IMARC Group has recently released a new research study “Motor insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios.
What are the growth prospects of the Motor insurance Industry ?
The global Car Insurance Market [Motor Insurance] size reached US$ 783.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach a value of US$ 1,282.1 Billion by 2028, exhibiting a growth rate (CAGR) of 4.57% during 2023-2028.
Covid-19 Impact:
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Industry Definition and Application:
Motor insurance refers to an automotive insurance policy that offers coverage to the owners of cars, two-wheelers, commercial trucks, etc., against financial losses caused by accidents or physical damages. It includes protection against legal liabilities arising on account of an accident and resulting in death, body injuries, property damage, etc., to a third party. Presently, insurance companies are offering numerous plans and add-ons, including cashless claims, depreciation cover, 24/7 road assistance, towing facilities, etc., to provide improved coverage and assistance during the claim process.
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Motor insurance market Trends and Drivers:
The increasing number of private cars has escalated the risk of road accidents and vehicle damage, which is among the key factors stimulating the motor insurance market. Apart from this, government bodies of several countries are mandating businesses to purchase a motor insurance policy for their commercial vehicles, such as auto-rickshaws, cabs, school buses, tractors, vans, trucks, etc. This, in turn, is also propelling the market growth. Besides this, the inflating usage of commercial vehicles for inter-city passenger tours, travel, and heavy-duty vehicles for bulk transportation of goods is acting as another significant growth-inducing factor.
Additionally, the expanding availability of online insurance solutions by insurers with hassle-free and fully digital insurance comparing, buying, and renewing platforms is also fueling the global market. Furthermore, the growing internet penetration levels and the rising consumer reliance on smartphones are also driving the market growth. Moreover, the introduction of usage-based vehicle insurance (UBI) that uses individualized data gathered by the Internet of Things (IoT) sensors to determine insurance premiums is expected to positively influence the motor insurance market over the forecasted period.
Who are the leading players in the Motor Insurance Market ?
American International Group Inc., Assicurazioni Generali S.p.A., AXA Cooperative Insurance Company (Gulf Insurance Company K.S.C.), Bajaj Allianz General Insurance Company Limited, China Ping An Insurance Co. Ltd., Government Employees Insurance Company (Berkshire Hathaway Inc.), Reliance General Insurance Company Limited (Reliance Capital Limited ), State Farm Mutual Automobile Insurance Company, The Hanover Insurance Group Inc. (Opus Investment Management), The Progressive Corporation, Universal Sompo General Insurance Company Limited and Zurich Insurance Group Ltd.
Report Segmentation:
The report has been segmented the market into following categories:
Breakup by Policy Type:
- Liability Insurance
- Comprehensive Coverage
- Collision Coverage
- Personal Injury Protection
Breakup by Premium Type:
- Personal Insurance Premiums
- Commercial Insurance Premiums
Breakup by Distribution Channel:
- Insurance Agents/Brokers
- Direct Response
- Banks
- Others
By Geography:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023- 2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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