Acumen Research and Consulting recently published a report titled “Automotive Insurance Market Size, Share, Analysis Report and Region Forecast, 2022-2030”.
NEW YORK, Aug. 16, 2022 (GLOBE NEWSWIRE) — The Motor Insurance Market is expected to grow at a CAGR of around 7.2% from 2022 to 2030, reaching a market value of around USD 1,223.5 billion by 2030.
Given the evolving role of the insurance industry in the transportation ecosystem, the vehicle insurance market is expected to undergo significant changes in the not too distant future. The increasing global demand for passenger and commercial vehicles is driving the global motor insurance market. The increase in the number of traffic accidents, the introduction of strict government guidelines for vehicle insurance acceptance, and the growth in international vehicle sales due to the rising per capita income of consumers are the main factors driving the size of the global vehicle insurance market. In addition, the introduction of self-driving vehicles further boosts the growth of the vehicle insurance market. In addition, the integration of new technologies into existing services and product lines, as well as increasing demand for liability insurance and usage-based insurance in emerging markets, are expected to provide lucrative opportunities for growth in vehicle insurance market share during the projected period.
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|market||Motor Insurance Market|
|Market size for car insurance 2021||$628 billion|
|Motor Insurance Market Forecast 2030||$1,223.5 billion|
|Motor Insurance Market CAGR||7.2% in the period 2022-2030|
|analysis period||2018 – 2030|
|forecast data||2022 – 2030|
|Covered Segments||By coverage, by vehicle type, by sales channel, by application, and by geography|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Important companies in profile||Admiral Group Plc, Allianz SE, Allstate Insurance Company, Berkshire Hathaway Inc.,
China Pacific Insurance (Group) Co., Ltd., GEICO, People’s Insurance Company of China,
Ping An Insurance (Group) Company of China, Ltd., State Farm Mutual Automobile Insurance Company,
and Tokyo Marine Group.
|report coverage||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulatory Analysis|
Dynamics of the global motor insurance market
Motor vehicle insurance includes cars, trucks, motorcycles and other commercial vehicles. Its primary objective is financial protection against personal injury and damage caused by traffic accidents, as well as liability that may arise from events in a vehicle. Vehicle insurance can also provide financial assistance for vehicle damage and theft caused by circumstances other than vehicle collisions, such as: B. Keying, climate or environmental disasters and collisions with adjacent buildings. The global vehicle insurance market is growing due to the increasing number of traffic accidents, the implementation of strict regulations requiring the purchase of vehicle insurance, and an increase in vehicle sales around the world.
The growing demand for usage-based insurance is driving the growth of the vehicle insurance market
The increasing use of usage-based insurance due to advantages such as lower insurance rates than regular insurance and widespread acceptance of integrated car services are major contributors to the market growth. As a result, consumers in the automotive industry are increasingly opting for usage-based insurance. Additionally, growing sales of pre-equipped telematics cars and trucks and federal vehicle safety regulations are two factors expected to increase the market opportunity. The implementation of telematics-based insurance coverage is the result of the evolving business dynamics of the auto insurance market.
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Car insurance market segmentation
The global vehicle insurance market is segmented by coverage, distribution channel, vehicle type and application, according to Acumen Research and Consulting.
market by coverage
- Third party only
- comprehensive insurance
- Fire and theft liability insurance
In terms of coverage, the liability segment is expected to dominate the market in 2021. Liability insurance is an insurance policy that the insured (first party) takes out from the insurance provider (second party) for defense against third party claims (third parties). Liability insurance coverage is growing due to massive investments by various companies in the insurance industry. Due to the increasing demand, it will also show the highest significant growth in the forecast period.
Market by vehicle type
- passenger cars
- Heavy Commercial Vehicles (HCV)/Trucks and Buses
- Light Commercial Vehicle (LCV)
According to the market analysis for car insurance, the car segment is expected to grow significantly in the market over the next few years. Growing consumer demand for private vehicles, rising disposable incomes, and the growing threat of auto theft and robbery are all key drivers in the passenger segment. In addition, a significant shift in the production and distribution of passenger cars will increase demand for the motor insurance market.
Market by distribution channel
- Insurance agents/brokers
- Direct answer
Based on the distribution channel, the direct response segment is expected to hold significant market share in the coming years. It contributes significantly to economic growth by acting as an intermediary between insurers and policyholders. It provides technical and professional information and guidance on insurance products. They work closely with their customers to meet their vehicle insurance needs, which increases demand in this segment.
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Regional overview of the motor insurance market
The auto insurance market is segmented into several regions: North America, Asia Pacific, Latin America, Europe, and Middle East & Africa. Geographically, Asia-Pacific is expected to be the most important region of the market in the coming years. This growth is due to rapidly increasing automobile production and sales in emerging markets such as India, China and Japan. In addition, the development of applications that provide consolidated information about existing insurance companies as well as competitive prices promotes market growth. Additionally, with the accessibility of digital auto insurance, consumers can purchase and renew insurance plans from the comfort of their own home, which is another factor contributing to the growth of the regional auto insurance market.
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Players in the motor insurance market
Some of the leading companies in the auto insurance market are State Farm Mutual Automobile Insurance Company, Admiral Group Plc, China Pacific Insurance (Group) Co., Ltd., People’s Insurance Company of China, Allianz SE, Tokyo Marine Group, Ping An Insurance ( Group ) Company of China, Ltd., GEICO, Berkshire Hathaway Inc. and Allstate Insurance Company.
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