Portland,OR, Dec. 16, 2021 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global motor vehicle liability insurance market was pegged at $297.00 billion in 2020, and is expected to reach $667.75 billion by 2030, growing at a CAGR of 7.8% from 2021 to 2030.
Rise in the number of road accidents, strict government rules about liability payment, and low cost of motor vehicle liability insurance drive the global motor vehicle liability insurance market. However, lack of awareness and rise in the number of false claims hinder the market growth. On the contrary, surge in demand for motor vehicle liability insurance products and services and implementation of new technologies in products and service lines are expected to open new opportunities in the future.
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COVID-19 Scenario:
- The Covid-19 pandemic affected the demand for motor vehicle liability insurance due to rise in motor liability premium rates & claim payments, increase in severity of losses across multiple industry verticals, and continued pressure toward pricing.
- The traffic restriction imposed by several governments reduced the use of vehicles on road, which influenced policyholders to seek bailouts, refund on premiums, and reduced premiums. This resulted in insurers freezing sales of new coverages for auto insurance.
The report segments the global motor vehicle liability insurance market on the basis of analysis mode, distribution channel, vehicle age, and region. On the basis of mode, the offline segment dominated the market in 2020, contributing to nearly three-fifths of the market. However, the online segment is projected to manifest the highest CAGR of 10.0% during the forecast period.
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Based on the distribution channel, the independent agents/brokers segment held the largest share in 2020, accounting for nearly two-fifths of the market. However, the direct response segment is estimated to register the highest CAGR of 9.9% during the forecast period.
The global motor vehicle liability insurance market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across North America held the lion’s share in 2020, accounting for nearly two-fifths of the market. However, the market across Asia-Pacific is expected to portray the highest CAGR of 10.0% from 2021 to 2030.
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The global motor vehicle liability insurance market includes an in-depth analysis of the prime market players such as Allstate, AXA XL, Chubb Limited, Great American, Hiscox Ltd., Nationwide, Progressive Commercial, State Farm, The Hartford, and The Travelers Indemnity Company. These market players have adhered to several strategies including partnership, expansion, collaboration, joint ventures, and others to prove their flair in the industry.
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Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
