The global logistic insurance market size is expected to reach USD 70.46 billion by 2030, expanding at a CAGR of 2.8% from 2023 to 2030. With the surge in e-commerce activities, logistics companies are handling a larger volume of shipments, and this increases the risk of loss or damage. This makes logistics insurance an essential component of risk management, providing coverage against potential financial losses resulting from various incidents that may occur during the transportation of goods.
The use of digital technologies has favorably impacted the logistics insurance market. Logistics companies have adopted digitalization to facilitate gathering and analyzing data on shipments, which has provided valuable insights into potential risks and trends. This information has enabled logistics insurance companies to develop insurance products and pricing models that are more customized to the actual risks faced by logistics companies, resulting in accurate and effective risk management.
Logistics insurance companies are adopting the latest technologies to improve their service offerings, increase operational efficiency, and enhance customer experience. One of the key technologies that logistics insurance providers are adopting is automation, which involves the use of software to perform repetitive tasks and streamline processes. This includes automated underwriting and claims processing, which reduces the time and resources required to manage insurance policies and claims.
The COVID-19 pandemic had a slightly negative impact on the logistics insurance market. The pandemic has created significant uncertainty for logistics companies and insurers, making it difficult to assess and manage risk. This uncertainty resulted in insurers being more cautious in underwriting new policies, which limited the growth of the market.
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The use of digital technologies has favorably impacted the logistics insurance market. Logistics companies have adopted digitalization to facilitate gathering and analyzing data on shipments, which has provided valuable insights into potential risks and trends. This information has enabled logistics insurance companies to develop insurance products and pricing models that are more customized to the actual risks faced by logistics companies, resulting in accurate and effective risk management.
Logistics insurance companies are adopting the latest technologies to improve their service offerings, increase operational efficiency, and enhance customer experience. One of the key technologies that logistics insurance providers are adopting is automation, which involves the use of software to perform repetitive tasks and streamline processes. This includes automated underwriting and claims processing, which reduces the time and resources required to manage insurance policies and claims.
The COVID-19 pandemic had a slightly negative impact on the logistics insurance market. The pandemic has created significant uncertainty for logistics companies and insurers, making it difficult to assess and manage risk. This uncertainty resulted in insurers being more cautious in underwriting new policies, which limited the growth of the market.
Logistics Insurance Market Report Highlights
- The cargo insurance segment dominated the market in 2022. The adoption of cargo insurance is increasing owing to the various risk involved in the transportation of goods and cargo including theft, damage, and loss which can result in significant financial losses for logistics companies. According to a study by Verisk Analytics’ CargoNet, in 2022 there was a 15% increase in the number of supply chain risk events, which reached 1,778 across the U.S. and Canada and cargo theft rose by 20%. The total loss value for the year 2022 in U.S. and Canada was USD 223 million.
- The marine segment dominated the market in 2022. Marine transportation plays a crucial role in global trade by moving valuable commodities like oil, gas, and raw materials. Therefore, marine cargo insurance is essential to safeguard the economic interests of stakeholders, including shippers, insurers, and other participants in the supply chain. This highlights the importance of insurance for the marine industry for preventing these losses and has led to the growth of the segment.
- The enterprises segment dominated the market in 2022. The dominance of the segment can be attributed to enterprises’ significant volume of shipments and valuable cargo, which exposes them to higher risks of loss, damage, or theft.
- Europe dominated the market in 2022. Europe has a well-developed logistics infrastructure, including seaports, airports, and rail and road networks. Additionally, Europe has a high concentration of multinational corporations that have extensive supply chains and require comprehensive insurance coverage, creating significant demand for logistics insurance.
