Cargo Transportation Insurance Market Trends, Growth, Overview And Share Analysis To 2033

The Business Research Company recently released a comprehensive report on the Global Cargo Transportation Insurance Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The cargo transportation insurance market size has grown steadily in recent years. It will grow from $54.72 billion in 2023 to $57.06 billion in 2024 at a compound annual growth rate (CAGR) of 4.3%. The growth in the historic period can be attributed to growth of international trade and globalization, expansion of the logistics and supply chain industry, increase in cargo shipping activities, regulatory requirements for cargo insurance, historical incidents of cargo loss or damage.

The cargo transportation insurance market size is expected to see steady growth in the next few years. It will grow to $65.91 billion in 2028 at a compound annual growth rate (CAGR) of 3.7%. The growth in the forecast period can be attributed to development of marine insurance practices, expansion of e-commerce and cross-border trade, adoption of advanced data analytics for risk management, growth in demand for perishable goods transportation, customized insurance solutions for specific cargo types, rise of usage-based insurance for cargo fleets. Major trends in the forecast period include technological advancements in tracking and monitoring, advances in risk assessment and underwriting, integration of blockchain for transparent and efficient transactions, sustainability and eco-friendly transportation, integration of artificial intelligence in claims processing, collaboration between insurers and technology providers.

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Market Drivers and Trends:

The rising marine transportation is expected to propel the growth of the cargo transportation insurance market going forward. Marine transportation, usually known as maritime transportation, is the movement of products, people, and resources by water utilizing various vehicles such as vessels, yachts, and boats. Cargo transportation insurance is a type of insurance policy that protects marine cargo against loss or damage caused by sea or air travel risks, as well as subsequent land and inland waterways. For instance, in January 2023, according to the United Nations Conference on Trade and Development, a US-based intergovernmental organization, international marine trade flows increased from 10,645 million tons in 2020 to 10,985 million tons in 2021. Therefore, rising marine transportation is driving the growth of the cargo transportation insurance market.

Technological advancements are a key trend gaining popularity in the cargo transportation insurance market. Major companies operating in the cargo transportation insurance market are adopting innovative technologies to sustain their position in the market. For instance, in May 2023, Breeze, a UK-based company that provides digital freight insurance, partnered with Ceedbox, a UK-based software company, and Cardinal Global Logistics, a UK-based freight forwarding company, to launch an automated insurance solution. This uses Ceedbox's technology that reduces manual entry and human mistakes, resulting in fewer discrepancies and insurance claim concerns, enabling Cardinal to provide a more efficient and thorough service to its clients. It significantly reduces the time and effort required for accurate cargo insurance coverage.

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Major Key Players of the Market:

Axa SA, Generali, Lloyd's of London, American International Group Inc., The Phoenix Insurance Company Ltd., Tokio Marine, Chubb Corp., Swiss Reinsurance Company Ltd., Zurich Insurance Group Ltd., Sompo International, Travelers Companies Inc., Marsh LLC, Samsung Fire and Marine Insurance Co. Ltd., QBE Insurance Group, Aon PLC, Markel Corporation, HDI Global, Arthur J. Gallagher and Co., Allianz SE, Hanover Insurance Group, Lockton Companies Inc., Hiscox, Great American Insurance Group, Mitsui Sumitomo Insurance, RSA Insurance Group, C&S Insurance Agency Inc., Liberty General Insurance Ltd., Progressive Services Co.

Cargo Transportation Insurance Market 2024 Key Insights:

• The cargo transportation insurance market size is expected to see steady growth in the next few years. It will grow to $65.91 billion in 2028 at a compound annual growth rate (CAGR) of 3.7%.
• Surging Marine Transportation Boosts Cargo Transportation Insurance Market
• Tech Advancements Drive Transformation In The Cargo Transportation Insurance Market
• North America was the largest region in the cargo transportation insurance market in 2023

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