The global logistics insurance market is anticipated to
reach USD 61.55 billion by 2025, according to a new report by Grand View
Research, Inc. The increasing foreign direct investment, establishment of free
trade zones, and increasing globalization has resulted in the rapid growth of
the transportation industry in the emerging countries. The logistics hubs and
trade routes are gradually shifting toward the emerging market. Privatization
of the transportation industry has further spurred the industry growth in
China, Turkey, and India.
The adoption of digital technologies enables the
company to tap new opportunities for additional premiums, better risk
selection, increasing governance, and improved customer experience. Insurers
across the globe are implementing newer technologies and adopting cloud- and
mobile-based technologies to tap the growing demand in the emerging markets.
Through various distribution channels, the insurance companies are modernizing
the legacy applications.
The insurance companies are implementing mobility
as a part of the business strategy, owing to the increasing usage of
smartphones in both developed and emerging markets. Customers can easily
request a policy quote, calculate premium, locate insurance agent, and store the
policy data with the advent of the mobile apps.
The insurance industry comprises of structured
and unstructured data. Big data analytics plays a vital role in the insurance
industry that delivers significant Return on Investment (ROI) and cost savings.
The rise in digital integration and digital customer relationship management is
likely to spur the market demand over the forecast period.
View
summary of this report @ http://www.grandviewresearch.com/industry-analysis/logistics-insurance-market
Further key findings from the report suggest:
·
The increasing adoption of cloud- and
mobile-based technologies to improve the customer experience
·
The transportation industry is anticipated to
witness a significant growth with a CAGR of over 3.5% over the projected period
·
The maritime industry is anticipated to dominate
the market in terms of revenue
·
The Asia Pacific region is anticipated to
dominate the market in terms of growth rate over the forecast period
·
The rising financial asset and real estate
values in the region are enabling the companies to have a higher premium volume
·
The market posesa rising competition that enable
insurers to invest more in technological advancement to enhance the customer
experience
·
The key players in the logistics insurance
market include Integrity Transportation Insurance (U.S.), Liberty Mutual
Insurance (U.S.), Peoples Insurance Agency (U.S.)
Browse
more reports of this category by Grand View Research: http://www.grandviewresearch.com/industry/communications-infrastructure-systems-and-software
Grand View Research has segmented
the logistics insurance market on the basis of industry and region:
- Logistics Insurance Industry Outlook (Revenue, USD Billion, 2014 - 2025)
- Transportation
- Marine
- Aviation
- Others
- Logistics Insurance Regional Outlook (Revenue, USD Billion, 2014 - 2025)
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- Asia Pacific
- China
- Japan
- Singapore
- Latin America
- Mexico
- Brazil
- Middle East and Africa
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