Global Cargo Transportation Insurance Market Size and Forecast 2024-2033| Axa SA, Generali, Lloyd’s of London, American International Group Inc., The Phoenix Insurance Company Ltd.

Containers falling off to sea from cargo ship.

The Cargo Transportation Insurance Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Cargo Transportation Insurance Global Market Report 2024, The cargo transportation insurance market size has grown steadily in recent years. It will grow from $54.72 billion in 2023 to $57.06 billion in 2024 at a compound annual growth rate (CAGR) of 4.3%. The growth in the historic period can be attributed to growth of international trade and globalization, expansion of the logistics and supply chain industry, increase in cargo shipping activities, regulatory requirements for cargo insurance, historical incidents of cargo loss or damage.

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.

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.

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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

Technological advancements are a key trend gaining popularity in the cargo transportation insurance market. Major companies operating in the cargo transportation insurance market are adopting innovative technologies to sustain their position in the market. For instance, in May 2023, Breeze, a UK-based company that provides digital freight insurance, partnered with Ceedbox, a UK-based software company, and Cardinal Global Logistics, a UK-based freight forwarding company, to launch an automated insurance solution. This uses Ceedbox’s technology that reduces manual entry and human mistakes, resulting in fewer discrepancies and insurance claim concerns, enabling Cardinal to provide a more efficient and thorough service to its clients. It significantly reduces the time and effort required for accurate cargo insurance coverage.

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

26. South America Cargo Transportation Insurance Market

27. Brazil Cargo Transportation Insurance Market

28. Middle East Cargo Transportation Insurance Market

29. Africa Cargo Transportation Insurance Market

30. Cargo Transportation Insurance Market Competitive Landscape And Company Profiles

Top Major Players: