A recent report published by Adroit Market Research on Latin America Vehicle Insurance Market provides in depth analysis of segments and sub-segments in global as well as regional markets of market.
Latin America vehicle insurance market size is estimated to witness a 4.0% CAGR over the forecast period due to the rapid expansion of the global automobile industry.
Owing to the rise in disposable income, the demand for vehicles has increased which has resulted in the growth of the automobile sector.Players are actively developing the market via social media and ensuring the visibility of their insurance policies in the Latin America market.
Furthermore, incorporation of advanced analytics tools to lower fraudulent claims and increasing market penetration through online support and third-parties are some of the key trends that are considered to drive the market in coming years.In 2017, third-party insurance accounted for more than 50% of the Latin America vehicle insurance market share.
Increasing GDP and demand from export countries, launch of electric vehicles & low-cost car models, and rise in urbanization are some of the other major factors that have been supporting the overall sales of passenger cars in this region.Other factors pertaining to the commercial vehicle (CV) sector such as the need for fuel-efficient vehicles, advent of global players such as Allianz, Metropolitan Life Insurance Company, PORTO SEGURO and lastly the execution of emission norms and other regulatory policies in the recent years, have enabled the region in becoming one of the noteworthy markets in the world.Rapid urbanization, improving road infrastructure and regulatory policies will influence commercial vehicle buyers and original equipment manufacturers (OEMs).
However, domestic companies improve R competence and optimize costs through outsourcing and modularization.