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Automotive Insurance Market

Automotive Insurance Market Size, Share and Segmentation by Insurance Type (Third-party, Comprehensive, Third-party theft and Fire, Others), by Vehicle Type (Passenger cars, LCV, HCV), by Regions and Global Market Forecast 2022-2028

Report Id: SNS/AUTO/1821 | June 2022 | Region: Global | 120 Pages

Report Scope & Overview:

Automotive Insurance Market Size was valued at USD 867.11 billion in 2021 and is expected to reach USD 1515.22 billion by 2028 and grow at a CAGR of 8.3% over the forecast period 2022-2028.

Automotive insurance is a contract that is made between the owner of the car and the insurance provider. This contract serves to protect the owner of the vehicle against financial loss in the event that their vehicle is stolen or involved in an accident. In return for the owner paying a premium, the insurance company commits to reimburse losses in accordance with the provisions of the policy.

Automotive Insurance Market Revenue Graph

There are a number of variables, including an increasing number of car sales, which are contributing to the expansion of the automobile insurance market. Government regulations and mandates of vehicle insurance in a variety of nations are also contributing to this expansion. A form of car insurance known as usage-based insurance, or UBI for short, allows the insurer to determine the premium based not just on the amount of mileage driven but also on where and how the vehicle is operated. The information is gathered with the use of telematics technology.

MARKET DYNAMICS: 

KEY DRIVERS: 

  • An increase in the general public's understanding of the importance of automobile insurance.

  • The use of innovative technology in automobile insurance goods.

  • The presence of insurance solution suppliers other than the company itself.

RESTRAINTS: 

  • Financial constraints are one of the most significant impediments to using cutting-edge technology.

  • The incapacity of market participants to adjust to the changing market environment.

OPPORTUNITIES: 

  • Possibilities presented by the rapid growth of on-demand transportation.

  • The transfer of responsibility to manufacturers.

  • The introduction and integration of self-driving technology have improved automotive safety.

  • There has been an increase in asset utilization and a shift in the ownership patterns of automobiles.

CHALLENGES: 

  • The changing nature of the sector is one of the biggest challenges.

  • Autonomous technologies and changing regulations are transforming the market. Unpredictability rises.

IMPACT OF COVID-19:

The pandemic that was caused by the Covid 19 virus has had a significant impact on the market for automobile insurance on a global scale. People are choosing to drive in their own private automobiles and vehicles rather than using the public transportation system as a result of the infectious disease outbreak. This pattern has resulted not only in a rise in the number of automobiles being sold but also in an increase in the demand for various forms of automobile insurance. People who drive their own automobiles for the purpose of commuting might benefit from the protection afforded by these insurance alternatives. As a result, the pandemic has led to an increase in the total demand for products related to car insurance, which in turn has led to an expansion of the market.

KEY MARKET PLAYERS:

Allstate Insurance Company, RAC Motoring Services, Progressive Casualty Insurance Company, Zhongshan Insurance, CPIC, ABIC Inc., Zurich Insurance Group, RSA Insurance Group, and Clements Worldwide are some of the major players in the Automotive Insurance Market.

MARKET ESTIMATION: 

Market, By Insurance Type:

The market is divided into two categories based on the insurance type: Third-party, Comprehensive, Third-party theft, Fire, and Others. Diverse insurance options have raised global demand. These market segments will affect the growth of the automobile insurance market during the forecast period. Collision, comprehensive, and gap insurance have gained appeal in the current market.

Market, By Vehicle Type:

The market is divided into vehicle types, which are further divided into passenger cars, LCV, and HCV. The growing public knowledge of insurance services and goods is the primary factor that has the potential to influence the performance of each of the industry's subsectors. They might make a considerable contribution to the expansion of the market during the period that is anticipated.

MARKET SEGMENTATION:

By Insurance Type:

  • Third-party

  • Comprehensive

  • Third-party theft and Fire 

  • Others

By Vehicle Type:

  • Passenger cars

  • LCV

  • HCV

Automotive Insurance Market Segment Chart

REGIONAL ANALYSIS:

The worldwide market is divisible into a variety of geographical submarkets, including the Americas, Europe, the Asia Pacific, the Middle East, and Africa, as well as the rest of the world. The Asia Pacific geographical segment would most likely dominate the worldwide market and have a significant influence on the growth of the automobile insurance market over the time that is anticipated. There are a large number of insurance providers and third-party insurance providers in the region, as well as numerous insurance providers in the region, which are some of the primary reasons for the solid performance of the particular regional segment. The sales of automobiles in Asian countries like India and China have increased substantially in recent years. During the time period that is being prophesied, it is also anticipated that both the Middle East and Africa, as well as South America, would display excellent performance. The rise in the number of automobiles on the road has the potential to be a significant element that might bolster the contribution of this market segment at the international level.

