Automotive Insurance Market is anticipated to grow 1.5x by the end forecast period with a CAGR of over 8.75% during the forecast period (2022 to 2030).
Automotive insurance is the contract between the vehicle owner and the insurance company that will protect them from the loss that is occurred due to an accident or has been lost due to the vehicle, and in exchange, the owner of the vehicle has to pay a premium to the insurance company per year and after that insurance company agrees to pay losses as outlined in your policy.
The rise in demand for the auto insurance market in accidents areas such as traffic collisions, physical damage or bodily injury, theft, and fire has created pressure on insurance companies to invest and has developed more policies that will have less proliferation, high coverage, and provide money in the form of medical injury or any other damages. Accidents are increasing due to drunk driving, and high-speed driving, which has been resulted in increasing demand for auto insurance.
Automotive Insurance Market Segmentation:
Automotive Insurance Market, by Coverage
- Third Party Liability Coverage
- Collision/Comprehensive/ Other Optional Coverages
Automotive Insurance Market, by Distribution Channel
- Insurance Agents/Brokers
- Direct Response
Automotive Insurance Market, by Vehicle Age
- New Vehicles
- Used Vehicles
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Automotive Insurance Market, by Application
Global Automotive Insurance Market, by region
- North America
- The Netherlands
- Czech Republic
- Rest of Europe
- Asia Pacific
- South Korea
- The Philippines
- Australia & New Zealand
- Rest of Asia Pacific
- South America
- Rest of South America
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Northern Africa
- Rest of MEA
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Based on the region, the automotive insurances market has been segmented into five geographical regions, namely, North America, Asia Pacific, Europe, South America, and the Middle East and Africa. In 2020, North America had the largest share in the global automotive insurances market, followed by Europe.
Major market players covered in the Automotive Insurance Market:
- People’s Insurance Company of China
- CHINA PACIFIC INSURANCE CO.
- Ping An Insurance (Group) Company of China, Ltd.
- State Farm Mutual Automobile Insurance
- Berkshire Hathaway Inc.
- Admiral Group Plc
- Tokio Marine Group
- Allstate Insurance Company
(Note: The list of the major players will be updated with the latest market scenario and trends)
- Tier 1 players- established companies in the market with a major market share
- Tier 2 players
- Emerging players who are growing rapidly
- New Entrants and Prominent Startups
- Competitive Product Benchmarking
- Product Development Matrix
Regional Research Reports Key Takeaways:
- Growth prospects
- SWOT analysis
- Key trends
- Key data points affecting the market growth