Cargo Transportation Insurance Market will reach at $34.22 billion by 2032, Booming Worldwide With Leading Key Players -Marsh, TIBA, Travelers Insurance, Halk Sigorta, Integro Group, Liberty Insurance Limited, Chubb, AGCS, Aon, Arthur J. Gallagher, Libert

Key Drivers of the Global Cargo Insurance Market
Increasing will reach at $34.22 billion by 2032, demand and awareness about cargo insurance among ship owners, cargo owners, and charterers who can face huge losses such as damage caused to ships, cargo vessels, and terminals, is a major factor that propels the growth of the cargo insurance market.
Rapid growth in incorporation of IoT, which helps in risk monitoring, facilitates loss prediction & prevention, and simplifies claims processing is projected to boost growth of the cargo insurance market in the coming years.
Rising demand for marine insurance is because it offers coverage against a wide range of risk measures and helps in the smooth functioning of trade activities. As per Uniglobal, a leading knowledge sharing institution, nearly 85% of global trade is carried by sea and tons of cargo ships are active in operations, largely contributing to the global economy.

Key Players in the Cargo Transportation Insurance market:

Marsh, TIBA, Travelers Insurance, Halk Sigorta, Integro Group, Liberty Insurance Limited, Chubb, AGCS, Aon, Arthur J. Gallagher, Liberty Mutual Insurance, AIG, Marsh, Swiss Re, Zurich Insurance, Atrium, Samsung Fire & Marine Insurance, Mitsui Sumitomo Insurance, Munich Re, Peoples Insurance Agency

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The report studies the Cargo Transportation Insurance market using cross-sectional multiple regression analysis. The report provides estimates for future market demand. The report also uses secondary analysis to examines the Cargo Transportation Insurance market. The report provides detailed analysis Cargo Transportation Insurance market value chain. The report analyses the factors affecting the Cargo Transportation Insurance market. The report lists the data and trends that studies various components of the Cargo Transportation Insurance market. The report reviews the current Cargo Transportation Insurance market production and price patterns. The report reviews the production, imports, and profitability segments.

Cargo Transportation Insurance Market Types:

Land Cargo Insurance, Marine Cargo Insurance, Air Cargo Insurance.

Cargo Transportation Insurance Market Applications:

Marine, Land, Aviation

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Global Cargo Transportation Insurance Market Revenue Led by Type Segment:
Based on type, marine cargo insurance segment is expected to account for largest revenue share over the forecast period, which can be attributed to growing international transportation, exposure of marine projects and international shipping to a wide range of risks and grave financial consequences, and advancements in offshore and marine insurance industry. Marine cargo insurance covers all types of losses or damages caused to ships or any other transportation or the cargo, through which the goods have been shipped. This insurance financially helps policyholders to tackle the expenses caused due to damage or loss of goods.

Marine cargo insurance is the most common insurance used to protect the value of goods from physical damage, theft, or general average. It is relatively inexpensive and cover three main policies, including open cover policies, specific cargo policies, and contingency policies. It also covers third-party liabilities, which can arise from any damage or loss caused to the ship, port, or other transport forms by the insured cargo. These are some key factors boosting its adoption across the globe and thereby driving revenue growth of the market.

Global Cargo Transportation Insurance Market Leading Application Segment:
Based on application, marine segment is expected to register a significantly faster revenue CAGR over the forecast period. Revenue growth of this segment can be attributed to increasing international shipments of goods and products, growing investment in marine cargo insurance, and rising need to transport goods across borders in a safe and efficient manner. Marine transportation accounts for nearly 80-90% of the global trade, and it transports over 10 billion tons of containers, solid, and liquid bulk cargo across the globe annually. The marine transportation industry loses billions to cargo theft and cargo loss each year, which is increasing demand for robust marine insurance coverage that cover transit risks, including storage and processing, consignment property, and goods in storage.

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Strategies & Objectives of the Major Companies:
In November 2021, NFP, which is a leading insurance broker and consultant offering specialized business and personal insurance, announced that its Canadian office had partnered with the U.K-based Loadsure. Under the partnership, Loadsure will be providing instant and on-demand cargo and shippers' coverage to NFP's Canadian logistic clients that ship cargo globally.
In December 2021, Fifth Wheel Freight announced a partnership with Loadsure, which is a freight insurance company offering freight cargo insurance through advanced AI- and automation-powered platform. The partnership aims to bring rapid and cost-effective per-load coverage to customers and carriers, while protecting them against risks and moving shipments with efficacy, safety, and care.
In December 2021, Nuvocargo, which is a logistics startup that aims to simplify challenges associated with cross-border trade, announced that it had raised USD 20.5 million in a financing round led by Tiger Global Management. Nuvocargo offers all-in-one service that combines freight forwarding, customs brokerage, cargo insurance, and trade financing on one UI-friendly software and app.
In February 2022, Redkik, a Finland-based software company focused on streamlining marine cargo insurance industry, announced that it had raised USD 3.3 million in a seed funding round led by MS&AD Ventures and Greenlight RE Innovations. The investment is expected to accelerate company's growth and the value it offers in bringing per shipment cargo insurance to the global market.

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