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| A14484 | Pages: 262 | Nov 2021 | 598 Views | | |
| Author(s) : Shadaab Khan, Beesetty Yogendra , Vineet Kumar | Tables: 146 | Charts: 58 |
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Motor Vehicle Liability Insurance Market
Request Now !The global motor vehicle liability insurance market size was valued at $297.00 billion in 2020, and is projected to reach $667.75 billion by 2030, growing at a CAGR of 7.8% from 2021 to 2030. Motor vehicle liability insurance is a legally mandatory insurance in majority of the country, and is usually a part of the main car insurance policy. In addition, a separate comprehensive car insurance policy can also be added onto a motor vehicle liability insurance for protecting the driver. In addition, the insurance policy covers the insured person’s legal liability in case of death or disability to any third party, and any loss or damage to a third-party property. Thus, protecting the drivers from any criminal case in case of unintentional accidents.
With an unprecedented COVID-19 pandemic, demand for motor vehicle liability insurance has affected due to rapid increase in motor liability premium rates & claim payments, continued pressure towards pricing, and rising severity of losses across several industry verticals.
Low cost of motor vehicle liability insurance and legal liability provided to the insured party positively impacts the growth of the motor vehicle liability insurance market. In addition, rise in stringent government regulation regarding liability insurance boost the growth of the market across the globe. However, factors such as rise in number of false claims and rise in social inflations are limiting the motor vehicle liability insurance market growth. On the contrary, advancements of technologies in big data, advanced analytics and artificial intelligence is expected to offer remunerative opportunities for the expansion of the motor vehicle liability insurance market during the forecast period.
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By vehicle age, the new vehicles segment is expected to garner a significant share during the forecast period, owing to stringent government regulations making it compulsory for new vehicle owners to mandatorily buy a three-year or five-year long-term motor vehicle liability insurance for cars. However, the used vehicles segment is expected to witness growth at the highest rate during the forecast period, owing to rise in demand for old vehicles with customized models, limited budget for availing car insurance.
Region wise, the motor vehicle liability insurance market was dominated by North America in 2020 and is expected to witness the highest growth rate during the forecast period owing to economically emergent countries such as U.S. and Canada, which have large number of population using motor vehicles, which enhances the growth of the motor vehicle liability insurance market.
In addition, rise in investment from the government in this region towards development of roads and runways is anticipated to boost the growth of the motor vehicle liability insurance market. However, Asia-Pacific is expected to witness significant growth during the forecast period, to owing to growing number of accidents from high speed cars in developing nation of Asia-Pacific such as China and India.
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The report focuses on growth prospects, restraints, and trends of the motor vehicle liability insurance market analysis. The study provides Porter’s five forces analysis to understand impact of various factors, such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers, on the motor vehicle liability insurance market share.
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The global motor vehicle liability insurance market is segmented on the basis of mode, distribution channel, vehicle age, application, and region. Depending on mode, the market is segregated into offline and online. On the basis of distribution channel, it is categorized into independent agents/brokers, direct response, banks, and others. Depending on vehicle type, it is fragmented into new vehicle and old vehicle. Based on application, the market is divided into personal and business. Region wise, the motor vehicle liability insurance market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).
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Key players operating in the global motor vehicle liability insurance industry include Allstate, AXA XL, Chubb Limited, Great American, Hiscox Ltd., Nationwide, Progressive Commercial, State Farm, The Hartford, and The Travelers Indemnity Company. These companies have adopted several strategies such as product launches, partnerships, collaborations, mergers & acquisitions, and joint ventures to strengthen their foothold in the global motor vehicle liability insurance market.
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The outbreak of COVID-19 has negatively impacted the growth of the global motor vehicle liability insurance market. This is attributed to the fact that travel restrictions by several countries have reduced the kilometers and usage of vehicles on road, which influences policyholders to seek for bailouts, reduced premiums, and refund on premiums. This has led to insurers freezing sales of new coverages for auto insurance. Furthermore, motor vehicle liability insurance is obligatory in many states.
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However, owing to travel restrictions and fear of infection, the sale of cars has declined to more than 50%, which states a significant drop in auto insurance policies. This acts as a critical challenge faced by auto insurance providers. To rebound the insurance business, key players are introducing new strategies to enhance the customer experience and to improve their market share in the pandemic situation.
Motor vehicle liability insurance is an insurance that covers damage to other vehicles or injuries to other people while driving, which in turn reduces the cost of the premium. Moreover, according to a survey, on average, customers can save nearly $1,500 when they buy minimum liability coverage instead of a policy that includes comprehensive and collision insurance and higher liability limits. In addition, with the introduction of usage-based insurance a good drive is able to save a lot of money of their yearly expenditure on insurance.
Furthermore, with the rising costs of vehicles, many countries are mandating the use of vehicle insurance which in turn is driving the adoption of low-cost motor vehicle liability insurance among the middle-class family. In addition, with the growth in number of internet users, many insurers are now able to directly provide insurance policy to the customers which in turn in reducing the need for any intermediators fees for brokers. Moreover, motor vehicle liability insurance are easily accessible online and it is also possible to get them renewed online, which is a major factor driving the growth of the motor vehicle liability insurance market.
