The global Logistics Insurance Market research report provides complete insights on industry scope, trends, regional estimates, key application, competitive landscape and financial performance of prominent players. It also offers ready data-driven answers to several industry-level questions. This study enables numerous opportunities for the market players to invest in research and development.
Market Overview:
The global Logistics Insurance Market size is expected to value at USD 61.55 billion by 2025. The market is subject to witness a substantial growth due to the rising consumer preference towards customizes insurance products and services. Factors responsible for the robust market growth include incorporation of product in the insurance policy and limiting potential risks during the transfer.
Key Players:
- American International Group, Inc
- Allianz SE
- DB Schenker
- Dawson Companies
- G4S International Logistics
- Integrity Transportation Insurance
- Liberty Mutual Insurance
- Peoples Insurance Agency
- UPS Capital
- Wells Fargo & Company
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Growth Drivers:
The primary goal of the logistics insurance market is to introduce new product in order to increase the after-tax income while charging an appropriate price for the product. Introduction of optimal prices for insurance policies by keeping certain factors in account is expected to favor market growth over the period of time. Globally, the logistics insurance industry is predicted to grow at higher CAGR in the forecast period, providing numerous opportunities for market players to invest for research and development in the market.
Growing competition in the market has led to development of different the price optimization technique, thereby propelling market demand in the upcoming years. Organizations offering logistics insurance identify the premium rates on the account of the historical data and price of the product accordingly. The recent technological advancement in the logistic industry coupled with development of tools such as predictive analytical models, what-if scenario simulation, and impact analysis are helping organization to determine product pricing, thereby propelling market demand over the forecast period. Product pricing is considered major enabler that requires a thorough understanding of the market competition, historical data, user preferences, and pricing strategies.
Robust growth of the logistics insurance market is majorly attributed to factors such as expansion of logistics market across the globe, the high-end international trade flow and the strong economic growth in the developing economies such as India, China and Brazil. Increasing transportation & infrastructural activities in the Asia Pacific and North America region is anticipated to pay a way for large-scale demand for logistics insurance services in the upcoming years.
Additionally, intra-regional trade and international among developing economies across the globe coupled with higher growth rate in the Asia Pacific region are expected to drive the growth of logistics insurance industry over the forecast period. Furthermore, the rising investment made by industry participants in customer engagement activities with the help of different digital touch points involving mobile, social media, mail, and others is estimated to positively affect market advancements in the upcoming years. However, technological advancement in the logistics industry has led to complexity in claims procedure, thus requiring constant assistance to customers. These factors are expected to restrain market growth to a certain extent.
Industry Outlook:
- Transportation
- Marine
- Aviation
Regional Outlook:
The logistics insurance industry is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in the implementation of latest technologies in logistics sector, favorable laws & regulation regarding reimbursement policies, and existence of well-established logistics network in the region. Asia-Pacific region is predicted to hold major market share in the logistics insurance with massive growth in forecast period. Countries such as India, China and Singapore are leading the Asia-Pacific market with growing infrastructure spending, strong economic growth, introduction of improved regulatory standards, and significant investment by leading industry players considering potential growth opportunities in the region.
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