LONDON–(BUSINESS WIRE)–#MarketIntelligence–SpendEdge has been monitoring the global cargo insurance market and the market is poised to experience spend growth of more than USD 5 billion between 2019-2024 at a CAGR of over 2% during the forecast period. Request Free Sample Pages.
Read the 127-page research report with TOC and LOE on “The Global Cargo Insurance Market – Procurement Intelligence Report, Pricing Outlook in Geographies that include APAC, North America, South America, and MEA, top suppliers, supplier selection and negotiation strategies, and insights into best practices to optimize procurement spend.”
This spend growth will be sustained by the increase in the e-commerce retail sales volume. This sales growth is attributed to the improvement in infrastructure related to the internet and logistics. This is expected to accelerate spend momentum in the cargo insurance market. The rapid privatization of the transportation industry across most of the emerging nations will cater to spend growth in the cargo insurance market through 2024.
In terms of regional spend growth, APAC will account for a significant contribution as this region houses the fastest-growing cargo insurance market. The adoption of new technologies such as AI, deep learning, and blockchain will simplify supply chain logistics and cargo trade in the maritime sector of Singapore. China is set to explore trade relations with foreign countries following the completion of the country’s One Belt, One Road initiative. This will drive demand growth in the cargo insurance market. The flourishing trade activities between the US, Europe, and Asian countries will create ample spend opportunities in the cargo insurance market in North America.
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The Top Cargo Insurance Suppliers Enlisted in this Report:
According to the forecasts, a substantial hike in insurance claim amounts will force cargo insurance suppliers to operate on low-profit margins. To compensate for this, suppliers will increase their service charge which will have an inflationary impact on the overall price structure in the global cargo insurance market. However, strategic cost-control initiatives, price forecasting techniques, and adequate technology adoption will aid cargo insurance suppliers to sustain their profit margins. Such suppliers will have the liberty to offer service to buyers at competitive rates without hurting their profit margins. On this note, this report has listed the top cargo insurance suppliers, SLA agreement insights, and the selection and negotiation strategies that buyers must undertake to achieve optimal procurement in this market. Insights into some of the suppliers’ portfolio are given below:
Allianz SE- It is one of the leading players in the cargo insurance supply market. Allianz SE’s portfolio of services comprises risk consultancy, property-casualty insurance solutions and alternative risk transfer for a wide range of commercial, corporate and specialty risks across 12 dedicated lines of business.
Chubb Ltd– Hailed as the largest publicly traded property and casualty insurer, Chubb Ltd operates across 54 countries. Their portfolio of services comprises commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance. This supplier boasts of a first-class financial strength with financial strength ratings of AA from Standard & Poor’s and A++ from A.M. Best.
American International Group Inc- Also known as AIG, this supplier has operations spread across over 80 countries and jurisdictions. This supplier has three core businesses which are general insurance, life and retirement, and a standalone technology-enabled subsidiary. General Insurance includes commercial, personal insurance, the US and international field operations. Life and retirement includes group retirement, individual retirement, life, and institutional markets.
AXA Group- With a client base that has touched a figure of 105 million, AXA group is currently emerging as one of the top players in the cargo insurance market. Its insurance portfolio covers life, health, property and casualty, and investment management.
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Some of the key topics covered in this report are:
- Cargo insurance market spend segmentation by region
- Cargo insurance supply market analysis
- Regional spend opportunity for cargo insurance suppliers
- Cargo insurance suppliers cost structure
- Total cost of ownership analysis in the cargo insurance market
- Cargo insurance pricing models analysis
- Category management objectives
- Cost saving opportunities in the cargo insurance market
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Original Release: Business Wire