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Cargo Insurance Market Worth $106 Billion by 2032 at 4.1% CAGR

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Legal compliance issued across several countries is anticipated to drive the growth of the global cargo insurance industry during the forecast period from 2023 to 2032. The Europe region gathered the majority of market share in 2022.

PORTLAND, Ore., July 10, 2023 /PRNewswire/ — Allied Market Research has recently published a report, titled,Cargo Insurance Market

by Insurance Type (Air Cargo, Land Cargo, Marine Cargo), by Distribution Channel (Direct Sales, Indirect Sales), by End User (Traders, Cargo Owners, Ship Owners, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032″. According to the report, the global cargo insurance market generated $71.4 billion in 2022, and is anticipated to generate $106 billion by 2032, witnessing a CAGR of 4.1% from 2023 to 2032.

Request PDF Brochure: https://www.alliedmarketresearch.com/request-sample/111550

Prime Determinants of Growth

Over the years, there has been an increase in legal compliance issued across several countries requiring businesses to have cargo insurance. As a result, there has been an increase in demand for cargo insurance which is predicted to be one of the important factors driving the growth of the global cargo insurance market in the forecast timeframe. However, lack of technical expertise may hamper the cargo insurance market growth in the coming period. On the contrary, the growing expanse of e-commerce industry has led to a surge in demand for cargo insurance which is expected to offer remunerative opportunities for expansion of the cargo insurance market in the 2023-2032 forecast period.

Report Coverage & Details:

Report Coverage

Details

Forecast Period

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2023–2032

Base Year

2022

Market Size in 2022

$71.4 billion

Market Size in 2032

$106 billion

CAGR

4.1 %

No. of Pages in Report

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290

Segments covered

Insurance Type, Distribution Channel, End User, and Region

Drivers

Increasing legal compliance issued by various countries requiring businesses to have cargo insurance

The growing expanse of the global e-commerce industry

Opportunities

The growing demand for cargo insurance due to its ability to offer protection from financial loss due to the loss of damaged cargo

The rise in international trade and logistics, with an increase in the volume of cargo being shipped via airplanes, ships, trains, or trucks

Restraints

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Lack of technical expertise who can understand cargo insurance coverage

COVID-19 Scenario

  • The outbreak of the COVID-19 pandemic has had a negative impact on the growth of the global cargo insurance market. The lockdowns and travel restrictions hampered the global supply chains which brought down the volume of international trade substantially. This reduced the demand for cargo insurance, thereby reducing the growth rate of the market
  • Also, during the pandemic, there were higher number of insurance claims and increased loss ratios in the cargo insurance sector. As a result, the overall profitability of companies in the cargo insurance market reduced.
  • The cargo insurance market is, however, projected to show steady growth in the future due to opening up of global economies and rising volume of international trade.

Buy This Report (290 pages PDF with Insights, Charts, Tables, and Figures) @ https://bit.ly/3rpsnhG

Insurance Type: Land Cargo Sub-segment Projected to be Highly Dominant During the Forecast Period

The land cargo sub-segment accounted for the highest cargo insurance market share in 2022 and is expected to continue to maintain its dominance during the forecast period. Under cargo insurance, cargo insurance providers often collaborate with transporters, logistics providers, and other stakeholders which help insurance customers to understand the risks and challenges involved in land transportation. This advantage of land cargo insurance is predicted to boost the sub-segment’s growth by 2032.

Distribution Channel: Direct Sales Sub-segment to Garner Huge Market Share

The direct sales sub-segment accounted for the highest cargo insurance market share in 2022 and is expected to grow at a high CAGR of 4.3% during the forecast period. Direct sales generate valuable data and insights for insurance companies which help insurers gain a deeper understanding of customer behavior, preferences, and risks. This benefit of direct sales is predicted to boost the sub-segment’s growth by 2032.

End User: Cargo Owners Sub-segment to be Flourish Immensely by 2032

The cargo owners sub-segment generated the highest market share in 2022 and is predicted to hold the majority of market share by 2032. There has been an increasing demand for cargo insurance from owners as they prefer safe and timely delivery of the goods and seek insurance coverage to mitigate the risks associated with transportation. This increase in demand for cargo insurance is predicted to boost the sub-segment’s growth by 2032.

