The global LogisticsInsurance 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.
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.
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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.
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The
logistics insurance market is broadly categorized into three major segments
based on type of industry such as transportation, marine, aviation, and others.
The marine sector is considered as one of the fastest growing segment in the
market with substantial revenue generation in the last couple of years. The
increasing demand for logistics insurance from the marine segment is credited
to current development of ports in the developing economies across the globe.
In addition, declining cost of vessels and increasing contribution from cargo
underwriters coupled with the reduction in deductibles and premium are expected
to amplify market value of the marine segment.
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.
The
key players in the logistics insurance industry are American International
Group, Inc., Allianz SE, DB Schenker Ltd., Dawson Companies, Inc., and G4S
International Logistics Inc.
Market
Segment:
Logistics
Insurance Industry Outlook (Revenue, USD Billion, 2014 - 2025)
• Transportation
• Marine
• Aviation
• Others
Logistics
Insurance Regional Outlook (Revenue, USD Billion, 2014 - 2025)
• North America
• U.S.
• Canada
• Europe
• Germany
• UK
• Asia Pacific
• China
• Japan
• Singapore
• Latin America
• Mexico
• Brazil
• Middle East and Africa
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