Cargo Insurance Market: Introduction
- Cargo insurance, also known as freight insurance, is an absolute necessity when it comes to protection of shipment while in transit. Cargos can be exposed to several risks including natural perils, road accidents, damages, theft, and improper stowage by the carrier. Cargo insurance is an option to protect shipments from physical damage; insuring cargo ensures that the value of goods are protected against potential losses which may occur during air, sea, or land transportation. The movement of goods around the world entails some risks. These risks are mitigated through insurance coverage since there is no guarantee that damage or loss will not occur.
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Key Drivers of the Global Cargo Insurance Market
- Increasing demand and awareness about cargo insurance among ship owners, cargo owners, and charterers who can face huge losses such as damage caused to ships, cargo vessels, and terminals, is a major factor that propels the growth of the cargo insurance market.
- Rapid growth in incorporation of IoT, which helps in risk monitoring, facilitates loss prediction & prevention, and simplifies claims processing is projected to boost growth of the cargo insurance market in the coming years.
- Rising demand for marine insurance is because it offers coverage against a wide range of risk measures and helps in the smooth functioning of trade activities. As per Uniglobal, a leading knowledge sharing institution, nearly 85% of global trade is carried by sea and tons of cargo ships are active in operations, largely contributing to the global economy.
- Additionally, cargo owners, ship owners, and charterers face huge losses such as damage to ships, cargo vessels, and terminals due to the massive marine business operations. Thus, cargo insurance plays a vital role in overcoming such losses as managing these risks & losses in the marine business becomes very complex. This is expected to propel the demand for cargo insurance globally.
Factor Restraining the Global Cargo Insurance Market
- Fluctuations and sudden rise in insurance premiums is a factor that can limit the growth of the cargo insurance market.
Market in Asia Pacific to Expand Rapidly
- In terms of region, the global cargo insurance market can be divided into North America (NA), Europe (EU), Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SA)
- North America country-level analysis features the U.S., Canada, and Rest of North America. Analysis and forecast of the cargo insurance market in Europe includes markets across the U.K., Germany, France, and Rest of Europe. Similarly, Asia Pacific includes India, China, Japan, and Rest of Asia Pacific. Middle East & Africa includes the cargo insurance market analysis and forecast of GCC countries, South Africa, and Rest of Middle East & Africa. The South America cargo insurance market is segmented into Brazil, and Rest of South America.
- North America accounted for largest share of the global cargo insurance market owing to a growing shipping industry in the region. Growing import and export industry and rising sea transportation are prime factors driving the growth of the cargo insurance market in North America.
- The cargo insurance market in Asia Pacific is projected to expand rapidly during the forecast period due to the rising cargo transportation in the region. Emerging economies offer significant opportunities for marine insurers to expand & develop their offerings, especially in countries such as China, India, Australia, Singapore, and South Korea, which is expected to fuel the growth of the cargo insurance market in the region.
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Key Players Operating in the Global Market
Providers in the cargo insurance market are focusing on becoming more proficient and working toward offering extra coverage and minimum premium which will enhance their competitive advantage and their market share globally. Furthermore, insurance companies are investing heavily in IoT to manage engine performance, CO2 emissions, and navigation & cargo supply chains, which accelerates streamlined offerings of cargo insurance.
A few of the key players operating in the global cargo insurance market are:
- Allianz
- American International Group, Inc.
- Aon plc
- Arthur J. Gallagher & Co.
- AXA
- Chubb
- Lloyd’s
- Lockton Companies
- Marsh LLC
- Zurich Insurance Group Ltd.
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