Want to Access the Statistical Data and Graphs, key Players Strategies: https://www.alliedmarketresearch.com/purchase-enquiry/111550

Region: Europe Market to be One of the Fastest Growing by 2032

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The Europe region accounted for the highest share in the global cargo insurance market in 2022 and is expected to continue its growth during the forecast period. The increasing expanse of the marine industry has led to growing demand for marine cargo insurance which is expected to be the main growth driver of the market in the Europe region by 2032.

Leading Players in the Cargo Insurance Market:

  • Allianz
  • Arthur J. Gallagher & Co.
  • Marsh LLC
  • AXA
  • Chubb
  • Zurich Insurance Group Ltd
  • Aon PLC
  • Lloyd’s
  • Lockton Companies
  • American International Group Inc

The report provides a detailed analysis of the key players of the global cargo insurance market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain their dominance in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

Trending Reports in BFSI Industry (Book Now with 10% Discount):

About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain. 

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry. 

Contact Us: 

David Correa 5933 NE Win Sivers Drive 
#205, Portland, OR 97220
United States 
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+1-800-792-5285, +1-503-894-6022 
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Fax: +1(855)550-5975
[email protected]
Web: www.alliedmarketresearch.com 
Allied Market Research Blog: https://blog.alliedmarketresearch.com
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Fintech

Fintech Pulse: Industry Updates on Regulatory Pressures, Fraud Prevention, Humanitarian Finance, and Strategic Sales

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As fintech companies continue to shape the global financial landscape, regulatory pressures, fraud prevention, human-centered financial services, and high-stakes acquisitions are front and center. Today’s briefing dives into the most recent developments impacting the fintech ecosystem. The following op-ed reflects on these shifts, bringing an analytical view of the news from regulatory frictions to strategic partnerships, framed within the complex interplay between technology, finance, and global regulations.


Lawmakers Sound the Alarm on Fintech Regulatory Overreach

In the evolving U.S. fintech landscape, a tug-of-war between federal and state regulators is heating up. Lawmakers have raised concerns about regulatory overreach, warning that fragmented federal and state frameworks could hinder fintech innovation and growth. Federal agencies, particularly the Office of the Comptroller of the Currency (OCC) and the Consumer Financial Protection Bureau (CFPB), have clashed with state regulatory bodies. These frictions have emerged over issues like state licensing requirements, the use of “true lender” rules, and the boundaries of federal preemption.

As fintech firms work to innovate, they often encounter a regulatory quagmire where state and federal rules overlap or contradict each other. For instance, the “true lender” doctrine continues to provoke disputes on jurisdiction, as it can dictate the level of oversight a fintech lender might face. States argue that fintech companies leveraging national banking charters to circumvent state regulations are violating consumers’ rights and disrupting fair financial access.

From an op-ed perspective, it’s clear that this regulatory tug-of-war has significant implications for fintech firms and the consumers they serve. State-level regulators have a point: a more localized approach might better protect consumers from predatory practices and opaque pricing. However, the federal approach offers a harmonized path that could encourage interstate fintech expansion. The tension, however, threatens to stall industry innovation, leaving companies in regulatory limbo and consumers with uneven protections.

Source: PYMNTS News, October 2024


Fraud and AML Losses Increase, Pressuring Fintechs to Adapt

In a recent report by Unit21, the scale of fraud and anti-money laundering (AML) losses within the fintech sector has come into stark relief. The report highlights an estimated annual loss of billions for fintech companies due to fraud and AML breaches. Key issues range from inadequate identity verification processes to evolving cyber threats, which bad actors exploit to perpetrate fraud.

Unit21’s findings suggest that while fintech companies invest heavily in technology, they often fail to keep up with the agility of fraud tactics. The report underscores how fraudsters adapt to changes in fraud-detection protocols faster than expected, using techniques like synthetic identity fraud, account takeovers, and elaborate money laundering schemes. This has intensified the need for robust Know Your Customer (KYC) and AML mechanisms, as traditional defenses prove ineffective against modern fraud techniques.

From an op-ed lens, the impact of fraud losses on fintechs isn’t limited to financial losses. It also erodes trust, one of the most valuable assets for fintech platforms. To maintain consumer confidence, companies must take a more proactive stance in combating fraud. Advanced solutions incorporating AI and machine learning are pivotal for effective fraud detection and prevention, yet they must be implemented carefully to avoid false positives that frustrate legitimate users. The report’s insights remind us that innovation without security measures is an open invitation for exploitation.

