The global motor insurance market size reached US$ 737.43 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 988.79 Billion by 2027 exhibiting a CAGR of 4.70% during 2022-2027.
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.
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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.
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.
|Motor Insurance Market Report Scope|
|Market size value in 2021||US$ 737.43 Billion|
|Market forecast in 2027||US$ 988.79 Billion|
|Growth Rate||CAGR of 4.70% from 2022 to 2027|
|Base year for estimation||2021|
|Report coverage||Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, And Trends|
|Segments covered||Policy Type, Premium Type And Distribution Channel.|
|Regional scope||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico|
|Key companies profiled||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.|
|Market Dynamics||Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period,|
|Customization purview||If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.|
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
- North America
- United States
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
List of Major Key Players:
The major players in the market are 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.
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