Many countries across the globe have released various laws to protect people and property from reckless drivers and to provide compensation which id propelling the growth of the market. For instance, in 2019, the ministry of road transport and highway together with the insurance regulatory and development authority of India (IRDA) launched the motor vehicles act, to improve loss prevention and minimization. In addition, the premium amount for different category of motor vehicles is notified by the IRDA.
In addition, with rise in number of accidents and low compensations to the third party many countries have started updating the law regarding accident liability, which in turn is driving the growth of the market. For instance, in November 2019, the UK government tightening insurers’ ability to avoid liability to third party victims under the Road Traffic Act (RTA). With this all the drivers will be enacted to avail vehicle liability insurance for paying the liability to the injured. Thus, growing number of such regulations fuels the growth of the motor vehicle liability insurance market.
Key Benefits For Stakeholders
Key Market Segments
CHAPTER 1: INTRODUCTION
1.1. Report description
1.2. Key benefits for stakeholders
1.3.Key market segments
1.4.Research methodology
1.4.1 Primary research
1.4.2. Secondary research
1.4.3. Analyst tools and models
CHAPTER 2: EXECUTIVE SUMMARY
2.1. Key findings
2.1.1. Top impacting factors
2.1.2. Top investment pockets
2.2. CXO perspective
CHAPTER 3: MARKET OVERVIEW
3.1. Market definition and scope
3.2. Key forces shaping motor vehicle liability insurance industry/market
3.2.1. Market dynamics
3.2.1.1. Low cost of motor vehicle liability insurance
3.2.1.2. Rise in number of road accidents
3.2.1.3. Stringent government regarding liability payment
3.2.2.1. Rising number of false claims
3.2.2.2. Lack of awareness regarding motor vehicle liability insurance policy
3.2.3. Opportunities
3.2.3.1. Increasing demand for motor vehicle liability insurance products and services
3.2.3.2. Implementation of technologies in existing product and service lines
3.1. COVID-19 impact analysis on motor vehicle liability insurance market
3.1.1. Impact on market size
3.1.2. Change in consumer trends, preferences, and budget impact due to COVID-19
3.1.3. Economic impact
3.1.4. Key player strategies to tackle negative impact in the industry
3.1.5. Opportunity analysis for car finance providers
CHAPTER 4: MOTOR VEHICLE LIABILITY INSURANCE MARKET, BY MODE
4.1. Overview
4.2. Offline
4.2.1. Key market trends, growth factors, and opportunities
4.2.2. Market size and forecast, by region
4.2.3. Market analysis, by country
4.3. Online
4.3.1. Key market trends, growth factors, and opportunities
4.3.2. Market size and forecast, by region
4.3.3. Market analysis, by country
CHAPTER 5: MOTOR VEHICLE LIABILITY INSURANCE MARKET, BY DISTRIBUTION CHANNEL
5.1. Overview
5.2. Independent Agents/Brokers
5.2.1. Key market trends, growth factors, and opportunities
5.2.2. Market size and forecast, by region
5.2.3. Market analysis, by country
5.3. Direct Response
5.3.1. Key market trends, growth factors, and opportunities
5.3.2. Market size and forecast, by region
5.3.3. Market analysis, by country
5.4. Banks
5.4.1. Key market trends, growth factors, and opportunities
5.4.2. Market size and forecast, by region
5.4.3. Market analysis, by country
5.5. Others
5.5.1. Key market trends, growth factors, and opportunities
5.5.2. Market size and forecast, by region
5.5.3. Market analysis, by country
CHAPTER 6: MOTOR VEHICLE LIABILITY INSURANCE MARKET, BY VEHICLE AGE
6.1. Overview
6.2. New Vehicle
6.2.1. Key market trends, growth factors, and opportunities
6.2.2. Market size and forecast, by region
6.2.3. Market analysis, by country
6.3. Used Vehicle
6.3.1. Key market trends, growth factors, and opportunities
6.3.2. Market size and forecast, by region
6.3.3. Market analysis, by country
CHAPTER 7: MOTOR VEHICLE LIABILITY INSURANCE MARKET, BY APPLICATION
7.1. Overview
7.2. Personal
7.2.1. Key market trends, growth factors, and opportunities
7.2.2. Market size and forecast, by region
7.2.3. Market analysis, by country
7.3. Commercial
7.3.1. Key market trends, growth factors, and opportunities
7.3.2. Market size and forecast, by region
7.3.3. Market analysis, by country
CHAPTER 8: MOTOR VEHICLE LIABILITY INSURANCE MARKET, BY REGION
8.1. Overview
8.1.1. Market size and forecast, by region
8.2. North America
8.2.1. Key market trends, growth factors, and opportunities
8.2.2. Market size and forecast, by mode
8.2.3. Market size and forecast, by distribution channel
8.2.4. Market size and forecast, by vehicle age
8.2.5. Market size and forecast, by application
8.2.6. Market analysis, by country
8.2.6.1. U.S.
8.2.6.1.1. Market size and forecast, by mode
8.2.6.1.2. Market size and forecast, by distribution channel
