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According to the latest research, the global Cargo Insurance market size was valued at USD 27039.0 million in 2022 and is expected to expand at a CAGR of 3.73% during the forecast period, reaching USD 33681.36 million by 2028.
Cargo transportation insurance is an insurance that uses various goods as the subject of insurance during transportation. According to the different modes of cargo transportation, cargo transportation insurance can be divided into: land cargo insurance, marine cargo insurance, aviation insurance.
The epidemic will also lead to a decline in car sales, especially in the first few months of 2020, which will have a knock-on effect on the auto insurance industry. At the same time, the transportation, tourism, catering, manufacturing and other industries have been directly affected, and the corresponding travel accident insurance, freight insurance and other insurance types have been blocked.
The impact of pneumonia epidemic in COVID-19 on the cargo insurance industry involves all major links and entities in the industrial chain. Under the epidemic situation, the company's management efficiency declined, commuting was seriously hindered, network expansion and marketing were delayed, brands were forced to adjust, market sales declined, and the company and employees' income was damaged.
In addition, through this epidemic, the willingness of enterprises to avoid man-made and natural disasters will increase, and the corresponding business interruption, cancellation of activities and demand for cargo transportation insurance may increase.
It can be seen that the epidemic will affect the growth of premium income of the global freight insurance industry in the short term. In the long run, the epidemic will, on the one hand, promote the increase of corporate awareness of freight insurance and the improvement of the image of the freight insurance industry. On the other hand, the digital transformation of the freight insurance industry will also be further accelerated, and the long-term stable development trend of the global freight insurance industry will not change.
Market Opportunity and Drivers Analysis
A new round of technological revolution and industrial transformation is in the ascendant, and the wave of digitalization is booming. More and more creative and adaptable new technologies, business models, and service models have penetrated into the field of inclusive finance. A new model of freight insurance driven by digitalization is accelerating its formation on a global scale.
Insurance technology is the application category of financial technology in the freight insurance industry. The underlying technology adopted is similar to other financial fields, and it also mainly includes cloud computing, big data, artificial intelligence, blockchain and the Internet of Things. The information construction of the freight insurance industry can use relatively mature technical means, combined with the scenes of the freight insurance business for rapid development and application, so as to promote the development of the industry.
Safety is the eternal big proposition of the freight industry. Providing intelligent and customized insurance products for the freight industry, and using big data to increase new momentum for insurance companies is the mainstream trend of freight insurance providers today. Companies should focus on the era of technology insurance, continue to focus on data technology, based on risk assessment, and strive to work with partners to create a smart and innovative freight insurance market.
With the continuous acceleration of the global road freight informatization process, big data and intelligent technology have gradually penetrated into all fields of the freight industry. At the level of basic cargo transportation, a new smart logistics system combining data scenarios is gradually being built. Returning to the field of freight security, data-driven intelligent applications, security assurance and risk monitoring for different stages and scenarios of freight insurance can reduce the risk of heavy trucks to a certain extent and improve the safety level of cargo transportation. Improve the safety management level of commercial vehicles in the whole society.
For example, with the popularization of the Internet of Vehicles technology, it is possible for the outside world to obtain data such as vehicle mileage, driving habits, and road environment. The Internet of Vehicles data platform obtains multi-dimensional data such as vehicle driving, operation, business type, road conditions and weather, and accurately predicts the risk cost of each vehicle has become an important means for insurance companies to reduce costs and increase efficiency.
Participants in the freight insurance industry should strive to be pioneers in using big data to change the freight industry, integrate massive platform data and business data, and adopt advanced machine learning algorithms, multi-source data fusion, data processing and other technologies in the insurance industry to provide freight practitioners with new Intelligent and customized insurance service products; at the same time, build a risk control system for insurance companies to effectively identify the risks of heavy-duty trucks, and use intelligent technology to empower the freight insurance industry.
Region Overview:
In 2022, the share of the Cargo Insurance market in Europe stood at 39.14%.
Company Overview:
Allianz is one of the major players operating in the Cargo Insurance market, holding a share of 7.33% in 2023.
Allianz
Allianz Europe AG is one of the world’s largest financial services groups and the largest insurance company in Germany.
Ping An Insurance
China Ping An Insurance Co., Ltd. is the first joint-stock insurance company in China. The company’s business mainly involves insurance, banking, asset management, financial services, healthcare, automotive services, smart cities and other fields.
Segmentation Overview:
Among different product types, Marine Cargo Insurance segment is anticipated to contribute the largest market share in 2028.
