WILMINGTON, DELAWARE, UNITED STATES, October 6, 2023 /EINPresswire.com/ -- Logistics companies play an influential role in safeguarding the supply chain moving by packaging, warehousing, and shipping goods. These companies need to protect cargo, property, auto, and workers against every possible risk. Powerful logistics insurance coverage helps logistics companies limit their losses and continue operating smoothly. This blog includes the latest trends driving the logistics insurance market and various crucial determinants, such as new product launches and profitable mergers and acquisitions between the leading companies in the industry.

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Key elements shaping the market:

Nowadays, many logistics insurance companies offer multiple policies to secure adequate coverage. Cargo insurance is a type of ocean marine insurance coverage that especially covers property during transit. Presently, cargo theft is on the rise. More than 1,000 supply chain risk events happened in the U.S. in 2022. This is one of the notable instances recorded by Cargonet, an online web-based Logistics Cargo Freight system. According to the record, the cargo contained commodities including household goods and electronics.

On the other hand, the sudden climatic changes are also causing massive property damage and shipment delays. Many logistics companies face huge losses due to the increasing prevalence of natural disasters such as hurricanes, tornadoes, wildfires, and storms. As per the information provided by the National Oceanic and Atmospheric Administration (NOAA), many logistics companies experienced more than 18 weather and climate events that caused financial losses over one billion dollars.

Today, cyberattacks are also troubling the logistics supply chains. Many cyber criminals target business emails of leading logistics companies containing various schemes, and they have also become a growing threat. As per the data provided by the Internet Crime Complaint Center (IC3), many criminals utilize spoofed email addresses to order goods they will never pay for. With this, they illegally obtain various stuff, including computer technology hardware, construction materials, solar energy products, and other goods. Protecting logistics companies vulnerable to ransomware, and other forms of cyberattacks have created excellent growth opportunities for the market.

According to a new report published by Allied Market Research, the global logistics insurance market is envisioned to grow at a significant CAGR over the estimated period 2023-2032.

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Mergers and acquisitions:

The logistics insurance market has undergone several beneficial mergers and acquisitions between the leading companies to bolster competitive insights. A notable example is the acquisition of Mumbai-based Stellar Value Chain Solutions, by CEVA Logistics, a leading France-based third-party logistics provider to offer logistics coverage for the shipment of various goods, including food products, e-commerce, healthcare, and pharmaceutical products.

To wrap up, the logistics insurance market is observing prominent growth owing to the increasing popularity of e-commerce and online shopping. In addition, the growing prevalence of import-export activities among countries globally may accelerate the demand for logistics insurance to avoid damage to goods during transit and hence, augment the market’s growth in the upcoming years.

By Industry
➠Transportation
➠Marine
➠Aviation
➠Others

By End User
➠Individual
➠Enterprises

By Region
➠North America (U.S., Canada, Mexico)
➠Europe (UK, Germany, France, Spain, Italy, Rest of Europe)
➠Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)
➠LAMEA (Latin America, Middle East, Africa)

Key Market Players: China Pacific Life Insurance., Aviva, Envious Digital, Baozhunniu Sport, Ping An Insurance, Life Time Fitness Inc, Aston Villa Football, Allianz, SADLER & Company Inc, GEICO, Metlife, China Life Insurance

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About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" 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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Allied Market Research
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