Fort Collins, Colorado, April 21, 2024 (GLOBE NEWSWIRE) --
Rise in popularity of motor insurance and disposable income to attract market growth.
The motorcycle insurance market is experiencing a surge in demand, propelled by the increasing popularity of two-wheelers worldwide. This heightened preference for motorcycles, particularly in urban settings due to affordability and maneuverability, directly influences the need for motorcycle insurance coverage. Additionally, the growth in disposable incomes and shifts in consumer lifestyles contribute to the rising adoption of motorcycles, consequently driving the expansion of the motorcycle insurance market.
Governments worldwide have implemented stringent regulations mandating the possession of valid motorcycle insurance coverage. For example, according to the National Association of Insurance Commissioners (NAIC), most states in the US require motorcycle owners to carry at least liability insurance, which provides coverage for damages to others in the event of an accident. This regulatory framework plays a crucial role in promoting the uptake of motorcycle insurance policies, ensuring rider safety, and mitigating financial risks associated with accidents or thefts.
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Segmentation Overview:
The motorcycle insurance market has been segmented into insurance type, vehicle type, vehicle age, distribution channel, and region.
Third-party liability insurance registered a massive growth in 2023
- Based on insurance type, the market is segmented into third-party liability insurance, comprehensive insurance, theft insurance, and others. Third-party liability insurance holds a significant share of the insurance type segment of the motorcycle insurance market. This type of insurance is mandatory in many countries, and it covers the policyholder's legal liability for injuries or damages caused to a third party in an accident involving the insured motorcycle. Its widespread legal requirement and affordability contribute to its dominance in the market.
Insurance agents/brokers share to grow high in the coming years.
- The market segmentation based on the distribution channel includes insurance agents/brokers, banks, and others. Insurance agents/brokers hold a substantial share of the motorcycle insurance market's distribution channel. This segment traditionally dominates the channel as insurance agents and brokers have direct access to customers, providing personalized services and guidance for selecting the right motorcycle insurance plans.
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Motorcycle Insurance Market Report Highlights:
- The motorcycle insurance market growth is anticipated at a CAGR of 5.2% by 2032.
- The popularity of motorcycles and the mandate of legal documents propel the industry's growth.
- North America held a significant market share due to the high motorcycle demand and stringent traffic regulations.
- Some prominent players in the motorcycle insurance market report include Progressive Corporation, Geico Employees Insurance Company, Allstate, State Farm Insurance, Nationwide Mutual Insurance Company, Dairyland Insurance, Markel, Foremost Insurance, Safeco Insurance, Liberty Mutual Insurance Company, USAA, and Zurich Insurance Group.
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