Global Logistics Insurance Market 2017-2021: Market Segmentation and Forecasts by Technavio

Business Wire

LONDON--(BUSINESS WIRE)-- According to the latest market study released by Technavio, the global logistics insurance market is expected to grow at a CAGR of more than 2% during the forecast period.

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Technavio has published a new report on the global logistics insurance market from 2017-2021. (Graphic: Business Wire)

This research report titled ‘Global Logistics Insurance Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This report also includes an up to date analysis and forecasts for various market segments and all geographical regions.

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The market research analysis categorizes the global logistics insurance market into three major types of logistics insurance. They are:

Marine insurance
Inland insurance
Aviation insurance

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Global logistics insurance market by marine insurance

Marine shipping insurance protects against loss or damage of ships and any in-transit cargo by which property is being transferred or held between the points of origin and destination. Out of the four modes of transportation that include road, air, rail, and water, the latter is of higher importance because of the risk associated with water transportation. This is because of various natural occurrences such as storms, or pirates or international border disputes.

With the growing world population, emerging economies such as India and China from APAC will continue to increase their requirements for various goods and raw materials that are generally transported through the marine route. Also, the presence of around 45,000 to 55,000 merchant ships that are available worldwide as of 2016 provides good opportunities for marine insurance providers.

Global logistics insurance market by inland insurance

The inland category covers logistics supply that are handled solely on the ground such as goods transported via trucks, trailers, and trains. Loss or damage to goods, while they are in warehouses, is also covered. A rise in the number of takeover robberies has been seen. The most common type of commodity targeted by the cargo thieves is food and beverages as these products can be dispensed easily. Apart from theft, there has been a rise in the number of natural calamities. It was observed that the US had 85 to 95 different types of climate or geological calamities that included storms, hurricanes, and earthquakes in 2016.

According to Shakti Jakhar, a lead analyst at Technavio for logistics research, “Logistics insurance is important because shippers, transporters, and vehicle owners can be sure of claiming damages in the event of any loss or damage. A rise in the number of thefts, accidents, and natural calamities will compel many logistics providers to opt for insurances that secure shippers and vehicle owners in case of any damage or loss.”

Global logistics insurance market by aviation insurance

The aviation category offers logistics solutions through airfield operations and ground support. The growth in terms of volume shipped by air grew between 3% and 4% in 2016 as compared to 2015. The pharmaceutical industry relies on air transport because of the speed and efficiency needed for transporting high value, time, and temperature sensitive goods such as vaccines. It is estimated that by 2020, global cold chain biopharma logistics spending would witness an increase of around 35% to 45% compared with 2016. E-commerce is also contributing significantly to the global air trade.

“Good growth prospects during the forecast period for biopharma and e-commerce sectors as well as healthy signs of growing air freight transport in the last few years show a promising growth for the aviation trade market, which in turn augurs well for the growth of logistics insurance in aviation,” says Shakti.

The top vendors highlighted by Technavio’s market research analysts in this report are:

AGCS
AIG
Aon
AXA
Integrity Transportation Insurance Agency
Liberty Mutual Insurance
Marsh

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