A freight insurance policy provides freight with additional protection from potential losses that may occur during transit. There are several types of freight insurance policies, including cargo insurance, shipping insurance, transport insurance, and transit insurance. All of these policies protect merchandise and goods against loss or damage while in transit from one location to another. Claim settlements are also simple between the insurer and the insured. Moreover, to ensure smooth initiation of the claim and to save from unexpected loss, the demand for the freight insurance market is expected to increase in the upcoming year.
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Top Impacting Factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis
Rapid growth in the transportation industry due to rising demand for E-commerce, which has resulted in several incidents, is driving the market growth. However, a lack of awareness towards insurance policies and low consumer experience in terms of coverage and premium rates are expected to hamper the market growth. Contrarily, technological advancement in the field of freight transportation will offer major lucrative opportunities for the freightage insurance market growth.
The freightage insurance market trends are as follows:
Rapid Growth in Transportation Industry Due to Rising Demand of E-commerce:
Freight transportation has grown due to an increase in demand for e-commerce. With an increase in the demand for online shopping, the transit of goods takes place frequently which has the chances of accidents, baggage theft or loss, and other occurrences of uncertainty during transit. Therefore, consumers are opting for freightage insurance to mitigate the risks associated with such occurrences. As a result, this is a major boosting factor for the growth of the freight insurance market.
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Technological Advancement in the Field of Freight Transportation:
Technological advancements such as maps for location tracking, application program interface (API), artificial intelligence (AI), data analytics, blockchain, and big data are providing insurers with new opportunities to sustain themselves in the market. These technologies allow safe and secured delivery of goods to the consumers and any kind of theft, loss, or other mishaps can be easily traced. Therefore, these technologies reduce the claims of the freight owners. Thus, technological advancement in the field of freight transportation will offer major lucrative opportunities for the growth of the freightage insurance market size.
COVID-19 Scenario Analysis
The global pandemic has led to a significant impact on the global transportation industry, with a total ban on the transportation system. This ban resulted in a drastic fall in freight insurance, as there was no business during the lockdown period which negatively impacted the freight insurance market. However, the unlock phase, and removal of the transportation ban resulted in high demand for goods mainly from E-commerce, this has resulted in the increasing demand for freight transportation which has increased the sale of freight insurance policies. Thus, it had a positive impact.
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Key Benefits of the Report:
This study presents an analytical depiction of the freightage insurance market analysis along with the current trends and future estimations to determine the imminent investment pockets.
The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the market share.
The current market is quantitatively analyzed to highlight the freightage insurance market growth scenario.
Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
The report provides a detailed market analysis depending on the present and future competitive intensity of the market.
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