DUBLIN, Sept. 6, 2023 /PRNewswire/ — The “Logistics Insurance Market Size, Share & Trends Analysis Report By Coverage Type (Cargo Insurance, Marine Services Liability), By Industry (Transportation, Marine), By End User, By Region, And Segment Forecasts, 2023 – 2030” report has been added to ResearchAndMarkets.com’s offering.
The global logistic insurance market is anticipated to achieve a size of USD 70.46 billion by 2030, expanding at a Compound Annual Growth Rate (CAGR) of 2.8% from 2023 to 2030.
The surge in e-commerce activities has led to logistics companies handling higher shipment volumes, resulting in an increased risk of loss or damage. This has made logistics insurance a crucial element of risk management, offering coverage against potential financial losses arising from incidents during the transportation of goods.
Impact of Digital Technologies
The use of digital technologies has significantly impacted the logistics insurance market. Digitalization has enabled logistics companies to collect and analyze shipment data, providing insights into potential risks and trends. This has allowed insurance companies to develop customized insurance products and pricing models tailored to the actual risks faced by logistics companies, thus enhancing risk management effectiveness.
Technology Adoption in Logistics Insurance
Logistics insurance providers are adopting advanced technologies to improve their services, enhance operational efficiency, and elevate customer experiences. Automation is a key technology being embraced, involving the use of software to streamline processes such as underwriting and claims processing. Automated processes reduce the time and resources required to manage insurance policies and claims.
Impact of COVID-19
The COVID-19 pandemic has had a slightly negative impact on the logistics insurance market. Uncertainty resulting from the pandemic has made it challenging for logistics companies and insurers to assess and manage risk effectively. This cautious approach led to insurers being more selective in underwriting new policies, limiting the market’s growth during the pandemic period.
Market Highlights
Cargo insurance dominated the market in 2022, as the transportation of goods and cargo carries various risks such as theft, damage, and loss. Cargo insurance adoption is increasing due to these risks.
The marine segment led the market in 2022, given the vital role of marine transportation in global trade. Marine cargo insurance is essential to protect the interests of stakeholders involved in global trade.
The enterprises segment dominated in 2022 due to their substantial shipment volume and valuable cargo, leading to higher exposure to risks.
Europe held the largest market share in 2022, driven by its well-developed logistics infrastructure, multinational corporations with extensive supply chains, and demand for comprehensive insurance coverage.
Market Dynamics
Market Drivers:
Rapid growth of the transportation industry in emerging economies
Growing trend of digital insurance
Market Challenges:
Increasing automation in the transportation industry
Companies Mentioned
American International Group, Inc.
Allianz
DB Schenker
Peoples Insurance Agency
United Parcel Service of America, Inc.
AXA SA
Thomas Miller Group
Concord
AsstrA-Associated Traffic AG
Arch Group
For more information about this report visit https://www.researchandmarkets.com/r/o1ntn5
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SOURCE Research and Markets
