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2021
Two-wheeler Insurance Market

Two-Wheeler Insurance Market

by Policy Type (Third Party Liability Insurance and Comprehensive Insurance), Distribution Channel (Insurance Agents/Brokers, Direct Response, Banks, and Others), and Vehicle Age (New Vehicles, Used Vehicles): Global Opportunity Analysis and Industry Forecast, 2021-2030

Report Code: A07582
Pages: 243
Dec 2021 | 4018 Views
Author(s) : Pramod Borasi, Monica Chhabra , Vineet Kumar
Tables: 104
Charts: 44
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COVID-19

Pandemic disrupted the entire world and affected many industries.

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Two-Wheeler Insurance Market Outlook-2030

The global two-wheeler insurance market size was valued at $91.6 billion in 2020, and is projected to reach $171.88 billion by 2030, registering a CAGR of 6.8% from 2021 to 2030.

With an unprecedented COVID-19 pandemic, demand for two-wheeler insurance 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

The demand for two-wheeler insurance market is increasing among consumers as it ensures financial protection in the event of vehicle damage or theft. Along with financial protection of vehicle, it provides third-party liability coverage to insured person for causing injury, death, or property damage to other drivers, passengers, or pedestrians. Hence, having two-wheeler insurance is a legal requirement and necessity with the right level of cover in many states.

Two-Wheeler-Insurance-Market

Rise in number of accidents, implementation of stringent government regulations for the adoption of two-wheeler insurance and increase in two-wheeler sales globally due to surge in per capita income of consumers are the major factors that drive the global two-wheeler insurance market growth. Moreover, adoption of autonomous vehicles hampers the growth of the market. Furthermore, implementation of technologies in existing products and service lines and rise in demand of third-party liability coverage in emerging economies are expected to provide lucrative opportunity for the market expansion during the forecast period.

By policy type, the third-party liability insurance segment in two-wheeler insurance market is expected to garner a significant share during the forecast period, owing to compulsory government regulations to buy two-wheeler insurance for both new and old vehicle owners at the time of registration of vehicles. However, the comprehensive insurance segment is expected to witness growth at the highest rate during the forecast period, as it covers the cost of damage up to actual cash value of two-wheelers and provides financial safety against non-accident-related claims.

Region wise, the two-wheeler insurance market share was dominated by North America in 2020 owing to economically stable countries such as the U.S and Canada, which having large number of two-wheelers. However, Asia-Pacific is expected to witness the highest growth rate during the forecast period, owing to the presence of high population base and strong economic growth in the countries such as India and China. 

The report focuses on growth prospects, restraints, and trends of the two-wheeler 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 two-wheeler insurance market share.

Segment review

The global two-wheeler insurance market share is segmented into policy type, distribution channel, vehicle age, and region. In terms of policy type, it is fragmented into third party liability insurance and comprehensive insurance. By distribution channel, it is segregated into insurance agents/brokers, direct response, banks, and others. As per vehicle age, it is divided into new vehicle and used vehicle. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Key players operating in the global two-wheeler insurance industry include STATE FARM MUTUAL AUTOMOBILE INSURANCE, GEICO, ALLSTATE INSURANCE COMPANY, Bajaj Allianz General Insurance, Farmers, Dairyland, Liberty General Insurance Ltd., ACKO General Insurance Limited, Progressive Casualty Insurance Company, and USAA. These companies have adopted several strategies such as product launches, partnerships, collaborations, mergers & acquisitions, and joint ventures to strengthen their foothold in the global two-wheeler insurance market.

COVID-19 impact analysis

The two-wheeler insurance industry has recorded continuous investments for its developments and has become a massive contributor to the economic growth. However, this industry has been largely affected due to the outbreak of the COVID-19 pandemic, leading to economic instability. 2-wheeler insurance has been available online much before the pandemic hit the world but for numerous reasons people were opting for the traditional method for getting their 2-wheeler insured. However, with the surge in COVID-19 cases, there is a need to maintain contactless connections yet still continue with essential tasks and the internet has opened doors to buying insurance in the same way as shopping for clothes or groceries online. Moreover, buying 2-wheeler insurance online is no more a choice as online insurance is the only means to avail the compulsory liability insurance. Digital-first insurers such as ACKO were offering online policies even before COVID times, but now online insurance has become a new norm given the circumstances.  

Two-Wheeler Insurance Market
By Policy Type

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Third-party liability insurance is segment is projected as one of the most lucrative segments.

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Top impacting factors

Rise in number of traffic accidents

Rise in demand for two-wheeler insurance on accidents such as traffic collisions, physical damage or bodily injury, theft, and fire builds pressure on insurance companies to invest and develop such products that have less proliferation, high coverage, and provide financial security in the form of medical injury or any other damages. In recent years, accidents are increasing, in terms of road crashes, traffic injuries, drunk driving, and distracted driving for speeding, which resulted in need for two-wheeler insurance. Majority of vehicle users depend on two-wheeler insurance to prevent themselves from future financial losses such as injuries to drivers, passengers, or pedestrians. In addition, two-wheeler insurance incorporates such coverages, which helps to compensate family members of policyholders after his/her death. Therefore, insurance providers have increased the number of coverages in their products for enhancing the overall user interface experience and to keep ahead of their competitors in the two-wheeler insurance market in the upcoming years.

