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Motor Insurance Market Report by Policy Type, Premium Type, Distribution Channel, and Region 2024-2032

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    Report

  • 142 Pages
  • March 2024
  • Region: Global
  • IMARC Group
  • ID: 5946686
Description Jump to:
The global motor insurance market size reached US$ 849.1 Billion in 2023. Looking forward, the publisher expects the market to reach US$ 1,630.0 Billion by 2032, exhibiting a growth rate (CAGR) of 7.5% during 2023-2032.

Motor insurance is an automotive insurance policy that offers coverage to the owner of cars, two-wheelers, commercial trucks, and other road vehicles against financial losses caused by accidents or physical damages. It also includes protection against legal liabilities arising due to an accident and resulting in death, body injuries, or property damage to a third party. Nowadays, insurance companies are offering different plans and add-ons, such as cashless claims, depreciation cover, 24/7 road assistance, and towing facility, to provide better coverage and assistance during the claiming process.

Motor Insurance Market Trends:

Vehicles have currently become a crucial means of transportation around the world. However, a significant rise in the number of private cars has escalated the risk of road accidents and vehicle damage. This represents one of the key factors catalyzing the demand for motor insurance across the globe. Apart from this, governing agencies of various countries are mandating businesses to purchase a motor insurance policy for their commercial vehicles, such as auto-rickshaws, cabs, school buses, tractors, vans, and trucks. Moreover, the increasing use of commercial vehicles for inter-city passenger tour and travel, and heavy-duty vehicles for bulk transportation of goods is creating a positive outlook for the market. Besides this, insurers are offering online insurance solutions with hassle-free and fully digital insurance comparing, buying, and renewing platforms. This, in confluence with the growing internet penetration and the rising reliance on smartphones, is promoting the adoption of motor insurance worldwide. Furthermore, the introduction of usage-based vehicle insurance (UBI) that employs individualized data gathered by the Internet of Things (IoT) sensors to determine insurance premiums is anticipated to influence the market positively.

Key Market Segmentation:

The publisher provides an analysis of the key trends in each sub-segment of the global motor insurance market report, along with forecasts at the global, regional and country level from 2024-2032. The report has categorized the market based on policy type, premium type and distribution channel.

Breakup by Policy Type:

  • Liability Insurance
  • Comprehensive Coverage
  • Collision Coverage
  • Personal Injury Protection

Breakup by Premium Type:

  • Personal Insurance Premiums
  • Commercial Insurance Premiums

Breakup by Distribution Channel:

  • Insurance Agents/Brokers
  • Direct Response
  • Banks
  • Others

Breakup by Region:

  • North America
  • United States
  • Canada
  • Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
  • Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
  • Latin America
  • Brazil
  • Mexico
  • Others
  • Middle East and Africa

Competitive Landscape:

  • The competitive landscape of the industry has also been examined along with the profiles of the key players being American International Group Inc., Assicurazioni Generali S.p.A., AXA Cooperative Insurance Company (Gulf Insurance Company K.S.C.), Bajaj Allianz General Insurance Company Limited, China Ping An Insurance Co. Ltd., Government Employees Insurance Company (Berkshire Hathaway Inc.), Reliance General Insurance Company Limited (Reliance Capital Limited ), State Farm Mutual Automobile Insurance Company, The Hanover Insurance Group Inc. (Opus Investment Management), The Progressive Corporation, Universal Sompo General Insurance Company Limited and Zurich Insurance Group Ltd

Key Questions Answered in This Report

1. What was the size of the global motor insurance market in 2023?
2. What is the expected growth rate of the global motor insurance market during 2024-2032?
3. What are the key factors driving the global motor insurance market?
4. What has been the impact of COVID-19 on the global motor insurance market?
5. What is the breakup of the global motor insurance market based on the policy type?
6. What is the breakup of the global motor insurance market based on the distribution channel?
7. What are the key regions in the global motor insurance market?
8. Who are the key players/companies in the global motor insurance market?