8.2.6.1.3. Market size and forecast, by vehicle age
8.2.6.1.4. Market size and forecast, by application
8.2.6.2. Canada
8.2.6.2.1. Market size and forecast, by mode
8.2.6.2.2. Market size and forecast, by distribution channel
8.2.6.2.3. Market size and forecast, by vehicle age
8.2.6.2.4. Market size and forecast, by application
8.3. Europe
8.3.1. Key market trends, growth factors, and opportunities
8.3.2. Market size and forecast, by mode
8.3.3. Market size and forecast, by distribution channel
8.3.4. Market size and forecast, by vehicle age
8.3.5. Market size and forecast, by application
8.3.6. Market analysis, by country
8.3.6.1. Germany
8.3.6.1.1. Market size and forecast, by mode
8.3.6.1.2. Market size and forecast, by distribution channel
8.3.6.1.3. Market size and forecast, by vehicle age
8.3.6.1.4. Market size and forecast, by application
8.3.6.2. France
8.3.6.2.1. Market size and forecast, by mode
8.3.6.2.2. Market size and forecast, by distribution channel
8.3.6.2.3. Market size and forecast, by vehicle age
8.3.6.2.4. Market size and forecast, by application
8.3.6.3. UK
8.3.6.3.1. Market size and forecast, by mode
8.3.6.3.2. Market size and forecast, by distribution channel
8.3.6.3.3. Market size and forecast, by vehicle age
8.3.6.3.4. Market size and forecast, by application
8.3.6.4. Italy
8.3.6.4.1. Market size and forecast, by mode
8.3.6.4.2. Market size and forecast, by distribution channel
8.3.6.4.3. Market size and forecast, by vehicle age
8.3.6.4.4. Market size and forecast, by application
8.3.6.5. Spain
8.3.6.5.1. Market size and forecast, by mode
8.3.6.5.2. Market size and forecast, by distribution channel
8.3.6.5.3. Market size and forecast, by vehicle age
8.3.6.5.4. Market size and forecast, by application
8.3.6.6. Belgium
8.3.6.6.1. Market size and forecast, by mode
8.3.6.6.2. Market size and forecast, by distribution channel
8.3.6.6.3. Market size and forecast, by vehicle age
8.3.6.6.4. Market size and forecast, by application
8.3.6.7. Rest of Europe
8.3.6.7.1. Market size and forecast, by mode
8.3.6.7.2. Market size and forecast, by distribution channel
8.3.6.7.3. Market size and forecast, by vehicle age
8.3.6.7.4. Market size and forecast, by application
8.4. Asia-Pacific
8.4.1. Key market trends, growth factors, and opportunities
8.4.2. Market size and forecast, by mode
8.4.3. Market size and forecast, by distribution channel
8.4.4. Market size and forecast, by vehicle age
8.4.5. Market size and forecast, by application
8.4.6. Market analysis, by country
8.4.6.1. China
8.4.6.1.1. Market size and forecast, by mode
8.4.6.1.2. Market size and forecast, by distribution channel
8.4.6.1.3. Market size and forecast, by vehicle age
8.4.6.1.4. Market size and forecast, by application
8.4.6.2. Japan
8.4.6.2.1. Market size and forecast, by mode
8.4.6.2.2. Market size and forecast, by distribution channel
8.4.6.2.3. Market size and forecast, by vehicle age
8.4.6.2.4. Market size and forecast, by application
8.4.6.3. India
8.4.6.3.1. Market size and forecast, by mode
8.4.6.3.2. Market size and forecast, by distribution channel
8.4.6.3.3. Market size and forecast, by vehicle age
8.4.6.3.4. Market size and forecast, by application
8.4.6.4. Australia
8.4.6.4.1. Market size and forecast, by mode
8.4.6.4.2. Market size and forecast, by distribution channel
8.4.6.4.3. Market size and forecast, by vehicle age
8.4.6.4.4. Market size and forecast, by application
8.4.6.5. South Korea
8.4.6.5.1. Market size and forecast, by mode
8.4.6.5.2. Market size and forecast, by distribution channel
8.4.6.5.3. Market size and forecast, by vehicle age
8.4.6.5.4. Market size and forecast, by application
8.4.6.6. Indonesia
8.4.6.6.1. Market size and forecast, by mode
8.4.6.6.2. Market size and forecast, by distribution channel
8.4.6.6.3. Market size and forecast, by vehicle age
8.4.6.6.4. Market size and forecast, by application
8.4.6.7. Rest of Asia-Pacific
8.4.6.7.1. Market size and forecast, by mode
8.4.6.7.2. Market size and forecast, by distribution channel
8.4.6.7.3. Market size and forecast, by vehicle age
8.4.6.7.4. Market size and forecast, by application
8.5. LAMEA
8.5.1. Key market trends, growth factors, and opportunities
8.5.2. Market size and forecast, by mode
8.5.3. Market size and forecast, by distribution channel
8.5.4. Market size and forecast, by vehicle age
8.5.5. Market size and forecast, by Application
8.5.6. Market analysis, by country
8.5.6.1. Latin America
8.5.6.1.1. Market size and forecast, by mode
8.5.6.1.2. Market size and forecast, by distribution channel
8.5.6.1.3. Market size and forecast, by vehicle age
8.5.6.1.4. Market size and forecast, by application
8.5.6.2. Middle East
8.5.6.2.1. Market size and forecast, by mode
8.5.6.2.2. Market size and forecast, by distribution channel
8.5.6.2.3. Market size and forecast, by vehicle age
8.5.6.2.4. Market size and forecast, by application
