Global Cargo Transportation Insurance Market to Exceed USD 82.5 Billion by 2033 | CAGR of 4.29%
Category: Banking & FinancialGlobal Cargo Transportation Insurance Market Size To Exceed USD 82.5 Billion By 2033
According to a research report published by Spherical Insights & Consulting, the Global Cargo Transportation Insurance Market Size is Expected to Grow from USD 52.8 Billion in 2023 to USD 82.5 Billion by 2033, at a CAGR of 4.29% during the forecast period 2023-2033.
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Browse key industry insights spread across 218 pages with 107 Market data tables and figures & charts from the report on the "Global Cargo Transportation Insurance Market Size, Share, and COVID-19 Impact Analysis, By Type (Land Cargo Insurance, Air Cargo Insurance), By Application (Import and Export Trade Enterprises, Processing Trade Enterprises), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033." Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/cargo-transportation-insurance-market
The cargo transportation insurance market covers items moved by road, rail, air, or sea. This insurance protects shippers, cargo owners, and logistics organizations in the event of transit loss, damage, or theft, as well as liabilities incurred as a result of transport disasters, to reduce the insured company's loss. Moreover, the cargo transportation insurance industry is being driven by rising transit volumes as an outcome of global trade, greater risk exposure owing to geopolitical tensions and natural disasters, and the expansion of specialized logistics services. Furthermore, growing knowledge about financial protection, the need for efficient risk management solutions, and improvements in digital platforms that streamline processes and give cost-effective options all contribute to the demand for cargo insurance across many industries. However, the cargo insurance market is hampered by expensive rates, confusing policy conditions, and difficulties in accurately assessing risk. Regulatory disparities between regions, fraud, and a lack of understanding about insurance benefits all impede market expansion and uptake.
The land cargo insurance segment accounted for the greatest share in 2023 and is estimated to grow at a remarkable CAGR during the projected timeframe.
Based on the type, the cargo transportation insurance market is divided into land cargo insurance and air cargo insurance. Among these, the land cargo insurance segment accounted for the greatest share in 2023 and is estimated to grow at a remarkable CAGR during the projected timeframe. This is mostly because road and rail transit are the most frequent modes of carrying commodities within the country and between regions. Land transportation is the most desired and cheapest option for most commodities, especially in places with strong infrastructural networks.
The import and export trade enterprise segment dominated the market in 2023 and is expected to grow at a significant CAGR during the projected timeframe.
Based on the application, the cargo transportation insurance market is divided into import and export trade enterprises and processing trade enterprises. Among these, the import and export trade enterprise segment dominated the market in 2023 and is expected to grow at a significant CAGR during the projected timeframe. This is due to the ongoing development in international commerce volumes and the resulting requirement for securing products, particularly during cross-border transportation, which has led to a need for cargo insurance. Imports and exports have additional risks due to long-distance transportation, customs clearance procedures, and damage hazards, among others.
Asia Pacific is anticipated to hold the largest share of the cargo transportation insurance market over the predicted timeframe.
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Asia Pacific is anticipated to hold the largest share of the cargo transportation insurance market over the predicted timeframe. This is because the region has made important contributions to global trade, with countries such as China, India, Japan, and South Korea serving as major exporters and importers. E-commerce growth, expansion of logistical infrastructure, and increased industrial production in these countries are among the factors driving the demand for cargo insurance.
North America is expected to grow at a rapid CAGR of the cargo transportation insurance market during the forecast period. North America, specifically the United States, has a strong trading tie with the rest of the world, which drives up demand for cargo transportation. Its infrastructure development also includes efficient ports, roadways, and rail networks to facilitate large-scale logistics activities.
Major vendors in the global cargo transportation insurance market are ACE NEWMARK, Allianz SE, Everest Reinsurance Company, AIG, Chubb, AXA, NEWPARA, Liberty Mutual Insurance Group, HDI Global, Zurich Insurance Group, W. R. Berkley Corporation, Arch Capital Group Ltd., Tokio Marine Nichi, Navigators Group, Inc., and Others.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting and Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Recent Development
- In September 2022, RB Jones of the HW Kaufman Group extended its ocean freight capability by acquiring Corvus Insurance's Smart Freight Insurance business. The shipment would contain temperature-sensitive items like food and pharmaceuticals.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global cargo transportation Insurance market based on the below-mentioned segments:
Global Cargo Transportation Insurance Market, By Type
- Land Cargo Insurance
- Air Cargo Insurance
Global Cargo Transportation Insurance Market, By Application
- Import and export trade enterprises
- Processing trade enterprises
Global Cargo Transportation Insurance Market, By Regional
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
About the Spherical Insights & Consulting
Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.
Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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