Product Code: A111066
According to a new report published by Allied Market Research, titled, "Cargo Insurance Market," The cargo insurance market was valued at $71.4 billion in 2022, and is estimated to reach $106 billion by 2032, growing at a CAGR of 4.1% from 2023 to 2032. Cargo insurance can be purchased for goods during shipment to help mitigate risks associated with shipping processes while also securing shipment of the goods. Cargo insurance protects businesses and carriers from financial losses caused by cargo damage or loss. Transporting goods safely and securely can be challenging, especially if they are fragile. In these situations, cargo insurance is crucial because it protects against financial losses by paying the actual value of the shipment in the unlikely event that it is damaged or lost.

The rising popularity of marine cargo insurance owing to an increase in the volume of international shipments through sea routes is anticipated to drive the cargo insurance market share in the upcoming years. The cargo insurance for the goods transported via sea routes offers coverage on the damages caused due to bad weather conditions, piracies, loading & unloading of cargo, and others. For instance, in single coverage policies of marine cargo insurance, the coverage is offered on single shipment basis that can be beneficial for the small business owners. Also, for the companies that ship the cargos through shipping lines of airlines can opt for open coverage policy if they have more than one shipment. In addition, the cargo insurance providers can collaborate with insurance companies that can bring innovative technologies such as machine learning, artificial intelligence, and others to streamline the insurance claim submission process. Collaborating with insurtech companies can help the cargo insurance providers in enhancing their service offerings with unique value propositions, exploring alternative distribution channels, and diversifying their product portfolio. All these factors are anticipated to drive the cargo insurance industry growth in the upcoming years.
Some limitations associated with cargo insurance such as claims will not be paid in case of personal interference and high cost of marine insurance are estimated to restrain the market growth. In addition, damage caused to the goods due to poor packaging or flawed products is not covered under cargo insurance. Also, some cargo insurance companies do not cover insurance of any hazardous cargo or expensive and delicate things such as electronic devices which is anticipated to hamper the market growth during the forecast period.
Intense competition among insurance providers encourages innovation and the development of new cargo insurance products. Insurers strive to differentiate themselves by offering tailored coverage, value-added services, and efficient claims processing, which positively impact the cargo insurance market. IoT technology is continuously being incorporated by significant market players into their current marine insurance product lines to improve their offerings. This system facilitates the processing of claims, assists in loss forecasting, and monitors preclusion losses. This immediately expedites streamlined support for maritime insurance. Therefore, it is anticipated that the adoption of IoT in marine insurance by a large number of industry players will boost market growth during the forecast period.
The market for cargo insurance has seen a marginally negative effect as a result of the COVID-19 pandemic. The demand for cargo insurance decreased due to the pandemic-related slowdown in global trade and supply chain disruptions. Due to a significant decrease in the amount of goods being transported, shipment delays, and cancellations, the pandemic disrupted the global supply chains. The need for cargo insurance was decreased during the pandemic as fewer goods were transported. The pandemic also forced many businesses to scale back operations or even temporarily cease operations, which decreased the demand for cargo insurance. The COVID-19 pandemic significantly reduced commercial and maritime activities.
The key players profiled in this report include: Allianz, AXA, Aon PLC, American International Group Inc, Arthur J. Gallagher & Co., Chubb, Lloyd's, Marsh LLC, Zurich Insurance Group Ltd, and Lockton Companies. The market players are continuously striving to achieve a dominant position in this competitive market using strategies such as collaborations and acquisitions.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the cargo insurance market analysis from 2022 to 2032 to identify the prevailing cargo insurance market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the cargo insurance market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global cargo insurance market trends, key players, market segments, application areas, and market growth strategies.
Additional benefits you will get with this purchase are:
- Quarterly Update and* (only available with a corporate license, on listed price)
- 5 additional Company Profile of client Choice pre- or Post-purchase, as a free update.
- Free Upcoming Version on the Purchase of Five and Enterprise User License.
- 16 analyst hours of support* (post-purchase, if you find additional data requirements upon review of the report, you may receive support amounting to 16 analyst hours to solve questions, and post-sale queries)
- 15% Free Customization* (in case the scope or segment of the report does not match your requirements, 20% is equivalent to 3 working days of free work, applicable once)
- Free data Pack on the Five and Enterprise User License. (Excel version of the report)
- Free Updated report if the report is 6-12 months old or older.
- 24-hour priority response*
- Free Industry updates and white papers.
