Report Scope & Overview:

Automotive Insurance Market Size was valued at USD 939.08 billion in 2022 and is expected to reach USD 1777.1 billion by 2030 and grow at a CAGR of 8.3% over the forecast period 2023-2030.

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 Analysis

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.



  • 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.


  • 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.


  • 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.


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

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


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.


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, 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.


By Insurance Type:

  • Third-party

  • Comprehensive

  • Third-party theft and Fire 

  • Others

By Vehicle Type:

  • Passenger cars

  • LCV

  • HCV

Automotive Insurance Market Segmentation 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.


  • 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 2022 US$ 939.08  Billion
Market Size by 2030 US$ 1777.1 Billion
CAGR CAGR of 8.3% From 2023 to 2030
Base Year 2022
Forecast Period 2023-2030
Historical Data 2020-2021
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

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:- Yes.

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 Ukraine- Russia war

4.3 Impact of ongoing Recession

4.3.1 Introduction

4.3.2 Impact on major economies US Canada Germany France United Kingdom China Japan South Korea Rest of the World


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

An accurate research report requires proper strategizing as well as implementation. There are multiple factors involved in the completion of good and accurate research report and selecting the best methodology to compete the research is the toughest part. Since the research reports we provide play a crucial role in any company’s decision-making process, therefore we at SNS Insider always believe that we should choose the best method which gives us results closer to reality. This allows us to reach at a stage wherein we can provide our clients best and accurate investment to output ratio.

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The 5 steps process:

Step 1: Secondary Research:

Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of listed companies’ annual reports, Journals, SEC filling etc. Apart from this our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various university as well as individual libraries.

Secondary Research

Step 2: Primary Research

When we talk about primary research, it is a type of study in which the researchers collect relevant data samples directly, rather than relying on previously collected data.  This type of research is focused on gaining content specific facts that can be sued to solve specific problems. Since the collected data is fresh and first hand therefore it makes the study more accurate and genuine.

We at SNS Insider have divided Primary Research into 2 parts.

Part 1 wherein we interview the KOLs of major players as well as the upcoming ones across various geographic regions. This allows us to have their view over the market scenario and acts as an important tool to come closer to the accurate market numbers. As many as 45 paid and unpaid primary interviews are taken from both the demand and supply side of the industry to make sure we land at an accurate judgement and analysis of the market.

This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses and observation of on filed participants. The below mentioned chart should give a better understanding of the part 1 of the primary interview.

Primary Research

Part 2: In this part of primary research the data collected via secondary research and the part 1 of the primary research is validated with the interviews from individual consultants and subject matter experts.

Consultants are those set of people who have at least 12 years of experience and expertise within the industry whereas Subject Matter Experts are those with at least 15 years of experience behind their back within the same space. The data with the help of two main processes i.e., FGDs (Focused Group Discussions) and IDs (Individual Discussions). This gives us a 3rd party nonbiased primary view of the market scenario making it a more dependable one while collation of the data pointers.

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Data Bank Validation

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