What is Cargo Transportation Insurance Market?
Cargo Transportation Insurance covers the compensation for loss due to the natural disasters or accidents. The enterprises such as import and export, processing trade, logistics companies and foreign investments are the target customers. This insurance is also used for the shipments according to the terms of delivery.
Highlights from Cargo Transportation Insurance Market Study
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | Marsh (United States), TIBA (Spain), Travelers Insurance (United States), Halk Sigorta (Turkey), Integro Group (United States), Liberty Insurance Limited (Singapore), Chubb (United States), AGCS (Germany), Aon (United Kingdom) and Liberty Mutual Insurance (United States) |
Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Cargo Transportation Insurance market throughout the forecasted period.
Marsh (United States), TIBA (Spain), Travelers Insurance (United States), Halk Sigorta (Turkey), Integro Group (United States), Liberty Insurance Limited (Singapore), Chubb (United States), AGCS (Germany), Aon (United Kingdom) and Liberty Mutual Insurance (United States) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are AIG (United States), Swiss Re (Switzerland), Zurich Insurance (Switzerland) and Thomas Miller (United Kingdom). Cargo Transportation Insurance Market Segmentation:
Scope | Sub-Segments |
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Type | Land Cargo Insurance, Marine Cargo Insurance and Air Cargo Insurance |
Forms of transport | Sea transport,Domestic rail transport,International rail transport,Domestic road transport,International road transport,Air transport |
Policy type | Open cover cargo policy,Specific cargo policy,Contingency insurance policy |
On the basis of geography, the market of Cargo Transportation Insurance has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Research and Developments are being Done and Growing Importance of Insurance
Market Growth Drivers:
Growing E-Commerce Industry is Affecting the Market Positively and Rising Transport Services in Developing Countries
Challenges:
High Competition Due to the Availability of Key Players and Lack of Awareness in the Various Countries
Restraints:
High Costs Associated with the Product and Development of Technologies Focusing Towards the Safety Will Eliminate the Need of Insurance
Opportunities:
Privatization of Transportation Business in Developing Countries
Key Target Audience
Manufacturers, Raw Material Suppliers, Distributors and Traders, Research Organisations, Government Agencies and Organisations
Market Leaders & Development Strategies
In 2018, Jardine Lloyd Thompson Group plc (JLT) approved Marsh & McLennan’s agreement to acquire JLT. and In 2019, Arthur J. Gallagher & Co. announced that it has completed the previously disclosed acquisition of specialist UK insurance broker Stackhouse Poland Group Limited.