Possible Customization with this report (with additional cost and timeline talk to the sales executive to know more)
- Consumer Buying Behavior Analysis
- Investment Opportunities
- Upcoming/New Entrant by Regions
- Technology Trend Analysis
- New Product Development/ Product Matrix of Key Players
- Regulatory Guidelines
- Strategic Recommedations
- Additional company profiles with specific to client's interest
- Additional country or region analysis- market size and forecast
- Brands Share Analysis
- Expanded list for Company Profiles
- Historic market data
- Key player details (including location, contact details, supplier/vendor network etc. in excel format)
- Market share analysis of players at global/region/country level
- SWOT Analysis
Key Market Segments
By End User
- Traders
- Cargo Owners
- Ship Owners
- Others
By Insurance Type
- Air Cargo
- Land Cargo
- Marine Cargo
By Distribution Channel
- Direct Sales
- Indirect Sales
By Region
- North America
- Europe
- Germany
- UK
- France
- Italy
- Netherlands
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Singapore
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- United Arab Emirates
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players:
- Allianz SE
- American International Group, Inc.
- Aon plc.
- Arthur J. Gallagher & Co.
- AXA
- Chubb
- Lloyd's
- Lockton Companies, LLC
- MARSH LLC.
- Zurich Insurance Group Ltd
TABLE OF CONTENTS
CHAPTER 1: INTRODUCTION
- 1.1. Report description
- 1.2. Key market segments
- 1.3. Key benefits to the stakeholders
- 1.4. Research Methodology
- 1.4.1. Primary research
- 1.4.2. Secondary research
- 1.4.3. Analyst tools and models
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
- 3.1. Market definition and scope
- 3.2. Key findings
- 3.2.1. Top impacting factors
- 3.2.2. Top investment pockets
- 3.3. Porter's five forces analysis
- 3.4. Market dynamics
- 3.4.1. Drivers
- 3.4.2. Restraints
- 3.4.3. Opportunities
- 3.5. COVID-19 Impact Analysis on the market
- 3.6. Market Share Analysis
- 3.7. Value Chain Analysis
- 3.8. Regulatory Guidelines
- 3.9. Patent Landscape
CHAPTER 4: CARGO INSURANCE MARKET, BY INSURANCE TYPE
- 4.1. Overview
- 4.1.1. Market size and forecast
- 4.2. Air Cargo
- 4.2.1. Key market trends, growth factors and opportunities
- 4.2.2. Market size and forecast, by region
- 4.2.3. Market share analysis by country
- 4.3. Land Cargo
- 4.3.1. Key market trends, growth factors and opportunities
- 4.3.2. Market size and forecast, by region
- 4.3.3. Market share analysis by country
- 4.4. Marine Cargo
- 4.4.1. Key market trends, growth factors and opportunities
- 4.4.2. Market size and forecast, by region
- 4.4.3. Market share analysis by country
CHAPTER 5: CARGO INSURANCE MARKET, BY DISTRIBUTION CHANNEL
- 5.1. Overview
- 5.1.1. Market size and forecast
- 5.2. Direct Sales
- 5.2.1. Key market trends, growth factors and opportunities
- 5.2.2. Market size and forecast, by region
- 5.2.3. Market share analysis by country
- 5.3. Indirect Sales
- 5.3.1. Key market trends, growth factors and opportunities
- 5.3.2. Market size and forecast, by region
- 5.3.3. Market share analysis by country
CHAPTER 6: CARGO INSURANCE MARKET, BY END USER
- 6.1. Overview
- 6.1.1. Market size and forecast
- 6.2. Traders
- 6.2.1. Key market trends, growth factors and opportunities
- 6.2.2. Market size and forecast, by region
- 6.2.3. Market share analysis by country
- 6.3. Cargo Owners
- 6.3.1. Key market trends, growth factors and opportunities
- 6.3.2. Market size and forecast, by region
- 6.3.3. Market share analysis by country
- 6.4. Ship Owners
- 6.4.1. Key market trends, growth factors and opportunities
- 6.4.2. Market size and forecast, by region
- 6.4.3. Market share analysis by country
- 6.5. Others
- 6.5.1. Key market trends, growth factors and opportunities
- 6.5.2. Market size and forecast, by region
- 6.5.3. Market share analysis by country
CHAPTER 7: CARGO INSURANCE MARKET, BY REGION
- 7.1. Overview
- 7.1.1. Market size and forecast By Region
- 7.2. North America
- 7.2.1. Key trends and opportunities
- 7.2.2. Market size and forecast, by Insurance Type
- 7.2.3. Market size and forecast, by Distribution Channel
- 7.2.4. Market size and forecast, by End User
- 7.2.5. Market size and forecast, by country
- 7.2.5.1. U.S.
