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According to a new report available with Million Insights, the global logistics insurance industry, propelled by increasing competition in the sector, has led to the development of different price optimization techniques from 2014 to 2025. In addition, robust growth Logistics insurance market share is mainly attributed to such factors as the expansion of the logistics market across the globe, high-end international trade flow and strong economic growth in developing economies
The Global Logistics insurance market The size is expected to reach USD 61.55 billion by 2025. The market is subject to substantial growth owing to increasing consumer preference for personalized insurance products and services. Factors responsible for the robust growth of the market include incorporating the product into the insurance policy and limiting potential risks during transfer.
The main objective of the logistics insurance market is to introduce a new product in order to increase the after-tax income while charging an appropriate price for the product. Introducing optimal prices for insurance policies taking into account certain factors is expected to drive the market growth over time. Globally, the logistics insurance industry is expected to grow at a higher CAGR during the forecast period, providing ample opportunities for market players to invest in research and development in the market.
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The increasing competition in the market has led to the development of different price optimization techniques, thus propelling the market demand in the years to come. Organizations offering logistics insurance identify premium rates on the historical data account and price the product accordingly. Recent technological advancements in the logistics industry coupled with the development of tools such as predictive analytical models, what-if-scenario simulation and impact analysis help the organization to determine the price of products, thus propelling market demand during the forecast period. Product pricing is seen as a major enabler that requires a deep understanding of market competition, historical data, user preferences, and pricing strategies.
The robust growth of the logistics insurance market is mainly attributed to factors such as the expansion of the logistics market across the globe, high-end international trade flows and strong economic growth in developing economies such as India, China and Brazil. Increased transport and infrastructure activities in the Asia-Pacific and North America region are expected to meet a large-scale demand for logistics insurance services in the coming years.
In addition, intra-regional and international trade among developing economies around the world, coupled with a higher growth rate in the Asia-Pacific region, is expected to drive the growth of the logistics insurance industry during the period. forecast. In addition, it is estimated that the growing investment by industry players in customer engagement activities using different digital touchpoints involving mobile, social media, mail and others will positively affect the advancements of the market. market in the years to come. However, technological advancements in the logistics industry have led to complexity in the complaints procedure, thus requiring constant assistance to customers. These factors are expected to restrain the growth of the market to some extent.
The logistics insurance market is broadly classified into three main segments based on the type of industry, such as transportation, marine, aviation, and others. The maritime sector is considered to be one of the fastest growing market segments with substantial revenue generation over the past two years. The growing demand for logistics insurance from the maritime segment is attributed to the current development of ports in developing economies across the world. In addition, the decline in the cost of ships and the growing contribution from freight underwriters, together with the reduction in deductibles and premiums, are expected to boost the market value of the marine segment.
The logistics insurance industry is divided by region into North America, Europe, Asia-Pacific, Latin America and Africa. North America has experienced significant growth in recent years due to the increase in the implementation of the latest technologies in the logistics industry, favorable laws and regulations regarding refund policies and the existence of ‘a well-established logistics network in the region. The Asia-Pacific region is expected to hold a significant market share in logistics insurance with massive growth during the forecast period. Countries like India, China and Singapore dominate the Asia-Pacific market with increasing infrastructure spending, strong economic growth, introduction of improved regulatory standards and significant investments from major players industry given the potential growth opportunities in the region.
The main 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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Logistics Insurance Industry Outlook (Revenue, USD Billion, 2014 – 2025)
Regional Logistics Insurance Outlook (Revenue, USD Billion, 2014 – 2025)
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
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