Cargo insurance market is expected to grow at a significant CAGR during the forecast period. Cargo insurance is a process used for shipment protection from any theft or physical damage and ensures the optimum value of goods against potential losses during the shipment process over air, seas, or land transportation. Cargo insurance offers wide coverage against all the harms and risks of any physical loss or freight damage from external causes throughout the shipping.
The significantly increasing oil, gas and coal transportation over the seas is surging the demand for cargo deliveries and is anticipated to drive the global cargo insurance market during the forecast period. The global cargo insurance market has been significantly driven by the management of fire risk during transportation. The poorly stowed and undeclared dangerous cargo induces the risk of fire and is anticipated to create lucrative growth opportunities for the global cargo insurance market during the forecast period.
The key players present in the global cargo insurance market include Marsh, TIBA, Travelers Insurance, AGCS, Atrium, and others. These vendors are adopting product expansion, technological advancement, product launches mergers & acquisitions, and supply chain management among other strategies to flourish the market growth, and to stay competitive in the market during the forecast period. For instance, in September 2020, IBM announced an innovative product launch as a risk-based service in the global cargo insurance market. IBM’s risk analytics services are integrated into the cargo insurance segment with the acquisition to impact cybersecurity and theft management.
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Market Coverage
- The market number available for – 2021-2029
- Base year- 2021
- Forecast period- 2023-2029
Segment Covered-
- By Type
- By End User
- Competitive Landscape- Marsh, TIBA, Travelers Insurance, AGCS, Atrium, Tokyo Marine Holdings and other.
Cargo Insurance Market Segment
By Product Type
- Land Cargo Insurance
- Marine Cargo Insurance
- Air Cargo Insurance
By End User
- Marine
- Land
- Aviation
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Cargo Insurance Market Segment by Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Spain
- France
- Italy
- Rest of Europe
Asia-Pacific
- India
- China
- Japan
- South Korea
- Rest of APAC
Rest of the World
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