- 7.2.5.1.1. Key market trends, growth factors and opportunities
- 7.2.5.1.2. Market size and forecast, by Insurance Type
- 7.2.5.1.3. Market size and forecast, by Distribution Channel
- 7.2.5.1.4. Market size and forecast, by End User
- 7.2.5.2. Canada
- 7.2.5.2.1. Key market trends, growth factors and opportunities
- 7.2.5.2.2. Market size and forecast, by Insurance Type
- 7.2.5.2.3. Market size and forecast, by Distribution Channel
- 7.2.5.2.4. Market size and forecast, by End User
- 7.2.5.3. Mexico
- 7.2.5.3.1. Key market trends, growth factors and opportunities
- 7.2.5.3.2. Market size and forecast, by Insurance Type
- 7.2.5.3.3. Market size and forecast, by Distribution Channel
- 7.2.5.3.4. Market size and forecast, by End User
- 7.3. Europe
- 7.3.1. Key trends and opportunities
- 7.3.2. Market size and forecast, by Insurance Type
- 7.3.3. Market size and forecast, by Distribution Channel
- 7.3.4. Market size and forecast, by End User
- 7.3.5. Market size and forecast, by country
- 7.3.5.1. Germany
- 7.3.5.1.1. Key market trends, growth factors and opportunities
- 7.3.5.1.2. Market size and forecast, by Insurance Type
- 7.3.5.1.3. Market size and forecast, by Distribution Channel
- 7.3.5.1.4. Market size and forecast, by End User
- 7.3.5.2. UK
- 7.3.5.2.1. Key market trends, growth factors and opportunities
- 7.3.5.2.2. Market size and forecast, by Insurance Type
- 7.3.5.2.3. Market size and forecast, by Distribution Channel
- 7.3.5.2.4. Market size and forecast, by End User
- 7.3.5.3. France
- 7.3.5.3.1. Key market trends, growth factors and opportunities
- 7.3.5.3.2. Market size and forecast, by Insurance Type
- 7.3.5.3.3. Market size and forecast, by Distribution Channel
- 7.3.5.3.4. Market size and forecast, by End User
- 7.3.5.4. Italy
- 7.3.5.4.1. Key market trends, growth factors and opportunities
- 7.3.5.4.2. Market size and forecast, by Insurance Type
- 7.3.5.4.3. Market size and forecast, by Distribution Channel
- 7.3.5.4.4. Market size and forecast, by End User
- 7.3.5.5. Netherlands
- 7.3.5.5.1. Key market trends, growth factors and opportunities
- 7.3.5.5.2. Market size and forecast, by Insurance Type
- 7.3.5.5.3. Market size and forecast, by Distribution Channel
- 7.3.5.5.4. Market size and forecast, by End User
- 7.3.5.6. Rest of Europe
- 7.3.5.6.1. Key market trends, growth factors and opportunities
- 7.3.5.6.2. Market size and forecast, by Insurance Type
- 7.3.5.6.3. Market size and forecast, by Distribution Channel
- 7.3.5.6.4. Market size and forecast, by End User
- 7.4. Asia-Pacific
- 7.4.1. Key trends and opportunities
- 7.4.2. Market size and forecast, by Insurance Type
- 7.4.3. Market size and forecast, by Distribution Channel
- 7.4.4. Market size and forecast, by End User
- 7.4.5. Market size and forecast, by country
- 7.4.5.1. China
- 7.4.5.1.1. Key market trends, growth factors and opportunities
- 7.4.5.1.2. Market size and forecast, by Insurance Type
- 7.4.5.1.3. Market size and forecast, by Distribution Channel
- 7.4.5.1.4. Market size and forecast, by End User
- 7.4.5.2. Japan
- 7.4.5.2.1. Key market trends, growth factors and opportunities
- 7.4.5.2.2. Market size and forecast, by Insurance Type
- 7.4.5.2.3. Market size and forecast, by Distribution Channel
- 7.4.5.2.4. Market size and forecast, by End User
- 7.4.5.3. India
- 7.4.5.3.1. Key market trends, growth factors and opportunities
- 7.4.5.3.2. Market size and forecast, by Insurance Type
- 7.4.5.3.3. Market size and forecast, by Distribution Channel
- 7.4.5.3.4. Market size and forecast, by End User
