According to the latest report by IMARC Group, titled “Motor Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” offers a comprehensive analysis of the industry, which comprises insights on the global motor insurance market growth. The report also includes competitor and regional analysis, and contemporary advancements in the market.
The global motor insurance market 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.
A motor insurance coverage protects the driver against potential risks against monetary losses brought on by accidents or physical damage. It protects against legal responsibilities resulting from theft, an accident, bodily injuries, rioting, property damage to a third party, and burglary. It covers a variety of vehicles, including two-wheelers, cars, and commercial vehicles.
Additionally, it covers losses and damages brought on by natural disasters including lightning, landslides, hurricanes, fires, earthquakes, and floods. Insurance firms now provide a wide range of plans and extras, including depreciation coverage, cashless claims, round-the-clock roadside assistance, tyre and engine protection coverage, and towing services. As a result, automobile insurance is rapidly gaining popularity all over the world.
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What Are The Key Factors Driving The Global Motor Insurance Market?
The market is primarily driven by the increase of car damage and traffic accidents. Additionally, the market is growing as a result of rising middle-class disposable income, expanding demand for vehicles as a form of mobility, and rising knowledge of the advantages of auto insurance.
Another significant element driving development is the adoption of usage-based vehicle insurance (UBI), which calculates insurance premiums using unique data produced by internet of things (IoT) sensors. In addition, the increased use of commercial vehicles for intercity passenger tours and travel as well as heavy-duty trucks for bulk cargo transportation is helping to fuel market expansion. Additionally, the expanding use of the internet, the development of online insurance options, and the enforcement of government rules that require
Who Are The Key Players/Companies In The Global 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.
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
- Asia Pacific
- North America
- Middle East and Africa
- Latin America
On the geographical front, Asia Pacific enjoys the leading position in the market. This can be attributed to the rising establishment of international companies in the region, on account of low manufacturing costs and cheap labor.
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