8.5.6.3. Africa
8.5.6.3.1. Market size and forecast, by mode
8.5.6.3.2. Market size and forecast, by distribution channel
8.5.6.3.3. Market size and forecast, by vehicle age
8.5.6.3.4. Market size and forecast, by application
CHAPTER 9: COMPANY PROFILE
9.1. Allstate
9.1.1. Company overview
9.1.2. Key executives
9.1.3. Company snapshot
9.1.5. Product portfolio
9.1.6. Business performance
9.1.7. Key strategic moves and developments
9.2. Axa XL
9.2.1. Company overview
9.2.2. Key executives
9.2.3. Company snapshot
9.2.4. Product portfolio
9.2.5. Business performance
9.2.6. Key strategic moves and developments
9.3. Chubb Limited
9.3.1. Company overview
9.3.2. Key executives
9.3.3. Company snapshot
9.3.4. Product portfolio
9.3.5. Business performance
9.3.6. Key strategic moves and developments
9.4. Great American
9.4.1. Company overview
9.4.2. Key executive
9.4.3. Company snapshot
9.4.4. Product portfolio
9.4.5. Business performance
9.5. Hiscox Ltd.
9.5.1. Company overview
9.5.2. Key executives
9.5.3. Company snapshot
9.5.4. Operating business segments
9.5.5. Product portfolio
9.5.6. Business performance
9.5.7. Key strategic moves and developments
9.6. Nationwide
9.6.1. Company overview
9.6.2. Key executives
9.6.3. Company snapshot
9.6.4. Product portfolio
9.6.5. Key strategic moves and developments
9.7. Progressive Commercial
9.7.1. Company overview
9.7.2. Key executives
9.7.3. Company snapshot
9.7.4. Product portfolio
9.7.5. Business performance
9.7.6. Key strategic moves and developments
9.8. State Farm
9.8.1. Company overview
9.8.2. Key executive
9.8.3. Company snapshot
9.8.4. Product portfolio
9.8.5. Key strategic moves and developments
9.9. The Hartford
9.9.1. Company overview
9.9.2. Key executives
9.9.3. Company snapshot
9.9.4. Operating business segments
9.9.5. Product portfolio
9.9.6. Business performance
9.9.7. Key strategic moves and developments
9.10. The Travelers Indemnity Company
9.10.1. Company overview
9.10.2. Key executives
9.10.3. Company snapshot
9.10.4. Operating business segments
9.10.5. Product portfolio
9.10.6. Business performance
9.10.7. Key strategic moves and developments
LIST OF TABLES
TABLE 01.MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, BY MODE, 2020–2030 ($MILLION)
TABLE 02.MOTOR VEHICLE LIABILITY INSURANCE MARKET FOR OFFLINE, BY REGION 2020–2030 ($MILLION)
TABLE 03.MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE FOR ONLINE, BY REGION 2020–2030 ($MILLION)
TABLE 04.MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, BY DISTRIBUTION CHANNEL, 2020–2030 ($MILLION)
TABLE 05.MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE FOR INDEPENDENT AGENTS/BROKERS, BY REGION, 2020–2030 ($MILLION)
TABLE 06.MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE FOR DIRECT RESPONSE, BY REGION, 2020–2028 ($MILLION)
TABLE 07.MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE FOR BANKS, BY REGION, 2020–2028 ($MILLION)
TABLE 08.MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE FOR OTHERS, BY REGION, 2020–2028 ($MILLION)
TABLE 09.MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, BY VEHICLE AGE, 2020–2030 ($MILLION)
TABLE 10.MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE FOR NEW VEHICLE, BY REGION, 2020–2030 ($MILLION)
TABLE 11.MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE FOR USED VEHICLE, BY REGION, 2020–2030 ($MILLION)
TABLE 12.MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, BY APPLICATION, 2020–2030 ($MILLION)
TABLE 13.MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE FOR PERSONAL, BY REGION, 2020–2030 ($MILLION)
TABLE 14.MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE FOR COMMERCIAL, BY REGION, 2020–2030 ($MILLION)
TABLE 15.MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, BY REGION, 2020–2030 ($MILLION)
TABLE 16.NORTH AMERICA MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, BY MODE, 2020–2030 ($MILLION)
TABLE 17.NORTH AMERICA MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, BY DISTRIBUTION CHANNEL, 2020–2030 ($MILLION)
TABLE 18.NORTH AMERICA MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, BY VEHICLE AGE, 2020–2030 ($MILLION)
TABLE 19.NORTH AMERICA MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, BY APPLICATION, 2020–2030 ($MILLION)
TABLE 20.NORTH AMERICA MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, BY COUNTRY, 2020–2030 ($MILLION)
TABLE 21.U.S. MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, BY MODE, 2020–2030 ($MILLION)
TABLE 22.U.S. MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, BY DISTRIBUTION CHANNEL, 2020–2030 ($MILLION)
TABLE 23.U.S. MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, BY VEHICLE AGE, 2020–2030 ($MILLION)
TABLE 24.U.S. MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, BY APPLICATION, 2020–2030 ($MILLION)
TABLE 25.CANADA MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, BY MODE, 2020–2030 ($MILLION)
