Portland, Oct. 21, 2020 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global auto insurance market generated $739.30 billion in 2019, and is anticipated to hit $1.06 trillion by 2027, registering a CAGR of 8.5% from 2020 to 2027.
Rise in number of accidents, implementation of stringent government regulation for adoption of auto insurance, and surge in automobile sales across the globe drive the growth of the global auto insurance market. However, adoption of autonomous vehicles hampers the market growth. On the contrary, increase in demand for third-party liability coverage in emerging economies would open new opportunities for market players in the future.
Download Sample Report – Get Now(180 Pages, 115 Tables, and 32 Charts): https://www.alliedmarketresearch.com/request-sample/2450
Covid-19 scenario:
- Insurers have provided new developments in existing policies such as pay-as-you-drive, usage-based insurance, or telematics insurance to improve the claim processes and deal with unprecedented circumstances.
- Prolonged lockdown has stopped the travel business across the world and decreased the demand for auto insurance.
- However, relaxation regarding traveling is anticipated to rise the demand for auto insurance post-pandemic.
The global auto insurance market is divided on the basis of coverage, distribution channel, vehicle age, application, and region. Based on product, the market is classified into third party liability coverage, and collision/comprehensive/other optional coverages. It is projected to manifest the highest CAGR of 10.1% from 2020 to 2027. However, the third-party liability coverage segment dominated in 2019, contributing to nearly three-fifths of the market.
Market Analysis Post COVID – Advanced Research: https://www.alliedmarketresearch.com/request-for-customization/2450?reqfor=covid
On the basis of distribution channel, the market is divided into insurance agents/brokers, direct response, banks, and others. Based on application, the market is segmented into personal and commercial. The personal segment held the largest share in 2019, accounting for nearly three-fourths of the market. However, the commercial segment is projected to manifest the highest CAGR of 9.6% during the forecast period.
Based on vehicle age, the market is segmented into new vehicles and used vehicles. The global auto insurance market is analyzed across various regions such as North America, LAMEA, Asia-Pacific, and Europe. The market across Asia-Pacific is anticipated to register the highest CAGR of 10.2% during the forecast period. However, the market across North America held the lion’s share in 2019, contributing to nearly two-fifths of the market.
Enquire For Discount: https://www.alliedmarketresearch.com/purchase-enquiry/2450
The global auto insurance market report includes an in-depth analysis of the market players such as People’s Insurance Company of China, CHINA PACIFIC INSURANCE CO., State Farm Mutual Automobile Insurance, Admiral Group Plc, Allstate Insurance Company, Ping An Insurance (Group) Company of China, Ltd., Berkshire Hathaway Inc., GEICO, Allianz, and Tokio Marine Group.
Access Avenue (Premium on-demand, subscription-based pricing model) @ https://www.alliedmarketresearch.com/Avenue-Membership-details
Avenue, a user-based library of global market report database, provides comprehensive reports pertaining to the world's largest emerging markets. It further offers e-access to all the available industry reports just in a jiffy. By offering core business insights on the varied industries, economies, and end users worldwide, Avenue ensures that the registered members get an easy as well as single gateway to their all-inclusive requirements.
Related Studies:
Business Insurance Market by Insurance Type (Property & Causality Insurance, Professional Liability Insurance, Workers Compensation Insurance, Product Liability Insurance, Vehicle Insurance, and Others) and Application (Large Corporation and Small & Medium Companies): Global Opportunity Analysis and Industry Forecast, 2019–2026
Contractor Insurance Market by Insurance Type (General Liability Insurance, Worker Compensation Insurance, Builder Risk, and Others) and Channel (Agency, Bancassurance, and Digital & Direct Channels): Global Opportunity Analysis and Industry Forecast, 2019–2026
Motor Insurance Market By Coverage (Liability Coverage, Collision Coverage, Comprehensive Insurance, Uninsured Motor Insurance, Underinsured Motor Insurance, Medical Payment Coverage, Personal Injury Protection Insurance, and Gap Insurance), and Application (Commercial Vehicle and Personal Vehicle): Global Opportunity Analysis and Industry Forecast, 2020-2027
Guaranteed Auto Protection (GAP) Insurance Market By Type (Finance GAP Insurance, Return-to-Invoice GAP Insurance, Vehicle Replacement GAP Insurance, Return-to-Value GAP Insurance, and Others) and Application (Passenger Cars and Commercial Vehicles): Global Opportunity Analysis and Industry Forecast, 2020–2027
About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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.