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Table of Contents
Chapter 1. Methodology and Scope1.1. Market Segmentation & Scope
1.2. Market Definitions
1.3. Information Procurement
1.4. Information Analysis
1.4.1. Market Formulation & Data Visualization
1.4.2. Data Validation & Publishing
1.5. Research Scope and Assumptions
1.6. List of Data Sources
Chapter 2. Executive Summary
2.1. Market Outlook
2.2. Segment Outlook
2.3. Competitive Landscape Snapshot
Chapter 3. Market Variables, Trends, and Scope
3.1. Market Lineage Outlook
3.2. Industry Value Chain Analysis
3.3. Market Dynamics
3.3.1. Market Driver Impact Analysis
3.3.1.1. Rapid growth of the transportation industry in emerging economies
3.3.1.2. Growing trend of digital insurance
3.3.2. Market Challenge Impact Analysis
3.3.2.1. Increasing automation in the transportation industry
3.4. Impact of the COVID-19 Pandemic
3.5. Industry Analysis Tools
3.5.1. Porter’s Five Forces Analysis
3.5.2. PESTEL Analysis
Chapter 4. Logistics insurance Market: Coverage Type Estimates & Trend Analysis
4.1. Type Movement Analysis & Market Share, 2022 & 2030
4.2. Logistics Insurance Market Estimates & Forecast, By Coverage Type
4.2.1. Cargo Insurance
4.2.2. Freight Forwarder Liability Insurance
4.2.3. Marine Services Liability
4.2.4. Others
Chapter 5. Logistics insurance Market: Industry Estimates & Trend Analysis
5.1. Industry Movement Analysis & Market Share, 2022 & 2030
5.2. Logistics Insurance Market Estimates & Forecast, By Industry
5.2.1. Transportation
5.2.2. Marine
5.2.3. Aviation
5.2.4. Others
Chapter 6. Logistics insurance Market: End User Estimates & Trend Analysis
6.1. End User Movement Analysis & Market Share, 2022 & 2030
6.2. Logistics Insurance Market Estimates & Forecast, By End User
6.2.1. Individuals
6.2.2. Enterprises
Chapter 7. Logistics Insurance Market: Regional Estimates & Trend Analysis
7.1. Logistics Insurance Market: Regional Outlook
7.2. North America
7.2.1. North America logistics insurance market estimates & forecasts, 2017 - 2030 (USD Billion)
7.2.2. U.S.
7.2.2.1. U.S. logistics insurance market estimates & forecasts, 2017 - 2030 (USD Billion)
7.2.3. Canada
7.2.3.1. Canada logistics insurance market estimates & forecasts, 2017 - 2030 (USD Billion)
7.3. Europe
7.3.1. Europe logistics insurance market estimates & forecasts, 2017 - 2030 (USD Billion)
7.3.2. U.K.
7.3.2.1. U.K. logistics insurance market estimates & forecasts, 2017 - 2030 (USD Billion)
7.3.3. Germany
7.3.3.1. Germany logistics insurance market estimates & forecasts, 2017 - 2030 (USD Billion)
7.3.4. France
7.3.4.1. Germany logistics insurance market estimates & forecasts, 2017 - 2030 (USD Billion)
7.4. Asia Pacific
7.4.1. Asia Pacific logistics insurance market estimates & forecasts, 2017 - 2030 (USD Billion)
7.4.2. India
7.4.2.1. India logistics insurance market estimates & forecasts, 2017 - 2030 (USD Billion)
7.4.3. China
7.4.3.1. China logistics insurance market estimates & forecasts, 2017 - 2030 (USD Billion)
7.4.4. Japan
7.4.4.1. Japan logistics insurance market estimates & forecasts, 2017 - 2030 (USD Billion)
7.4.5. Singapore
7.4.5.1. Singapore logistics insurance market estimates & forecasts, 2017 - 2030 (USD Billion)
7.4.6. South Korea
7.4.6.1. South Korea logistics insurance market estimates & forecasts, 2017 - 2030 (USD Billion)
7.4.7. Australia
7.4.7.1. Australia logistics insurance market estimates & forecasts, 2017 - 2030 (USD Billion)
