The cargo transportation insurance market size is expected to see steady growth in the next few years. It will grow to $65.91 billion in 2028 at a compound annual growth rate (CAGR) of 3.7%. The growth in the forecast period can be attributed to development of marine insurance practices, expansion of e-commerce and cross-border trade, adoption of advanced data analytics for risk management, growth in demand for perishable goods transportation, customized insurance solutions for specific cargo types, rise of usage-based insurance for cargo fleets. Major trends in the forecast period include technological advancements in tracking and monitoring, advances in risk assessment and underwriting, integration of blockchain for transparent and efficient transactions, sustainability and eco-friendly transportation, integration of artificial intelligence in claims processing, collaboration between insurers and technology providers.
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Segmentation & Regional Insights
The cargo transportation insurance market covered in this report is segmented –
1) By Type: Land Cargo Insurance, Air Cargo Insurance, Marine Cargo Insurance, Parcel Transportation Insurance
2) By Forms Of Transport: Sea Transport, Domestic Rail Transport, International Rail Transport, Domestic Road Transport, International Road Transport, Air Transport
3) By Policy Type: Open Cover Cargo Policy, Specific Cargo Policy, Contingency Insurance Policy
4) By Application: Logistics industry, Transportation industry, Insurance industry, Other Applications
North America was the largest region in the cargo transportation insurance market in 2023. The regions covered in the cargo transportation insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The rising marine transportation is expected to propel the growth of the cargo transportation insurance market going forward. Marine transportation, usually known as maritime transportation, is the movement of products, people, and resources by water utilizing various vehicles such as vessels, yachts, and boats. Cargo transportation insurance is a type of insurance policy that protects marine cargo against loss or damage caused by sea or air travel risks, as well as subsequent land and inland waterways. For instance, in January 2023, according to the United Nations Conference on Trade and Development, a US-based intergovernmental organization, international marine trade flows increased from 10,645 million tons in 2020 to 10,985 million tons in 2021. Therefore, rising marine transportation is driving the growth of the cargo transportation insurance market.
Key Industry Players
Major companies operating in the cargo transportation insurance market report are Axa SA, Generali, Lloyd’s of London, American International Group Inc., The Phoenix Insurance Company Ltd., Tokio Marine, Chubb Corp., Swiss Reinsurance Company Ltd., Zurich Insurance Group Ltd., Sompo International, Travelers Companies Inc., Marsh LLC, Samsung Fire and Marine Insurance Co. Ltd., QBE Insurance Group, Aon PLC, Markel Corporation, HDI Global, Arthur J. Gallagher and Co., Allianz SE, Hanover Insurance Group, Lockton Companies Inc., Hiscox, Great American Insurance Group, Mitsui Sumitomo Insurance, RSA Insurance Group, C&S Insurance Agency Inc., Liberty General Insurance Ltd., Progressive Services Co.
The cargo transportation insurance market report table of contents includes:
1. Executive Summary
2. Cargo Transportation Insurance Market Characteristics
3. Cargo Transportation Insurance Market Trends And Strategies
4. Cargo Transportation Insurance Market – Macro Economic Scenario
5. Global Cargo Transportation Insurance Market Size and Growth
…………………………………
32. Global Cargo Transportation Insurance Market Competitive Benchmarking
33. Global Cargo Transportation Insurance Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Cargo Transportation Insurance Market
35. Cargo Transportation Insurance Market Future Outlook and Potential Analysis
36. Appendix
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