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Source: The Paypers, November 2024


Internet Computer Protocol Supports “Fintech for Humanity” at Singapore Fintech Festival 2024

At this year’s Singapore Fintech Festival, Internet Computer Protocol (ICP) announced its support for the “Fintech for Humanity” initiative, highlighting the role of digital financial solutions in addressing global humanitarian challenges. As part of this event, ICP has focused on creating scalable, decentralized technologies aimed at providing financial services to underserved communities globally.

This initiative aligns with a growing trend in fintech—harnessing technology to promote social impact. ICP’s endorsement of “Fintech for Humanity” underscores a commitment to financial inclusivity, promoting a decentralized financial ecosystem that extends beyond the traditional banking infrastructure. By leveraging blockchain technology, ICP seeks to empower populations without bank access, addressing social issues from poverty alleviation to emergency financial aid.

In an industry often accused of prioritizing profit over people, “Fintech for Humanity” serves as a refreshing counter-narrative. The backing from a player like ICP brings credibility and visibility to humanitarian fintech efforts, paving the way for innovations aimed at social good. This shift is likely to inspire other fintech companies to explore similar initiatives, recognizing the need for ethical considerations in the financial technology space.

Source: PR Newswire, November 2024


Strategic Acquisition: One Equity Partners Sells Dragonfly Financial Technologies to FIS

In a strategic move, One Equity Partners has completed the sale of Dragonfly Financial Technologies to FIS, marking a significant consolidation within the fintech landscape. Dragonfly, known for its payments solutions, has developed an extensive suite of technology that enhances real-time payments capabilities, an increasingly sought-after service in today’s fast-paced financial environment. This acquisition is expected to bolster FIS’s digital payment infrastructure, as they integrate Dragonfly’s offerings into their extensive portfolio.

The transaction points to a broader trend of consolidation in fintech, where established players acquire specialized firms to expand their service offerings and remain competitive. FIS’s acquisition of Dragonfly is particularly timely, as the demand for streamlined payment solutions grows. Real-time payments are becoming more critical, not only for enhancing the user experience but also for responding to regulatory demands for greater transparency and security.

From an op-ed perspective, FIS’s strategic acquisition of Dragonfly is indicative of a maturing industry. Mergers and acquisitions (M&A) activity in fintech is a double-edged sword. While it consolidates resources and expertise, it also reduces market competition, potentially stifling smaller players. As the industry evolves, M&A will likely intensify, challenging regulators to balance fostering innovation with maintaining competitive fairness.

Source: Business Wire, November 2024


AZA Finance Secures PSP License in Nigeria, Marking Milestone for Fintech Expansion in Africa

AZA Finance has announced that its subsidiary has been granted a Payments Service Provider (PSP) license by the Central Bank of Nigeria. This license authorizes AZA Finance to offer digital payment solutions within Nigeria, an emerging market with a rapidly growing demand for financial services. The PSP license enables AZA Finance to expand its presence in Africa’s fintech ecosystem, supporting digital transformation across the continent.

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This development underscores Nigeria’s commitment to digital finance, especially as the country works toward achieving broader financial inclusion. AZA Finance’s PSP license enables the company to leverage its cross-border payments solutions, which are designed to streamline transactions in diverse African markets. This milestone is not only significant for AZA Finance but also for Nigeria, as the license positions the country as a regional fintech hub.

Looking forward, Nigeria’s regulatory environment will play a critical role in shaping fintech’s impact on the economy. The Central Bank’s move to grant PSP licenses is commendable, signaling a welcoming stance for fintechs. However, maintaining robust oversight will be essential to prevent issues related to money laundering and ensure consumer protection as fintech expands.

Source: Business Wire, November 2024


Conclusion

In today’s fast-paced fintech environment, companies are navigating complex regulatory landscapes, tackling evolving fraud threats, expanding social impact initiatives, consolidating through acquisitions, and making strategic moves in emerging markets. This briefing provides an overview of the latest developments, reflecting the diverse and rapidly shifting priorities within the fintech industry. Regulatory clarity, technological vigilance, and ethical considerations are increasingly pivotal as fintech firms redefine the boundaries of finance on a global scale.

 

The post Fintech Pulse: Industry Updates on Regulatory Pressures, Fraud Prevention, Humanitarian Finance, and Strategic Sales appeared first on HIPTHER Alerts.

