Wilmington, Delaware, United States, May 25, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - According to the market research report by TMR, the global industry stood at US$ 65.3 Bn in 2022 and is projected to reach US$ 87.2 Bn by the end of 2031.
Cargo insurance covers the compensation of damaged or lost items caused during transit. The financial losses that occurred due to earthquakes, accidents, natural disasters, or accidents can be covered under the cargo insurance policy. This insurance policy is valid for the international and domestic markets.
Cargo insurance companies have gained traction owing to the pressing demand for safe and reliable insurance policies in the cargo & transportation sector. Therefore, the global market is anticipated to witness significant growth during the forecast period from 2023 to 2031.
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Market Scope:
| Report Coverage | Details | |
| Market Revenue | USD 65.3 Bn | |
| Estimated Value | USD 87.2 Bn | |
| Growth Rate - CAGR | 3.4% | |
| Forecast Period | 2023 - 2031 | |
| No. of Pages | 140 Pages | |
| Market Segmentation | Type, Application, End-use, Distribution Channel | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America | |
| Key Players | Allianz, Aon PLC, AXA, American International Group, Inc., Arthur J. Gallagher & Co., Chubb, Lloyd’s, Marsh LLC, Zurich Insurance Group Ltd, Lockton Companies | |
Cargo Insurance Market: Growth Drivers
- Awareness about insurance policies has increased in the cargo industry. The shipping and transport industries face a lot of risk during the transit of products. The losses caused during transportation can be high.
- To avoid the losses incurred due to mishaps, accidents, or natural calamities, they opt for cargo insurance. This is likely to drive the global cargo insurance market in the next few years.
- Increase in trade volumes on international and domestic levels created a burgeoning need to insure the products. Cargo insurance is offered to ensure the safety of the products during shipment. Rise in popularity of e-commerce sales has led to increase in market demand for cargo insurance policies as the products are prone to getting lost or damaged during transport. Hence, the need to keep the products insured has increased, which is likely to bolster the global business.
- Adoption of IoT technologies by insurance service providers has increased phenomenally over the years. The race to keep pace with the emerging trends is likely to create significant opportunities in the cargo insurance market growth.
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Key Findings of Cargo Insurance Market Report
The marine cargo insurance type segment is projected to experience lucrative growth in the next few years. Marine transportation is widely preferred for shipping goods because it is very cost-effective.
Trading of gas, oil, and other valuable goods is done through sea transportation. Furthermore, this type of transportation involves several risks, such as damage caused by harsh weather conditions, sinking, or accidents. Hence, it is important to cover transit risks for marine cargo. This factor is expected to propel the segment.
Cargo Insurance Market: Regional Perspective
Asia Pacific is projected to account for substantial market share during the forecast period. The cargo insurance market in the region is driven by demand from end users, such as ship owners, charterers, cargo owners, and traders. Expanding international and domestic trade is anticipated to augment market growth in the region.
Subsequently, increase in awareness about insurance and burgeoning demand for scalable, flexible, and reliable services is projected to create lucrative opportunities in the cargo insurance market in Asia Pacific.
North America is anticipated to witness lucrative growth due to expanding import-export activities and increase in cargo thefts. Furthermore, integration of automation and AI in the marine industry has propelled the cargo insurance market in the region.
Cargo Insurance Market: Competitive Scenario
Key players in the cargo insurance market are striving to increase consumer base. Strategic collaborations, joint ventures, mergers, and acquisitions are the key strategies adopted by these players. Players in the global market collaborate with various companies in order to expand market reach.
Novel product and service offerings have opened new opportunities for business growth. Cargo includes temperature-sensitive goods such as pharmaceuticals, food, and beverages. These products are being included under insurance coverage to expand sales. Leading insurance companies are coming up with digital insurance policies and creating awareness among end users.
Promotional activities and advertisement campaigns play a crucial role in increasing market sales. Cargo and transportation companies are inclined toward cargo insurance to safeguard their products and prevent losses. Thus, players are keen on expanding their service offerings, which may eventually boost the industry growth.
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Some well-established players in the cargo insurance market are:
- Zurich Insurance Group Ltd.
- AXA
- Allianz
- Aon PLC
- Chubb
- Arthur J. Gallagher & Co.
- Marsh LLC
- Lockton Companies
- American International Group, Inc.
Cargo Insurance Market: Segmentation
Type
- Land Cargo Insurance
- Air Cargo Insurance
- Marine Cargo Insurance
Application
- Land
- Air
- Marine
End-use
- Traders
- Ship Owners
- Cargo Owners
- Charterers
Distribution Channel
- Direct Sales
- Indirect Sales
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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