Expert Market Research’s new report titled ‘Global Automotive Insurance Market Report and Forecast 2022-2027’, gives an in-depth analysis of the global automotive insurance market, assessing the market based on its segments such as coverage, distribution channel, vehicle age, application and major regions. The report tracks the latest industry trends and studies their impact on the overall market. It also assesses market dynamics, covering key demand and price indicators, as well as market analysis based on SWOT and Porter’s Five Forces models.
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Key highlights of the report include:
Market Overview (2017-2027)
- Historical market size (2020): USD 704.8 billion
- Forecast CAGR (2022-2027): 7.1%
- Forecasted Market Size (2026): USD 1,170.9 Billion
The growing demand for personal vehicles across the globe is consequently leading to an increase in the car insurance market. The propulsive sale of automobiles is believed to be an effect of industrialization in both developing and developed countries, as well as the increase in people’s disposable income, which has increased their purchasing power. Accidents or auto theft can be unpredictable, giving rise to the need to protect vehicles through insurance, which drives auto insurance sales. In addition, auto insurance covers the cost of injury, death, or property damage caused by the insured vehicle. Also, cases of negligence or reckless driving on the roads further trigger the need to have insurance. Government regulations making car insurance compulsory in various countries are driving the market considerably higher.
Motor vehicle insurance, also known as vehicle or automobile insurance, is a contract between the person who takes out insurance for his (insured) vehicle and the insurance company to provide protection against the event of financial loss. due to situations such as an accident or theft of the vehicle. The insurance company charges a premium amount to pay for the losses.
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Based on coverage, the market is segmented into:
- Liability insurance
The market is split as follows, based on distribution channel:
- Insurance agents
- Direct response
Based on the age of the vehicles, the market breakdown is as follows:
- New vehicles
- Used vehicles
On the basis of application, the market is split into:
Major regional markets include:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
The Asia-Pacific region contributes significantly to the auto insurance market owing to the presence of major automobile players in countries like Japan, China, and India. Their product innovation helps meet the growing demand for personal vehicles. Therefore, the demand for vehicle protection through auto insurance is also booming. Additionally, digitization of financial services is contributing to the growth of the market. For example, in India, the government’s “Digital India” initiative is raising awareness about the different options available for car insurance. In addition to this, development of applications providing consolidation information, online availability of car insurance, online renewal facilities are also important factors contributing to the growth of the market.
Main market players
Major market players include Progressive Casualty Insurance Company, State Farm Mutual Automobile Insurance Company, GEICO, Allstate Insurance Company, and Admiral Group plc, among others.
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* At Expert Market Research, we always strive to give you the latest information. The figures in the article are only indicative and may differ from the actual report.