Cargo Transportation Insurance Growth Trajectory: Key Forecasts and Strategic Insights
Discover trends, market shifts, and competitive outlooks for the cargo transportation insurance industry through 2025-2034 with The Business Research Company’s reliable data and in-depth research
What Are the Key Projections for the CAGR of the Cargo Transportation Insurance Market Size From 2025 to 2034?
The size of the cargo transportation insurance market has experienced consistent growth in the past few years. The market is projected to expand from a value of $56.81 billion in 2024 to $59.05 billion by 2025, indicating a compound annual growth rate (CAGR) of 3.9%. Factors such as the increase in international trade activity and globalisation, enhancing logistical and supply chain industries, rise in cargo shipping operations, the requirement of regulatory norms for cargo insurance, and past instances of cargo loss or damage have all contributed to this notable growth during the historic period.
The size of the cargo transportation insurance market is forecasted to experience steady advancement in the upcoming years, reaching a worth of $69.59 billion in 2029 with a compound annual growth rate (CAGR) of 4.2%. The projected expansion during this period can be accredited to the evolution in marine insurance methods, the booming e-commerce and international trade, the adoption of superior data analytics aimed at risk management, increased need for transportation of perishable goods, the design of insurance plans tailored to specific cargo kinds, as well as the upswing in usage-based insurance for cargo fleets. Looking into the forecasted period, major trends that are compelling include technological progression in cargo tracing and overseeing, breakthroughs in risk evaluation and underwriting, incorporation of blockchain for lucid and effective transactions, adoption of sustainable and eco-friendly transportation methods, merging of Artificial Intelligence in claim processing, and strategic alliances between insurance firms and tech providers.
Download a free sample to assess the report’s scope and structure:
https://www.thebusinessresearchcompany.com/sample.aspx?id=12512&type=smp
Which Factors and External Forces Are Driving Demand in the Cargo Transportation Insurance Market?
The growth of the cargo transportation insurance market is anticipated to be fueled by the increasing marine transportation industry. Often referred to as maritime transportation, marine transportation involves transferring goods, people, and resources via water using a range of vessels such as ships, yachts, and boats. Cargo transportation insurance is an insurance policy specially designed to cover marine cargo from the losses or damages that may occur due to the risk associated with sea or air travel, and it extends to land and inland waterways as well. In November 2022, the UN Trade and Development, a Switzerland-based Intergovernmental organization, predicted that the growth of maritime trade would slow down to 1.4% in 2022. From 2023 to 2027, the annual average expansion is projected to be 2.1%, a figure significantly lower than the average growth rate of 3.3% over the past three decades. Therefore, the surge in marine transportation is playing a key role in boosting the cargo transportation insurance market’s growth.
Which Segments in the Cargo Transportation Insurance Offer the Most Growth?
The cargo transportation insurance market covered in this report is segmented –
1) By Type: Land Cargo Insurance, Air Cargo Insurance, Marine Cargo Insurance, Parcel Transportation Insurance
2) By Forms Of Transport: Sea Transport, Domestic Rail Transport, International Rail Transport, Domestic Road Transport, International Road Transport, Air Transport
3) By Policy Type: Open Cover Cargo Policy, Specific Cargo Policy, Contingency Insurance Policy
4) By Application: Logistics industry, Transportation industry, Insurance industry, Other Applications
Subsegments:
1) By Land Cargo Insurance: Trucking Cargo Insurance, Rail Cargo Insurance, Inland Transit Insurance
2) By Air Cargo Insurance: International Air Cargo Insurance, Domestic Air Cargo Insurance, Perishable Goods Air Cargo Insurance
3) By Marine Cargo Insurance: Ocean Freight Cargo Insurance, Inland Waterway Cargo Insurance, Bulk Goods Marine Cargo Insurance
4) By Parcel Transportation Insurance: Domestic Parcel Insurance, International Parcel Insurance, High-Value Parcel Insurance
Request customized data on this market:
https://www.thebusinessresearchcompany.com/customise?id=12512&type=smp
What Are the Fastest-Growing Geographies in the #Which Factors and External Forces Are Driving Demand in the Cargo Transportation Insurance Market?# Market?
North America was the largest region in the cargo transportation insurance market in 2024. The regions covered in the cargo transportation insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Which Cutting-Edge Market Trends Are Expected to Drive theCargo Transportation Insurance Market’s Growth?
The surge of technological innovations serves as a noteworthy trend escalating in the cargo transportation insurance market. Major firms in this field are embracing cutting-edge technologies to maintain their market standing. For instance, Breeze, a digital freight insurance provider from the UK, collaborated with Ceedbox, a UK-based software company and Cardinal Global Logistics, a UK-based freight forwarding company, in May 2023 to introduce an automated insurance solution. Leveraging Ceedbox’s technology, they minimized manual input and human errors, leading to reduced inconsistencies and concerns over insurance claims. This allows Cardinal to offer a more comprehensive and efficient service to its customers, substantially diminishing the time and energy needed for precise cargo insurance coverage.
View the full report here:
What Are the Key Elements That Define the Cargo Transportation Insurance Market?
Cargo transportation insurance refers to coverage designed to protect goods while they are being transported, whether by land, sea, or air. It is used to safeguard against financial loss due to damage, theft, or loss of cargo during transit. This insurance helps businesses mitigate risks associated with the transportation of their goods, ensuring they are compensated for potential losses.
Purchase the full report and get a swift delivery:
https://www.thebusinessresearchcompany.com/purchaseoptions.aspx?id=12512
About The Business Research Company:
With over 15000+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Armed with 1,500,000 datasets, the optimistic contribution of in-depth secondary research, and unique insights from industry leaders, you can get the information you need to stay ahead in the game.
Get in touch with us:
The Business Research Company: https://www.thebusinessresearchcompany.com/
Americas +1 3156230293
Asia +44 2071930708
Europe +44 2071930708
Email us at [email protected]
Follow us on:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model
