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2022
Car Insurance Market

Car Insurance Market by Type (Third Party Liable Coverage and Collision/Comprehensive/Other Optional Coverages), Application (Personal and Commercial), Distribution Channel (Insurance Agents/Brokers, Direct Response, Banks and Others) and Vehicle Age (New Vehicles and Used Vehicles): Global Opportunity Analysis and Industry Forecast, 2021–2030

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COVID-19

Pandemic disrupted the entire world and affected many industries.

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Car insurance provides customers with final protection against physical damage caused by traffic collisions and vehicle theft. It also covers the costs of injuries, death, or property damage caused by the insured driver of the vehicle to another driver, vehicle, or property such as a fence, building, or utility pole. Although car insurance requirements vary by state, many jurisdictions require bodily injury liability and property damage liability coverage before using or keeping a vehicle on public roads. Furthermore, as the number of road accidents is increasing in most countries around the world, the car insurance market has a lot of room for growth. Therefore, the surge in demand for car insurance is expected to boost the growth of the market in the upcoming period.

Top Impacting Factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis

The growing number of accidents and integration of technologies in existing product & service lines are driving the market growth. In addition, the implementation of stringent government regulations for the adoption of car insurance is further propelling market expansion. However, the adoption of autonomous vehicles might hamper growth. Contrarily, increased demand for third-party liability coverage in emerging economies is expected to provide lucrative opportunities to the market in the upcoming years.

The global car insurance market trends are as follows:

Growing Number of Accidents:

Increased demand for car insurance due to accidents such as traffic collisions, physical damage or bodily injury, theft, and fire bills put pressure on insurance companies to invest in and develop products with lower proliferation, higher coverage, and financial security in the form of medical injury or other damages. Accidents have increased in recent years in terms of road crashes, traffic injuries, drunk driving, and distracted driving for speeding, necessitating the purchase of car insurance. Furthermore, car insurance includes such coverages, which aid in compensating the policyholder's family members after his or her death. To improve the overall user interface experience and stay ahead of their competitors in the market in the coming years, insurance providers have been observed to increase the number of coverages in their products. Therefore, the growing number of accidents is driving the growth of the car insurance market during the forecasted period.

Integration of Technology in Existing Product & Service Lines:

Insurers are benefiting from the increased adoption of technologies such as GPS, telematics, artificial intelligence (AI), data analytics, blockchain, and big data. Car insurance distribution platforms are expected to become more productive as a result of these technological advancements, allowing for seamless coverage at the point of purchase. Furthermore, digital transformation allows car insurance companies to provide highly personalized customer experiences. Plain resolutions also rely more on digital technologies like photo estimating tools and mobile telematics solutions due to social distance. As a result, the implementation of these technologies is expected to provide lucrative and remunerative opportunities for the car insurance industry.

COVID-19 Scenario Analysis

  • In recent years, the car insurance market has seen significant growth. However, the market has experienced a sharp drop in 2020 as a result of the COVID-19. This is due to governments in the majority of countries implementing lockdowns and halting travel around the world to prevent the spread of the virus.
  • Consequently, despite the global health crisis, insurers have established new developments in existing policies such as pay-as-you-drive, usage-based insurance, or telematics insurance, as well as adopted technologies to improve claim processes and provide a better user experience.

Market Scope and Structure Analysis:

Report Metric

Details

  Market size available for years

  2020–2030

  Base year considered

   2020

  Forecast period

  2021–2030

  Forecast units

  Value ($)

  Segments covered

Type, Application, Distribution Channel, Vehicle Age and Region

  Companies covered

Major players analyzed include Allianz, Berkshire Hathaway Inc., People’s Insurance Company of China, Ping An Insurance (Group) Company of China Ltd, State Farm Mutual Automobile Insurance, GEICO, Tokio Marine Group, Admiral Group plc, CHINA PACIFIC INSURANCE CO and Allstate Insurance Company

 

Key Benefits of the Report:

  • This study presents an analytical depiction of the global car insurance market along with the current trends and future estimations to determine the imminent investment pockets.             
  • The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the market share.     
  • The current market is quantitatively analyzed from 2021 to 2030 to highlight the global car insurance market growth scenario.                             
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
  • The report provides a detailed market analysis depending on the present and future competitive intensity of the market.

Questions Answered in the Car Insurance Market Research Report:      

  • Which are the leading players active in the global car insurance market?
  • What would be the detailed impact of COVID-19 on the global car insurance market?
  • What are current trends that would influence the market in the next few years?
  • What are the driving factors, restraints, and opportunities of the global car insurance market?
  • What are the projections for the future that would help in taking further strategic steps?

Key Market Segments

Segments Sub-segments
Type
  • Third Party Liability Coverage
  • Collision/Comprehensive/Other Optional Coverages
Application
  • Personal
  • Commercial
Distribution Channel
  • Insurance Agents/Brokers
  • Direct Response
  • Banks
  • Others
Vehicle Age
  • New Vehicles
  • Used Vehicles
By Region
  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • UK
    • Germany
    • France
    • Spain
    • Italy
    • Rest of Europe
  • Asia-Pacific
    • China
    • Japan
    • India
    • Australia
    • South Korea
    • Rest of Asia-Pacific
  • LAMEA
    • Latin America
    • Middle East
    • Africa
 
With collective industry experience of about 200 years of its analysts and experts, Allied Market Research (AMR) encompasses most infallible research methodology for its market intelligence and industry analysis. We do not only engrave the deepest levels of markets but also sneak through its slimmest details for the purpose of our market estimates and forecasts. Our approach helps in building greater market consensus view for size, shape and industry trends within each industry segment. We carefully factor in industry trends and real developments for identifying key growth factors and future course of the market. Our research proceeds are the resultant of high quality data, expert views and analysis and high value independent opinions. Our research process is designed to deliver balanced view of the global markets and allow stakeholders to make informed decisions.

We offer our clients exhaustive research and analysis based on wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics and regional intelligence. Our in-house industry experts play instrumental role in designing analytic tools and models, tailored to the requirements of particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of our recommendations and advice. With AMR’s calibrated research process and 360` degree data-evaluation methodology, our clients are assured of receiving:

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With a strong methodology we are, therefore, confident that our research and analysis are most reliable and guarantees sound business planning.

Secondary research
We refer a broad array of industry sources for our secondary, which typically include; however, not limited to: Company SEC filings, annual reports, company websites, broker & financial reports and investor presentations for competitive scenario and shape of the industry

  • Patent and regulatory databases for understanding of technical & legal developments
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Our primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks and face-to-face interactions. We are also in professional corporate relations with various companies that allow us greater flexibility for reaching out industry participants and commentators for interviews and discussions, fulfilling following functions:

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  • Further develops analyst team’s market understanding and expertise
  • Supplies authentic information about market size, share, growth and forecasts


Our primary research interview and discussion panels are typically composed of most experienced industry members. These participants include; however, not limited to:

  • Chief executives and VPs of leading corporations specific to industry
  • Product and sales managers or country heads; channel partners and top level distributors; banking, investments and valuation experts Key opinion leaders (KOLs)


Analyst tools and models
AMR has developed set of analyst tools and data models to supplement and expedite the analysis process. Corresponding to markets, where there is significant lack of information and estimates, AMR’s team of experts and analyst develop specific analyst tools and industry models to translate qualitative and quantitative industry indicators into exact industry estimates. These models also allow analysts to examine the prospects and opportunities prevailing in the market to accurately forecast the course of the market.
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