull & Machinery Insurance Market

CHAPTER 9. COMPETITIVE INTELLIGENCE

9.1. Top Market Strategies
9.2. Company Profiles
  9.2.1. Zurich Insurance Group Ltd
    9.2.1.1. Key Information
    9.2.1.2. Overview
    9.2.1.3. Financial (Subject to Data Availability)
    9.2.1.4. Product Summary
    9.2.1.5. Recent Developments
  9.2.2. Aviva India
  9.2.3. China Taiping Insurance Group Ltd
  9.2.4. Reliance Nippon Life Insurance Company Limited
  9.2.5. ING Group
  9.2.6. United India Insurance Co. Ltd
  9.2.7. China Pacific Insurance Company
  9.2.8. Ping An Insurance (Group) Company of China, Ltd
  9.2.9. Allied Insurance Company
  9.2.10. Merriam-Webster

CHAPTER 10. RESEARCH PROCESS

10.1. Research Process
  10.1.1. Data Mining
  10.1.2. Analysis
  10.1.3. Market Estimation
  10.1.4. Validation
  10.1.5. Publishing
10.2. Research Attributes
10.3. Research Assumption
LIST OF TABLES

TABLE 1. Global Hull & Machinery Insurance Market, report scope
TABLE 2. Global Hull & Machinery Insurance Market estimates & forecasts by Region 2019-2029 (USD Billion)
TABLE 3. Global Hull & Machinery Insurance Market estimates & forecasts by Coverage 2019-2029 (USD Billion)
TABLE 4. Global Hull & Machinery Insurance Market estimates & forecasts by Application 2019-2029 (USD Billion)
TABLE 5. Global Hull & Machinery Insurance Market by segment, estimates & forecasts, 2019-2029 (USD Billion)
TABLE 6. Global Hull & Machinery Insurance Market by region, estimates & forecasts, 2019-2029 (USD Billion)
TABLE 7. Global Hull & Machinery Insurance Market by segment, estimates & forecasts, 2019-2029 (USD Billion)
TABLE 8. Global Hull & Machinery Insurance Market by region, estimates & forecasts, 2019-2029 (USD Billion)
TABLE 9. Global Hull & Machinery Insurance Market by segment, estimates & forecasts, 2019-2029 (USD Billion)
TABLE 10. Global Hull & Machinery Insurance Market by region, estimates & forecasts, 2019-2029 (USD Billion)
TABLE 11. Global Hull & Machinery Insurance Market by segment, estimates & forecasts, 2019-2029 (USD Billion)
TABLE 12. Global Hull & Machinery Insurance Market by region, estimates & forecasts, 2019-2029 (USD Billion)
TABLE 13. Global Hull & Machinery Insurance Market by segment, estimates & forecasts, 2019-2029 (USD Billion)
TABLE 14. Global Hull & Machinery Insurance Market by region, estimates & forecasts, 2019-2029 (USD Billion)
TABLE 15. U.S. Hull & Machinery Insurance Market estimates & forecasts, 2019-2029 (USD Billion)
TABLE 16. U.S. Hull & Machinery Insurance Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 17. U.S. Hull & Machinery Insurance Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 18. Canada Hull & Machinery Insurance Market estimates & forecasts, 2019-2029 (USD Billion)
TABLE 19. Canada Hull & Machinery Insurance Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 20. Canada Hull & Machinery Insurance Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 21. UK Hull & Machinery Insurance Market estimates & forecasts, 2019-2029 (USD Billion)
TABLE 22. UK Hull & Machinery Insurance Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 23. UK Hull & Machinery Insurance Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 24. Germany Hull & Machinery Insurance Market estimates & forecasts, 2019-2029 (USD Billion)
TABLE 25. Germany Hull & Machinery Insurance Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 26. Germany Hull & Machinery Insurance Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 27. France Hull & Machinery Insurance Market estimates & forecasts, 2019-2029 (USD Billion)
TABLE 28. France Hull & Machinery Insurance Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 29. France Hull & Machinery Insurance Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 30. Italy Hull & Machinery Insurance Market estimates & forecasts, 2019-2029 (USD Billion)
TABLE 31. Italy Hull & Machinery Insurance Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 32. Italy Hull & Machinery Insurance Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 33. Spain Hull & Machinery Insurance Market estimates & forecasts, 2019-2029 (USD Billion)
TABLE 34. Spain Hull & Machinery Insurance Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 35. Spain Hull & Machinery Insurance Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 36. RoE Hull & Machinery Insurance Market estimates & forecasts, 2019-2029 (USD Billion)
TABLE 37. RoE Hull & Machinery Insurance Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 38. RoE Hull & Machinery Insurance Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 39. China Hull & Machinery Insurance Market estimates & forecasts, 2019-2029 (USD Billion)
TABLE 40. China Hull & Machinery Insurance Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 41. China Hull & Machinery Insurance Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 42. India Hull & Machinery Insurance Market estimates & forecasts, 2019-2029 (USD Billion)
TABLE 43. India Hull & Machinery Insurance Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 44. India Hull & Machinery Insurance Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 45. Japan Hull & Machinery Insurance Market estimates & forecasts, 2019-2029 (USD Billion)
TABLE 46. Japan Hull & Machinery Insurance Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 47. Japan Hull & Machinery Insurance Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 48. South Korea Hull & Machinery Insurance Market estimates & forecasts, 2019-2029 (USD Billion)
TABLE 49. South Korea Hull & Machinery Insurance Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 50. South Korea Hull & Machinery Insurance Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 51. Australia Hull & Machinery Insurance Market estimates & forecasts, 2019-2029 (USD Billion)
TABLE 52. Australia Hull & Machinery Insurance Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 53. Australia Hull & Machinery Insurance Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 54. RoAPAC Hull & Machinery Insurance Market estimates & forecasts, 2019-2029 (USD Billion)
TABLE 55. RoAPAC Hull & Machinery Insurance Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 56. RoAPAC Hull & Machinery Insurance Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 57. Brazil Hull & Machinery Insurance Market estimates & forecasts, 2019-2029 (USD Billion)
TABLE 58. Brazil Hull & Machinery Insurance Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 59. Brazil Hull & Machinery Insurance Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 60. Mexico Hull & Machinery Insurance Market estimates & forecasts, 2019-2029 (USD Billion)
TABLE 61. Mexico Hull & Machinery Insurance Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 62. Mexico Hull & Machinery Insurance Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 63. RoLA Hull & Machinery Insurance Market estimates & forecasts, 2019-2029 (USD Billion)
TABLE 64. RoLA Hull & Machinery Insurance Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 1. RoLA Hull & Machinery Insurance Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 2. Row Hull & Machinery Insurance Market estimates & forecasts, 2019-2029 (USD Billion)
TABLE 3. Row Hull & Machinery Insurance Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 4. Row Hull & Machinery Insurance Market estimates & forecasts by segment 2019-2029 (USD Billion)
TABLE 5. List of secondary sources, used in the study of global Hull & Machinery Insurance Market
TABLE 6. List of primary sources, used in the study of global Hull & Machinery Insurance Market
TABLE 7. Years considered for the study
TABLE 8. Exchange rates considered
List of tables and figures and dummy in nature, final lists may vary in the final deliverable
LIST OF FIGURES

