2nd January 2020 – The global Logistics
Insurance Market size is expected to value at USD 61.55 billion by
2025. The market is subject to witness a substantial growth due to the rising
consumer preference towards customizes insurance products and services. Factors
responsible for the robust market growth include incorporation of product in
the insurance policy and limiting potential risks during the transfer.
The primary goal of the logistics
insurance market is to introduce new product in order to increase the after-tax
income while charging an appropriate price for the product. Introduction of
optimal prices for insurance policies by keeping certain factors in account is
expected to favor market growth over the period of time. Globally, the
logistics insurance industry is predicted to grow at higher CAGR in the
forecast period, providing numerous opportunities for market players to invest
for research and development in the market.
Growing competition in the market has
led to development of different the price optimization technique, thereby
propelling market demand in the upcoming years. Organizations offering
logistics insurance identify the premium rates on the account of the historical
data and price of the product accordingly. The recent technological advancement
in the logistic industry coupled with development of tools such as predictive
analytical models, what-if scenario simulation, and impact analysis are helping
organization to determine product pricing, thereby propelling market demand
over the forecast period. Product pricing is considered major enabler that
requires a thorough understanding of the market competition, historical data,
user preferences, and pricing strategies.
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Robust growth of the logistics insurance
market is majorly attributed to factors such as expansion of logistics market
across the globe, the high-end international trade flow and the strong economic
growth in the developing economies such as India, China and Brazil. Increasing
transportation & infrastructural activities in the Asia Pacific and North
America region is anticipated to pay a way for large-scale demand for logistics
insurance services in the upcoming years.
Additionally, intra-regional trade and
international among developing economies across the globe coupled with higher
growth rate in the Asia Pacific region are expected to drive the growth of
logistics insurance industry over the forecast period. Furthermore, the rising
investment made by industry participants in customer engagement activities with
the help of different digital touch points involving mobile, social media,
mail, and others is estimated to positively affect market advancements in the
upcoming years. However, technological advancement in the logistics industry
has led to complexity in claims procedure, thus requiring constant assistance
to customers. These factors are expected to restrain market growth to a certain
extent.
The logistics insurance market is
broadly categorized into three major segments based on type of industry such as
transportation, marine, aviation, and others. The marine sector is considered
as one of the fastest growing segment in the market with substantial revenue
generation in the last couple of years. The increasing demand for logistics
insurance from the marine segment is credited to current development of ports
in the developing economies across the globe. In addition, declining cost of
vessels and increasing contribution from cargo underwriters coupled with the
reduction in deductibles and premium are expected to amplify market value of
the marine segment.
The logistics insurance industry is divided
by region as North America, Europe, Asia-Pacific, Latin America and Africa.
North America has shown major growth in recent years owing to the rise in the
implementation of latest technologies in logistics sector, favorable laws &
regulation regarding reimbursement policies, and existence of well-established
logistics network in the region. Asia-Pacific region is predicted to hold major
market share in the logistics insurance with massive growth in forecast period.
Countries such as India, China and Singapore are leading the Asia-Pacific
market with growing infrastructure spending, strong economic growth,
introduction of improved regulatory standards, and significant investment by
leading industry players considering potential growth opportunities in the region.
The key players in the logistics
insurance industry are American International Group, Inc., Allianz SE, DB
Schenker Ltd., Dawson Companies, Inc., and G4S International Logistics Inc.
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