The global motor insurance market size reached US$ 783.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach a value of US$ 1,282.1 Billion by 2028, exhibiting a growth rate (CAGR) of 4.57% during 2023-2028.
Motor insurance refers to an automotive policy that offers coverage to the owner of two-wheelers, commercial trucks, cars, and other road vehicles against financial losses caused by accidents or physical damage. It also includes protection against legal liabilities arising, owing to an accident and resulting in body injuries, death, or property damage to a third party. Motor insurance is categorized into various kinds, such as liability policies, comprehensive and collision coverage, personal injury protection, etc. In addition to this, the key organizations are offering several plans and add-ons, including cashless claims, depreciation cover, 24/7 road assistance, and towing facilities to provide better service during the claiming process.
Request For Sample Report: https://www.imarcgroup.com/motor-insurance-market/requestsampleKey Industry Trends & DriversThe market is primarily driven by the increase of car damage and traffic accidents. Additionally, the market is growing as a result of rising middle-class disposable income, expanding demand for vehicles as a form of mobility, and rising knowledge of the advantages of auto insurance.
Another significant element driving development is the adoption of usage-based vehicle insurance (UBI), which calculates insurance premiums using unique data produced by internet of things (IoT) sensors. In addition, the increased use of commercial vehicles for intercity passenger tours and travel as well as heavy-duty trucks for bulk cargo transportation is helping to fuel market expansion. Additionally, the expanding use of the internet, the development of online insurance options, and the enforcement of government rules that require
Who Are The Key Players/Companies In The Global Motor Insurance Market?American International Group Inc., Assicurazioni Generali S.p.A., AXA Cooperative Insurance Company (Gulf Insurance Company K.S.C.), Bajaj Allianz General Insurance Company Limited, China Ping An Insurance Co. Ltd., Government Employees Insurance Company (Berkshire Hathaway Inc.), Reliance General Insurance Company Limited (Reliance Capital Limited ), State Farm Mutual Automobile Insurance Company, The Hanover Insurance Group Inc. (Opus Investment Management), The Progressive Corporation, Universal Sompo General Insurance Company Limited and Zurich Insurance Group Ltd.
The Report Segmentation is as Follows:The report has been segmented the market into following categories:
Breakup by Policy Type:
- Liability Insurance
- Comprehensive Coverage
- Collision Coverage
- Personal Injury Protection
- Personal Insurance Premiums
- Commercial Insurance Premiums
- Insurance Agents/Brokers
- Direct Response
- Banks
- Others
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
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