Logistics Insurance Market: Size, Trends, Challenges, and Opportunities
The logistics insurance market size was USD 46.35 Billion in 2020 and is expected to reach USD 77.85 Billion by 2028, growing at a CAGR of 6.95% from 2021 to 2028. Logistics Insurance Market By Industry (Transportation, Marine, Aviation And…
The logistics insurance market size was USD 46.35 Billion in 2020 and is expected to reach USD 77.85 Billion by 2028, growing at a CAGR of 6.95% from 2021 to 2028.
Logistics Insurance Market By Industry (Transportation, Marine, Aviation And Others): Global Industry Perspective, Comprehensive Analysis And Forecast, 2020 – 2028
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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.
Global 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: Segmentation
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 moda">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.
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.
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