New York, US, Feb. 23, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), “Automotive Insurance Market Information By Vehicle Type, By Insurance Type, and Region —Forecast till 2030”, From 2022 to 2030, the automobile insurance market is anticipated to increase at a CAGR of 21%.
Automotive Insurance Market Research Insights
Car insurance pays for the expense of any injuries, fatalities, or property damage to the driver that is caused by the vehicle's insured owner, as well as any damage to other people's property, such as fences, parks, and pavement. In addition, reckless driving and irresponsibility on the road increase the number of collisions, which raises the cost of vehicle insurance.
There are tier-1, tier-2, and local companies in the market. The tier-1 and tier-2 players are well-known and have a wide range of products. Vehicle insurance providers like
- Allstate Insurance Company (US)
- RAC Motoring Services (UK)
- Progressive Casualty Insurance Company (US)
- Clements Worldwide (US)
- GEICO (US)
- NFU Mutual (UK)
- Zhongan Insurance (China)
- Among others.
Will dominate the industry thanks to their unique products, stability in their finances, strategic developments, and global reach.
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The market for car insurance is expanding as a result of a number of causes, including an increase in accidents, stringent government rules requiring the purchase of auto insurance, and an increase in automotive sales globally as a result of rising per capita earnings. Additionally, the market for automobile insurance is hampered by autonomous vehicles. Furthermore, it is anticipated that the market for car insurance would see profitable prospects due to the rising demand for third-party liability coverage in emerging nations and the adoption of new technology.
Using UBI, insurers may improve customer relationship management and move away from a yearly relationship based on renewals. By boosting transparency and reducing driving expenses, insurers can attract new customers, strengthen brand loyalty, and keep their current ones. Risk may be effectively assessed, included into plans, reduced, and optimized with car usage-based insurance. Insurers may improve their risk profiles for clients without automobile usage-based insurance by leveraging aggregate driving data, ensuring their policies always have margins, and discovering new clients to pursue.
Due to benefits including improved client retention, profitability, and quicker claims procedures, the market is anticipated to expand.
Automotive Insurance Market Report Scope:
| Report Metrics | Details |
| Market Size 2030 | USD Significant Value |
| CAGR during 2022-2030 | 21% CAGR |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Vehicle Type and Insurance Type |
| Key Market Opportunities | Strategies for enhancing growth through innovative marketing |
| Key Market Drivers | Strict government regulations for adopting auto insurance |
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Automotive Insurance Market Covid 19 Impact
The pandemic had a big influence on driving behaviors in 2020. The average number of kilometers traveled dramatically fell as a result of work-from-home agreements, shelter-in-place orders, and the closure of several enterprises. The Federal Highway Administration reports a 41% decline in the US average number of miles traveled. Insurance models have been revealed to have flaws because of the pandemic's dramatic decrease in the number of automobiles on the road. To make up for decreased mileage and accident risk, insurers have provided discounts on monthly rates, but these savings do not adequately account for traffic volume reduction. More consumers could convert to mileage-based coverage as a result of the pandemic's impact on price sensitivity and economic instability.
Automotive Insurance Market Latest Trends
Key stakeholders are experimenting with a number of sales techniques for UBI programmes in order to hasten the transition in the business. In October 2020, pay-per-mile carrier Metromile introduced Ride Along. There is no need to switch carriers for those who wish to see how their rates would change under a UBI scheme. After two weeks of using the Ride Along app, an increase in creative marketing tactics will favorably affect the adoption of automotive UBI rules.
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Automotive Insurance Market Segmentation
Depending on the kind of vehicle, the automobile insurance industry is divided into three categories: passenger cars, light commercial vehicles (LCV), and heavy commercial vehicles (HCV). In 2021, the growth of the insurance market in the category of passenger automobiles was clearly high. Due to rising customer desire for cheaper insurance rates, significant registration savings, and inexpensive extra services like theft prevention and remote car management, UBI is becoming more and more popular in this market. Light commercial vehicles (LCVs) are anticipated to increase more quickly.
Third-party, comprehensive, third-party theft, and fire are the insurance types that make up the segments of the car insurance industry. The highest market share in 2021 belonged to third-party automobile insurance. The market demand has grown as a result of the availability of such a wide range of insurance solutions. Over the anticipated term, this market sector will have a substantial influence.
Automotive Insurance Market Regional Analysis
The North American, European, Asia-Pacific, and Rest of the World regions make up the market. The largest share of the market was in North America. The region with the greatest CAGR throughout the predicted period will be Asia-Pacific.
In terms of market share for auto insurance, North America led in 2021. It can be linked to the region's OEMs' growing partnerships with insurance and telematics technology providers as well as the rising popularity of mobility-as-a-service. From a theoretical standpoint, the segment's contribution may be greatly increased by the rising number of cars.
Throughout the projection period, the insurance market in Asia-Pacific would have the greatest CAGR. The spread of mobile connectivity and smartphone technology, as well as the rising number of telematics-equipped automobiles in this region, are the main causes of this development. Also, because of their strong telecommunications infrastructure, mobile communication technology, and quick expansion of the internet of vehicles network, nations like South Korea and China are witnessing significant growth in the internet of cars industry.
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Competitive Analysis
The participants are focusing their efforts on promoting R&D. Moreover, they support strategic expansion activities including product launch, joint ventures, and partnerships to expand their client base and boost their market position.The United States' Allstate Insurance Company, the United Kingdom's RAC Motoring Services, the United States' Progressive Casualty Insurance Company, the United States' Clements Worldwide, the United States' GEICO, the United Kingdom's NFU Mutual, the People's Republic of China's Zhongan Insurance, the People's Republic of China's ABIC Inc., the People's Republic of China's CPIC, the United States' State Farm Mutual Automobile Insurance Company, the United
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