TABLE 26.CANADA MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, BY DISTRIBUTION CHANNEL, 2020–2030 ($MILLION)
TABLE 27.CANADA MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, BY VEHICLE AGE, 2020–2030 ($MILLION)
TABLE 28.CANADA MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, BY APPLICATION, 2020–2030 ($MILLION)
TABLE 29.EUROPE MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, BY MODE, 2020–2030 ($MILLION)
TABLE 30.EUROPE MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, BY DISTRIBUTION CHANNEL, 2020–2030 ($MILLION)
TABLE 31.EUROPE MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, BY VEHICLE AGE, 2020–2030 ($MILLION)
TABLE 32.EUROPE MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, BY APPLICATION, 2020–2030 ($MILLION)
TABLE 33.EUROPE MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, BY COUNTRY, 2020–2030 ($MILLION)
TABLE 34.GERMANY MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, BY MODE, 2020–2030 ($MILLION)
TABLE 35.GERMANY MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, BY DISTRIBUTION CHANNEL, 2020–2030 ($MILLION)
TABLE 36.GERMANY MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, BY VEHICLE AGE, 2020–2030 ($MILLION)
TABLE 37.GERMANY MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, BY APPLICATION, 2020–2030 ($MILLION)
TABLE 38.FRANCE MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, BY MODE, 2020–2030 ($MILLION)
TABLE 39.FRANCE MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, BY DISTRIBUTION CHANNEL, 2020–2030 ($MILLION)
TABLE 40.FRANCE MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, BY VEHICLE AGE, 2020–2030 ($MILLION)
TABLE 41.FRANCE MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, BY APPLICATION, 2020–2030 ($MILLION)
TABLE 42.UK MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, BY MODE, 2020–2030 ($MILLION)
TABLE 43.UK MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, BY DISTRIBUTION CHANNEL, 2020–2030 ($MILLION)
TABLE 44.UK MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, BY VEHICLE AGE, 2020–2030 ($MILLION)
TABLE 45.UK MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, BY APPLICATION, 2020–2030 ($MILLION)
TABLE 46.ITALY MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, BY MODE, 2020–2030 ($MILLION)
TABLE 47.ITALY MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, BY DISTRIBUTION CHANNEL, 2020–2030 ($MILLION)
TABLE 48.ITALY MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, BY VEHICLE AGE, 2020–2030 ($MILLION)
TABLE 49.ITALY MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, BY APPLICATION, 2020–2030 ($MILLION)
TABLE 50.SPAIN MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, BY MODE, 2020–2030 ($MILLION)
TABLE 51.SPAIN MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, BY DISTRIBUTION CHANNEL, 2020–2030 ($MILLION)
TABLE 52.SPAIN MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, BY VEHICLE AGE, 2020–2030 ($MILLION)
TABLE 53.SPAIN MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, BY APPLICATION, 2020–2030 ($MILLION)
TABLE 54.BELGIUM MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, BY MODE, 2020–2030 ($MILLION)
TABLE 55.BELGIUM MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, BY DISTRIBUTION CHANNEL, 2020–2030 ($MILLION)
TABLE 56.BELGIUM MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, BY VEHICLE AGE, 2020–2030 ($MILLION)
TABLE 57.BELGIUM MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, BY APPLICATION, 2020–2030 ($MILLION)
TABLE 58.REST OF EUROPE MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, BY MODE, 2020–2030 ($MILLION)
TABLE 59.REST OF EUROPE MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, BY DISTRIBUTION CHANNEL, 2020–2030 ($MILLION)
TABLE 60.REST OF EUROPE MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, BY VEHICLE AGE, 2020–2030 ($MILLION)
TABLE 61.REST OF EUROPE MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, BY APPLICATION, 2020–2030 ($MILLION)
TABLE 62.ASIA-PACIFIC MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, BY MODE, 2020–2030 ($MILLION)
TABLE 63.ASIA-PACIFIC MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, BY DISTRIBUTION CHANNEL, 2020–2030 ($MILLION)
TABLE 64.ASIA-PACIFIC MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, BY VEHICLE AGE, 2020–2030 ($MILLION)
TABLE 65.ASIA-PACIFIC MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, BY APPLICATION, 2020–2030 ($MILLION)
TABLE 66.ASIA-PACIFIC MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, BY COUNTRY, 2020–2030 ($MILLION)
TABLE 67.CHINA MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, BY MODE, 2020–2030 ($MILLION)
TABLE 68.CHINA MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, BY DISTRIBUTION CHANNEL, 2020–2030 ($MILLION)
TABLE 69.CHINA MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, BY VEHICLE AGE, 2020–2030 ($MILLION)