7.5. Latin America
7.5.1. Latin America logistics insurance market estimates & forecasts, 2017 - 2030 (USD Billion)
7.5.2. Brazil
7.5.2.1. Brazil logistics insurance market estimates & forecasts, 2017 - 2030 (USD Billion)
7.5.3. Mexico
7.5.3.1. Mexico logistics insurance market estimates & forecasts, 2017 - 2030 (USD Billion)
7.6. Middle East & Africa
7.6.1. Middle East & Africa logistics insurance market estimates & forecasts, 2017 - 2030 (USD Billion)
7.6.2. Kingdom of Saudi Arabia (KSA)
7.6.2.1. Kingdom of Saudi Arabia (KSA) logistics insurance market estimates & forecasts, 2017 - 2030 (USD Billion)
7.6.3. UAE
7.6.3.1. UAE logistics insurance market estimates & forecasts, 2017 - 2030 (USD Billion)
7.6.4. South Arica
7.6.4.1. South Africa logistics insurance market estimates & forecasts, 2017 - 2030 (USD Billion)
Chapter 8. Competitive Landscape
8.1. Company Categorization
8.2. Participant’s Overview
8.2.1. American International Group, Inc.
8.2.2. Allianz
8.2.3. DB Schenker
8.2.4. Peoples Insurance Agency
8.2.5. United Parcel Service of America, Inc.
8.2.6. AXA SA
8.2.7. Thomas Miller Group
8.2.8. Concord
8.2.9. AsstrA-Associated Traffic AG
8.2.10. Arch Group
8.3. Financial Performance
8.4. Product Benchmarking
8.5. Company Market Positioning
8.6. Company Market Share Analysis, 2022
8.7. Company Heat Map Analysis
8.8. Strategy Mapping
8.8.1. Expansion
8.8.2. Collaborations
8.8.3. Mergers & Acquisitions
8.8.4. New Product Launches
8.8.5. Partnerships
8.8.6. Others
List of Tables
Table 1. Global Logistics Insurance Market, by Type, 2017 - 2030 (USD Billion)
Table 2. Global Logistics Insurance Market, by Channel, 2017 - 2030 (USD Billion)
Table 3. Global Logistics Insurance Market, by End User, 2017 - 2030 (USD Billion)
Table 4. Company Market Share, 2022
Table 5. Company Heat Map Analysis
Table 6. Key companies undergoing expansion
Table 7. Key companies undergoing collaborations
Table 8. Key companies undergoing new product launch
Table 9. Key companies undergoing mergers & acquisitions
Table 10. Key companies undergoing other strategies
List of Figures
Fig. 1 Logistics Insurance Market Segmentation
Fig. 2 Information Procurement
Fig. 3 Data Analysis Models
Fig. 4 Market Formulation And Validation
Fig. 5 Data Validating & Publishing
Fig. 6 Market Snapshot
Fig. 7 Segment Snapshot
Fig. 8 Competitive Landscape Snapshot
Fig. 9 Parent Market Value, 2022 (USD Billion)
Fig. 10 Logistics Insurance Market - Industry Value Chain Analysis
Fig. 11 Logistics Insurance Market Dynamics
Fig. 12 Logistics Insurance Market: Porters’s Five Forces Analysis
Fig. 13 Logistics Insurance Market: PESTEL Analysis
Fig. 14 Logistics Insurance Market, By Coverage Type: Key Takeaways
Fig. 15 Logistics Insurance Market, By Coverage Type: Market Share, 2022 & 2030
Fig. 16 Logistics insurance market estimates & forecasts, by cargo insurance, 2017 - 2030 (USD Billion)
Fig. 17 Logistics insurance market estimates & forecasts, by freight forwarder liability insurance, 2017 - 2030 (USD Billion)
Fig. 18 Logistics insurance market estimates & forecasts, by marine services insurance, 2017 - 2030 (USD Billion)
Fig. 19 Logistics insurance market estimates & forecasts, by others insurance, 2017 - 2030 (USD Billion)
Fig. 20 Logistics Insurance Market, By Industry: Key Takeaways
Fig. 21 Logistics Insurance Market, By Industry: Market Share, 2022 & 2030
Fig. 22 Logistics insurance market estimates & forecasts, by Transportation, 2017 - 2030 (USD Billion)