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Gnosis Gathers Vitalik and Other Industry Heavyweights for Blockchain’s Biggest Debates at Inaugural DevConflict

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  • Featuring seven matchups over two days, DevConflict will facilitate discussions on some of the industry’s biggest questions and divides.

LONDON, Nov. 5, 2024 /PRNewswire/ — Gnosis, the architects of the fully EVM-compatible Layer-1 Gnosis Chain, today announces the launch of DevConflict, a credibly neutral forum ahead of Devcon aimed at finding a resolution to the biggest divides and questions in Web3. Taking place from the 9th to the 10th of November in Bangkok, DevConflict will be hosted at the Siam Society Under Royal Patronage, a short walk from the main Devcon venue, the National Convention Centre.

Martin Köppelmann co-founder of Gnosis said: “Devconflict stands as the premier arena for Ethereum’s most crucial discussions. Whether it’s shaping the future of staking, solving blockspace scalability, or strategizing the onboarding of the next billion users, we offer a neutral platform for the community to address these core challenges directly. We’re proud to host Ethereum’s leading minds as they drive these essential conversations, and look forward to fostering dynamic debates that will help chart our collective path forward.”

Featuring seven matchups, DevConflict brings together industry heavyweights in an environment where speakers and attendees engage in in-depth discussions on critical topics. Bucking a trend of pay-to-present conferences, DevConflict is designed to bring speakers outside of their comfort zone and share real substance.

Each 60 minute debate (listed below) covers a core question in the Ethereumverse and will feature candid Q&As. Additionally, by voting on which contender wins the debate, audience members directly contribute to the shaping of the industry’s future:

  • Gnosis: L1 vs L2Vitalik Buterin (Ethereum Foundation) and Martin Köppelmann (Gnosis) 
    • Layer 1 vs Layer 2: Evaluating Gnosis Chain’s Potential Network Evolution
    • Moderated by Bartek Kiepuszewski (L2BEAT)
  • Vanilla Staking vs Liquid Staking – Nixo (EthStaker) and Dmitry Gusakov (Lido) 
    • Two faces of staking: Vanilla and Liquid Approaches
    • Moderated by Brian Crain (Chorus One)
  • Protocol Ossification vs Agility – Odysseus (Phylax Systems) and Toghrul Maharramov (Scroll) 
    • Immutable Foundations vs. Adaptive Evolution: The Future of Blockchain Protocols
    • Moderated by Sebastian Bürgel (Gnosis)
  • Onboard the Next 1B vs the Next 1MRemco Bloemen (Worldcoin) and Vadim Koleoshkin (Zerion) 
    • Onboarding the next 1 billion, or onboarding the next 1 million? Should Blockchain Compromise Ideals for Mass Adoption?
    • Moderated by Kartik Talwarn (ETH Global)
  • Local Apps vs Cloud ServiceAndreas Tsamados (Fileverse) and Michelle Mosh (Protocol Labs) 
    • Control or Convenience: The Clash Between Local Apps and Cloud Services in the Future of Blockchain
    • Moderated by Lefteris Karapetsas (Rotki)
  • Larger Blockspace vs Low-Spec Device CompatibilityNick Dodson (Fuel Labs) and Toni Wahrstätter (Ethereum Foundation) 
    • Ethereum’s Crossroads: Maximize Capacity or Prioritize Participation?
    • Moderated by Pol Lanski (DappNode)
  • Should MEV be Tackled at the Application Layer or Protocol Level?Felix Leupold (CoW Swap) and Tomasz Stanczak (Nethermind) 
    • MEV Mitigation: Protocol-Level Solutions vs. Application-Layer Approaches
    • Moderated by GregTheGreek.eth (Chainsafe)

Beyond voting on the outcome of key debates, Devconflict launches together with a predictions market focused key questions to be discussed at the event. Hosted on Presagio, attendees can take stake on questions including “Will more than 50% of Ethereum transactions be processed on Layer 2 solutions by the end of 2026?” and “Will a major blockchain protocol (Bitcoin, Ethereum, or others in the top 5 by market cap per DefiLlama) announce a permanent freeze on feature upgrades by 2026?”

DevConflict comes on the back of the successful run of Gnosis’ annual flagship event, DappCon in May 2024 which gathered over 900 builders to discuss the latest trends in the Ethereum ecosystem.

General tickets for DevConflict are available and can be purchased here.

