Logistics Insurance Market Scenario and Growth Prospects 2022

Market Overview:
The Global Logistics Insurance market size was valued at USD 67.11 Billion in 2021 and is projected to reach USD 78.69 Billion by 2028, growing at a CAGR of 2.3% from 2022 to 2028.

Logistics Insurance is a type of insurance policy that is specifically designed to cover commodities in any mode of transportation, including air, sea, land, and train. It protects cargo against a wide range of physical losses or damage to freight caused by external causes while in transit. The goods are transported around the world by land, sea, train, or air. The likelihood of hauled items and products being lost or destroyed during the journey is extremely high. In these cases, cargo insurance can help by covering the loss.

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Market Dynamics:

Driver:

The expansion of import-export operations among nations is the result of increased trade contacts among various nations. Physical damage to items as a result of mishaps caused by outside sources such as bad weather, rotten goods, technical flaws, and others. To avoid such occurrences, business owners obtain logistics insurance to protect themselves against such damaged goods, which are of high value because they are exported from multiple countries. Global trade is expected to grow by 23% from 2020 to approximately USD 28 trillion in 2021, according to the United Nations Conference on Trade and Development.

Opportunities:
Blockchain has the potential to improve global trade efficiency by significantly reducing bureaucracy and paperwork. A multi-stakeholder process with a lengthy paper trail, for example, could be replaced with an automated process that stores information in a tamper-evident digital format. Insurance, legal, brokerage, and settlement services are examples of automation services that currently require an intermediary. Blockchain technology could be used to track a product's lifecycle and ownership transfer from manufacturer to store shelf, even as it passes through the hands of the manufacturer, logistics service provider, wholesaler, retailer, and consumer.

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Market Segmentation

By Type, the Marine Cargo Insurance segment dominates the Logistics Insurance Market. The foundation of international trade and the world economy is maritime transit. More than 80% of products traded internationally are transported by sea, and this proportion is significantly higher for the majority of developing nations. A marine cargo insurance policy offers comprehensive coverage against all the potential marine-related perils that the goods are exposed to while they are in transit.

By Coverage Type, Cargo Insurance dominates the Logistics Insurance Market. The most common kind of insurance used to protect shipments from physical harm or theft is cargo insurance. The value of the objects is guaranteed against damage that occurs during transport due to a well-protected cargo insurance policy. Because there is never an assurance that the goods won't be damaged, cargo insurance is crucial.

By End User, the Enterprise segment dominates the Logistics Insurance Market. Generally, special insurance coverage is made on the bulk cargos which are made by large enterprises for the long-haul transportation for an end to end coverage of their goods. Due to the high volume of goods, the risk of losses is greater and companies and trading enterprises are highly unlikely to neglect such risk. Therefore, logistics insurance has a large clientele that deals with bulk cargo and high volume intercity and cross-border trade.

By Type
• Land Cargo Insurance
• Marine Cargo Insurance
• Air Transport Insurance

By Coverage Type
• Cargo Insurance
• Freight Forwarder Liability Insurance
• Marine services liability
• Energy logistics
• Other

By End User
• Individual,
• Enterprises

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Regional Analysis Of Logistics Insurance Market
The European region dominates the Logistics Insurance Market. The presence of a solid logistics infrastructure and the growing use of digital insurance are the main elements supporting this region's dominance. Automating compliance with regulations in the area is also likely to promote regional growth. The pricing of policies is significantly influenced by government regulatory actions, which are anticipated to have a substantial impact on the sector as a strong driver. Also, Europe is the major hub for global cargo transportation due to the existence of major ports. In 2021, Rotterdam's overall cargo throughput increased 7.3% to 468.7 million tonnes. Because more commodities were purchased during the epidemic, the number of containers grew by 6.6% to 15.3 million TEU in 2020.

By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
• Asia-Pacific (China, India, Japan, Southeast Asia, Rest of APAC)
• Middle East & Africa (GCC Countries, South Africa, Rest of MEA)
• South America (Brazil, Argentina, Rest of South America)

Major Key Players Considered in the Market
• Aon PLC
• Atrium Corporation
• Beazley Group
• Gard AS
• Liberty Mutual Insurance
• Mitsui Sumitomo Insurance Company Limited
• Peoples Insurance Agency
• Samsung Fire & Marine Insurance Co. Ltd.
• Sompo Japan Nipponkoa Insurance Inc.
• Swiss Re Ltd
• Tokio Marine Holdings Inc

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Key Industry Development In The Logistics Insurance Market

In March 2020, To provide customers with protection against physical loss or damage to their products, Maersk has partnered with Zurich Insurance Plc (Zurich). This product is called Maersk Cargo Insurance.

In July 2022, A new co-innovation solution was unveiled by NTT DATA and SAP Asia Pacific and Japan (APJ) to enhance supply chain insurance management. The solution, dubbed Connected Product, was created in collaboration with SAP SE and NTT DATA, a pioneer in global digital business and IT services. This partnership furthers the strategic alliance established between NTT and SAP SE's parent company in 2020.

Objectives of the global Logistics Insurance market

1. To identify the main subsegments of the Logistics Insurance market to comprehend its structure.

2. Identifies describes, and analyses the sales volume, value, market share, competitive market landscape, opportunities and threats, and strategic initiatives for the main worldwide Logistics
Insurance manufacturers for the next few years.

3. To examine the Logistics Insurance in terms of specific expected growth, career outlook, and market share contribution.

4. Analyse commercial developments in the market, such as market expansions, partnerships, new product development, and mergers.

5. To develop a strategic analysis of the main players and a thorough analysis of their strategic planning.

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