TABLE 70.CHINA MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, BY APPLICATION, 2020–2030 ($MILLION)
TABLE 71.JAPAN MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, BY MODE, 2020–2030 ($MILLION)
TABLE 72.JAPAN MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, BY DISTRIBUTION CHANNEL, 2020–2030 ($MILLION)
TABLE 73.JAPAN MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, BY VEHICLE AGE, 2020–2030 ($MILLION)
TABLE 74.JAPAN MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, BY APPLICATION, 2020–2030 ($MILLION)
TABLE 75.INDIA MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, BY MODE, 2020–2030 ($MILLION)
TABLE 76.INDIA MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, BY DISTRIBUTION CHANNEL, 2020–2030 ($MILLION)
TABLE 77.INDIA MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, BY VEHICLE AGE, 2020–2030 ($MILLION)
TABLE 78.INDIA MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, BY APPLICATION, 2020–2030 ($MILLION)
TABLE 79.AUSTRALIA MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, BY MODE, 2020–2030 ($MILLION)
TABLE 80.AUSTRALIA MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, BY DISTRIBUTION CHANNEL, 2020–2030 ($MILLION)
TABLE 81.AUSTRALIA MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, BY VEHICLE AGE, 2020–2030 ($MILLION)
TABLE 82.AUSTRALIA MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, BY APPLICATION, 2020–2030 ($MILLION)
TABLE 83.SOUTH KOREA MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, BY MODE, 2020–2030 ($MILLION)
TABLE 84.SOUTH KOREA MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, BY DISTRIBUTION CHANNEL, 2020–2030 ($MILLION)
TABLE 85.SOUTH KOREA MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, BY VEHICLE AGE, 2020–2030 ($MILLION)
TABLE 86.SOUTH KOREA MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, BY APPLICATION, 2020–2030 ($MILLION)
TABLE 87.INDONESIA MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, BY MODE, 2020–2030 ($MILLION)
TABLE 88.INDONESIA MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, BY DISTRIBUTION CHANNEL, 2020–2030 ($MILLION)
TABLE 89.INDONESIA MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, BY VEHICLE AGE, 2020–2030 ($MILLION)
TABLE 90.INDONESIA MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, BY APPLICATION, 2020–2030 ($MILLION)
TABLE 91.REST OF ASIA-PACIFIC MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, BY MODE, 2020–2030 ($MILLION)
TABLE 92.REST OF ASIA-PACIFIC MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, BY DISTRIBUTION CHANNEL, 2020–2030 ($MILLION)
TABLE 93.REST OF ASIA-PACIFIC MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, BY VEHICLE AGE, 2020–2030 ($MILLION)
TABLE 94.REST OF ASIA-PACIFIC MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, BY APPLICATION, 2020–2030 ($MILLION)
TABLE 95.LAMEA MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, BY MODE, 2020–2030 ($MILLION)
TABLE 96.LAMEA MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, BY DISTRIBUTION CHANNEL, 2020–2030 ($MILLION)
TABLE 97.LAMEA MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, BY VEHICLE AGE, 2020–2030 ($MILLION)
TABLE 98.LAMEA MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, BY APPLICATION, 2020–2030 ($MILLION)
TABLE 99.LAMEA MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, BY COUNTRY, 2020–2030 ($MILLION)
TABLE 100.LATIN AMERICA MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, BY MODE, 2020–2030 ($MILLION)
TABLE 101.LATIN AMERICA MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, BY DISTRIBUTION CHANNEL, 2020–2030 ($MILLION)
TABLE 102.LATIN AMERICA MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, BY VEHICLE AGE, 2020–2030 ($MILLION)
TABLE 103.LATIN AMERICA MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, BY APPLICATION, 2020–2030 ($MILLION)
TABLE 104.MIDDLE EAST MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, BY MODE, 2020–2030 ($MILLION)
TABLE 105.MIDDLE EAST MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, BY DISTRIBUTION CHANNEL, 2020–2030 ($MILLION)
TABLE 106.MIDDLE EAST MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, BY VEHICLE AGE, 2020–2030 ($MILLION)
TABLE 107.MIDDLE EAST MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, BY APPLICATION, 2020–2030 ($MILLION)
TABLE 108.AFRICA MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, BY MODE, 2020–2030 ($MILLION)
TABLE 109.AFRICA MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, BY DISTRIBUTION CHANNEL, 2020–2030 ($MILLION)
TABLE 110.AFRICA MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, BY VEHICLE AGE, 2020–2030 ($MILLION)
TABLE 111.AFRICA MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, BY APPLICATION, 2020–2030 ($MILLION)
TABLE 112.ALLSTATE: KEY EXECUTIVES
TABLE 113.ALLSTATE: COMPANY SNAPSHOT
TABLE 115.ALLSTATE: PRODUCT PORTFOLIO
TABLE 116.AXA XL (AXA).: KEY EXECUTIVES
