ALBANY, N.Y., July 27, 2021 /PRNewswire/ — Marine Insurance Market: Growth Summary
The marine transport industry has expanded substantially over the years. The rising awareness about the benefits of transporting goods and services through waterways has been crucial for boosting the growth trajectory of the marine insurance market.
With an increase in transportation across the marine arena, increase in accidents and casualties was also reported. The European Maritime Safety Agency (EMSA), in its 2019 annual review, reported more than 3,000 casualties and incidents in 2019. These statistics highlight the importance of claiming the losses caused due to such incidents.
Marine insurance covers damage caused to ships, terminals, cargo vessels, and also includes cargo losses. These insurance types provide protection against all transport-related losses and beneficially assist the marine transport companies. Despite regulations and rules framed for safe marine transport, natural occurrences may disrupt the vessels or cargo extensively. These factors help in improving the growth prospects of the global market for marine insurance.
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