Table of Contents

1 Preface
2 Scope and Methodology
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global Motor Insurance Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast
6 Market Breakup by Policy Type
6.1 Liability Insurance
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 Comprehensive Coverage
6.2.1 Market Trends
6.2.2 Market Forecast
6.3 Collision Coverage
6.3.1 Market Trends
6.3.2 Market Forecast
6.4 Personal Injury Protection
6.4.1 Market Trends
6.4.2 Market Forecast
7 Market Breakup by Premium Type
7.1 Personal Insurance Premiums
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 Commercial Insurance Premiums
7.2.1 Market Trends
7.2.2 Market Forecast
8 Market Breakup by Distribution Channel
8.1 Insurance Agents/Brokers
8.1.1 Market Trends
8.1.2 Market Forecast
8.2 Direct Response
8.2.1 Market Trends
8.2.2 Market Forecast
8.3 Banks
8.3.1 Market Trends
8.3.2 Market Forecast
8.4 Others
8.4.1 Market Trends
8.4.2 Market Forecast
9 Market Breakup by Region
9.1 North America
9.1.1 United States
9.1.1.1 Market Trends
9.1.1.2 Market Forecast
9.1.2 Canada
9.1.2.1 Market Trends
9.1.2.2 Market Forecast
9.2 Asia-Pacific
9.2.1 China
9.2.1.1 Market Trends
9.2.1.2 Market Forecast
9.2.2 Japan
9.2.2.1 Market Trends
9.2.2.2 Market Forecast
9.2.3 India
9.2.3.1 Market Trends
9.2.3.2 Market Forecast
9.2.4 South Korea
9.2.4.1 Market Trends
9.2.4.2 Market Forecast
9.2.5 Australia
9.2.5.1 Market Trends
9.2.5.2 Market Forecast
9.2.6 Indonesia
9.2.6.1 Market Trends
9.2.6.2 Market Forecast
9.2.7 Others
9.2.7.1 Market Trends
9.2.7.2 Market Forecast
9.3 Europe
9.3.1 Germany
9.3.1.1 Market Trends
9.3.1.2 Market Forecast
9.3.2 France
9.3.2.1 Market Trends
9.3.2.2 Market Forecast
9.3.3 United Kingdom
9.3.3.1 Market Trends
9.3.3.2 Market Forecast
9.3.4 Italy
9.3.4.1 Market Trends
9.3.4.2 Market Forecast
9.3.5 Spain
9.3.5.1 Market Trends
9.3.5.2 Market Forecast
9.3.6 Russia
9.3.6.1 Market Trends
9.3.6.2 Market Forecast
9.3.7 Others
9.3.7.1 Market Trends
9.3.7.2 Market Forecast
9.4 Latin America
9.4.1 Brazil
9.4.1.1 Market Trends
9.4.1.2 Market Forecast
9.4.2 Mexico
9.4.2.1 Market Trends
9.4.2.2 Market Forecast
9.4.3 Others
9.4.3.1 Market Trends
9.4.3.2 Market Forecast
9.5 Middle East and Africa
9.5.1 Market Trends
9.5.2 Market Breakup by Country
9.5.3 Market Forecast
10 SWOT Analysis
10.1 Overview
10.2 Strengths
10.3 Weaknesses
10.4 Opportunities
10.5 Threats
11 Value Chain Analysis
12 Porters Five Forces Analysis
12.1 Overview
12.2 Bargaining Power of Buyers
12.3 Bargaining Power of Suppliers
12.4 Degree of Competition
12.5 Threat of New Entrants
12.6 Threat of Substitutes
13 Price Analysis
14 Competitive Landscape
14.1 Market Structure
14.2 Key Players
14.3 Profiles of Key Players
14.3.1 American International Group Inc.
14.3.1.1 Company Overview
14.3.1.2 Product Portfolio
14.3.1.3 Financials
14.3.1.4 SWOT Analysis
14.3.2 Assicurazioni Generali S.p.A.
14.3.2.1 Company Overview
14.3.2.2 Product Portfolio
14.3.2.3 Financials
14.3.2.4 SWOT Analysis
14.3.3 AXA Cooperative Insurance Company (Gulf Insurance Company K.S.C.)
14.3.3.1 Company Overview
14.3.3.2 Product Portfolio
14.3.3.3 Financials
14.3.4 Bajaj Allianz General Insurance Company Limited
14.3.4.1 Company Overview
14.3.4.2 Product Portfolio
14.3.4.3 SWOT Analysis
14.3.5 China Ping An Insurance Co. Ltd.
14.3.5.1 Company Overview
14.3.5.2 Product Portfolio
14.3.5.3 Financials
14.3.5.4 SWOT Analysis
14.3.6 Government Employees Insurance Company (Berkshire Hathaway Inc.)
14.3.6.1 Company Overview
14.3.6.2 Product Portfolio
14.3.6.3 SWOT Analysis
14.3.7 Reliance General Insurance Company Limited (Reliance Capital Limited)
14.3.7.1 Company Overview
14.3.7.2 Product Portfolio
14.3.7.3 Financials
14.3.7.4 SWOT Analysis
14.3.8 State Farm Mutual Automobile Insurance Company
14.3.8.1 Company Overview
14.3.8.2 Product Portfolio
14.3.8.3 SWOT Analysis
14.3.9 The Hanover Insurance Group Inc. (Opus Investment Management)
14.3.9.1 Company Overview
14.3.9.2 Product Portfolio
14.3.9.3 Financials
14.3.9.4 SWOT Analysis
14.3.10 The Progressive Corporation
14.3.10.1 Company Overview
14.3.10.2 Product Portfolio
14.3.10.3 Financials
14.3.10.4 SWOT Analysis
14.3.11 Universal Sompo General Insurance Company Limited.
14.3.11.1 Company Overview
14.3.11.2 Product Portfolio
14.3.12 Zurich Insurance Group Ltd.
14.3.12.1 Company Overview
14.3.12.2 Product Portfolio
14.3.12.3 Financials
14.3.12.4 SWOT Analysis
List of Figures
Figure 1: Global: Motor Insurance Market: Major Drivers and Challenges
Figure 2: Global: Motor Insurance Market: Sales Value (in Billion US$), 2018-2023
Figure 3: Global: Motor Insurance Market Forecast: Sales Value (in Billion US$), 2024-2032
Figure 4: Global: Motor Insurance Market: Breakup by Policy Type (in %), 2023
Figure 5: Global: Motor Insurance Market: Breakup by Premium Type (in %), 2023
Figure 6: Global: Motor Insurance Market: Breakup by Distribution Channel (in %), 2023
Figure 7: Global: Motor Insurance Market: Breakup by Region (in %), 2023
Figure 8: Global: Motor Insurance (Liability Insurance) Market: Sales Value (in Million US$), 2018 & 2023
Figure 9: Global: Motor Insurance (Liability Insurance) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 10: Global: Motor Insurance (Comprehensive Coverage) Market: Sales Value (in Million US$), 2018 & 2023
Figure 11: Global: Motor Insurance (Comprehensive Coverage) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 12: Global: Motor Insurance (Collision Coverage) Market: Sales Value (in Million US$), 2018 & 2023
Figure 13: Global: Motor Insurance (Collision Coverage) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 14: Global: Motor Insurance (Personal Injury Protection) Market: Sales Value (in Million US$), 2018 & 2023
Figure 15: Global: Motor Insurance (Personal Injury Protection) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 16: Global: Motor Insurance (Personal Insurance Premiums) Market: Sales Value (in Million US$), 2018 & 2023
