Trends in Marine Insurance Purchases in Mumbai

Abstract: As companies expand their global footprint they need to ensure the safety of their goods in transit. The traditional sectors like marine insurance need to be able to transition to the digital mediums. Larger numbers of customers are opting for online transactions contrary to the conventional assumptions. Companies are procuring marine insurance through digital aggregators or online platforms to meet their insurance needs. Customers can go online and compare across various providers thus ensure cost savings. Online platforms are transparent and help customers make informed decisions. Purchasing marine insurance is cost effective, hence customers are turning to the online providers for the same. The COVID pandemic highlighted the importance of the use of risk mitigation strategies to offset setbacks. This research helps understand and navigate the marine insurance sector by studying the evolving landscape. A survey was conducted using a structured questionnaire to collect responses which delivered a sample size of n=2328 respondents. Types of businesses such as freight forwarders, custom house agents, transporters, logistics service providers, importers/exporters/ manufacturers/ distributors were the unit of the study. Type of business, type of marine insurance policy, most frequently used transit type, monthly spend on marine insurance, most important criteria while purchasing a marine insurance policy, satisfaction with coverage and benefits provided by marine insurance policy, awareness of the risk coverage & perils, awareness about earning incentives were some of the variables studied. Keywords: Marine Insurance, Risk Management, Transport, Cargo, Warehouse