Report Code: A10052 | Pages: NA | Mar 2023 | 2384 Views | ||
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Pandemic disrupted the entire world and affected many industries.
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Compulsory third party (CTP) insurance is a policy purchased for protection against claims for damages & losses incurred by third-party, which is not covered under normal insurance. In addition, it is a form of liability insurance purchased by insured consumer to cover losses against claims of another third-party. Furthermore, CTP insurance policy primarily aims at protecting financial interest of the owner from the cost incurred by damages triggered by third-party.
The global compulsory third party (CTP) insurance market is segmented on the basis of insurance type, application, and region. Based on insurance type, the CTP insurance market is divided into liability insurance, physical damage insurance, and others. In terms of application, the market is categorized into t automotive, maritime, and others. Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).
Key players operating in the global compulsory third party (CTP) insurance industry include PICC, Progressive Corporation, Ping An, AXA, Sompo Japan, Tokyo Marine, Travelers Group, Liberty Mutual Group, Zurich, and Aviva. These companies have adopted several strategies such as product launches, partnerships, collaborations, mergers & acquisitions, and joint ventures to strengthen their foothold in the global compulsory third party (CTP) insurance market.Â
Rise in demand for protection against third-party losses, increase in automobile sales globally, and rise in disposable income for consumers drive growth of the market. However, high implementation cost of CTP insurance insurance claims is expected to hamper growth of the market. Contrarily, implementation of stringent government regulations, owing to rise in number of compulsory third party insurance frauds are the major factors expected to create lucrative opportunities for the market in upcoming years.
Owing to rise in awareness & major benefits provided by CTP insurance, demand for this insurance is expected to grow significantly, which propels the market growth. In addition, key players in the market are expanding their existing business lines, entering into partnerships, and implementing other strategies in the market. For instance, in 2020, Aviva, which is a compulsory third party insurance company, expanded its CTP insurance services toward automobile showrooms in London. Therefore, rise in demand for protection against third-party losses is anticipated to boost the market growth.
The CTP insurance plays a vital role in the insurance industry as it helps in reducing monetary cost for owners against damages occurred by third-party. Furthermore, governments across several countries are focused on reducing number of insurance frauds, in terms of claiming normal insurance for repair of vehicles against third-party losses. Therefore, implementation of stringent government regulations due to rise in number of compulsory third party insurance frauds is expected to propel growth for the market.Â
Key Benefits of the Report
COVID-19 Scenario Analysis
Questions Answered in the Compulsory Third Party (CTP) Insurance Market Research Report      Â
Compulsory Third Party (CTP) Insurance Market Report Highlights
Aspects | Details |
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By Insurance Type |
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By Application |
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By Region |
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Key Market Players | PICC, Progressive Corporation, Ping An, AXA, Sompo Japan, Tokyo Marine, Travelers Group, Liberty Mutual Group, Zurich, Aviva |
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