The Freight Transport Insurance Market was estimated at 53 billion dollars. in 2021. The global cargo insurance market size is estimated to grow at a CAGR of 3% during the forecast period.
Overview of the freight insurance market
Market report for The Freight Transport Insurance Market industry, published by Maximize Market Research, presents a detailed analysis of the global market to 2022. It includes a wide range of factors such as type, distribution channel, end user and industry vertical within the Freight Transport Insurance market. The report further includes a comprehensive forecast till 2029, coupled with in-depth information on mergers and acquisitions, recent advancements, and business strategies implemented by prominent companies. This report on the Freight Transportation Insurance market serves as an invaluable source of information for newcomers looking to gain industry knowledge.
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Scope of the freight insurance market
Maximize Market Research Report provides a complete analysis of the Freight Transport Insurance market and dynamic research methodology. The report provides information about key growth drivers, market dynamics, challenges and scope along with PESTAL, PORTER and SWOT analysis. The report includes the latest developments and emerging technologies in the global freight insurance market. It provides comprehensive information, including market segments, supply chain analysis and key success factors, for the global Freight Transport Insurance market. The concluding section of the report presents insights and opinions from industry experts representing key leading organizations in the global Freight Transport Insurance market. The report covers a specified time frame, including historical years (2018-2020), base year (2022), estimated year (2022) and forecast period (2023-2029).
Segmentation of the freight insurance market
The freight insurance market is divided into three categories based on product type: air cargo insurance, marine cargo insurance and ground cargo insurance. By 2029, the marine cargo insurance market is projected to hold the largest market share, valued at xx%. This increase can be attributed to the expansion of international shipping, the rate at which maritime projects are developed and the fact that international travel involves a number of risks that can have serious financial consequences. Marine cargo insurance covers a wide range of accidents or damage to cargo that has been transported by ship or other means of transport to deliver the goods. This insurance provides policyholders with financial support to help them cover costs associated with product damage or loss.
The freight insurance market can be divided into three categories: marine, land and air. Throughout the forecast period, the CAGR for the Marine category is expected to be much higher. Expanding investment in marine cargo insurance, increasing demand to transport goods across borders safely and effectively, and increasing global exports of goods and commodities are all factors in the growth of this segment’s revenue. Approximately 10 billion tons of containers, solid and liquid bulk cargoes are delivered by sea shipping every year; this accounts for about 80–90% of global trade. Cargo theft and loss cost the shipping industry billions of dollars annually, increasing the demand for comprehensive marine insurance plans that cover transit risks including storage and processing.
Global Freight Transport Insurance Market Size, by Product Type (2021-2029)
• Provision of ground loads
• Sea cargo insurance
• Air cargo insurance
Global Freight Insurance Market Size, by Application (2021-2029)
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Major players of the freight insurance market
• Allianz (Germany)
• American International Group, Inc. (USA)
• Aon plc (UK)
• Arthur J. Gallagher & Co. (USA)
• AXA (France)
• Chubb (Switzerland)
• Lloyd’s (UK)
• Lockton Companies (UK)
• Marsh LLC (USA)
• Zurich Insurance Group Ltd. (Switzerland)
• Liberty Insurance Limited (India)
• TREATMENT (Kenya)
• Travelers Insurance (USA)
• Halk SIgorta (Turkey)
• Integro (USA)
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Regional Analysis of the Freight Transportation Insurance Market
The report presents statistical data on the market growth for each economy with an impact on the global freight insurance market. It spans various regions, including North America, Asia-Pacific, Europe, Latin America and MEA, providing comprehensive insights. The report covers emerging trends, population growth, and government strategies and regulations, providing a holistic view of the market. The concluding regional insights section provides historical and forecast data on the market impact of all economies within the respective regions.
The key questions answered in the Freight Forwarding Insurance Market Report are:
- What is the freight insurance market?
- What is the forecast period of the Freight Transport Insurance Market?
- What is the competitive scenario of the Freight Transport Insurance market?
- Which region held the largest market share in the freight insurance market?
- What are the opportunities for the freight insurance market?
- What are the restraining factors in the Freight Transport Insurance market?
- Who are the key market players in the Freight Transport Insurance market?
- Market Share, Size and Forecast by Revenue | 2022-2029
- Market dynamics – growth drivers, constraints, investment opportunities and key trends
- Market Segmentation: A Detailed Analysis by Freight Forwarding Insurance#
- Landscape- Major key players and other notable key players.
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