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The global motor insurance market is experiencing a significant growth, and will grow considerably in next few years. Motor insurance is an insurance provided for cars, trucks, auto, motorcycles and other vehicles. The demand for motor insurance is high and increasing its adoption among consumers because it ensures financial protection in the event of vehicle get damaged as well as injuries to other drivers, passengers or pedestrians i.e. third party cover. Hence, having car insurance is a legal requirement and necessity with the right level of cover.
There are financial benefits offered by motor insurance in order to offset the cost of following damages i.e. bodily injury to owner or others, lost wages due to injury, full settlement of insurance to nominee holder in case of death, and repairs made to the car’s damage caused in an accident. As the number of road accidents is increasing in most of the countries across the globe, the motor insurance market has a lot of scope for growth in forecast period.
The global motor insurance market is segmented on the basis of coverage, application and region. Based on coverages, the market is divided into liability coverage, collision coverage, comprehensive insurance, uninsured motor insurance, underinsured motor insurance, medical payment coverage, personal injury protection insurance, and gap insurance. Depending on application the market is bifurcated into commercial vehicle and personal vehicle. On the basis of region, the market is analyzed across North America, Europe, Asia- pacific and LAMEA.
The key players profiled in the motor insurance market includes ICICI Lombard General insurance Company Limited, Bajaj Alliaanz General Insurance Company Limited, Tata AIG General Insurance Company Limited, HDFC ERGO General Insurance Company Limited, The new India Assurance Co. Ltd., The Oriental Insurance Co. Ltd., Bharti AXA General Insurance Company Ltd., United India Insurance Co. Ltd., Reliance General Insurance Company, and Universal Sompo General Insurance Company Limited.
The notable factors positively affecting the motor insurance market include rising number of accidents, regulatory requirements for the adoption of auto insurance, and increasing sales of car. However, high premium cost and integration of ADAS in cars can hinder the market growth. Moreover, emergence of third party liability cover offers huge market opportunities in the coming years.
In today’s world of 7.8 billion people, the number of crashes, traffic collision, and accidents are increasing day by day. All these factors play a vital role in determining the prices of auto insurance rates. For instance, people living in large metropolitan cities are willing to pay high premium due to high disposable income. Bad driving is an issue everywhere in every cities as people are busy in texting, talking, or performing other activities while driving, which could be the major reason for crashes. Auto insurance covers the cost of injured person, medical coverage, lost wages, repair of vehicles, and any property damaged in an accident. Thus, in order to prevent from financial losses, people are adopting auto insurance, which increases its demand during the forecast period.
Ignorance of people led to an accident, crashes, and caused threat or damage to third party. The basic insurance plan has nothing to do with damage on car, but third party liability cover is responsible for all the damage of property caused by owner of the vehicle to any person i.e. third party not covered in the policy. In this cover, it provides financial safety against the property damages, disability, injuries, or death to third parties such as walkers, drivers, and passengers of other vehicles. However, this type of plans helps in protecting the interest of third parties. All these factors provide lucrative opportunities to the motor insurance market in the coming years.
In 2019, IRDAI has proposed and come up with new rules & regulations in order to make motor insurance on a simpler product, by putting some light clarity of thirdliability coverage or claims and make it mandatory to have at the time of vehicle insurance.
Key Benefits of the Report:
This study presents the analytical depiction of the global motor insurance industry 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 global motor insurance market share.
The current market is quantitatively analyzed to highlight the global motor insurance market growth scenario.
Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
The report provides a detailed global motor insurance market analysis based on competitive intensity and how the competition will take shape in coming years.
Questions Answered in the Motor Insurance Market Research Report:
What are the leading market players active in the motor insurance market?
What are the current motor insurance market trends will influence the market in the next few years?
What are the driving factors, restraints, and opportunities in the market?
What are the projections for the future that would help in taking further strategic steps?
Key Market Segments
Key Market Players