Allied Market Research has recently released a report titled, “Cargo Insurance Market Size 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 projected to reach $106 billion by 2032, registering a CAGR of 4.1% from 2023 to 2032.
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Prime Determinants of Growth
Over the years, a rise in legal compliance requirements issued across various countries has made it mandatory for businesses to obtain cargo insurance. Consequently, the growing demand for cargo insurance is anticipated to serve as one of the key factors contributing to the expansion of the global cargo insurance market during the forecast period. Nevertheless, a shortage of technical expertise may pose a challenge to market growth in the coming years. On the flip side, the rapid expansion of the e-commerce industry has triggered a surge in the demand for cargo insurance, which is expected to generate profitable growth opportunities for the cargo insurance market throughout the 2023-2032 forecast period.
Insurance Type: Land Cargo Sub-segment Projected to Remain Highly Dominant Throughout the Forecast Period
The land cargo sub-segment held the largest share of the cargo insurance market in 2022 and is expected to sustain its dominant position throughout the forecast period. Within the cargo insurance space, providers frequently collaborate with transporters, logistics firms, and other key stakeholders, enabling insurance customers to better understand the risks and challenges associated with land transportation. This distinctive advantage of land cargo insurance is anticipated to significantly support the sub-segment’s growth through 2032.
Distribution Channel: Direct Sales Sub-segment to Command a Significant Market Share
The direct sales sub-segment captured the highest share of the cargo insurance market in 2022 and is projected to grow at a strong CAGR of 4.3% during the forecast period. Direct sales channels provide insurance companies with valuable data and actionable insights, enabling insurers to develop a deeper understanding of customer behavior, preferences, and associated risks. This key benefit of direct sales is expected to drive considerable growth for the sub-segment by 2032.
End User: Cargo Owners Sub-segment to Witness Substantial Growth by 2032
The cargo owners sub-segment generated the highest market share in 2022 and is anticipated to retain the majority of market share through 2032. The increasing demand for cargo insurance among owners — driven by their preference for safe and timely delivery of goods and their need for insurance coverage to minimize transportation-related risks — is expected to be a strong catalyst for the sub-segment’s growth by 2032.
Region: Europe Market to Emerge as One of the Fastest Growing by 2032
The Europe region held the largest share in the global cargo insurance market in 2022 and is expected to sustain its growth momentum throughout the forecast period. The ongoing expansion of the marine industry has resulted in a growing demand for marine cargo insurance, which is projected to serve as the primary growth driver for the cargo insurance market in the European 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 offers a thorough analysis of the key players operating within the global cargo insurance market. These companies have pursued a range of strategic approaches — including new product launches, collaborations, business expansions, joint ventures, and agreements — to strengthen their market positions and sustain their dominance across different regions. The report serves as a valuable resource for understanding the business performance, operating segments, product portfolios, and strategic moves of market participants, providing a well-rounded perspective on the competitive landscape.
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