DUBLIN, August 1, 2017 /PRNewswire/ --
The "Global Logistics Insurance Market 2017-2021" report has been added to Research and Markets' offering.
The global logistics insurance market to grow at a CAGR of 2.35% during the period 2017-2021.
The report, Global Logistics Insurance Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
The latest trend gaining momentum in the market is the increasing popularity of tracking cargos among shippers. Technology is being adopted across various industries in the world. Similarly, a trend to track cargos across logistics chain is seen. Companies are offering various technologies to track the location of trucks or trailers. For example, Novacom Europe is one of the leading companies in trailer telematics. The service is called Trailermatics. The company uses satellite or general packet radio service (GPRS) along with global positioning system (GPS) to continuously monitor trailers or trucks. It also offers an extra range of information as per needs.
According to the report, one of the major drivers for this market is the increase in number of cargo thefts. It is observed that the number of cargo thefts is increasing. The total loss in the year 2015 because of cargo theft amounted to $20-$25 billion. Brazil saw around 7,000 to 8,000 incidents of cargo theft during 2015, which was the highest in the last 20 years. The probable reasons for this could be Brazil's overall economic crisis that caused a drop in the number of employed people by around 2% to 3% from January 2016 to April 2017. Venezuela is seeing an increase in the number of cargo thefts due to worsening political and economic situations. The report has an exhibit which shows the countries where cargo theft is quite prevalent.
Further, the report states that one of the major factors hindering the growth of this market is the hard insurance market characteristics. The opposite phenomenon is wherein immediately after a catastrophic event, the market prices of insurance reach significantly high. The hard insurance market is highly depended on natural and manmade catastrophic events that take place around the globe. In 2016, around $190 billion losses were recorded worldwide. The years 2013, 2014, and 2015 had seen a declining trend in terms of yearly losses reported due to catastrophic events. It is noted that in 2016, the loss amount borne by insurers worldwide was around $45 to $55 billion, which is greater than the calculated average value for the previous 10 years. Hence, it is a challenge for insurance companies to tackle the cyclical nature of the industry.
- Integrity Transportation Insurance Agency
- Liberty Mutual Insurance
Other prominent vendors
- Arthur J. Gallagher
- Mitsui Sumitomo Insurance
- Munich Re
- Peoples Insurance Agency
- Samsung Fire & Marine Insurance
- Sompo Japan Nipponkoa Insurance
- Swiss Re Group
- Thomas Miller
- Tokio Marine Holdings
- XL Group
- Zurich Insurance Group
Key Topics Covered:
PART 01: Executive summary
PART 02: Scope of the report
PART 03: Research Methodology
PART 04: Introduction
PART 05: Market landscape
PART 06: Market segmentation by type
PART 07: Geographical segmentation
PART 08: Key leading countries
PART 09: Decision framework
PART 10: Drivers and challenges
PART 11: Market trends
PART 12: Vendor landscape
PART 13: Appendix
For more information about this report visit https://www.researchandmarkets.com/research/9xg7nk/global_logistics
Laura Wood, Senior Manager
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
SOURCE Research and Markets