Application Overview:
In the Cargo Insurance market, 38.96% of the total value was generated through the Traders segment by application in 2022.
This report elaborates on the market size, market characteristics, and market growth of the Cargo Insurance industry between the year 2018 to 2028, and breaks down according to the product type, downstream application, and consumption area of Cargo Insurance. The report also introduces players in the industry from the perspective of the value chain and looks into the leading companies.
Key Points this Global Cargo Insurance Market Report Include:
Market Size Estimates: Cargo Insurance market size estimation in terms of revenue and sales from 2018-2028
Market Dynamic and Trends: Cargo Insurance market drivers, restraints, opportunities, and challenges
Macro-economy and Regional Conflict: Influence of global inflation and Russia & Ukraine War on the Cargo Insurance market
Segment Market Analysis: Cargo Insurance market revenue and sales by type and by application from 2018-2028
Regional Market Analysis: Cargo Insurance market situations and prospects in major and top regions and countries
Cargo Insurance Market
Cargo Insurance Industry Chain: Cargo Insurance market raw materials & suppliers, manufacturing process, distributors by region, downstream customers
Cargo Insurance Industry News, Policies by regions
Cargo Insurance Industry Porters Five Forces Analysis
Key players in the global Cargo Insurance market are covered in Chapter 2:
Marsh
Sompo Japan Insurance
Zurich Insurance
Aon
AIG
Tysers Insurance Brokers
AXA XL
Allianz
China Pacific Insurance
Chubb
Arthur J. Gallagher & Co.
Liberty Mutual
Mitsui Sumitomo Insurance
Ping An Insurance
Lockton Companies
Tokio Marine Holdings
Munich Re
Samsung Fire & Marine Insurance
PICC
Travelers Insurance
In Chapter 6 and Chapter 9, on the basis of types, the Cargo Insurance market from 2018 to 2028 is primarily split into:
Land Cargo Insurance
Marine Cargo Insurance
Air Cargo Insurance
In Chapter 7 and Chapter 10, on the basis of applications, the Cargo Insurance market from 2018 to 2028 covers:
Traders
Logistic Companies & Freight Forwarders
Cargo Owners
Others
Geographically, the detailed analysis of consumption, revenue, market share and growth rate of the following regions from 2018 to 2028 are covered in Chapter 8 and Chapter 11:
United States
Europe
China
Japan
India
Southeast Asia
Latin America
Middle East and Africa
Others
In summary, this report relies on sources from both primary and secondary, combines comprehensive quantitative analysis with detailed qualitative analysis, and pictures the market from a macro overview to micro granular segment aspects. Whatever your role in this industry value chain is, you should benefit from this report with no doubt.
Chapter Outline
This report consists of 12 chapters. Below is a brief guideline to help you quickly grasp the main contents of each chapter:
Chapter 1 first introduces the product overview, market scope, product classification, application, and regional division, and then summarizes the global Cargo Insurance market size in terms of revenue, sales volume, and average price.
Chapter 2 analyzes the main companies in the Cargo Insurance industry, including their main businesses, products/services, sales, prices, revenue, gross profit margin, and the latest developments/updates.
Chapter 3 is an analysis of the competitive environment of Cargo Insurance market participants. This mainly includes the revenue, sales, market share, and average price of the top players, along with the market concentration ratio in 2022 and the players' M&A and expansion in recent years.
Chapter 4 is an analysis of the Cargo Insurance industrial chain, including raw material analysis, manufacturing cost structure, distributors, and major downstream buyers.
Chapter 5 focuses on Cargo Insurance market dynamics and marketing strategy analysis, which include opportunities, challenges, industry development trends under inflation, industry news and policies analyzed by region, Porter's Five Forces analysis, as well as direct and indirect marketing, and the development trends of marketing channels.
Chapters 6-8 have segmented the Cargo Insurance market by type, application, and region, with a focus on sales and value from 2018 to 2023 from both vertical and horizontal perspectives.
Chapters 9-11 provide detailed Cargo Insurance market forecast data for 2023-2028, broken down by type and application, region, and major countries to help understand future growth trends.
Chapter 12 concludes with an explanation of the data sources and research methods. Verify and analyze through preliminary research to obtain final quantitative and qualitative data.
Cargo transportation insurance is an insurance that uses various goods as the subject of insurance during transportation. According to the different modes of cargo transportation, cargo transportation insurance can be divided into: land cargo insurance, marine cargo insurance, aviation insurance.