TABLE 117.AXA XL (AXA).: COMPANY SNAPSHOT
TABLE 118.AXA XL (AXA).: PRODUCT PORTFOLIO
TABLE 119.CHUBB LIMITED.: KEY EXECUTIVES
TABLE 120.CHUBB LIMITED: COMPANY SNAPSHOT
TABLE 122.CHUBB LIMITED.: PRODUCT PORTFOLIO
TABLE 123.GREAT AMERICAN INSURANCE GROUP: KEY EXECUTIVE
TABLE 124.GREAT AMERICAN INSURANCE GROUP: COMPANY SNAPSHOT
TABLE 125.GREAT AMERICAN INSURANCE GROUP: PRODUCT PORTFOLIO
TABLE 126.HISCOX LTD.: KEY EXECUTIVES
TABLE 127.HISCOX LTD.: COMPANY SNAPSHOT
TABLE 128.HISCOX LTD.: OPERATING SEGMENTS
TABLE 129.HISCOX LTD.: PRODUCT PORTFOLIO
TABLE 130.NATIONWIDE: KEY EXECUTIVES
TABLE 131.NATIONWIDE: COMPANY SNAPSHOT
TABLE 132.NATIONWIDE: PRODUCT PORTFOLIO
TABLE 133.PROGRESSIVE CORPORATION: KEY EXECUTIVES
TABLE 134.PROGRESSIVE CORPORATION: COMPANY SNAPSHOT
TABLE 135.PROGRESSIVE CORPORATION: PRODUCT PORTFOLIO
TABLE 136.STATE FARM: KEY EXECUTIVE
TABLE 137.STATE FARM: COMPANY SNAPSHOT
TABLE 138.STATE FARM: PRODUCT PORTFOLIO
TABLE 139.THE HARTFORD: KEY EXECUTIVES
TABLE 140.THE HARTFORD: COMPANY SNAPSHOT
TABLE 141.THE HARTFORD: OPERATING SEGMENTS
TABLE 142.THE HARTFORD: PRODUCT PORTFOLIO
TABLE 143.THE TRAVELERS COMPANIES, INC.: KEY EXECUTIVES
TABLE 144.THE TRAVELERS COMPANIES, INC.: COMPANY SNAPSHOT
TABLE 145.THE TRAVELERS COMPANIES, INC.: OPERATING SEGMENTS
TABLE 146.THE TRAVELERS COMPANIES, INC.: PRODUCT PORTFOLIO
LIST OF FIGURES
FIGURE 01.KEY MARKET SEGMENTS
FIGURE 02.MOTOR VEHICLE LIABILITY INSURANCE MARKET SNAPSHOT, BY SEGMENTATION
FIGURE 03.MOTOR VEHICLE LIABILITY INSURANCE MARKET SNAPSHOT, BY REGION
FIGURE 04.TOP IMPACTING FACTORS
FIGURE 05.TOP INVESTMENT POCKETS
FIGURE 06.LOW-TO-MODERATE BARGAINING POWER OF SUPPLIER
FIGURE 07.MODERATE-TO-HIGH THREAT OF NEW ENTRANTS
FIGURE 08.MODERATE-TO-HIGH THREAT OF SUBSTITUTES
FIGURE 09.LOW-TO-HIGH INTENSITY OF RIVALRY
FIGURE 10.LOW-TO-HIGH BARGAINING POWER OF BUYERS
FIGURE 11.MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, BY MODE, 2020–2030 ($MILLION)
FIGURE 12.COMPARATIVE SHARE ANALYSIS FOR MOTOR VEHICLE LIABILITY INSURANCE MARKET FOR OFFLINE, BY COUNTRY, 2020 & 2030(%)
FIGURE 13.COMPARATIVE SHARE ANALYSIS FOR MOTOR VEHICLE LIABILITY INSURANCE MARKET FOR ONLINE, BY COUNTRY, 2020 & 2030(%)
FIGURE 14.MOTOR VEHICLE LIABILITY INSURANCE MARKET, BY DISTRIBUTION CHANNEL, 2020–2030
FIGURE 15.COMPARATIVE SHARE ANALYSIS FOR MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE FOR INDEPENDENT AGENTS/BROKERS, BY COUNTRY, 2020 & 2030 (%)
FIGURE 16.COMPARATIVE SHARE ANALYSIS FOR MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE FOR DIRECT RESPONSE, BY COUNTRY, 2020 & 2030 (%)
FIGURE 17.COMPARATIVE SHARE ANALYSIS FOR MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE FOR BANKS, BY COUNTRY, 2020 & 2030 (%)
FIGURE 18.COMPARATIVE SHARE ANALYSIS FOR MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE FOR OTHERS, BY COUNTRY, 2020 & 2030 (%)
FIGURE 19.MOTOR VEHICLE LIABILITY INSURANCE MARKET, BY VEHICLE AGE, 2020–2030
FIGURE 20.COMPARATIVE SHARE ANALYSIS FOR MOTOR VEHICLE LIABILITY INSURANCE MARKET FOR NEW VEHICLE, BY COUNTRY, 2020 & 2030(%)
FIGURE 21.COMPARATIVE SHARE ANALYSIS FOR MOTOR VEHICLE LIABILITY INSURANCE MARKET FOR USED VEHICLE BY COUNTRY, 2020 & 2030(%)
FIGURE 22.MOTOR VEHICLE LIABILITY INSURANCE MARKET, BY APPLICATION, 2020–2030
FIGURE 23.COMPARATIVE SHARE ANALYSIS FOR MOTOR VEHICLE LIABILITY INSURANCE MARKET FOR PERSONAL, BY COUNTRY, 2020 & 2030 (%)
FIGURE 24.COMPARATIVE SHARE ANALYSIS FOR MOTOR VEHICLE LIABILITY INSURANCE MARKET FOR COMMERCIAL, BY COUNTRY, 2020 & 2030 (%)
FIGURE 25.U.S. MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, 2020–2030 ($MILLION)
FIGURE 26.CANADA MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, 2020–2030 ($MILLION)
FIGURE 27.GERMANY MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, 2020–2030 ($MILLION)
FIGURE 28.FRANCE MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, 2020–2030 ($MILLION)
FIGURE 29.UK MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, 2020–2030 ($MILLION)
FIGURE 30.ITALY MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, 2020–2030 ($MILLION)
FIGURE 31.SPAIN MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, 2020–2030 ($MILLION)
FIGURE 32.BELGIUM MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, 2020–2030 ($MILLION)
FIGURE 33.REST OF EUROPE MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, 2020–2030 ($MILLION)
FIGURE 34.CHINA MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, 2020–2030 ($MILLION)
FIGURE 35.JAPAN MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, 2020–2030 ($MILLION)
FIGURE 36.INDIA MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, 2020–2030 ($MILLION)
FIGURE 37.AUSTRALIA MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, 2020–2030 ($MILLION)
FIGURE 38.SOUTH KOREA MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, 2020–2030 ($MILLION)
FIGURE 39.INDONESIA MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, 2020–2030 ($MILLION)
