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Compulsory Third Party (CTP) Insurance Market By Insurance Type (Liability Insurance, Physical Damage Insurance, and Others), and Application (Automotive, Maritime, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027

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Aug 2021 | 423 Views
 
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Compulsory Third Party (CTP) Insurance Market Outlook – 2027 

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. 

Top Impacting Factors 

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.

Rise in Demand For Protection Against Third-Party Losses

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.

Implementation of Stringent Government Regulations Due to Rise in Number of CTP Insurance Frauds

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. 

Key Benefits of the Report

  • This study presents analytical depiction of the global compulsory third party (CTP) insurance market forecast 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 detailed analysis of the compulsory third party (CTP) insurance market share.     
  • The current market is quantitatively analyzed from 2020 to 2027 to highlight the global compulsory third party (CTP) insurance market growth scenario.         
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.    
  • The report provides a detailed compulsory third party (CTP) insurance market analysis based on the present and future competitive intensity of the market.

Market Scope and Structure Analysis

Report Metric

Details

Market Size Available For Years

2019–2027

Base Year Considered

2019

Forecast Period

2020–2027

Forecast Units

Value ($)

Segments Covered

Insurance Type, Application, and Region

Regions Covered

North America (U.S. and Canada), Europe (Germany, UK, France, and rest of Europe), Asia-Pacific (China, Japan, India, and rest of Asia-Pacific), Latin America (Brazil, Mexico, and rest of LATAM) and Middle East & Africa

Companies Covered

PICC, Progressive Corporation, Ping An, AXA, Sompo Japan, Tokyo Marine, Travelers Group, Liberty Mutual Group, Zurich, and Aviva

 

COVID-19 Scenario Analysis

  • The unpredictable COVID pandemic has severely affected major business operations of insurance companies. This is attributed to decline in huge unemployment and reduced spending over purchasing insurance policy sales, owing to the coronavirus outbreak.
  • In addition, the recession of the global economies across the world is expected to reduce the demand for the compulsory third party insurance policies as the coronavirus pandemic had affected business owners to save additional cost for their businesses, owing to extended timelines for government declared lockdowns.

Compulsory Third Party (CTP) Insurance Market Key Segments

Segments

Sub-Segments

Insurance Type

  • Liability Insurance
  • Physical Damage Insurance
  • Others

Application

  • Automobile
  • Maritime
  • Others

 

Questions Answered in the Compulsory Third Party (CTP) Insurance Market Research Report       

  • Who are the leading market players active in the global compulsory third party (CTP) insurance market?
  • What would be the detailed impact of COVID-19 on the global compulsory third party (CTP) insurance market size?
  • How the current compulsory third party (CTP) insurance market trends would influence the market in the next few years?
  • What are the driving factors, restraints, and opportunities in the global market?
  • What are the projections for the future that would help in taking further strategic steps?
 
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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