The epidemic will also lead to a decline in car sales, especially in the first few months of 2020, which will have a knock-on effect on the auto insurance industry. At the same time, the transportation, tourism, catering, manufacturing and other industries have been directly affected, and the corresponding travel accident insurance, freight insurance and other insurance types have been blocked.
The impact of pneumonia epidemic in COVID-19 on the cargo insurance industry involves all major links and entities in the industrial chain. Under the epidemic situation, the company's management efficiency declined, commuting was seriously hindered, network expansion and marketing were delayed, brands were forced to adjust, market sales declined, and the company and employees' income was damaged.
In addition, through this epidemic, the willingness of enterprises to avoid man-made and natural disasters will increase, and the corresponding business interruption, cancellation of activities and demand for cargo transportation insurance may increase.
It can be seen that the epidemic will affect the growth of premium income of the global freight insurance industry in the short term. In the long run, the epidemic will, on the one hand, promote the increase of corporate awareness of freight insurance and the improvement of the image of the freight insurance industry. On the other hand, the digital transformation of the freight insurance industry will also be further accelerated, and the long-term stable development trend of the global freight insurance industry will not change.
Market Opportunity and Drivers Analysis
A new round of technological revolution and industrial transformation is in the ascendant, and the wave of digitalization is booming. More and more creative and adaptable new technologies, business models, and service models have penetrated into the field of inclusive finance. A new model of freight insurance driven by digitalization is accelerating its formation on a global scale.
Insurance technology is the application category of financial technology in the freight insurance industry. The underlying technology adopted is similar to other financial fields, and it also mainly includes cloud computing, big data, artificial intelligence, blockchain and the Internet of Things. The information construction of the freight insurance industry can use relatively mature technical means, combined with the scenes of the freight insurance business for rapid development and application, so as to promote the development of the industry.
Safety is the eternal big proposition of the freight industry. Providing intelligent and customized insurance products for the freight industry, and using big data to increase new momentum for insurance companies is the mainstream trend of freight insurance providers today. Companies should focus on the era of technology insurance, continue to focus on data technology, based on risk assessment, and strive to work with partners to create a smart and innovative freight insurance market.
With the continuous acceleration of the global road freight informatization process, big data and intelligent technology have gradually penetrated into all fields of the freight industry. At the level of basic cargo transportation, a new smart logistics system combining data scenarios is gradually being built. Returning to the field of freight security, data-driven intelligent applications, security assurance and risk monitoring for different stages and scenarios of freight insurance can reduce the risk of heavy trucks to a certain extent and improve the safety level of cargo transportation. Improve the safety management level of commercial vehicles in the whole society.
For example, with the popularization of the Internet of Vehicles technology, it is possible for the outside world to obtain data such as vehicle mileage, driving habits, and road environment. The Internet of Vehicles data platform obtains multi-dimensional data such as vehicle driving, operation, business type, road conditions and weather, and accurately predicts the risk cost of each vehicle has become an important means for insurance companies to reduce costs and increase efficiency.
Participants in the freight insurance industry should strive to be pioneers in using big data to change the freight industry, integrate massive platform data and business data, and adopt advanced machine learning algorithms, multi-source data fusion, data processing and other technologies in the insurance industry to provide freight practitioners with new Intelligent and customized insurance service products; at the same time, build a risk control system for insurance companies to effectively identify the risks of heavy-duty trucks, and use intelligent technology to empower the freight insurance industry.
Region Overview:
In 2022, the share of the Cargo Insurance market in Europe stood at 39.14%.
Company Overview:
Allianz is one of the major players operating in the Cargo Insurance market, holding a share of 7.33% in 2023.
Allianz
Allianz Europe AG is one of the world’s largest financial services groups and the largest insurance company in Germany.
Ping An Insurance
China Ping An Insurance Co., Ltd. is the first joint-stock insurance company in China. The company’s business mainly involves insurance, banking, asset management, financial services, healthcare, automotive services, smart cities and other fields.
Segmentation Overview:
Among different product types, Marine Cargo Insurance segment is anticipated to contribute the largest market share in 2028.
Application Overview:
In the Cargo Insurance market, 38.96% of the total value was generated through the Traders segment by application in 2022.
This report elaborates on the market size, market characteristics, and market growth of the Cargo Insurance industry between the year 2018 to 2028, and breaks down according to the product type, downstream application, and consumption area of Cargo Insurance. The report also introduces players in the industry from the perspective of the value chain and looks into the leading companies.
