The Motor Insurance Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
Learn More On The Motor Insurance Market:
https://www.thebusinessresearchcompany.com/report/motor-insurance-global-market-report
According to The Business Research Company’s Motor Insurance Global Market Report 2024, The motor insurance market size has grown strongly in recent years. It will grow from $805.91 billion in 2023 to $881.47 billion in 2024 at a compound annual growth rate (CAGR) of 9.4%. The growth in the historic period can be attributed to vehicle ownership growth, regulatory mandates, urbanization and traffic density, risk mitigation and financial security, lending and financing requirements.
The motor insurance market size is expected to see strong growth in the next few years. It will grow to $1261.92 billion in 2028 at a compound annual growth rate (CAGR) of 9.4%. The growth in the forecast period can be attributed to technological integration in telematics, emergence of electric and autonomous vehicles, focus on environmental sustainability, data analytics and predictive modeling, shift towards on-demand and usage-based insurance. Major trends in the forecast period include focus on environmental sustainability, integration of biometric authentication for policy management, personalized premiums based on behavioral data, regulatory compliance and insurtech innovations, customer-centric service models.
The increase in the number of automobiles on the road is expected to propel the growth of the motor insurance market going forward. Automobiles such as cars, buses, and trucks, are self-propelled vehicles that use a power source for propulsion and are used to transport passengers and goods on land. People are buying auto insurance to protect themselves from financial losses, which ultimately fuels the demand for motor insurance and is prominently attributed to the benefits offered by motor insurance, which include cost coverage for an injured person, medical coverage, lost wages, vehicle repair, and any property damaged in an accident. For instance, according to the National Transportation Statistics 2021 report published by the US Department of Transportation, an executive department of the U.S. federal government, in 2021, 11,34,61,353 vehicles were registered in the USA. In 2020, automobiles accounted for 10,51,43,990, while 8,317,363 motorcycles were registered across the nation. Furthermore, in November 2022, according to the Society of Motor Manufacturers and Traders (SMMT), a UK-based trade association of motor vehicles, the UK’s car production had risen by 7.4% to 69,524 units as compared to the previous year. Therefore, the increase in the number of automobiles on the road is driving the growth of the motor insurance market.
Get A Free Sample Of The Report (Includes Graphs And Tables):
https://www.thebusinessresearchcompany.com/sample.aspx?id=8997&type=smp
The motor insurance market covered in this report is segmented –
1) By Types: Treaty Reinsurance, Facultative Reinsurance
2) By Policy Type: Liability Insurance, Comprehensive Coverage, Collision Coverage, Personal Injury Protection
3) By Vehicle Age: New Vehicles, Old Vehicles
4) By Vehicle Type: Passenger Cars, Light Commercial Vehicles (LCV), Heavy Commercial Vehicles (HCV)
Major companies operating in the motor insurance market are developing innovative products such as pay-per-mile car insurance, also known as usage-based insurance, which allows drivers to pay a low monthly base rate plus a per-mile rate for each mile driven. This model is designed to benefit low-mileage drivers, offering a cost-effective alternative for those who do not drive frequently. For instance, in April 2023, Qualitas Compania de Seguros, a Mexico-based insurance company specializing in auto insurance, began utilizing Octo's driving behavior analytics for commercial fleet insurance. This implementation enables fleet owners to track vehicles, provide customers with accurate logistics, and enhance driver safety through real-time telematics data.
The motor insurance market report table of contents includes:
- Executive Summary
- Motor Insurance Market Characteristics
- Motor Insurance Market Trends And Strategies
- Motor Insurance Market - Macro Economic Scenario
- Global Motor Insurance Market Size and Growth
.
.
.
- Global Motor Insurance Market Competitive Benchmarking
- Global Motor Insurance Market Competitive Dashboard
- Key Mergers And Acquisitions In Motor Insurance Market
- Motor Insurance Market Future Outlook and Potential Analysis
- Appendix
Top Major Players :
- Berkshire Hathaway Inc.
- Ping An Insurance (Group) Company of China, Ltd.
- Allianz SE
- AXA S.A.
- Generali Group
Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: [email protected]
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
Facebook: https://www.facebook.com/TheBusinessResearchCompany
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Blog: https://blog.tbrc.info/
Healthcare Blog: https://healthcareresearchreports.com/
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model
The global Motor Insurance Market research report, published by Value Market Research, is designed to offer various market framework such as market size, portion, trends, growth path, value and factors that impact the current market dynamics over the forecast period 2021-2027.
Most importantly, this report also provides the latest significant strategies adopted by major players along with their market share.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the motor insurance market include Allianz SE, PICC Property and Casualty Co Ltd., Ping An Insurance (Group) Co of China Ltd., ICICI Lombard General Insurance Co Ltd., Sompo Holdings Inc., Samsung Fire and Marine Insurance Co Ltd., Aviva Plc, State Farm Mutual Automobile Insurance Company, GEICO, Porto Seguro S.A.
This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Motor Insurance Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/motor-insurance-market/download-sampleMarket DynamicsThe global auto insurance market is gaining popularity worldwide due to increased automobile sales globally and government mandatory regulation.
This move has gone about as an impetus in the expanded deal in the auto insurance market.
Innovative and lucrative product launches are relied upon to help market growth.
Market Research Future (MRFR)'s latest report on the global motor insurance market has identified the megatrends as well as micro-economic factors affecting the growth of the market.
Elevation in the level of awareness among consumers regarding minimization of legal and financial risks associated with car theft or accidents has led to the increased adoption of insurance among vehicle owners.Both the automotive as well as the insurance sector, in general, are subject to strict monitoring.
Besides, various attractive offered provided by insurance companies also lure consumers, which are expected to push the automotive insurance market further.The availability of telematics devices and ubiquity of smartphones has prompted automotive insurers to experiment with usage-based insurance.
The emergence of various automotive insurance applications has provided fuel for the growth of the automotive insurance market.
Such applications help in actual tracking of driving and offer discounts and rewards for safe driving.
Automotive OEMs venturing into the insurance space, generally known as OEM captive finance, is likely to push the automotive insurance market further.Sustained growth in mature markets along with a greater share of emerging markets is expected to fare well for the growth of the market.
