Report Code: A15353 | Pages: NA | Mar 2023 | 1771 Views | ||
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Logistics Insurance Market
Request Now !Logistics insurance protects the insured against physical damage or loss of goods while being transported by land, sea, or air. Because of the numerous risks associated with shipping, most individuals and businesses elect to insure their goods while the goods are in transit. In addition, there are numerous types of logistics insurance available such as road transportation, marine, aviation. Logistics insurance provides comprehensive protection against loss or damage caused by external factors such as accident, damaged product, delay in delivery and others. Furthermore, it includes damage from improper packing, infestation, customs rejection, cargo abandonment, and employee dishonesty.
The global logistics insurance market is segmented on the basis of industry, end user, and region. Based on industry, the market is divided into transportation, marine, aviation, others. In terms of end user, the market is categorized into Individual, Enterprises. Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).
COVID-19 Scenario Analysis
Top Impacting Factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis
Rapid growth in the transportation industry due to rising demand for E-commerce, growth in the import-export activities are the major factors driving the growth of the market. However, a lack of awareness towards logistics insurance policies and high premium rates are expected to hamper the market growth. Contrarily, to boost productivity, insurers are expected to improve their existing insurance distribution platforms, which could be seen as an opportunity for the market.
The Logistics Insurance Market Trends Are As Follows:
Rapid Growth in Transportation Industry Due to Rising Demand of E-commerce:
The logistics transportation industry has grown due to an increase in demand for e-commerce and online shopping trends. With an increase in the demand for E-commerce, the chances of accidents, baggage theft or loss, and other occurrences of uncertainty during travel have become more common. Therefore, consumers are opting for logistics insurance to mitigate the risks associated with such occurrences. As a result, E-commerce has boosted the market growth for the logistics insurance market.
Growth in Import Export Activities:
The growing trade relations among various countries have resulted in the growth of import-export activities among these countries. As a result, chances of physical damage to goods due to accidents resulting from external forces such as bad weather, rotten products, technical defects and others. Therefore, to overcome such situations, business owners take logistics insurance to stay protected from such damaged product which is of high value since it is exported from different countries. Hence, this is a major propelling factor for the growth of the market.
Key Benefits of the Report:
Questions Answered in the Logistics Insurance Market Research Report:
Logistics Insurance Market Report Highlights
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Key Market Players | Allianz, Metlife, Aviva, GEICO, SADLER & Company Inc, Envious Digital, Baozhunniu Sport, Aston Villa Football, China Life Insurance, Ping An Insurance, Life Time Fitness Inc, China Pacific Life Insurance. |
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