Fort Collins, Colorado, Sept. 08, 2023 (GLOBE NEWSWIRE) -- DataHorizzon Research Published a report titled, "Last Mile Delivery Insurance Market Size, Share, Growth, Trends, Statistics Analysis Report, By Insurance Coverage (Commercial Auto, General Liability, Cargo Liability, Workers Compensation, And Others), By Industry (E-Commerce, Retail And FMCG, Manufacturing and Others), By Region Forecasts, 2023- 2032."
According to DataHorizzon Research, the last mile delivery insurance market is anticipated to witness healthy growth over the forecast period. The last mile delivery industry has garnered a huge response in the past decade. The growing curve of online services for courier packages, and meal deliveries attracts huge risks, and herein last mile delivery insurance covers risks against potential liabilities, particularly in the delivery stages. These services have grown popular with the customer market because of their safety assurance.
The last mile delivery insurance market growth has been positive, with a remarkable CAGR. The rise in partnerships among vendors, dropshipping ventures, and availability of manpower for deliveries is likely to encourage market growth. Moreover, the growing landscape of the insurance industry embracing technological innovation, such as using AI chatbots for faster claims and personalized products for customers, has been shaping the industry's growth.
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Last Mile Delivery Insurance Market Report Highlights:
- The last mile delivery insurance market growth is anticipated at a healthy CAGR by 2032.
- The rise in e-commerce for transportation and logistics offers tremendous growth to the insurance industry. Moreover, the growing scope of insurance services is expected to pump growth for last mile deliveries.
- Based on insurance coverage, cargo liability has registered tremendous growth in the past few years and continues to grow in the following years.
- Based on industry, e-commerce accounted for significant growth in the past few years owing to its popularity and wider access to consumer base.
- North America is a dominant last mile delivery insurance market due to the well-developed logistics industry. Besides, promptness in insurance settlements in the transportation industry is a major highlight.
- Some of the prominent players in the last mile delivery insurance market report include Aon Last Mile, CarrierHQ, National Interstate Insurance, Panorama Insurance Agency Inc., Business Insurance Center, Founder Shield, HUB International, Risk Strategies, CNS Insurance, and Marsh.
Report Snapshot:
| Report Title | Last Mile Delivery Insurance Market |
| Largest Market | North America |
| Forecast Period | 2023 to 2032 |
| Historic Period | 2021 |
| Base Year | 2022 |
| Report Scope & Coverage | Market size, Market Estimations And Forecasts, Competitor Analysis, Trends, And Growth Factors |
| By Insurance Coverage | Commercial Auto, General Liability, Cargo Liability, Workers' Compensation, And Others |
| By Industry | E-Commerce, Retail and FMCG, Manufacturing, and Others |
| By Region | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. |
| Countries Covered | U.S., Canada, U.K., Germany, France, China, Japan, India, South Korea, Brazil, Mexico, UAE, Saudi Arabia, and South Africa, among others |
| Major Market Players | Aon Last Mile, CarrierHQ, National Interstate Insurance, Panorama Insurance Agency Inc., Business Insurance Center, Founder Shield, HUB International, Risk Strategies, CNS Insurance, Marsh and others. |
Segmentation Overview:
The global last mile delivery insurance market has been segmented based on insurance coverage, industry, and region. Cargo liability accounts for a significant market share as the cargo business has witnessed tremendous growth in the past years. The growth of e-commerce is projected to be high in the coming years owing to the rise in demand for rapid online services.
North America has been at the forefront of last mile delivery insurance industry and is projected to remain dominant in the following years. Availability of better insurance services, promptness in reimbursements, and huge awareness in the population have been the key growth factors for U.S. regions. Asia Pacific is a fast-growing market based on the high volume of transnational companies with a tremendous need for insurance services. The scenario in the Asia Pacific context is also favorable owing to mandate government regulations for businesses.
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Key Developments and Trends in the Industry:
- The adoption of digitization throughout the globe has enabled more opportunities in the insurance industry. For example, the use of Robotic Process Automation (RPA) is adding more capability to data processing. Several players have also deployed added security layers to detect and prevent any fraudulent activities. Therefore, virtual assistance in the insurance industry is expected to be a game changer for last mile deliveries.
- The rise in the gig economy is a booster to the industry. Several drivers are contracted with two or multiple delivery vendors. This creates more earning opportunities for the delivery agents and enables rapid delivery services to the customers.
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Last Mile Delivery Insurance Market Segmentation:
Last Mile Delivery Insurance Market, By Insurance Coverage (2023-2032)
- Commercial Auto
- General Liability
- Cargo Liability
- Workers Compensation
- Others
Last Mile Delivery Insurance Market, By Industry (2023-2032)
- E-Commerce
- Retail and FMCG
- Manufacturing
- Others
Last Mile Delivery Insurance Market, By Region (2023-2032)
- North America
-
- U.S.
- Canada
- Europe
-
- U.K.
- Germany
- France
- Rest of Europe
- Asia Pacific
-
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
-
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
-
- UAE
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
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