About Gnosis

Gnosis is building open applications and infrastructure for the new economy. The Gnosis ecosystem is underpinned by Gnosis Chain, a secure, resilient, and decentralized blockchain that extends Ethereum with lower transaction costs. Gnosis Studios is a product incubator focused on payments, identity, and internet freedom, while GnosisVC is an early-stage investor in projects focused on decentralized infrastructure, real-world assets, and financial rails.

Website | X (Twitter) | Discord | Blog

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Former Cointelegraph Editor-In-Chief Kristina Cornèr Joins Exponential Science to Expand Partnerships and Drive Global Strategy

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  • The foundation will harness the expertise of former Cointelegraph Editor-in-Chief, Kristina Corner as the new Global Head of Strategy and Partnerships.
  • The appointment will shape Exponential Science’s strategic vision, enabling the convergence of emerging technologies and driving interdisciplinary research and partnerships.

LONDON, Nov. 5, 2024 /PRNewswire/ — Following October’s successful 10th annual Peer-to-Peer Financial Systems Workshop in Dubai, where the launch of independent foundation Exponential Science was announced, founders Dr. Paolo Tasca and Professor Nikhil Vadgama have bolstered their team with the hiring of former Cointelegraph editor-in-chief, Kristina Cornèr. Kristina will lead the Partnerships and Strategy arm of the foundation, bringing deep expertise in securing new resources and forging impactful partnerships.

Exponential Science was established to address the growing interdependencies among emerging digital technologies and deep tech. It focuses on harnessing the synergy between blockchain and other cutting-edge technologies, including artificial intelligence, quantum computing, AR/VR, and other deep-tech innovations. Scientists have long driven many of humanity’s greatest achievements and translating this academic expertise into actionable insights for businesses and regulators is crucial. To assist with this, Exponential Science has brought on Kristina whose mission is to communicate the foundation’s work effectively across industries and sectors, ensuring its impact reaches both practical and policy applications.

Kristina joins Exponential Science after seven years at leading blockchain publication Cointelegraph. With her extensive knowledge of the digital assets landscape and blockchain, Kristina is expertly placed to help the foundation broaden its connections and expand its research to new audiences in a digestible and engaging way. Kristina is also an accomplished sustainability leader, serving as an ambassador for the Climate Chain Coalition, an international, multi-stakeholder organisation focused on advancing blockchain and digital technologies to support climate action and sustainability. She is also a founding advisory member of 100Women@Davos, which has helped to build a community of female CEOs, leaders, and change-makers dedicated to advancing the United Nations Sustainable Development Goals.

“Exponential Science is uniquely positioned to unite businesses, regulators, and academics to tackle global challenges using the potential of blockchain, AI, and deep tech. I am thrilled to be able to explore powerful narratives within the scientific community and amplify their voices to key players shaping the future of technology. I am committed to advancing impactful ideas and fostering collaboration across industries, communities, and borders,” says Kristina Cornèr.

“Exponential Science’s mission is clear – we want to advance research, innovation, and education of emerging technologies such as blockchain, AI, quantum computing and much more. We want to facilitate the safe and empowering adoption of these technologies so that society can thrive and solve real-world problems. Kristina will play a critical role in growing our partnerships and fine-tuning our strategy so that we can make a real difference in the emerging technology space. We are in an exciting growth stage at the foundation and we look forward to bolstering our team of experts further in the coming months,” says Dr. Tasca.

This month, Exponential Science released its first study, which aimed to quantify the environmental effectiveness of Bitcoin mining bans by estimating the resultant carbon emissions from displaced mining operations. Part of the study examined the effect of Bitcoin mining bans in low-emission countries and found it could result in a significant net increase in global carbon emissions due to redirecting mining activities to regions with higher carbon intensities. For example, a ban in Canada could lead to an increase of almost 6%, or 2.5 million tonnes of CO2 annually.

About the Exponential Science Foundation (ESF)

The Exponential Science Foundation (ESF) is a Hedera-funded independent foundation driven to advance research, education, and innovation across emerging digital technologies/deep tech. With a mission to explore the convergence of blockchain, Artificial Intelligence (AI), the Internet of Things (IoT), and other transformative technologies, ESF aims to drive interdisciplinary collaboration and deliver impactful solutions to challenges faced by society. ESF is committed to fostering sustainable, transparent, and innovative developments that will shape a more advanced and interconnected future. For more information go to: www.exp.science.

 

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