Factory and Warehouse Insurance Market

Factory and warehouse insurance policies cover monetary loss caused by damage to goods, machinery, or buildings both inside and outside the premises. Factory and warehouse insurance policies are specifically designed to protect all contents and stocks against a variety of risks such as fire, implosion, explosion, and natural calamities such as storms, floods, and earthquakes. Additionally, these insurance coverage options include theft & burglary, electronic & mechanical breakdown, money insurance, and risk laptop insurance, among others. Furthermore, the online issuance of factory and warehouse insurance usually requires limited paperwork and requires serial numbers for portable equipment on a unit-by-unit basis. Therefore, the wider array of risks, customized cover, multiple location coverage, and easy documentation are expected to foster the growth of this market in the near future.

The global factory and warehouse insurance market share is segmented into type, enterprise size, industry vertical, and region. Based on type, the market is further segmented into floating policy, valued policy, specific policy, replacement & reinstatement policy, and others. In terms of enterprise size, the market is large enterprises and small & medium-sized enterprises. Based on industry vertical, the market is segmented into retail and e-commerce, energy & utilities, fmcg, manufacturing, and others. Based on region, the global market is divided across North America (U.S. and Canada), Europe (Germany, UK, France, and rest of Europe), Asia-Pacific (China, Japan, India, and rest of Asia-Pacific), Latin America (Brazil, Mexico, and rest of LATAM), and Middle East & Africa.

Key players of the factory and warehouse insurance market trends analyzed in the research include GreenLife Insurance Broking Pvt. Ltd, Commercial One Insurance Service,  WEBER LOGISTICS, AXA SA, The Hartford, SecureNow

Insurance Broker Pvt. Ltd, Bajaj Allianz Life Insurance. They have adopted various strategies including new product launches, collaborations, partnerships, mergers & acquisitions, joint ventures, agreements, and others to gain a stronghold and international presence across the world.

COVID-19 Scenario Analysis

• During the COVID-19, logistics and supply chain operations are severely impacted, particularly in the North American region. Retail, industrial goods, and consumer goods are some of the major industries tremendously affected by the outbreak. Several businesses have been impacted by supply chain disruptions in both the long and short term.
• Moreover, changing government policies and lockdown measures may make it difficult for freight service providers to keep their operations running smoothly across several countries. So, demand for warehouses is rising tremendously and to protect from future unexpected losses, demand for the factor & warehouse insurance is expected to grow significantly in the upcoming years.

Top Impacting Factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis

The adoption of autonomous vehicles and drones and the growing demand for refrigerated warehousing are driving the growth of the market. However, the security threat and high capital investment are expected to hamper the growth.

Contrarily, advancements in robotics are becoming one of the major factors expected to create immense opportunities in the upcoming years.  

The factory and warehouse insurance market trends are as follows:

Adoption of Autonomous Vehicles and Drones:

In automated logistics processes, autonomous vehicles and drones play a critical role. For instance, Google and Tesla have made significant advancements in driverless vehicle technology. Large autonomous trucks will assist in the delivery of goods to distribution centers in the future of logistics. Moreover, the unloading of packages will be handled by autonomous forklifts using a network of conveyor belts and robot arms. Tesla, a leading electric vehicle manufacturer, is taking steps to develop fully autonomous heavy-duty freight vehicles. Therefore, to save financial loss because of damages, it is expected to raise demand for the factory and warehouse insurance market soon.

Advancements in Robotics:

Robots are used to move products from one location to another in a timely and efficient manner. It eliminates the need for manual intervention in tedious, dull, and dangerous tasks associated with various processes such as warehousing and material handling. One of the primary concerns of companies in the manufacturing sector is rising labor costs. Organizations are implementing robotic technologies to automate logistic processes, reducing manual labor and lowering operational costs. Robotics technology advancements have aided in the development of automated vehicles used in warehouses. The workload of logistics personnel can be reduced by using advanced robots that are programmed to perform repetitive and physically demanding tasks.

Market Scope and Structure Analysis:

Key Benefits of the Report:

• This study presents an analytical depiction of the factory and warehouse insurance market along with the current trends and future estimations to determine the imminent investment pockets.               
• The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the market share.     
• The current market is quantitatively analyzed from 2021 to 2030 to highlight the factory and warehouse insurance market growth scenario.                         
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
• The report provides a detailed market analysis depending on the present and future competitive intensity of the market.

Questions Answered in the Factory and Warehouse Insurance Market Research Report:            

• Which are the leading players active in the factory and warehouse insurance market?
• What would be the detailed impact of COVID-19 on the factory and warehouse insurance market growth?
• What are current trends that would influence the market in the next few years?
• What are the driving factors, restraints, and opportunities of the factory and warehouse insurance market?
• What are the projections for the future that would help in taking further strategic steps?

 Factory and Warehouse Insurance Market Report Highlights