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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.
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 -
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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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.
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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