Figure 17: Global: Motor Insurance (Personal Insurance Premiums) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 18: Global: Motor Insurance (Commercial Insurance Premiums) Market: Sales Value (in Million US$), 2018 & 2023
Figure 19: Global: Motor Insurance (Commercial Insurance Premiums) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 20: Global: Motor Insurance (Insurance Agents/Brokers) Market: Sales Value (in Million US$), 2018 & 2023
Figure 21: Global: Motor Insurance (Insurance Agents/Brokers) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 22: Global: Motor Insurance (Direct Response) Market: Sales Value (in Million US$), 2018 & 2023
Figure 23: Global: Motor Insurance (Direct Response) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 24: Global: Motor Insurance (Banks) Market: Sales Value (in Million US$), 2018 & 2023
Figure 25: Global: Motor Insurance (Banks) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 26: Global: Motor Insurance (Other Distribution Channels) Market: Sales Value (in Million US$), 2018 & 2023
Figure 27: Global: Motor Insurance (Other Distribution Channels) Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 28: North America: Motor Insurance Market: Sales Value (in Million US$), 2018 & 2023
Figure 29: North America: Motor Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 30: United States: Motor Insurance Market: Sales Value (in Million US$), 2018 & 2023
Figure 31: United States: Motor Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 32: Canada: Motor Insurance Market: Sales Value (in Million US$), 2018 & 2023
Figure 33: Canada: Motor Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 34: Asia-Pacific: Motor Insurance Market: Sales Value (in Million US$), 2018 & 2023
Figure 35: Asia-Pacific: Motor Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 36: China: Motor Insurance Market: Sales Value (in Million US$), 2018 & 2023
Figure 37: China: Motor Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 38: Japan: Motor Insurance Market: Sales Value (in Million US$), 2018 & 2023
Figure 39: Japan: Motor Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 40: India: Motor Insurance Market: Sales Value (in Million US$), 2018 & 2023
Figure 41: India: Motor Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 42: South Korea: Motor Insurance Market: Sales Value (in Million US$), 2018 & 2023
Figure 43: South Korea: Motor Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 44: Australia: Motor Insurance Market: Sales Value (in Million US$), 2018 & 2023
Figure 45: Australia: Motor Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 46: Indonesia: Motor Insurance Market: Sales Value (in Million US$), 2018 & 2023
Figure 47: Indonesia: Motor Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 48: Others: Motor Insurance Market: Sales Value (in Million US$), 2018 & 2023
Figure 49: Others: Motor Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 50: Europe: Motor Insurance Market: Sales Value (in Million US$), 2018 & 2023
Figure 51: Europe: Motor Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 52: Germany: Motor Insurance Market: Sales Value (in Million US$), 2018 & 2023
Figure 53: Germany: Motor Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 54: France: Motor Insurance Market: Sales Value (in Million US$), 2018 & 2023
Figure 55: France: Motor Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 56: United Kingdom: Motor Insurance Market: Sales Value (in Million US$), 2018 & 2023
Figure 57: United Kingdom: Motor Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 58: Italy: Motor Insurance Market: Sales Value (in Million US$), 2018 & 2023
Figure 59: Italy: Motor Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 60: Spain: Motor Insurance Market: Sales Value (in Million US$), 2018 & 2023
Figure 61: Spain: Motor Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 62: Russia: Motor Insurance Market: Sales Value (in Million US$), 2018 & 2023
Figure 63: Russia: Motor Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 64: Others: Motor Insurance Market: Sales Value (in Million US$), 2018 & 2023
Figure 65: Others: Motor Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 66: Latin America: Motor Insurance Market: Sales Value (in Million US$), 2018 & 2023
Figure 67: Latin America: Motor Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 68: Brazil: Motor Insurance Market: Sales Value (in Million US$), 2018 & 2023
Figure 69: Brazil: Motor Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 70: Mexico: Motor Insurance Market: Sales Value (in Million US$), 2018 & 2023
Figure 71: Mexico: Motor Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 72: Others: Motor Insurance Market: Sales Value (in Million US$), 2018 & 2023
Figure 73: Others: Motor Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 74: Middle East and Africa: Motor Insurance Market: Sales Value (in Million US$), 2018 & 2023
Figure 75: Middle East and Africa: Motor Insurance Market: Breakup by Country (in %), 2023
Figure 76: Middle East and Africa: Motor Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
Figure 77: Global: Motor Insurance Industry: SWOT Analysis
Figure 78: Global: Motor Insurance Industry: Value Chain Analysis
Figure 79: Global: Motor Insurance Industry: Porter's Five Forces Analysis
List of Tables
Table 1: Global: Motor Insurance Market: Key Industry Highlights, 2023 and 2032
Table 2: Global: Motor Insurance Market Forecast: Breakup by Policy Type (in Million US$), 2024-2032
Table 3: Global: Motor Insurance Market Forecast: Breakup by Premium Type (in Million US$), 2024-2032
Table 4: Global: Motor Insurance Market Forecast: Breakup by Distribution Channel (in Million US$), 2024-2032
Table 5: Global: Motor Insurance Market Forecast: Breakup by Region (in Million US$), 2024-2032
Table 6: Global: Motor Insurance Market: Competitive Structure
Table 7: Global: Motor Insurance Market: Key Players

