05-Aug-2021 | Zion Market Research
Major companies in Logistics Insurance market are Allianz SE, Dawson Companies, American International Group, Inc., DB Schenker, and G4S International Logistics market.
According to analysts at Zion Market Research, the Logistics Insurance market accounted for more than USD 46.35 Billion in 2020 and is expected to reach more than USD 77.85 Billion by 2028, growing at a CAGR of 6.95% from 2021 to 2028.
This review is based on a report by Zion Market Research, titled “Logistics Insurance Market By Industry (Transportation, Marine, Aviation and Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2020 – 2028.”
Increased foreign direct investment to Spur Growth
The key factor driving the logistics insurance market is the growing expectations of the customer regarding the personalized insurance services and products. The products dealing with the insurance are specifically designed to include all the potential risks that the buyer can pose. The new products are introduced by the organizations in order to increase the after-tax income by suitably charging the product. The competition is retained by the insurers by adopting proper optimization techniques. The premium rates are determined by the companies based on the data of the previous years and accordingly they rate their products. The tools that are included in determining the product price are what-if scenario simulation, predictive analytical models, and impact analysis. A deep understanding of the market competition, customer buying preferences, customer data, and pricing strategies are required for the product pricing. Both large-scale and small-scale enterprises require effective claim management. All these factors are fuelling the growth of the logistics insurance market.
The customers are attracted by the insurers by providing them with attractive premiums and policies. Owing to the increased number of options to select the service providers, the attrition rate is high but the augmenting spending in the customer engagement activities is likely to fuel the growth of the market.
Presence of Big Players in the Region Support North American Dominance
The logistics insurance market is well developed in the developed regions. Europe anticipates leading the logistics insurance market by holding the major amount of market share. Growing digital insurance in the region and the presence of the advanced logistics infrastructure are the major factors driving the market. The automated regulatory compliance is also positively contributing to the market growth in the region. The logistics sector is mainly impacted by the government regulatory initiatives as they play a vital role in determining the value of the policies.
A rapid market growth is expected in the Asia Pacific owing to the growing logistics development in the emerging economies such as China and India which will likely offer many opportunities for the logistics insurance market. Another factor that contributes to the market growth is the rising infrastructure spending.
Browse the full “Logistics Insurance Market By Industry (Transportation, Marine, Aviation and Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2020 – 2028.” Report at https://www.zionmarketresearch.com/report/logistics-insurance-market
The Logistics Insurance market is segmented as follows:
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