LONDON–(BUSINESS WIRE)–Technavio has been monitoring the marine insurance market and it is poised to grow by USD 8.42 bn during 2020-2024, progressing at a CAGR of over 4% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.
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Frequently Asked Questions:
What are the major trends in the market?
Increase in the use of IoT is a major trend driving the growth of the market.
At what rate is the market projected to grow?
The year-over-year growth for 2020 is estimated at 3.29% and the incremental growth of the market is anticipated to be $ 8.42 bn.
Who are the top players in the market?
Allianz Group, American International Group Inc., Aon Plc, Arthur J. Gallagher & Co., AXA Group, Beazley Plc, Brown & Brown Inc., Lockton Companies, Marsh & McLennan Companies Inc., and Swiss Re Ltd., are some of the major market participants.
What is the key market driver?
The use of multiple distribution channels is one of the major factors driving the market.
How big is the Europe market?
The Europe region will contribute 54% of the market share.
The market is concentrated, and the degree of concentration will accelerate during the forecast period. Allianz Group, American International Group Inc., Aon Plc, Arthur J. Gallagher & Co., AXA Group, Beazley