Companies Mentioned

  • American International Group Inc.
  • Assicurazioni Generali S.p.A.
  • AXA Cooperative Insurance Company (Gulf Insurance Company K.S.C.)
  • Bajaj Allianz General Insurance Company Limited
  • China Ping An Insurance Co. Ltd.
  • Government Employees Insurance Company (Berkshire Hathaway Inc.)
  • Reliance General Insurance Company Limited (Reliance Capital Limited )
  • State Farm Mutual Automobile Insurance Company
  • The Hanover Insurance Group Inc. (Opus Investment Management)
  • The Progressive Corporation
  • Universal Sompo General Insurance Company Limited and Zurich Insurance Group Ltd.

Methodology

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Table Information

Report AttributeDetails
No. of Pages142
PublishedMarch 2024
Forecast Period2023 - 2032
Estimated Market Value ( USD ) in 2023 $ 849.1 Billion
Forecasted Market Value ( USD ) by 2032 $ 1630 Billion
Compound Annual Growth Rate7.5%
Regions CoveredGlobal
No. of Companies Mentioned11

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About the Car Insurance Market

The Car Insurance market is a subset of the Automotive Insurance industry, which provides coverage for vehicles and their owners. Car Insurance policies typically cover a variety of risks, including damage to the vehicle, liability for injury or property damage, and medical expenses. Policies may also provide coverage for towing and rental car expenses, as well as coverage for uninsured or underinsured drivers. Car Insurance policies are typically offered by insurance companies, and premiums are based on factors such as the type of vehicle, the driver's age and driving record, and the amount of coverage desired. Many insurers offer discounts for safe driving, multiple vehicles, and other factors. Some of the companies in the Car Insurance market include Allstate, Geico, Progressive, State Farm, USAA, and Liberty Mutual. Show Less Read more

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