Cargo Transportation Insurance Market – Global Industry Analysis and Forecast (2023-2029)

Cargo Transportation Insurance Market was valued at US$ 54.59 Bn. in 2022. The global Cargo Transportation Insurance Market size is estimated to grow at a CAGR of 3% over the forecast period.
Cargo Transportation Insurance Market Overview:
Cargo protection, otherwise called freight protection, is an outright need with regard to the security of shipments while on the way to their destination. Cargo can be presented with a few dangers including regular hazards, street mishaps, harm, burglary, and ill-advised stowage by the transporter. Cargo Transportation Insurance is a choice to safeguard shipments from actual harm; ensuring cargo guarantees that the worth of products is safeguarded against potential misfortunes which might happen during air, ocean, or land transportation. The movement of cargo all over the planet involves a few dangers. These dangers are alleviated through protection inclusion since there is no assurance that harm or misfortune won't happen. The rising awareness and investment of cargo owners, cargo handling companies and logistics owners is leading to the growth of the Cargo Transportation Insurance Market
Cargo Transportation Insurance Market Snapshot
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Cargo Transportation Insurance Market Dynamics:
Expanding demand and awareness about cargo insurance among transport proprietors, cargo proprietors, and charterers who can suffer immense misfortunes from harm caused to ships, cargo vessels, and terminals, is a key factor that drives the growth of the Cargo Transportation Insurance Market.

Fast development in the domain of IoT, which helps in risk checking, works with misfortune expectation and counteraction, and improves on claims handling, and is therefore projected to support the growth of the Cargo Transportation Insurance Market.

Rising interest in marine Insurance is on the grounds that it offers inclusion against a wide scope of hazard measures and helps in the smooth working of exchange exercises. According to a survey, almost 85% of worldwide exchange is conveyed via ocean and lots of cargo ships are dynamic in activities, to a great extent adding to the worldwide economy.

Moreover, cargo proprietors, transport proprietors, and charterers face immense misfortunes like harm to ships, cargo vessels, and terminals because of the huge marine business activities. In this manner, cargo Insurance assumes a fundamental part in defeating such misfortunes as dealing with these dangers and misfortunes in the marine business turns out to be extremely alarming. This is predicted to magnify the interest in cargo Insurance leading to the overall growth of the Cargo Transportation Insurance Market.
Cargo Transportation Insurance Market Segment Analysis:
Based on the Product Type, the Cargo Transportation Insurance Market is segmented into Land Cargo Insurance, Marine Cargo Insurance and Air Cargo Insurance. The marine cargo insurance market is expected to hold the biggest market share of xx% by 2029, which can be ascribed to developing worldwide transportation, the rate of growth of marine projects and global transportation through a wide variety of dangers and grave monetary results, further boosting the growth in the marine Insurance market. Marine Cargo Insurance covers a wide range of misfortunes or harms caused to ships or some other transportation or the cargo, through which the products have been delivered. This Insurance monetarily assists policyholders with handling the costs caused because of harm or loss of products.

Marine Cargo Insurance is the most well-known insurance used to shield the worth of merchandise from actual harm, burglary, or general normal. It is somewhat economical and covers three principal strategies, including open cover approaches, explicit cargo arrangements, and possible approaches. It additionally covers outsider liabilities, which can emerge from any harm or misfortune caused to the boat, port, or other vehicle structures by the safeguarded cargo. These are a few key variables helping its reception across the globe and consequently driving the development of the market.

Based on the Application, the Cargo Transportation Insurance Market can be segmented into Marine, Land and Air. The Marine segment is predicted to have a much greater CAGR throughout the forecast period. Increased worldwide exports of commodities and products, expanding investment in marine cargo insurance, and the growing need to carry items across borders in a safe and efficient manner are all contributing to this segment's revenue growth. Marine transportation delivers roughly 10 billion tonnes of containers, solid, and liquid bulk cargo annually, accounting for nearly 80-90 per cent of world trade. Every year, the marine transportation sector loses billions of dollars due to cargo theft and loss, driving up demand for comprehensive marine insurance policies that cover transit risks such as storage and processing, consignment property, and items in storage.
Cargo Transportation Insurance Market Regional Insights:
North America held the largest market share of global Market in 2022, which can be attributed to a developing transportation market in the region. The growing import and product market and rising marine transportation are prime elements driving the growth of the Market in North America.

The Cargo Transportation Insurance Market in the Asia Pacific is projected to grow quickly during the forecast period because of the rising cargo transportation in the area. Developing economies offer critical open doors for marine backup plans to extend and foster their contributions, particularly in nations like China, India, Australia, Singapore, and South Korea.

The objective of the report is to present a comprehensive analysis of the global Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Market dynamic, and structure by analyzing the market segments and projecting the Market size. Clear representation of competitive analysis of key players by Product Type, Application, financial position, product portfolio, growth strategies, and regional presence in the  Market make the report investor’s guide.
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Global Cargo Transportation Insurance Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 54.59 Bn.


Forecast Period 2023 to 2029 CAGR:
3%
Market Size in 2029:
US $ 67.13 Bn.


 Segments Covered:
by Product Type
Land Cargo Insurance
Marine Cargo Insurance
Air Cargo Insurance


by Application
Marine
Land
Air



Cargo Transportation Insurance Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria, Turkey, Russia and Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Australia, ASEAN and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina, Columbia and Rest of South America)
Cargo Transportation Insurance Market, Key Players are
1. Allianz (Germany)
2. American International Group, Inc. (US)
3. Aon plc (UK)
4. Arthur J. Gallagher & Co. (US)
5. AXA (France)
6. Chubb (Switzerland)
7. Lloyd's (UK)
8. Lockton Companies (UK)
9. Marsh LLC (US)
10. Zurich Insurance Group Ltd. (Switzerland)
11. Liberty Insurance Limited (India)
12. TIBA (Kenya)
13. Travelers Insurance (US)
14. Halk SIgorta (Turkey)
15. Integro (US)

Frequently Asked Questions:

1] What segments are covered in the Global Market report?
Ans. The segments covered in the Market report are based on Product Type and Application.

2] Which region is expected to held the highest share in the Global Market?
Ans. The North America region is expected to held the highest share in the Market.

3] What is the market size of the Global Market by 2029?
Ans. The market size of the Market by 2029 is expected to reach US$ 67.13 Bn.

4] What is the forecast period for the Global Market?
Ans. The forecast period for the Market is 2023-2029.

5] What was the market size of the Global Market in 2022?
Ans. The market size of the Market in 2022 was valued at US$ 54.59 Bn.