REGIONAL COVERAGE:

  • North America

    • The USA

    • Canada

    • Mexico

  • Europe

    • Germany

    • The UK

    • France

    • Italy

    • Spain

    • The Netherlands

    • Rest of Europe

  • Asia-Pacific

    • Japan

    • south Korea

    • China

    • India

    • Australia

    • Rest of Asia-Pacific

  • The Middle East & Africa

    • Israel

    • UAE

    • South Africa

    • Rest of Middle East & Africa

  • Latin America

    • Brazil

    • Argentina

    • Rest of Latin America

Automotive Insurance Market Report Scope:
Report Attributes Details
Market Size in 2021 US$ 867.11  Billion
Market Size by 2028 US$ 1515.22 Billion
CAGR CAGR of 8.3% From 2022 to 2028
Base Year 2021
Forecast Period 2022-2028
Historical Data 2017-2020
Report Scope & Coverage Market Size, Segments Analysis, Competitive  Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
Key Segments • by Insurance Type (Third-party, Comprehensive, Third-party theft and Fire, Others)
• by Vehicle Type (Passenger cars, LCV, HCV)
Regional Analysis/Coverage North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
Company Profiles Allstate Insurance Company, RAC Motoring Services, Progressive Casualty Insurance Company, Zhongshan Insurance, CPIC, ABIC Inc., Zurich Insurance Group, RSA Insurance Group, and Clements Worldwide
Key Drivers •An increase in the general public's understanding of the importance of automobile insurance.

•The use of innovative technology in automobile insurance goods.
RESTRAINTS •An increase in the general public's understanding of the importance of automobile insurance.

•The use of innovative technology in automobile insurance goods.


Frequently Asked Questions (FAQ) :

Ans:- The market forecast period is 2021-2028 according to the study report.

Ans:- Insurance Type, Vehicle Type, and Region are the different segments of the market.

Ans:- The use of innovative technology and the presence of insurance solution suppliers are the primary market drivers for Automotive Insurance Market.

Ans:- The Asia Pacific region is anticipated to be the primary driver of the market.


Table of Contents

 

1. Introduction

1.1 Market Definition

1.2 Scope

1.3 Research Assumptions

 

2. Research Methodology

 

3. Market Dynamics

3.1 Drivers

3.2 Restraints

3.3 Opportunities

3.4 Challenges

 

4. Impact Analysis

4.1 COVID-19 Impact Analysis

4.2 Impact of the Ukraine-Russia War

 

5. Value Chain Analysis

 

6. Porter’s 5 forces model

 

7.  PEST Analysis

 

8. Global Automotive Insurance Market Segmentation, by Insurance Type

8.1 Third-party

8.2 Comprehensive

8.3 Third-party theft and Fire 

8.4 Others

 

9. Global Automotive Insurance Market Segmentation, by Vehicle Type

9.1 Passenger cars

9.2 LCV

9.3 HCV

 

10. Regional Analysis

10.1 Introduction

10.2 North America

10.2.1 the USA

10.2.2  Canada

10.2.3  Mexico

10.3 Europe

10.3.1  Germany

10.3.2  the UK

10.3.3  France

10.3.4  Italy

10.3.5  Spain

10.3.6  The Netherlands

10.3.7  Rest of Europe

10.4 Asia-Pacific

10.4.1  Japan

10.4.2  South Korea

10.4.3  China

10.4.4  India

10.4.5  Australia

10.4.6  Rest of Asia-Pacific

10.5 The Middle East & Africa

10.5.1  Israel

10.5.2  UAE

10.5.3  South Africa

10.5.4  Rest

10.6 Latin America

10.6.1  Brazil

10.6.2  Argentina

10.6.3  Rest of Latin America

 

11. Company Profiles

11.1 RAC Motoring Services,

11.1.1 Financial

11.1.2 Products/ Services Offered

11.1.3 SWOT Analysis

11.1.4 The SNS view

11.2 Allstate Insurance Company

11.3 RAC Motoring Services

11.4 Progressive Casualty Insurance Company

11.5 Zhongshan Insurance

11.6 CPIC

11.7 ABIC Inc.

11.8 Zurich Insurance Group

11.9 RSA Insurance Group

11.10 Clements Worldwide

 

12. Competitive Landscape

12.1 Competitive Benchmarking

12.2 Market Share analysis

12.3 Recent Developments

 

13. Conclusion

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Secondary Research

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