The Global Logistics Insurance market size was valued at USD 67.11 Billion in 2021 and is projected to reach USD 78.69 Billion by 2028, growing at a CAGR of 2.3% from 2022 to 2028.
The market for logistics insurance includes insurance plans designed to reduce risks related to the transportation and logistics sector. These insurance options include coverage for warehousing, transportation vehicles, cargo, and freight, among other parts of the supply chain. They shield companies against possible losses brought on by mishaps, theft, damage, and delays in the delivery of goods. The market caters to many different industries where business continuation depends on efficient risk management, such as manufacturing, retail, e-commerce, and international trade. Globalization, rising trade volumes, legal constraints, and the demand for robust supply chains are some of the major market drivers. Geopolitical tensions, natural disasters, technological breakthroughs, and changing customer expectations for secure and dependable logistics services are some other elements that impact market dynamics.
Top Key Players Covered In Logistics Insurance Market
Aon PLC, Atrium Corporation, Beazley Group, Gard AS, Liberty Mutual Insurance, Mitsui Sumitomo Insurance Company Limited, Peoples Insurance Agency, Samsung Fire & Marine Insurance Co. Ltd., Sompo Japan Nipponkoa Insurance Inc., Swiss Re Ltd, Tokio Marine Holdings Inc and other key players
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Introspective Market Research specializes in delivering comprehensive market research studies that offer valuable insights and strategic guidance to businesses worldwide. With a focus on reliability and accuracy, our reports empower informed decision-making.
An in-depth examination of the overall Logistics Insurance industry is done to provide this market report encompassing all essential market fundamentals. Our findings are built upon a solid foundation, drawing from a wide range of primary and secondary sources. To further enhance the comprehensiveness of our evaluation, we employ industry-standard tools such as Porter's Five Forces Analysis, SWOT Analysis, and Price Trend Analysis.
Segmentation Analysis of The Logistics Insurance Market
By Type
- Land Cargo Insurance
- Marine Cargo Insurance
- Air Transport Insurance
By Coverage Type
- Cargo Insurance
- Freight Forwarder Liability Insurance
- Marine services liability
- Energy logistics
- Other
By End User
- Individual,
- Enterprises
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Drivers in the Logistics Insurance Market:
- Growth in Global Trade: As trade between countries expands, so does the need for logistics insurance to reduce the risks involved in shipping goods, such as theft, damage, and delays.
- Regulatory Compliance: To maintain compliance and safeguard against legal liabilities, logistics insurance is required by strict regulatory requirements for cargo insurance, especially in cross-border trade.
- Risk management: The significance of logistics insurance in controlling operational risks is highlighted by the increased awareness of supply chain vulnerabilities and disruptions, such as natural disasters and geopolitical conflicts.
- E-commerce Growth: To cover last-mile delivery, warehousing, and fulfillment activities, specialized logistics insurance solutions are required due to the rapid growth of e-commerce and online retailing.
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Opportunities in the Logistics Insurance Market:
- Customized Insurance Solutions: There are chances for insurers to create insurance plans that are specifically suited to the requirements of logistics companies. These plans may cover high-value cargo, specialized transit modes, and perishable items.
- Digital Transformation: In the logistics insurance sector, operational efficiency and customer experience are improved by utilizing technology and data analytics to optimize underwriting procedures, evaluate risk profiles, and provide real-time monitoring and claims management services.
- Supply Chain Resilience: Using extensive insurance coverage and risk management techniques in conjunction with supply chain players, such as shippers, carriers, and freight forwarders, to evaluate and reduce supply chain risks.
- rising Risks: In the logistics sector, rising risks such as cybersecurity breaches, the effects of climate change, and regulatory modifications provide an opportunity for insurers to get creative and introduce new insurance offerings.
By Region
- North America (US, Canada, Mexico)
- Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)
- Western Europe (Germany, UK, France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)
- Asia Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New Zealand, Rest of APAC)
- Middle East & Africa (Turkey, Bahrain, Kuwait, Saudi Arabia, Qatar, UAE, Israel, South Africa)
- South America (Brazil, Argentina, Rest of SA)
The Study Objectives are:
- A comprehensive insight into key players operating in the Logistics Insurance Market and their corresponding data.
- It includes product portfolio, annual revenue, expenditure on research and development, geographical presence, key developments in recent years, and growth strategies.
- Regional analysis, which includes insight into the dominant market and corresponding market share.
- It also includes various socio-economic factors affecting the evolution of the market in the region.
- The report offers a comprehensive insight into different individuals from value chains such as raw materials suppliers, distributors, and stockholders.
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