Auto insurance is insurance policy for cars, trucks, motorcycles, and other road vehicles. Its primary use is to provide financial protection against collision coverage, comprehensive coverage, uninsured/underinsured motorist coverage, medical payments, and personal injury protection.
The auto insurance market gains worldwide popularity. Increase in the automobile sales globally due to increase in the per capita income of the consumers majorly drives the market growth. The governments across the world make it mandatory to buy insurance policy while purchasing a new vehicle and this move has acted as a catalyst in the increased sale in the auto insurance market. Innovative and lucrative product launches are expected to boost the market growth. The leading insurance players offer various add-on covers and it is expected to positively impact insurance sales. The increased incidences of road accidents due to rise in road traffic is among the major reasons for market growth. However, market fragmentation and rise in on-demand car services and the adoption of autonomous vehicles also reduces the need for auto insurance in the future, which is a major restraint for the auto insurance market.
The global auto insurance market is segmented on the basis of premium type, distribution channel, and geography. By premium type, it is bifurcated into personal insurance premium and commercial insurance premium. By distribution channel, it is classified into insurance broker/agency and online. Based on geography, the market is analyzed across North America (U.S., Canada, and Mexico), Europe (UK, France, Germany, Italy, and Rest of Europe), Asia-Pacific (China, India, Japan, and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
The key players in the market include Allianz SE (Germany), AXA (France), Assicurazioni Generali S.p.A. (Italy), The Allstate Corporation (U.S.), American International Group, Inc. (U.S.), Berkshire Hathaway Homestate Companies (U.S.), Zurich Insurance Group Ltd. (Switzerland), Munich Re (Germany), Prudential plc (UK), and China Life Insurance Group (China).
- The study provides an in-depth analysis of the auto insurance market with current and future trends to elucidate the imminent investment pockets in the market.
- Current and future trends are outlined to determine the overall attractiveness and to single out profitable trends to gain a stronger foothold in the market.
- The report provides information regarding key drivers, restraints, and opportunities.
- Quantitative analysis of the current market and estimations through 2017-2023 are provided to showcase the financial caliber of the market.
Auto Insurance Market Key Segmentation
By Premium Type
- Personal Insurance Premium
- Commercial Insurance Premium
By Distribution Channel
- Insurance Broker/Agency
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Latin America
- Middle East
Key Market Players
- Allianz SE (Germany)
- AXA (France)
- Assicurazioni Generali S.p.A. (Italy)
- The Allstate Corporation (U.S.)
- American International Group, Inc. (U.S.)
- Berkshire Hathaway Homestate Companies (U.S.)
- Zurich Insurance Group Ltd. (Switzerland)
- Munich Re (Germany)
- Prudential plc (UK)
- China Life Insurance Group (China)