Global Cargo Insurance Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Cargo Insurance Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Cargo transportation insurance is an insurance that uses various goods as the subject of insurance during transportation. According to the different modes of cargo transportation, cargo transportation insurance can be divided into: land cargo insurance, marine cargo insurance, aviation insurance.

Market Overview:

The latest research study on the global Cargo Insurance market finds that the global Cargo Insurance market reached a value of USD 27039.0 million in 2022. It’s expected that the market will achieve USD 33681.36 million by 2028, exhibiting a CAGR of 3.73% during the forecast period.

The epidemic will also lead to a decline in car sales, especially in the first few months of 2020, which will have a knock-on effect on the auto insurance industry. At the same time, the transportation, tourism, catering, manufacturing and other industries have been directly affected, and the corresponding travel accident insurance, freight insurance and other insurance types have been blocked.

The impact of pneumonia epidemic in COVID-19 on the cargo insurance industry involves all major links and entities in the industrial chain. Under the epidemic situation, the company's management efficiency declined, commuting was seriously hindered, network expansion and marketing were delayed, brands were forced to adjust, market sales declined, and the company and employees' income was damaged.
In addition, through this epidemic, the willingness of enterprises to avoid man-made and natural disasters will increase, and the corresponding business interruption, cancellation of activities and demand for cargo transportation insurance may increase.
It can be seen that the epidemic will affect the growth of premium income of the global freight insurance industry in the short term. In the long run, the epidemic will, on the one hand, promote the increase of corporate awareness of freight insurance and the improvement of the image of the freight insurance industry. On the other hand, the digital transformation of the freight insurance industry will also be further accelerated, and the long-term stable development trend of the global freight insurance industry will not change.

Market Opportunity and Drivers Analysis

A new round of technological revolution and industrial transformation is in the ascendant, and the wave of digitalization is booming. More and more creative and adaptable new technologies, business models, and service models have penetrated into the field of inclusive finance. A new model of freight insurance driven by digitalization is accelerating its formation on a global scale.
Insurance technology is the application category of financial technology in the freight insurance industry. The underlying technology adopted is similar to other financial fields, and it also mainly includes cloud computing, big data, artificial intelligence, blockchain and the Internet of Things. The information construction of the freight insurance industry can use relatively mature technical means, combined with the scenes of the freight insurance business for rapid development and application, so as to promote the development of the industry.
Safety is the eternal big proposition of the freight industry. Providing intelligent and customized insurance products for the freight industry, and using big data to increase new momentum for insurance companies is the mainstream trend of freight insurance providers today. Companies should focus on the era of technology insurance, continue to focus on data technology, based on risk assessment, and strive to work with partners to create a smart and innovative freight insurance market.
With the continuous acceleration of the global road freight informatization process, big data and intelligent technology have gradually penetrated into all fields of the freight industry. At the level of basic cargo transportation, a new smart logistics system combining data scenarios is gradually being built. Returning to the field of freight security, data-driven intelligent applications, security assurance and risk monitoring for different stages and scenarios of freight insurance can reduce the risk of heavy trucks to a certain extent and improve the safety level of cargo transportation. Improve the safety management level of commercial vehicles in the whole society.
For example, with the popularization of the Internet of Vehicles technology, it is possible for the outside world to obtain data such as vehicle mileage, driving habits, and road environment. The Internet of Vehicles data platform obtains multi-dimensional data such as vehicle driving, operation, business type, road conditions and weather, and accurately predicts the risk cost of each vehicle has become an important means for insurance companies to reduce costs and increase efficiency.
Participants in the freight insurance industry should strive to be pioneers in using big data to change the freight industry, integrate massive platform data and business data, and adopt advanced machine learning algorithms, multi-source data fusion, data processing and other technologies in the insurance industry to provide freight practitioners with new Intelligent and customized insurance service products; at the same time, build a risk control system for insurance companies to effectively identify the risks of heavy-duty trucks, and use intelligent technology to empower the freight insurance industry.

Region Overview:

In 2022, the share of the Cargo Insurance market in Europe stood at 39.14%.

Company Overview:

Allianz is one of the major players operating in the Cargo Insurance market, holding a share of 7.33% in 2023.

Allianz

Allianz Europe AG is one of the world’s largest financial services groups and the largest insurance company in Germany.

Ping An Insurance

China Ping An Insurance Co., Ltd. is the first joint-stock insurance company in China. The company’s business mainly involves insurance, banking, asset management, financial services, healthcare, automotive services, smart cities and other fields.

Segmentation Overview:

Among different product types, Marine Cargo Insurance segment is anticipated to contribute the largest market share in 2028.

Application Overview:

In the Cargo Insurance market, 38.96% of the total value was generated through the Traders segment by application in 2022.

Key Companies in the global Cargo Insurance market covered in Chapter 3:

China Pacific Insurance
Mitsui Sumitomo Insurance
AXA XL
PICC
Samsung Fire & Marine Insurance
Lockton Companies
Munich Re
Travelers Insurance
Allianz
Arthur J. Gallagher & Co.
Tokio Marine Holdings
Ping An Insurance
Marsh
Chubb
Liberty Mutual
Zurich Insurance
Tysers Insurance Brokers
Aon
AIG
Sompo Japan Insurance

In Chapter 4 and Chapter 14.2, on the basis of types, the Cargo Insurance market from 2018 to 2029 is primarily split into:

Land Cargo Insurance
Marine Cargo Insurance
Air Cargo Insurance

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Cargo Insurance market from 2018 to 2029 covers:

Traders
Logistic Companies & Freight Forwarders
Cargo Owners
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)