FIG 1. Global Hull & Machinery Insurance Market, research methodology
FIG 2. Global Hull & Machinery Insurance Market, Market estimation techniques
FIG 3. Global Market size estimates & forecast methods
FIG 4. Global Hull & Machinery Insurance Market, key trends 2021
FIG 5. Global Hull & Machinery Insurance Market, growth prospects 2022-2029
FIG 6. Global Hull & Machinery Insurance Market, porters 5 force model
FIG 7. Global Hull & Machinery Insurance Market, pest analysis
FIG 8. Global Hull & Machinery Insurance Market, value chain analysis
FIG 9. Global Hull & Machinery Insurance Market by segment, 2019 & 2029 (USD Billion)
FIG 10. Global Hull & Machinery Insurance Market by segment, 2019 & 2029 (USD Billion)
FIG 11. Global Hull & Machinery Insurance Market by segment, 2019 & 2029 (USD Billion)
FIG 12. Global Hull & Machinery Insurance Market by segment, 2019 & 2029 (USD Billion)
FIG 13. Global Hull & Machinery Insurance Market by segment, 2019 & 2029 (USD Billion)
FIG 14. Global Hull & Machinery Insurance Market, regional snapshot 2019 & 2029
FIG 15. North America Hull & Machinery Insurance Market 2019 & 2029 (USD Billion)
FIG 16. Europe Hull & Machinery Insurance Market 2019 & 2029 (USD Billion)
FIG 17. Asia Pacific Hull & Machinery Insurance Market 2019 & 2029 (USD Billion)
FIG 18. Latin America Hull & Machinery Insurance Market 2019 & 2029 (USD Billion)
FIG 19. Global Hull & Machinery Insurance Market, company Market share analysis (2021)
List of tables and figures and dummy in nature, final lists may vary in the final deliverable


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