Key Points this Global Cargo Insurance Market Report Include:
Market Size Estimates: Cargo Insurance market size estimation in terms of revenue and sales from 2018-2028
Market Dynamic and Trends: Cargo Insurance market drivers, restraints, opportunities, and challenges
Macro-economy and Regional Conflict: Influence of global inflation and Russia & Ukraine War on the Cargo Insurance market
Segment Market Analysis: Cargo Insurance market revenue and sales by type and by application from 2018-2028
Regional Market Analysis: Cargo Insurance market situations and prospects in major and top regions and countries
Cargo Insurance Market
Competitive Landscape
and Major Players: Analysis of 10-15 leading market players, sales, price, revenue, gross, gross margin, product/service profile and recent development/updates, etc.Cargo Insurance Industry Chain: Cargo Insurance market raw materials & suppliers, manufacturing process, distributors by region, downstream customers
Cargo Insurance Industry News, Policies by regions
Cargo Insurance Industry Porters Five Forces Analysis
Key players in the global Cargo Insurance market are covered in Chapter 2:
Marsh
Sompo Japan Insurance
Zurich Insurance
Aon
AIG
Tysers Insurance Brokers
AXA XL
Allianz
China Pacific Insurance
Chubb
Arthur J. Gallagher & Co.
Liberty Mutual
Mitsui Sumitomo Insurance
Ping An Insurance
Lockton Companies
Tokio Marine Holdings
Munich Re
Samsung Fire & Marine Insurance
PICC
Travelers Insurance
In Chapter 6 and Chapter 9, on the basis of types, the Cargo Insurance market from 2018 to 2028 is primarily split into:
Land Cargo Insurance
Marine Cargo Insurance
Air Cargo Insurance
In Chapter 7 and Chapter 10, on the basis of applications, the Cargo Insurance market from 2018 to 2028 covers:
Traders
Logistic Companies & Freight Forwarders
Cargo Owners
Others
Geographically, the detailed analysis of consumption, revenue, market share and growth rate of the following regions from 2018 to 2028 are covered in Chapter 8 and Chapter 11:
United States
Europe
China
Japan
India
Southeast Asia
Latin America
Middle East and Africa
Others
In summary, this report relies on sources from both primary and secondary, combines comprehensive quantitative analysis with detailed qualitative analysis, and pictures the market from a macro overview to micro granular segment aspects. Whatever your role in this industry value chain is, you should benefit from this report with no doubt.
Chapter Outline
This report consists of 12 chapters. Below is a brief guideline to help you quickly grasp the main contents of each chapter:
Chapter 1 first introduces the product overview, market scope, product classification, application, and regional division, and then summarizes the global Cargo Insurance market size in terms of revenue, sales volume, and average price.
Chapter 2 analyzes the main companies in the Cargo Insurance industry, including their main businesses, products/services, sales, prices, revenue, gross profit margin, and the latest developments/updates.
Chapter 3 is an analysis of the competitive environment of Cargo Insurance market participants. This mainly includes the revenue, sales, market share, and average price of the top players, along with the market concentration ratio in 2022 and the players' M&A and expansion in recent years.
Chapter 4 is an analysis of the Cargo Insurance industrial chain, including raw material analysis, manufacturing cost structure, distributors, and major downstream buyers.
Chapter 5 focuses on Cargo Insurance market dynamics and marketing strategy analysis, which include opportunities, challenges, industry development trends under inflation, industry news and policies analyzed by region, Porter's Five Forces analysis, as well as direct and indirect marketing, and the development trends of marketing channels.
Chapters 6-8 have segmented the Cargo Insurance market by type, application, and region, with a focus on sales and value from 2018 to 2023 from both vertical and horizontal perspectives.
Chapters 9-11 provide detailed Cargo Insurance market forecast data for 2023-2028, broken down by type and application, region, and major countries to help understand future growth trends.
Chapter 12 concludes with an explanation of the data sources and research methods. Verify and analyze through preliminary research to obtain final quantitative and qualitative data.
Years considered for this report:
Historical Years:
2018-2022Base Year:
2022Estimated Year:
2023Forecast Period:
2023-2028Frequently Asked Questions
This market study covers the global and regional market with an in-depth analysis of the overall growth prospects in the market. Furthermore, it sheds light on the comprehensive competitive landscape of the global market. The report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, recent developments in both historic and present contexts.
- By product type
- By End User/Applications
- By Technology
- By Region
The report provides a detailed evaluation of the market by highlighting information on different aspects which include drivers, restraints, opportunities, and threats. This information can help stakeholders to make appropriate decisions before investing.