Fig. 23 Logistics insurance market estimates & forecasts, by Marine, 2017 - 2030 (USD Billion)
Fig. 24 Logistics insurance market estimates & forecasts, by Aviation, 2017 - 2030 (USD Billion)
Fig. 25 Logistics insurance market estimates & forecasts, by Others, 2017 - 2030 (USD Billion)
Fig. 26 Logistics Insurance Market, By End User: Key Takeaways
Fig. 27 Logistics Insurance Market, By End User: Market Share, 2022 & 2030
Fig. 28 Logistics insurance market estimates & forecasts, by Individuals, 2017 - 2030 (USD Billion)
Fig. 29 Logistics insurance market estimates & forecasts, by Enterprises, 2017 - 2030 (USD Billion)
Fig. 30 Logistics insurance market revenue, by region, 2022 & 2030 (USD Billion)
Fig. 31 Regional marketplace: Key Takeways
Fig. 32 North America logistics insurance market estimates & forecasts, 2017 - 2030 (USD Billion)
Fig. 33 US logistics insurance market estimates & forecasts, 2017 - 2030 (USD Billion)
Fig. 34 Canada logistics insurance market estimates & forecasts, 2017 - 2030 (USD Billion)
Fig. 35 Europe logistics insurance market estimates & forecasts, 2017 - 2030 (USD Billion)
Fig. 36 UK logistics insurance market estimates & forecasts, 2017 - 2030 (USD Billion)
Fig. 37 Germany logistics insurance market estimates & forecasts, 2017 - 2030 (USD Billion)
Fig. 38 France logistics insurance market estimates & forecasts, 2017 - 2030 (USD Billion)
Fig. 39 Asia pacific logistics insurance market estimates & forecasts, 2017 - 2030 (USD Billion)
Fig. 40 India logistics insurance market estimates & forecasts, 2017 - 2030 (USD Billion)
Fig. 41 China logistics insurance market estimates & forecasts, 2017 - 2030 (USD Billion)
Fig. 42 Japan logistics insurance market estimates & forecasts, 2017 - 2030 (USD Billion)
Fig. 43 Singapore logistics insurance market estimates & forecasts, 2017 - 2030 (USD Billion)
Fig. 44 South Korea logistics insurance market estimates & forecasts, 2017 - 2030 (USD Billion)
Fig. 45 Australia logistics insurance market estimates & forecasts, 2017 - 2030 (USD Billion)
Fig. 46 Latin America logistics insurance market estimates & forecasts, 2017 - 2030 (USD Billion)
Fig. 47 Brazil logistics insurance market estimates & forecasts, 2017 - 2030 (USD Billion)
Fig. 48 Mexico logistics insurance market estimates & forecasts, 2017 - 2030 (USD Billion)
Fig. 49 Middle East & Africa logistics insurance market estimates & forecasts, 2017 - 2030 (USD Billion)
Fig. 50 Kingdom of Saudi Arabia (KSA) logistics insurance market estimates & forecasts, 2017 - 2030 (USD Billion)
Fig. 51 UAE logistics insurance market estimates & forecasts, 2017 - 2030 (USD Billion)
Fig. 52 South Africa logistics insurance market estimates & forecasts, 2017 - 2030 (USD Billion)
Fig. 53 Key company categorization
Fig. 54 Company market positioning
Fig. 55 Company market share analysis, 2022
Fig. 56 Strategic Framework
Companies Mentioned
- American International Group, Inc.
- Allianz
- DB Schenker
- Peoples Insurance Agency
- United Parcel Service of America, Inc.
- AXA SA
- Thomas Miller Group
- Concord
- AsstrA-Associated Traffic AG
- Arch Group
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 110 |
| Published | March 2023 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value ( USD | $ 56.42 Billion |
| Forecasted Market Value ( USD | $ 70.46 Billion |
| Compound Annual Growth Rate | 2.8% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