FIGURE 40.REST OF ASIA-PACIFIC MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, 2020–2030 ($MILLION)
FIGURE 41.LATIN AMERICA MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, 2020–2030 ($MILLION)
FIGURE 42.MIDDLE EAST MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, 2020–2030 ($MILLION)
FIGURE 43.AFRICA MOTOR VEHICLE LIABILITY INSURANCE MARKET REVENUE, 2020–2030 ($MILLION)
FIGURE 44.ALLSTATE.: REVENUE, 2018–2020 ($MILLION)
FIGURE 45.ALLSTATE.: REVENUE SHARE BY SEGMENT, 2020 (%)
FIGURE 46.AXA XL (AXA).: REVENUE, 2018–2020 ($MILLION)
FIGURE 47.AXA XL (AXA).: REVENUE SHARE BY REGION, 2020 (%)
FIGURE 48.CHUBB LIMITED.: REVENUE, 2018–2020 ($MILLION)
FIGURE 49.CHUBB LIMITED.: REVENUE SHARE BY SEGMENT, 2020 (%)
FIGURE 50.AMERICAN FINANCIAL GROUP: REVENUE, 2018-2020 ($MILLION)
FIGURE 51.HISCOX LTD.: REVENUE, 2018–2020 ($MILLION)
FIGURE 52.HISCOX LTD.: REVENUE SHARE BY SEGMENT, 2020 (%)
FIGURE 53.PROGRESSIVE CORPORATION: REVENUE, 2018–2020 ($MILLION)
FIGURE 54.THE HARTFORD: REVENUE, 2018–2020 ($MILLION)
FIGURE 55.THE HARTFORD: REVENUE SHARE, BY SEGMENT, 2020 (%)
FIGURE 56.THE TRAVELERS COMPANIES, INC.: REVENUE, 2018-2020 ($MILLION)
FIGURE 57.THE TRAVELERS COMPANIES, INC.: REVENUE SHARE BY SEGMENT, 2020 (%)
FIGURE 58.THE TRAVELERS COMPANIES, INC.: REVENUE SHARE BY REGION, 2020 (%)
The adoption of motor vehicle liability insurance solutions has increased over the years to help organizations to cover liability of the owner of the vehicle as well as to cover the liability of the other person. Furthermore, the type of coverage and the amount of premium depends on the type of damage that is being covered by the policy. Some policies even provide property coverage for the vehicle that damage the surroundings, which in turn is expected to drive the growth of the market.
Key providers of motor vehicle liability insurance market such as Allianz, American International Group Inc., and AXA account for a significant share in the market. For instance, in November 2020, AXA XL partnered with Xtract, to automate, accelerate, and revolutionize the commercial vehicle claims management process in the U.S. It will also enable the claims team to quickly gather and evaluate all data that is available on an incident, vastly speeding up decision-making process while also offering superior customer service to brokers and clients.
Furthermore, many insurance agencies are collaborating with tech companies to enhance their existing AI system for better security and to upsurge the performance of the system. For instance, in January 2021, State Farm Mutual Automobile Insurance Company, America’s largest property and casualty insurance provider acquired GAINSCO, Inc., a leading provider of non-standard motor vehicle liability insurance products. The acquisition will help State Farm to becoming a nationwide leader in the fastest growing segment of the motor vehicle liability insurance market.
Moreover, insurance providers are innovating and developing various solution to provide diverse solutions to the end users. For instance, in January 2021, The Hartford and Tractable started development of the product to analyses auto damage in its motor vehicle liability insurance claims processes in the U.S., with the goal of reducing paper work and to upgrade the system to use Tractable’s AI technology for managing claim processes. Their arrangement involves The Hartford using Tractable’s AI technology to analyze auto damage within its U.S. motor vehicle liability insurance claims operations, with a goal of accelerating how quickly claims can be processed for its customers. Thus, growing number of such developments across the globe is expected to drive the growth of the market.
A. The Motor Vehicle Liability Insurance Market is estimated to grow at a CAGR of 7.8% from 2021 to 2030.
A. The Motor Vehicle Liability Insurance Market is projected to reach $667.75 billion by 2030.
A. To get the latest version of sample report
A. Low cost of motor vehicle liability insurance and legal liability provided to the insured party etc. boost the Motor Vehicle Liability Insurance market growth.
A. The key players profiled in the report include Allstate, AXA XL, Chubb Limited, Great American, Hiscox Ltd., and many more.
A. On the basis of top growing big corporations, we select top 10 players.
A. The Motor Vehicle Liability Insurance Market is segmented on the basis of mode, distribution channel, vehicle age, application, and region.
A. The key growth strategies of Motor Vehicle Liability Insurance market players include product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations.
A. Asia-Pacific region would grow at a highest CAGR of 10.0% during the forecast period.
A. Direct Response segment will dominate the market by the end of 2030.
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