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Cargo Insurance Market Worth $106 Billion by 2032 at 4.1% CAGR
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.
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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  |
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 |
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 |
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.
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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.
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Region: Europe Market to be One of the Fastest Growing by 2032
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.
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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.
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TIANJIN, China, Dec. 24, 2024 /PRNewswire/ — On December 7, 2024, AIMA Technology Group warmly invited a delegation of five top-performing U.S. IBD dealers to visit its headquarters. Accompanying the group was Angela Zheng, CEO of AIMA’s U.S. subsidiary, AIMA EBIKE, along with her sales, marketing, and customer service teams. This visit not only marked a deepened connection between AIMA and the mainstream U.S. market but also provided U.S. dealers with a valuable opportunity to witness AIMA Technology’s globally leading capabilities in research, development, and manufacturing of electric mobility solutions.
The delegation first toured AIMA’s state-of-the-art factory in Tianjin. Aima Technology possesses production factories with extremely high levels of intelligent manufacturing Additionally, AIMA has integrated advanced technologies such as AI visual recognition and established a CNAS-certified R&D laboratory, maintaining its industry leadership in intelligent transformation. During the tour, the dealers were deeply impressed by AIMA’s cutting-edge technology, large-scale production capabilities, and relentless pursuit of excellence in product development and manufacturing. They expressed that this rare visit not only enhanced their understanding of AIMA but also strengthened their confidence in promoting AIMA products as a symbol of outstanding performance and exceptional quality to their customers.
Furthermore, AIMA Technology’s R&D team engaged in in-depth discussions with the dealers regarding the new models AIMA EBIKE plans to launch in 2025. The dealers test-rode prototypes of the latest models and shared their innovative insights. They expressed high praise for AIMA’s product innovation capabilities and market acumen, recognizing these as key factors that distinguish AIMA in the industry.
Later, the dealers joined AIMA Technology’s team to witness the rollout of the 10,000th AIMA E-Bike. This milestone moment showcased AIMA’s exceptional manufacturing strength and market influence. The dealers were inspired and expressed strong confidence in the promising future of their partnership with AIMA.
This visit from the top-tier U.S. dealer delegation not only deepened mutual trust and friendship but also injected new momentum into AIMA’s ambition to become a leader in the U.S. E-Bike industry by focusing on the IBD channel. Looking ahead, AIMA Technology will continue to strive to provide market-leading performance and quality, enhancing its product development and manufacturing capabilities while working hand-in-hand with global dealers to create an even brighter future.
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HAMILTON, Bermuda, Dec. 19, 2024 /PRNewswire/ — FXGiants has recently launched a series of exciting bonuses. Participants on the FXGiants‘ online trading platform can now amplify their trading potential with a broad spectrum of bonuses that are tailored to fit different trading needs. These bonuses not only add extra value but also act as a safety net for traders to explore the financial markets without risking too much.
“Our goal with these deposit bonus options is to empower traders of all levels,” said Christopher Oates, the spokesperson for FXGiants. “Under this scheme, we have diverse categories, including Bonus Maximiser, Booster Bonus, and the Bonus Advantage. These bonuses are designed to provide flexibility to clients as they trade on the FXGiants online trading platform.”
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The bonus options at FXGiants come with versatile advantages. The Bonus Maximiser provides a full 100% boost on all deposits without limit, whereas the Booster Bonus offers a 40% bonus on all deposits up to $4,000 for traders who want to moderately enhance their capital. On the other hand, the Bonus Advantage provides a 60% bonus on deposits up to $5,000, giving traders a better handle on risk. These bonuses enhance the trading experience on the FXGiants online trading platform.
“At FXGiants, we are committed to a trading environment that meets the evolving needs of our clients,” Oates added. “Our online trading platform is a robust ecosystem designed to support traders with advanced execution, extensive market insights, and continuous improvements. As we move forward, we will keep expanding our offerings to ensure that traders have access to the best resources and support.”
About FXGiants
FXGiants stands out as an international broker providing access to over 300 financial instruments across 6 asset classes. Traders can operate through the popular MetaTrader 4 platform, and benefit from exceptional trading conditions such as competitive spreads, flexible leverage, and fast execution. With deposit boosters, partnership programs, an educational blog, and account types tailored to both novice and experienced traders, FXGiants remains dedicated to delivering a one-stop trading solution.
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Website: https://www.fxgiants.com/
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BEIJING, Dec. 23, 2024 /PRNewswire/ — Cheung Kong Graduate School of Business (CKGSB) successfully hosted the Western China MBA Professor Training Program in collaboration with the China National MBA Education Supervisory Committee and Shantou University School of Business on December 17 and 18, 2024. 58 professors from over 40 universities in China nationwide, mostly western China, attended this training.
Since 2007, CKGSB has been aspiring to address the pressing disparities in management education between eastern and western China with its MBA professor training program. As of 2024, the program has trained 372 professors from 155 universities across 22 provinces, 4 autonomous regions, 3 direct-administered municipality in China, indirectly impacting tens of thousands of MBA students.
This year, the training focused on social innovation and business for good, a topic many participating professors found lacking in their day-to-day teaching and research. Professor ZHU Rui (Juliet), CKGSB Professor of Marketing and Director of the ESG and Social Innovation Center, led the training. She introduced how CKGSB has been innovating with the integration of business for good in management education, and how our relevant practice-based course has already helped 2,800+ students integrate ESG into their businesses. Professor Zhu also hosted an interactive workshop with the training’s participants on how they may build this idea into their teaching.
Participants shared in their post-program survey that Professor Zhu’s teaching and her ESG Assessment map gave them a new perspective on how to balance profits and social responsibilities. Many also felt inspired on how to bridge the gap between research and practice.
Recognized in CKGSB’s 2022 and 2024 ESG and Social Innovation Reports and honored as a finalist for the 2021 China Social Impact Award by the United Nations and British Chamber of Commerce, this program exemplifies CKGSB’s impact in this critical area. Through partnerships with the government, NGOs, and business schools, this initiative has made significant progress in promoting quality education and reducing inequalities.
For more information on CKGSB’s ESG and social innovation efforts, visit our ESG and social innovation website.
About CKGSB
Established in Beijing in November 2002, CKGSB is China’s first privately-funded and research-driven business school. The school aims to cultivate transformative business leaders with a global vision, sense of social responsibility, innovative mindset, and ability to lead with empathy and compassion (https://english.ckgsb.edu.cn).
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