Regulatory requirements for the adoption of two-wheeler insurance

To protect consumers from biased price, which is likely to increase in the coming years, and to ensure that insurance companies remain financially solvent, both federal and state governments made two-wheeler insurance mandatory during the time of registration of vehicles. This factor increases sales of two-wheeler insurances among consumers. According to the Motor Vehicle Act 1988, it is obligatory for two-wheeler users to have two-wheeler insurance to cover the amount that they have paid or are legally liable to pay as damages to third parties for property damage or accidental death. 

Two-Wheeler Insurance Market
By Distribution Channel

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Insurance agents/brokers is projected as one of the most lucrative segments.

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Furthermore, along with the mandatory coverage, the Motor Vehicle Act revised penalties against violation of possession of a basic Compulsory Third-party Policy, which has brought many uninsured vehicles in the insurance domain. Thus, such stringent regulatory requirements boost sales of two-wheeler insurance policies, thereby contributing toward growth of the global two-wheeler insurance market size.

Two-Wheeler Insurance Market
By Region

2030
Asia-pacific 
North America
Europe
Lamea

Asia-Pacific would exhibit the highest CAGR of 9.5% during 2021-2030.

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Key Benefits For Stakeholders     

  • The study provides an in-depth analysis of the two-wheeler insurance market forecast along with the current trends and future estimations to explain the imminent investment pockets.
  • The quantitative analysis of the two-wheeler insurance market trends from 2021 to 2030 is provided to determine the market potential.
  • Information about key drivers, restraints, & opportunities and their impact analysis on the global market is provided in the report.
  • Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the two-wheeler insurance market.

Two-Wheeler Insurance Market Report Highlights

Aspects Details
By Policy Type
  • Third Party Liability Insurance
  • Comprehensive Insurance
By Distribution Channel
  • Insurance Agents/Brokers
  • Direct Response
  • Banks
  • Others
By Vehicle Age
  • New Vehicle
  • Used Vehicle
By Region
  • North America  (U.S., Canada)
  • Europe   (Germany, UK, France, Italy, Spain, Rest of Europe)
  • Asia-Pacific   (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)
  • LAMEA  (Latin America, Middle East, Africa)
By Key Market Players
  • STATE FARM MUTUAL AUTOMOBILE INSURANCE
  • GEICO
  • ALLSTATE INSURANCE COMPANY
  • Bajaj Allianz General Insurance
  • Farmers
  • Dairyland
  • Liberty General Insurance Ltd.
  • ACKO General Insurance Limited
  • Progressive Casualty Insurance Company
  • USAA
 

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Adoption of two-wheeler insurance solutions has increased over the years to help organizations cover liability of owners of vehicles as well as to cover liability of the other person. Furthermore, the type of coverage and amount of premium depends on the type of damage that is being covered by the policy. Some policies even provide property coverage for vehicles that damage surroundings, which is expected to drive growth of the market.

Key providers of the two-wheeler insurance market such as State Farm Mutual Automobile Insurance, GEICO, and Allstate Insurance Company account for a significant share in the market. For instance, in January 2021, Allstate acquired the National General Holdings Corp. The acquisition of National General advanced their strategy of growing personal lines insurance with an increase of 1% point in market share. In addition, independent agents now have more protection offerings for customers, with a strong technology platform creating growth opportunities for them and Allstate. Accident and health business of National General will also further expand Allstate’s circle of protection. Furthermore, many insurance agencies are innovating and improving their two-wheeler premium during the pandemic. For instance, in March 2020, Farmers Insurance announced temporary modification to its Farmers®-branded personal automobile and motorcycle insurance policies to provide applicable coverage for claims arising from the use of these vehicles for delivery of food, groceries, pharmacy, and medical supplies, where they are not otherwise covered. In addition, this temporary modification to farmers-branded policies help extend existing personal auto and motorcycle insurance coverages to a delivery driver while using their personal automobile or motorcycle for delivery of food, groceries, pharmacy, and medical supplies.

Moreover, the two-wheeler industry and insurance providers are collaborating are leveraging solutions from technology providers to improve their insurance policy. For instance, in November 2021, Liberty General Insurance Ltd, one of the leading general insurance companies in India, strengthened its partnership with PhonePe to offer motor insurance digitally. Through PhonePe, Liberty General Insurance’s motor insurance policy provides easy accessibility to the motor insurance cover, especially to the digitally savvy generation. Thus, growing number of such developments across the globe is expected to drive the growth of the market.

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