Allied Market Research
Allied Market Research

Two Wheeler Insurance Market by Policy Type (Third Party Insurance and Comprehensive Insurance), Distributor (Insurance Companies, Broker/Agency and Others), Distribution Mode (Online and Offline): Global Opportunity Analysis and Industry Analysis 2020-2027

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Dec 2020 | 178 Views
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Two Wheeler Insurance Market Outlook - 2027

The global two wheeler insurance market size is growing considerably and is expected to expand in the future, owing to increase in number of two-wheelers across the globe and rise in insurance awareness among individuals. A two wheeler insurance plan basically covers any damage that a two-wheeler may incur in the event of an accident, natural disaster, or theft. Two wheeler insurance policy gives security against losses resulting from injuries to the rider or passenger as well as third parties, based on the type of policy purchased by an individual. Normally, the insurance plan comes together with new two-wheelers, where expenses of insurance is applied on the price of vehicle.

Market scope and structure analysis:    

Report Metric


Market size available for years


Base year considered


Forecast period


Forecast units

Value ($)

Segments covered

Policy Type, Distributor, Distribution Mode, 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

Major players analyzed include ETA Services Ltd, Evans Insurance Brokers Ltd, HDFC ERGO General Insurance Company Limited, National Insurance Company Limited, Bajaj Allianz General Insurance, Universal Sompo General Insurance Co.Ltd., Liberty General Insurance Limited, ICICI Lombard GIC Ltd, Progressive Casualty Insurance Company


COVID-19 scenario analysis:

  • Lockdowns, owing to the pandemic have caused a sharp drop in vehicle sales and, as a result, insurance sales rate has also dropped significantly in most regions.
  • In addition, regulatory restrictions were imposed on insurers by governments to ease pressure on customers, due to the current economic circumstances, which has declined the market growth.

Top impacting factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis:

Surge in number of two-wheeler buyers across developing nations and rise in awareness among individuals regarding insurance benefits drive growth of the market. In addition, rise in automobile sales and mandatory requirements to insure all vehicles by governments across the world fuels the growth of the market. However, rise in competition in the insurance market hampers growth of the market. Furthermore, increase in urbanization and adoption of digital platforms by insurance companies across emerging countries is expected to provide lucrative opportunities for the market.

The global two wheeler insurance market trends are as follows:

New technological advancements to avoid accidents and ensure safety:

In November 2019, Sara Assicurazioni, an Italian motor insurance firm, launched its latest technology in partnership with RideVision, an Israeli technology start-up to reduce motor-bike accidents in Italy. New developments allow customers to choose to fit advance rider assistance system in their bikes, which warn them before any critical situation and help to take action to avoid collision. This new device includes multiple cameras connected to computer vision and neural network technology, two segments of AI that enable image processing and risk exposure. RideVision's new Collision Aversion Technology recognizes and analyzes relevant threats without distressing critical attention of the rider, while the device also operates as a dash camera to enable riders to capture an accident in case they ought to make claims. This help insurance companies to mitigate client’s collision risk and effectively process claims with evidence.

Leveraging e-commerce platforms to boost sales:

Insurers are now choosing e-commerce platforms to improve revenue by faster sales. Offering insurance plan through e-commerce platforms help insurers improve their sales. Bajaj Allianz General Insurance, a major insurance provider in India, now offers its two wheeler insurance to customers through Flipkart, biggest e-commerce platform in India. This enables customers to benefit from purchasing a two wheeler insurance plan through the Flipkart app, including easy online purchase and speedy claims assistance, 24x7 roadside assistance, self-assessment for settlement of claims, transfer of no claim bonus (NCB) and zero depreciation coverage.

Key segments covered:



Policy Type

  • Third Party Insurance
  • Comprehensive Insurance


  • Insurance Companies
  • Broker/Agency
  • Others

Distribution Mode

  • Online
  • Offline

Key benefits of the report:

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