Pune, April 26, 2023 (GLOBE NEWSWIRE) -- As per the report by SNS Insider, the Automotive Insurance Market had a worth of USD 939.08 billion in 2022 and is predicted to attain USD 1777.1 billion by 2030 with a compound annual growth rate of 8.3% during the projected timeframe of 2023-2030.
Market Report Scope
Automotive insurance, also known as car insurance, is a type of insurance policy that offers financial protection to drivers against any loss or damage caused to their vehicle due to an accident or theft. It is a legal requirement in most countries for drivers to have at least basic automotive insurance coverage. Automotive insurance policies typically provide coverage for a range of events, including collisions, theft, vandalism, and natural disasters. They also offer liability coverage, which protects the policyholder from legal liabilities arising from accidents that cause injury or property damage to a third party.
Market Analysis
The automotive insurance market is a dynamic and evolving industry that is driven by a range of factors. One of the main drivers of the market's growth is the increasing number of accidents on the roads. As more vehicles are being driven, the likelihood of accidents also increases, making it essential for drivers to have adequate insurance coverage. Another factor that is contributing to the growth of the market is the stringent government regulations that require drivers to have auto insurance coverage. These regulations aim to ensure that drivers are financially responsible for any damage or injury they may cause while driving.
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Impact of Recession
While a recession can pose challenges to the automotive insurance market, it can also create opportunities for insurers to adapt and innovate. By staying customer-focused, flexible, and proactive, insurance companies can weather economic downturns and emerge stronger in the long run.
Key Regional Development
According to market research, North America currently holds the largest share of the automotive insurance market. However, the Asia-Pacific region is expected to have the highest Compound Annual Growth Rate (CAGR) throughout the predicted period. This can be attributed to several factors, including the growing partnerships between the region's Original Equipment Manufacturers (OEMs) and insurance and telematics technology providers. In addition, the rising popularity of mobility-as-a-service, which provides users with on-demand access to transportation options, is expected to drive the growth of the market in the Asia-Pacific region.
Key Takeaway from Automotive Insurance Market Study
- The third-party segment of the market is expected to take the lead in the coming years, driven by increasing demand for affordable insurance coverage and regulatory requirements in emerging markets.
- The LCV segment, also known as the light commercial vehicle segment, is poised to take the lead in the market. This segment includes vehicles such as pickup trucks, vans, and small cargo trucks that are used primarily for commercial purposes.
Recent Developments Related to Automotive Insurance Market
- AXA S.A, one of the largest insurance companies in the world, has recently introduced a new digital claims solution called STeP, which is aimed at simplifying the motor insurance process for its customers. With this innovative solution, AXA aims to significantly reduce the time it takes for customers to file and process their insurance claims.
- GEICO, one of the largest insurance providers in the United States, has teamed up with Tractable, an artificial intelligence (AI) technology company, to enhance its auto claim and repair processes. Tractable's proprietary computer vision technology, which has been trained on millions of historical claims, will be used to assess vehicle damage based on photos, providing a more efficient and accurate appraisal process.
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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 |
| Key Segments | • by Insurance Type (Third-party, Comprehensive, Third-party theft and Fire, Others) • by Vehicle Type (Passenger cars, LCV, HCV) |
| 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 |
| Market Drivers | •An increase in the general public's understanding of the importance of automobile insurance. •The use of innovative technology in automobile insurance goods. |
Table of Contents
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Global Automotive Insurance Market Segmentation, by Insurance Type
9. Global Automotive Insurance Market Segmentation, by Vehicle Type
10. Regional Analysis
11. Company Profiles
12. Competitive Landscape
13. Conclusion
About SNS Insider
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