Logistics Insurance Market Size, Share, Analysis, Trends, Growth, 2032

Logistics Insurance Market Insights

Zion Market Research has published a report on the global Logistics Insurance Market, estimating its value at USD 1.71 Billion in 2023, with projections indicating that it will reach USD 2.65 Billion by 2032. The market is expected to expand at a compound annual growth rate (CAGR) of 5% over the forecast period 2024-2032. The report explores the factors fueling market growth, the hitches that could hamper this expansion, and the opportunities that may arise in the Logistics Insurance Market industry. Additionally, it offers a detailed analysis of how these elements will affect market demand dynamics and market performance throughout the forecast period.

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Logistics Insurance Market: Overview

Logistics insurance protects businesses against damage or loss caused by disruptions in the logistics chain. In exchange for a premium, logistics insurance promises compensation in the event of damage/injury/loss. This is a type of risk management.

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Logistics Insurance Market: COVID-19 Impact Analysis

The impact of covid on the logistics insurance market is less severe as compared to other markets. Since the outbreak of the virus, the Logistics market did see a dip, yet the loss is not much substance. Due to the disruptions in logistics hubs and trade routes, it is evident to see disruptions in operations too. Mobile-based technologies though showed some respite to the logistic insurers as they may function in areas hit by covid-19, but if the service remains offshore, they may have limited or no access to work remotely.

Logistics Insurance Market: Growth Factors

The rapid growth of the transportation industry in emerging countries has been fueled by increased foreign direct investment; the establishment of free trade zones and increased globalization are a few of the major factors boosting market growth. The use of digital technologies allows the company to capitalize on new opportunities for higher premiums, increased governance, better risk selection, and improved customer experience. Insurers all over the world are implementing newer technologies and embracing the cloud- and mobile-based technologies to improve their services.

Logistics Insurance Market: Report Scope

Industry Segment Analysis Preview

The Industry segment is growing at a CAGR of XX% in 2020. The marine sector dominated the segment in 2020 and is expected to follow the same trend during the forecast period. This is attributed to the rapid growth in port development in emerging countries. The contribution of cargo holders has increased as the deductible and premium value of vessels have been reduced. Because of the risk associated with water transportation, the latter is the most important of the four modes of transportation, which are road, air, rail, and water. This is due to a variety of natural occurrences such as storms, pirates, and so on. The global logistics insurance market has been divided into transportation, marine, aviation, and others.

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Logistics Insurance Market: Regional Analysis Preview

Europe accounted for a share of around 34% in 2020. Europe accounted for a sizable portion and grew to become one of the industry's most influential markets. The presence of established Logistics Infrastructure players along with the rise in digital insurance is the primary factor bolstering the region's dominance. The region is also likely to stimulate growth by automating regulatory compliance. Government regulatory initiatives play an important role in determining the price of policies, which should have an impact on the industry as a driver.

Rapid market growth is expected in the Asia Pacific as a result of the growing logistics development in emerging economies such as China and India, which will likely offer many opportunities for the logistics insurance market. Developing countries, such as Korea, India, Japan, and China, have made steady progress in recent years, with promising growth prospects in the Asia-Pacific region. The region's increasing infrastructure expenditure is expected to drive growth during the forecast period.

Logistics Insurance Market: Key Players & Competitive Landscape

Some of the key players in the logistics insurance market are:

• Allianz SE
• Dawson Companies
• American International Group, Inc.
• DB Schenker
• G4S International Logistics
• AGCS Aon
• AXA
• Integrity Transportation Insurance Agency
• Liberty Mutual Insurance
• Marsh

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The logistics insurance market is segmented as follows:

By Industry

• Transportation
• Marine
• Insurance
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa