Industry Background:
Freight insurance is a common coverage in marine insurance, purchased by the owners of transporting vessels. It helps to maintain calm and be confident about delivery. Freight insurance can be ordered from the shipping company or third-party insurers. Freight insurance offers comfort for the shipper and lets you receive a refund faster.
According to AMA Research, the market for Freight insurance is expected to register a CAGR of 6.6% during the forecast period to 2030. This growth is primarily driven by Increasing Demand and Awareness about Freight Insurance among Ship Owners, and Cargo Owners
.
Attributes | Details |
---|
Study Period | 2018-2030 |
Base Year | 2023 |
Forecast Period | 2024-2030 |
Volume Unit | K Units |
Value Unit | USD (Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
The Multi-line Insurance sector in the
region has been increasing at a sustainable rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Players, such as Lloyd's of London (United Kingdom), RSA Insurance Group (United Kingdom), Lonham (United Kingdom), Aviva (United Kingdom), National Insurance Company (India), KASE Insurance (Canada), Integro Group (United States), Liberty Insurance Limited (Singapore), Chubb (United States) and AGCS (Germany), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
In September 2022,Specialty insurance provider RB Jones has announced that its marine and energy business has acquired the Smart Cargo Insurance business from Corvus Insurance, a specialty MGA. The acquisition will allow RB Jones to expand the products available to its brokers, agents and wholesale partners
In April 2021, Aon has launched a solution in a bid to offer cargo insurance coverage aimed at effective distribution of COVID-19 vaccines globally. The solution will make use of sensor data and analytics leading to enhanced supply chain protection, risk management and claims support activities.Global Freight Insurance is a fragmented market due to the presence of various players. The players are focusing on investing more in Launching New Policies. These will enhance their market presence. The companies are also planning strategic activities like partnerships, mergers, and acquisitions which will help them to sustain in the market and maintain their competitive edge.
Influencing Trend:
Growing Population across the Globe and Surging Need for Financial Investments in the Freight Sector
Market Growth Drivers:
Increasing Demand and Awareness about Freight Insurance among Ship Owners, and Cargo Owners and Rapid Growth in Incorporation of IoT, which Helps in Risk Monitoring, Facilitates Loss Prediction & Prevention
Challenges:
Strict Regulatory Guidelines on the Freight Insurance Agents
Restraints:
Rising Frauds Activities in the Insurance Plans
Opportunities:
Rising Demand for Marine Insurance owing to its Coverage against a Wide Range of Risk Measures can create Opportunities for the Freight Insurance Market Growth
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mainly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Players landscape impacting the market's growth. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Data Sources of Freight insurance Market Study
Primary Collection: InMail, LinkedIn Groups, Survey Monkey, Google, and Other professional Forums are some of the mediums utilized to gather primary data through key industry participants and appointees, subject-matter experts, C-level executives of Freight insurance Industry, among others including independent industry consultants, experts, to obtain and verify critical qualitative commentary and opinion and quantitative statistics, to assess future market prospects.
The primary interviews and data collected as per the below protocols: By Designation: C-Level, D-Level, Others
By Company Type: Tier 1, Tier 2, Tier 3
Secondary Data Sources such as Annual reports, Press releases, Analyst meetings, Conference calls, Investor presentations, Management statements, and SEC filings of Freight insurance players along with Regulatory Sites, Association, World bank, etc were used as sources secondary set of data.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Freight insurance Study Sheds Light on
The Freight insurance Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Freight insurance industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Freight insurance industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.