InsuranceTechnology

Marine Insurance Technology and Share Scenario For the Future

As we all know that the marine industry is growing tremendously and it is predicted to reach $75 billion in the next 25 years as more people start to take interest in marine ventures. Thus there is a great need for proper marine insurance policies. And this responsibility can be met not only by insurance companies but also by the owners of marine vessels themselves.

There are so many things happening on the seafloor that it is necessary to take proper insurance policy to protect our marine asset. There are many companies that offer marine insurance technology and hence it is important to get the best deal. For this we have to understand that there are three types of marine insurance policies in the market. These are namely: physical damage, liability, and digital solutions. Let’s study each of them in detail.

Physical Damage: Physical damage insurance technology is a special type of insurance policy that is used for marine vessels only. It mainly deals with damages caused to the actual boat and its fittings due to collision, flooding, or any similar reason. The best solution to physical damage is to install strong boating shielding systems like concrete covers, steel reinforced hulls and cushions. Also ensure that you avoid storing your boats outdoors, as extreme weather conditions can cause damage to the hull.

Liability Insurance: This type of marine insurance policy is meant to cover damage to the vessel and its fittings due to accident or act of third person. For this, the policy can be structured as per the rules and regulations of the US Department of the Treasury. There are various types of liability cases in US such as, a defective product, personal injury, etc. The first step is to gather all the required information about the damage and figure out the figure relating to the third person liability. For this, you will have to visit the website of the Treasury department and follow the procedures.

Geography Technology: Geography technology is a specialized form of marine insurance which helps to determine the extent of damage and loss caused to a particular vessel due to natural disasters or any human interventions. For this, it makes use of several statistical factors like demographic, ecological, hydrographic and so on. The key parameters to be considered are population, hydrology and environmental conditions. Once these are determined, the figure relating to potential revenue for the insurer will be decided.

Global Share: Global share means the sales area and revenue of a company in whole. So if a company has large sales area in one country and little in another, then its Global sales figure will be less. Similarly, a low revenue figure in country A and huge revenue figure in country B would mean that company basic information, marine insurance shares etc will be different. Therefore, these factors play a very important role in determining marine insurance shares.

Global Value: This is another parameter which indicates the profitability of a company. If the global value is high, then the company can expect a high return on investment (ROI). If the global value is low, then it means that the insurer may not make any profit at all. Therefore, one should focus on getting the best possible value. The allianz is a good place to start your research. Once you have the allianz scorecard, you can calculate the ratio between the number of years and the total revenue that has been generated in that period.

One more factor to be considered is the geographic location. It is believed that marine insurance with high geographical coverage will attract more customers. Hence, the global share is a key parameter that you should consider. In addition to this, there are many other parameters such as the type of clients the insurer caters to, the size of its customer base etc. You can find the allianz scorecard for all the parameters at the below link. Once you are done with all your research work, you will be able to understand the various parameters and decide on the right one for your business.

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