According to the latest report by IMARC Group, titled "Motor Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global motor insurance market size reached US$ 783.7 Billion in 2022. Motor insurance, also known as auto insurance, is a type of guaranteed insurance policy that provides financial protection to vehicle owners against losses incurred due to accidents, theft, and other unforeseen events. It provides coverage for damage caused to vehicles, third-party liability, and personal injury. The primary purpose of motor insurance is to protect the policyholder from financial losses arising from accidents and other events involving their vehicle. In case of an accident, the insurance company will cover the cost of repairs or replacement of the vehicle, as well as any medical expenses incurred by the driver or passengers. In some cases, motor insurance may also provide additional benefits, such as roadside assistance, towing services, and rental car reimbursement.
Global Motor Insurance Market Trends:
The global market is primarily driven by the increasing manufacturing and selling of vehicles. This can be attributed to the rising preference for personal cars and luxury vehicles on account of inflating disposable income levels of the masses and rapid urbanization. Along with this, changing lifestyle preferences and work patterns have led to an increase in the number of young drivers, who are typically higher-risk drivers and pay higher premiums, which, in turn, is, catalyzing the market. Moreover, numerous initiatives are undertaken by the government of several countries to mandate the adoption of motor insurance, which creates a large and stable market for insurance providers, are creating a positive market outlook. In line with this, changing regulations, such as the introduction of stricter penalties for uninsured drivers or changes in the minimum levels of coverage required, have a significant impact on the market. Other factors, including continual technological advancements, the advent of telematics and intensive business competition, are also positively influencing the demand. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 1,282.1 Billion by 2028, exhibiting a CAGR of 8.35% during 2023-2028.
- On the basis of the policy type, the market has been categorized into liability insurance, comprehensive coverage, collision coverage and personal injury protection.
- Based on the premium type, the market has been segmented into personal and commercial insurance premiums.
- On the basis of the distribution channel, the market has been segregated into insurance agents/brokers, direct response, banks and others.
- Based on the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the key players include 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.
|Base Year of the Analysis
||Policy Type, Premium Type, Distribution Channel, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||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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