Connect with us

Hi, what are you looking for?

Motor Insurance Market is expected to reach the value of 1256.2 billion USD by the end of 2027

According to our research report, the global motor insurance market size was worth $761.24 billion in 2021 and is predicted to reach to $1256.2 billion by 2027, during 2022-2027.

Motor insurance covers cars, motorbikes, trucks and other types of road vehicles. Its main purpose is to provide financial protection against physical damage or bodily injury caused by traffic crashes, as well as the responsibility that may ensue from such incidents. Motor Insurance may also provide financial protection against vehicle theft and damage caused by incidents other than traffic crashes, such as keying, weather, or natural catastrophes, as well as damage caused by colliding with stationary objects. The worldwide vehicle insurance industry is growing due to an increase in the number of accidents, the implementation of strict government regulations for the adoption of auto insurance, and a boom in automotive sales around the world that increase the global motor insurance market share.

The motor insurance market growth is dominated by automobile insurance. The gross premium written for global non-life insurance is increasing, with the increase in gross premium written from motor vehicle insurance being the main driver. Because insurers collect the highest amount of premiums in motor vehicle insurance, growth in this sector is frequently crucial in explaining overall developments in the non-life sector. This line of business has been identified as a key driver of non-life segment development in a number of nations. Motor vehicle insurance accounts for around 36.3 percent of non-life insurance premiums globally.

The worldwide auto insurance sector is being reshaped by a movement in global motor insurance market dynamics toward a digital ecosystem centred on mutual collaborations, Internet of Things (IoT), and big data analytics. The global insurance sector is rapidly evolving, and the company that accepts these changes first will obtain a larger Motor Insurance market share.

MORE INFO @ https://www.marketdataforecast.com/market-reports/motor-insurance-market

SEGMENTATION ANALYSIS

GLOBAL MOTOR INSURANCE MARKET – BY TYPE: Passenger Cars, Light Commercial Vehicles (LCV), Heavy Commercial Vehicles (HCV)

The Motor Insurance Market is segmented into categories- Passenger Cars, Light Commercial Vehicles (LCV) and Heavy Commercial Vehicles (HCV) on the basis of type. In 2021, the passenger Car segment had the biggest share in the Motor Insurance market and the similar trend is expected in the forecast period owing to increasing number of car accidents every year.

GLOBAL MOTOR INSURANCE MARKET – BY COVERAGE TYPE: Liability Coverage, Collision Coverage, Comprehensive Insurance, Uninsured Motor Insurance, Underinsured Motor Insurance, Medical Payment Coverage, Personal Injury Protection Insurance, Gap Insurance

Gap insurance is predicted to expand at the quickest rate in the Motor Insurance market of all during the forecast period.

GLOBAL MOTOR INSURANCE MARKET – BY REGION: Asia Pacific, Latin America, Europe, Middle East & Africa, North America

Due to the continuously expanding number of vehicle sales and manufacturing, Asia Pacific is the dominant region in the Vehicle Insurance industry. Developing economies in the region, such as China and India, benefit from abundant low-cost labour and favourable economic conditions. The market value is further boosted by the presence of large players in the region.

Due to the mandatory requirement for vehicle insurance in various countries, the increased number of new vehicle sales, growing urbanisation, and rising disposable income among the middle-income population, the North American motor insurance market is expected to grow by 4.2 per cent annually during the forecast period and reach $357.6 million by 2027. Furthermore, based on the number of new light-vehicle registrations, the United States is one of the world’s largest car markets. Also predicted to boost the motor insurance industry throughout the projection period is the mandatory necessity for a vehicle to be insured across the United States, together with the estimated increasing number of car sales.

Customers in the United Kingdom prefer to purchase motor insurance online. Due to the required necessity for car insurance in several nations around Europe, the market for motor insurance in the region reached $168.8 million in 2021 and is expected to rise by 5.3 per cent the year from 2022 to 2027. The largest donors will be Germany, Italy, and France.

In Latin America, uninsured vehicles are a big economic burden on society. Only 58 per cent of the existing vehicle fleet in the five main markets in the region (Argentina, Brazil, Chile, Colombia, and Mexico) is insured. Under- and uninsured drivers, on the other hand, will continue to exist. In the Latin American region, insurers can leverage microinsurance and new distribution channels to promote motor insurance demand, as well as foster product innovation and implement new underwriting technology.

The insurance sector in the UAE is one of the most active sectors because of its major role in serving the national economy, which is evident in the growth rate of its contribution to GDP. Motor insurance is mandatory in the country. Also, in 2017, the motor insurance policies unification system came into force and a new system was developed with respect to the resolution of motor insurance disputes leading to increasing number of Motor Insurance in the region.

REQUEST SAMPLE: https://www.marketdataforecast.com/market-reports/motor-insurance-market/request-sample

INDUSTRY DEVELOPMENTS

Edelweiss General Insurance has developed Edelweiss SWITCH, an app-based vehicle insurance own damage (OD) floater coverage. Under the IRDAI’s sandbox regulations, this is a driver-based automobile insurance policy. According to a news release from Edelweiss General Insurance, car owners can turn on or off their motor insurance policy coverage based on how their vehicles are used. A single policy might cover a number of automobiles.

A mobility startup- Automovill has launched a mobile application for all auto insurance agents and brokers in the country to register and process accidental claims. The goal of the initiative is to lower claim costs by increasing system efficiency for all stakeholders, including insurance firms and their clients.

With effect from April 1, 2021, the Ministry of Road Transport and Highways has suggested making FASTag necessary when purchasing new third-party motor insurance for your car.

ABOUT US:

Market Data Forecast is a firm working in market research, business intelligence, and consulting. We have rich research and consulting experience for various business domains to cater to individual and corporate clients’ needs.

CONTACT US:

Market Data Forecast

Phone: +1-888-702-9626

Email:  [email protected]

Written By

You may also like:

World

Russia vowed its assault on Ukraine would continue until Kyiv surrenders, as world leaders warned that Moscow would pay for its aggression.

World

A major UN conference on how to restore the faltering health of global oceans kicked off in Lisbon this week with a flurry of...

World

The role of battlefield drones in Ukraine is diminishing - Copyright AFP Wakil KOHSARDidier LAURASThe Ukrainian army’s astute use of drones has been a...

World

Sergio Tornaghi, 64, is wanted for his involvement in assassinations carried out by the Red Brigades.