Global Logistics Insurance Market 2017-2021

 

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Overview of the global logistics insurance market

According to Technavio's market research report, the global logistics insurance market will grow at a CAGR of more than 2% during the forecast period. The increase in number of cargo thefts is one of the key factors that will boost the market's growth prospects during the projected period. It has been observed that during 2015, the total loss caused by cargo theft amounted to more than USD 20 billion. In the same year, Brazil witnessed the highest incidents of cargo theft of around 7,000 to 8,000, which was the highest in the last 20 years. This resulted due to the overall economic crisis in Brazil due to the decline in number of employed people. In Venezuela, the deteriorating political and economic situations are resulting in the increasing number of cargo thefts. The UK, Germany, the Netherlands, Brazil, Belgium, and Venezuela are some of the countries where cargo theft is quite prevalent.

The integration of AR helps to demonstrate the potential threats that a shipper's cargo is exposed to while in transit. Additionally, AR can also be used for claim handling, which is used for the inspection of damages to ensure a quick and error-free claims processing. This will increase the adoption of augmented reality (AR) in the insurance industry, which according to the market research experts will be one of the key trends that will gain traction in the logistics insurance market.

Competitive landscape and key vendors

The logistics insurance market is fragmented due to the presence of many vendors. Developed countries such as Singapore in APAC have vendors such as AGCS and Aon that offer a full range of services under logistics insurance. To enhance their revenue shares and improve their market positions the vendors in this marketspace are increasingly adopting strategies such as mergers and acquisitions.

Key vendors in this market are -

• AGCS
• AIG
• Aon
• AXA
• Integrity Transportation Insurance Agency
• Liberty Mutual Insurance
• Marsh

Other prominent vendors in the market include Arthur J. Gallagher, Atrium, Beazley, Chubb, Gard, Mitsui Sumitomo Insurance, Munich Re, Peoples Insurance Agency, Samsung Fire & Marine Insurance, Sompo Japan Nipponkoa Insurance, Swiss Re, Thomas Miller, Tokio Marine Holdings, XL, and Zurich Insurance.

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Segmentation by type and analysis of the logistics insurance market

• Marine insurance
• Inland insurance
• Aviation insurance

Water transportation involves various natural occurrences including storms and international border disputes. This drives the need for marine insurance that can protect against the loss or damage to the property. The loss or damage can be caused due to the collision of two ships, sinking or stranding of ships, piracy of ship and theft, and natural disasters such as lightning storms. The segment will continue to grow during the estimated period with the increasing efficiency of ships and the rising economic activities.

Segmentation by geography and analysis of the logistics insurance market

• Americas
• APAC
• EMEA

During the next foru years, EMEA will witness growth in the market for logistics insurance due to the sustained momentum of consumer spending and construction. The number of marine insurance policies for hull and machinery is expected to increase in the forthcoming years due to the fall in value of euro, which in turn, improved the opportunities for marine companies to buy more assets.

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Key questions answered in the report include

• What will the market size and the growth rate be in 2021?
• What are the key factors driving the global logistics insurance market?
• What are the key market trends impacting the growth of the global logistics insurance market?
• What are the challenges to market growth?
• Who are the key vendors in the global logistics insurance market?
• What are the market opportunities and threats faced by the vendors in the global logistics insurance market?
• What are the trending factors influencing the market shares of the Americas, APAC, and EMEA?
• What are the key outcomes of the five forces analysis of the global logistics insurance market?

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Logistics insurance covers all the risk elements that fall under the following categories:

• Freight forwarder or logistics cargo liability
• Errors and omissions
• Contingent cargoProperty
• Business interruption
• Commercial general liability (including non-owned automobile or contingent auto)
• Crime coverage (optional)
• Warehouseman's legal liability
• Custom broking

This upcoming industry research report on the global logistics insurance market also offers insights into the key trends and emerging drivers influencing the growth of the transportation and logistics industry. Our industry reports for the transportation industry also follow a meticulous data collection methodology and offer an analysis of fast growing market segments like logistics.

By considering the market forecast and size and the surging demand for various logistics services, the market research professionals at Technavio offer an all-embracive picture of the global logistics insurance market for the estimated period of 2017 to 2021. Furthermore, our research practices help clients develop effective growth strategies and keep pace with the continually evolving market landscape. This market study on the global logistics insurance market also offers an extensive analysis of various logistics services based on the interpretation of the information gathered from specific resources such as channel partners and market stakeholders.

This upcoming market research report on the global logistics insurance market also covers vendors like AIG, Allianz, Aon, Integrity Transportation Insurance, Liberty Mutual Insurance, Peoples Insurance Agency, AXA, and Marsh. Furthermore, to offer clients the scope to identify potential market opportunities and expand in niche market segments, this market report on the global logistics insurance market also offers an extensive study of various logistics services based on the interpretation of the information gathered from sources of market intelligence such as company reports and publications, industry journals, and vendor briefings.

The upcoming industry research report on the global logistics insurance market also categorizes the key drivers, major trends, as well as the restraints that the logistics sector currently experiences. This upcoming report on the global logistics insurance market also presents insights into the rapidly changing competitive scenario to give clients a realistic picture of the forthcoming events within the transportation and logistics industry. Technavio also provides deep-dive market assessments into the sectors such as transportation and distribution, packaging, and warehouse and storage.

Our market research methodology for the global logistics insurance market

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