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 historical period can be attributed to the expansion of international trade and globalization, the growth of the logistics and supply chain industry, increased cargo shipping activities, regulatory mandates for cargo insurance, and 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 the development of marine insurance practices, the expansion of e-commerce and cross-border trade, the adoption of advanced data analytics for risk management, the growth in demand for perishable goods transportation, customized insurance solutions for specific cargo types, and the 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, the integration of blockchain for transparent and efficient transactions, sustainability and eco-friendly transportation, and the integration of artificial intelligence in claims processing, along with collaboration between insurers and technology providers.

The growth of marine transportation is anticipated to drive the expansion of the cargo transportation insurance market. Marine transportation, commonly referred to as maritime transportation, involves the movement of goods, individuals, and resources via water using various vessels such as ships, yachts, and boats. Cargo transportation insurance, a specific insurance policy, safeguards marine cargo from loss or damage incurred during sea or air travel risks, as well as subsequent transportation on land and inland waterways. For example, in January 2023, as reported by the United Nations Conference on Trade and Development, the international marine trade flows increased from 10,645 million tons in 2020 to 10,985 million tons in 2021. Consequently, the growing prominence of marine transportation is a key driver for the cargo transportation insurance market.

The upsurge in catastrophic events is poised to contribute to the growth of the cargo transportation insurance market. Catastrophic events denote severe and widespread natural or man-made disasters that result in substantial damage, destruction, or loss. During such events, cargo transportation plays a crucial role in facilitating the timely and efficient delivery of essential supplies, aid, and resources to affected areas. For instance, in March 2023, ReliefWeb, a US-based humanitarian information portal, reported a total of 387 catastrophic events recorded in 2022, slightly surpassing the previous year's average record of 370. As a result, the escalating frequency of catastrophic events is a driving factor for the cargo transportation insurance market.


Technological advancements have become a prominent trend in the cargo transportation insurance market, with major companies embracing innovative technologies to maintain their market positions. For example, in May 2023, the UK-based company Breeze collaborated with Ceedbox, a UK-based software company, and Cardinal Global Logistics, a UK-based freight forwarding company, to introduce an automated insurance solution. Leveraging Ceedbox's technology, this solution minimizes manual data entry and human errors, resulting in fewer discrepancies and insurance claim issues. This partnership allows Cardinal to deliver a more efficient and comprehensive service to its clients, significantly reducing the time and effort needed for precise cargo insurance coverage.

Leading companies in the cargo transportation insurance market are actively developing cargo insurance solutions through proprietary online shipping platforms to enhance shipment protection and gain a competitive advantage. Proprietary online shipping platforms are exclusive digital systems owned by companies, facilitating the management and execution of shipping-related activities. For instance, in February 2023, Echo Global Logistics, a US-based provider of technology-enabled transportation and supply chain management services, launched EchoInsure+, a comprehensive cargo insurance product. This new offering ensures full coverage for Less-Than-Truckload (LTL) shipments and guarantees faster claims resolution, with the capability to settle a claim within 10 days. Echo aims to streamline the process of booking supplemental cargo insurance through its online platform, EchoShip, enhancing efficiency and providing clients with broader protection, including zero deductibles up to $10,000.

In December 2021, Arthur J. Gallagher & Co., a US-based provider of insurance brokerage and risk management services, acquired Willis Towers Watson plc for an undisclosed amount. This strategic acquisition positions Arthur J. Gallagher & Co. to expand its specialist expertise, supported by a portfolio of analytics tools encompassing disaster simulation, dynamic financial evaluation, credit rating analysis, and a funds model. These tools are expected to deliver significant value to insurance companies and insurance financiers globally. Willis Towers Watson plc is a UK-based company specializing in providing cargo transportation insurance services.

Major companies operating in the cargo transportation insurance market report are Axa SA, Generali, Lloyd's of London, American International Group Inc., The Phoenix Insurance Company Ltd., Tokio Marine, Chubb Corp., Swiss Reinsurance Company Ltd., Zurich Insurance Group Ltd., Sompo International, Travelers Companies Inc., Marsh LLC, Samsung Fire and Marine Insurance Co. Ltd., QBE Insurance Group, Aon PLC, Markel Corporation, HDI Global, Arthur J. Gallagher and Co., Allianz SE, Hanover Insurance Group, Lockton Companies Inc., Hiscox, Great American Insurance Group, Mitsui Sumitomo Insurance, RSA Insurance Group, C&S Insurance Agency Inc., Liberty General Insurance Ltd., Progressive Services Co.

North America was the largest region in the cargo transportation insurance market in 2023. The regions covered in the cargo transportation insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the cargo transportation insurance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The main categories of cargo transportation insurance encompass land cargo insurance, air cargo insurance, marine cargo insurance, and parcel transportation insurance. Land cargo insurance, also referred to as land transportation insurance, specifically addresses cargo transported by land-based vehicles such as trucks and light utility vehicles. Various modes of transport covered include sea transport, domestic rail transport, international rail transport, domestic road transport, international road transport, and air transport. Diverse policy types, including open-cover cargo policies, specific cargo policies, and contingency insurance policies, find application across different sectors such as the logistics industry, transportation industry, insurance industry, and others.

The cargo transportation insurance market research report is one of a series of new reports that provides cargo transportation insurance market statistics, including cargo transportation insurance industry global market size, regional shares, competitors with a cargo transportation insurance market share, detailed cargo transportation insurance market segments, market trends and opportunities, and any further data you may need to thrive in the cargo transportation insurance industry. This cargo transportation insurance market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The cargo transportation insurance market includes revenues earned by entities through freight insurance, logistic insurance, and transit Insurance. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).


The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.