Global Logistics Insurance Market Size Booming at Significant CAGR of 9.16% to Touch Whopping USD 72.1 Billion by 2030

Published | 27 June 2024

Global Logistics Insurance Market is expanding rapidly due to increased international trade, growing complexities in supply chains, rising demand for risk management, and technological advancements in tracking and monitoring.

BlueWeave Consulting, a leading strategic consulting and Market research firm, in its recent study, estimated Global Logistics Insurance Market size by value at USD 64.92 billion in 2023. During the forecast period between 2024 and 2030, BlueWeave expects Global Logistics Insurance Market size to expand at a CAGR of 9.16% reaching a value of USD 72.1 billion by 2030. The growth of Global Logistics Insurance Market is driven by several factors, including the expansion of global trade, increasing supply chain complexities, and the rise of e-commerce. Advancements in logistics technology and heightened awareness about risk management further contribute to market growth. Additionally, regulatory requirements and the need for comprehensive coverage against cargo damage, theft, and liability propel demand. Economic growth in emerging markets and the globalization of manufacturing and distribution networks also play significant roles in driving the market expansion.

Opportunity – Evolving customer needs

In an era of rapid globalization and technological advancement, customer expectations in the logistics sector are undergoing a significant transformation. With the rise of e-commerce, demand for streamlined supply chain solutions and comprehensive insurance coverage is burgeoning. Logistics insurance providers are thus compelled to adapt, offering innovative policies tailored to meet evolving client requirements. The shift is driven by the need for greater transparency, flexibility, and efficiency in mitigating risks associated with global trade. Therefore, companies that embrace the evolving customer needs are poised to capitalize on substantial growth opportunities in the dynamic Logistics Insurance Market.

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Impact of Escalating Geopolitical Tensions on Global Logistics Insurance Market

Escalating geopolitical tensions significantly impact Global Logistics Insurance Market. Trade disruptions, such as tariffs and sanctions, increase shipping costs and risk, driving up insurance premiums. For instance, the United States-China trade war led to a 10% rise in premiums due to increased cargo risks. Conflict zones, like the Russia-Ukraine war, create high-risk areas, leading to higher claims and increased costs for insurers. Political instability, such as Brexit, adds uncertainty and regulatory changes, complicating risk assessments and policy issuance. Additionally, piracy in regions like the Gulf of Aden has prompted insurers to adjust coverage and raise rates. Overall, these factors heighten operational risks and financial burdens, impacting the market's stability and growth.

Cargo Insurance Is Most Popular Logistics Insurance Coverage Segment

Based on coverage, Global Logistics Insurance Market is divided into Cargo Insurance, Freight Forwarder Liability Insurance, and Marine Services Liability segments. The cargo insurance coverage is the largest segment in Global Logistics Insurance Market, covering the protection of goods during transit. The segment encompasses a broad range of goods transported via various modes such as air, sea, or land, ensuring coverage against risks like damage, theft, or loss. Cargo insurance plays a pivotal role in mitigating financial losses for businesses engaged in international trade or domestic logistics operations. Its significance stems from the vital role cargo transportation plays in global supply chains, necessitating robust insurance solutions to safeguard shipments and provide peace of mind to stakeholders across the logistics industry.

Transportation Held Largest Market Share by Industry

Based on industry, Global Logistics Insurance Market is divided into Transportation, Marine, and Aviation segments. The transportation segment is emerging as the largest segment in Global Logistics Insurance Market. Transportation insurance covers a wide array of risks associated with the movement of goods, including trucking, rail, and cargo shipping. The segment is crucial for mitigating potential losses arising from accidents, theft, or damage during transit. Its prominence underscores the significance of ensuring the smooth flow of goods across various modes of transportation in the global supply chain. As such, investment and focus on transportation insurance remain pivotal for safeguarding logistical operations worldwide.

Competitive Landscape

Global Logistics Insurance Market is fiercely competitive. Major companies in the market include American International Group (AIG), Inc., Allianz, DB Schenker, Peoples Insurance Agency, United Parcel Service of America, Inc., AXA SA, Thomas Miller Group, Concord, AsstrA-Associated Traffic AG, Arch Group, China Pacific Life Insurance, and GEICO. These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in Global Logistics Insurance Market.

Don’t miss the business opportunity Global Logistics Insurance Market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Logistics Insurance Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global Logistics Insurance Market and industry insights to help decision-makers make sound strategic decisions. Further, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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