- 7.4.5.4. Singapore
- 7.4.5.4.1. Key market trends, growth factors and opportunities
- 7.4.5.4.2. Market size and forecast, by Insurance Type
- 7.4.5.4.3. Market size and forecast, by Distribution Channel
- 7.4.5.4.4. Market size and forecast, by End User
- 7.4.5.5. Australia
- 7.4.5.5.1. Key market trends, growth factors and opportunities
- 7.4.5.5.2. Market size and forecast, by Insurance Type
- 7.4.5.5.3. Market size and forecast, by Distribution Channel
- 7.4.5.5.4. Market size and forecast, by End User
- 7.4.5.6. Rest of Asia-Pacific
- 7.4.5.6.1. Key market trends, growth factors and opportunities
- 7.4.5.6.2. Market size and forecast, by Insurance Type
- 7.4.5.6.3. Market size and forecast, by Distribution Channel
- 7.4.5.6.4. Market size and forecast, by End User
- 7.5. LAMEA
- 7.5.1. Key trends and opportunities
- 7.5.2. Market size and forecast, by Insurance Type
- 7.5.3. Market size and forecast, by Distribution Channel
- 7.5.4. Market size and forecast, by End User
- 7.5.5. Market size and forecast, by country
- 7.5.5.1. Brazil
- 7.5.5.1.1. Key market trends, growth factors and opportunities
- 7.5.5.1.2. Market size and forecast, by Insurance Type
- 7.5.5.1.3. Market size and forecast, by Distribution Channel
- 7.5.5.1.4. Market size and forecast, by End User
- 7.5.5.2. United Arab Emirates
- 7.5.5.2.1. Key market trends, growth factors and opportunities
- 7.5.5.2.2. Market size and forecast, by Insurance Type
- 7.5.5.2.3. Market size and forecast, by Distribution Channel
- 7.5.5.2.4. Market size and forecast, by End User
- 7.5.5.3. Saudi Arabia
- 7.5.5.3.1. Key market trends, growth factors and opportunities
- 7.5.5.3.2. Market size and forecast, by Insurance Type
- 7.5.5.3.3. Market size and forecast, by Distribution Channel
- 7.5.5.3.4. Market size and forecast, by End User
- 7.5.5.4. South Africa
- 7.5.5.4.1. Key market trends, growth factors and opportunities
- 7.5.5.4.2. Market size and forecast, by Insurance Type
- 7.5.5.4.3. Market size and forecast, by Distribution Channel
- 7.5.5.4.4. Market size and forecast, by End User
- 7.5.5.5. Rest of LAMEA
- 7.5.5.5.1. Key market trends, growth factors and opportunities
- 7.5.5.5.2. Market size and forecast, by Insurance Type
- 7.5.5.5.3. Market size and forecast, by Distribution Channel
- 7.5.5.5.4. Market size and forecast, by End User
CHAPTER 8: COMPETITIVE LANDSCAPE
- 8.1. Introduction
- 8.2. Top winning strategies
- 8.3. Product Mapping of Top 10 Player
- 8.4. Competitive Dashboard
- 8.5. Competitive Heatmap
- 8.6. Top player positioning, 2022
CHAPTER 9: COMPANY PROFILES
- 9.1. Allianz SE
- 9.1.1. Company overview
- 9.1.2. Key Executives
- 9.1.3. Company snapshot
- 9.2. AXA
- 9.2.1. Company overview
- 9.2.2. Key Executives
- 9.2.3. Company snapshot
- 9.3. Aon plc.
- 9.3.1. Company overview
- 9.3.2. Key Executives
- 9.3.3. Company snapshot
- 9.4. American International Group, Inc.
- 9.4.1. Company overview
- 9.4.2. Key Executives
- 9.4.3. Company snapshot
- 9.5. Arthur J. Gallagher & Co.
- 9.5.1. Company overview
- 9.5.2. Key Executives
- 9.5.3. Company snapshot
- 9.6. Chubb
- 9.6.1. Company overview
- 9.6.2. Key Executives
- 9.6.3. Company snapshot
- 9.7. Lloyd's
- 9.7.1. Company overview
- 9.7.2. Key Executives
- 9.7.3. Company snapshot
- 9.8. MARSH LLC.
- 9.8.1. Company overview
- 9.8.2. Key Executives
- 9.8.3. Company snapshot
- 9.9. Zurich Insurance Group Ltd
- 9.9.1. Company overview
- 9.9.2. Key Executives
- 9.9.3. Company snapshot
- 9.10. Lockton Companies, LLC
- 9.10.1. Company overview
- 9.10.2. Key Executives
- 9.10.3. Company snapshot