Report Description
A recent market intelligence report that is published by Data Insights Partner on Auto Insurance Market makes an offering of in-depth analysis of segments and sub-segments in the regional and international Auto Insurance Market. The research also emphasizes on the impact of restraints, drivers, and macro indicators on the regional and world Auto Insurance Market over the short as well as long period of time. A detailed presentation of forecast, trends, and dollar values of international Auto Insurance Market is offered. In accordance with the report, the Auto Insurance Market is projected to expand at a CAGR of 6.1% over the period of forecast.
Market Insight, Drivers, Restraints & Opportunity of the Market:
Auto insurance market in the global level is majorly being governed by a handful key market players. In fact, top 10 auto insurance companies used to control more than xx% of the overall auto insurance market. While top ten insurance providing companies insure large number of policies, they do have very noticeable characteristics. While having a look at the current rankings of the topmost auto insurance providers in the global level, most of the companies are easily recognizable because of their national television advertising campaign. Top ten auto insurance companies offer customer claims experience, varied insurance rates & features. Since late 2010, there has been an upsurge in the loss frequency in the auto insurance sector in the United States with the economy being strengthened & more and more drivers started to hit the road, often with smartphone in one or in both hands. The propagation of the smartphones has truly added to, if not very largely driven, increase in the loss frequency in both personal & commercial lines U.S. vehicle sale have been going down throughout 2017, demonstrating an end to a 7 year streak of successive gains. Sales of the U.S. vehicles auto & light trucks in the month of August 2017 were at the volume of 16.44mn units, going down from the volume sales of 17.1mn in the month of July 2017 & from 17.51mn units (-6.1%) a year back. Geographically, Auto Insurance Market is segmented into North America, Europe, Asia Pacific, Middle East, Africa and South America. Premiums from the motor insurance accounted more than 45% of the combined non-life insurance premium in the year 2018. This is estimated to increase in the forecast period, because of the continuously rising demand from the developing nations primarily in Asian continent.
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Segment Covered:
This market intelligence report on the Auto Insurance Market has been segmented by premium type, distribution channel, policy type & region. In terms of the premium type, Auto Insurance Market has been segregated into commercial insurance premium & personal insurance premium. In terms of the distribution channel, Auto Insurance Market has been segregated into online & broker house or agency. In terms of the policy type, Auto Insurance Market has been segregated into Comprehensive, Third-party Fire and Theft and Third-party Liability. The emergence of autonomous vehicles, connected devices, and the possibility of insurer substitution by OEMs, alongside demand for the sharing economy, poses a real threat to the modus operandi of auto insurance. The transition toward complete autonomy and the uncertainty surrounding responsibility for losses could result in reserving chaos. The shift toward autonomous vehicles and connected devices and the emergence of OEM-provided insurance may create an existential threat to insurers as liability shifts from drivers to manufacturers and programmers. With this shift, demand for product and cyber liability insurance coverage is forecast to increase in the medium to long term to comprise 57% of overall auto losses by 2050. In the short term, distracted driving and improvements in U.S. economic fundamentals have resulted in greater accident rates, causing auto insurance losses to spike. In addition, prior-year loss reserve development trends indicate potential reserve deficiencies in auto liability segments. Rate increases are now offsetting these trends and the margins of top-tier carriers should improve through 2017 and beyond—all else being equal.
Profiling of Market Players:
This business intelligence report offers profiling of reputed companies that are operating in the market. Companies such as include Allianz SE, AXA Insurance, The Allstate Corporation, Assicurazioni Generali S.p.A., American International Group, Zurich Insurance Group Ltd., Berkshire Hathaway, Munich Re, Prudential plc, & China Life Insurance Group among others. Contracts for design, installation, supply & agreements was the commonly implemented strategy by the major players in the Auto Insurance Market in between 2015 to 2018. Moreover, parameters such as Auto Insurance Market related investment & spending and developments by major players of the market are tracked in this global report. GEICO Company’s long-held acquisition strategy is to acquire businesses that have consistent earning power, good returns on equity and able and honest management. Financial results attributable to business acquisitions are included in company’s Consolidated Financial Statements beginning on their respective acquisition dates
Rank (Top Ten Largest Auto Insurance Companies of 2019)
Auto Insurance Company
Premiums Written ($bn)
Market Share
1
State Farm
XX
XX %
2
GEICO
XX
XX %
3
Progressive
XX
XX %
4
Allstate
XX
XX %
5
USAA
XX
XX %
6
Liberty Mutual
XX
XX %
7
Farmers
XX
XX %
8
Nationwide
XX
3%
9
Travelers
XX
2%
10
American Family
XX
2%
Report Highlights:
In-depth analysis of the micro and macro indicators, market trends, and forecasts of demand is offered by this business intelligence report. Furthermore, the report offers a vivid picture of the factors that are steering and restraining the growth of this market across all geographical segments. In addition to that, IGR-Growth Matrix analysis is also provided in the report so as to share insight of the investment areas that new or existing market players can take into consideration. Various analytical tools such as DRO analysis, Porter’s five forces analysis has been used in this report to present a clear picture of the market. The study focuses on the present market trends and provides market forecast from the year 2019-2027. Emerging trends that would shape the market demand in the years to come have been highlighted in this report. A competitive analysis in each of the geographical segments gives an insight into market share of the global players.
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Salient Features:
Ø This study offers comprehensive yet detailed analysis of the Auto Insurance Market, size of the market (US$ Bn), and Compound Annual Growth Rate (CAGR (%)) for the period of forecast: 2019 – 2027, taking into account 2017 as the base year
Ø It explains upcoming revenue opportunities across various market segments and attractive matrix of investment proposition for the said market
Ø This market intelligence report also offers pivotal insights about various market opportunities, restraints, drivers, launch of new products, competitive market strategies of leading market players, emerging market trends, and regional outlook
Ø Profiling of key market players in the world Auto Insurance Market is done by taking into account various parameters such as company strategies, distribution strategies, product portfolio, financial performance, key developments, geographical presence, and company overview
Ø Leading market players covered this report comprise names such as Allianz SE , AXA Insurance, The Allstate Corporation , Assicurazioni Generali S.p.A., American International Group, Zurich Insurance Group Ltd., Berkshire Hathaway, Munich Re, Prudential plc., & China Life Insurance Group
Ø The data of this report would allow management authorities and marketers of companies alike to take informed decision when it comes to launch of products, government initiatives, marketing tactics and expansion, and technical up gradation
Ø The world market for Auto Insurance Market caters to the needs of various stakeholders pertaining to this industry, namely suppliers, product manufacturers, investors, and distributors for Auto Insurance Market. The research also caters to the rising needs of consulting and research firms, financial analysts, and new market entrants
Ø Research methodologies that have been adopted for the purpose of this study have been clearly elaborated so as to facilitate better understanding of the reports
Ø Reports have been made based on the guidelines as mandated by General Data Protection Regulation
Ø Ample number of examples and case studies have been taken into consideration before coming to a conclusion
Reasons to buy:
v Identify opportunities and plan strategies by having a strong understanding of the investment opportunities in the Auto Insurance Market
v Identification of key factors driving investment opportunities in the Auto Insurance Market Facilitate decision-making based on strong historic and forecast data
v Position yourself to gain the maximum advantage of the industry’s growth potential
v Develop strategies based on the latest regulatory events
v Identify key partners and business development avenues
v Respond to your competitors’ business structure, strategy and prospects
v Identify key strengths and weaknesses of important market participants
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