Automobile Insurance Carriers Global Market Report 2024

The automobile insurance carriers market size has grown rapidly in recent years. It will grow from $847.06 billion in 2023 to $933.3 billion in 2024 at a compound annual growth rate (CAGR) of 10.2%. During the historical period, the increase in motorization and vehicle ownership, adherence to legal requirements and regulatory standards, population growth coupled with urbanization, a surge in traffic accidents and collisions, as well as economic expansion and enhanced affordability were factors contributing to the observed growth.

The automobile insurance carriers market size is expected to see rapid growth in the next few years. It will grow to $1430.69 billion in 2028 at a compound annual growth rate (CAGR) of 11.3%. In the projected period, the anticipated growth is linked to the persistent increase in vehicle ownership, the dynamic evolution of legal frameworks and regulations, challenges in urban mobility, shifts in consumer behavior and preferences, economic patterns, and considerations of affordability. Key trends expected in the forecast period encompass heightened attention to cybersecurity, assessments of climate change effects and catastrophe modeling, the prioritization of customer-centric services, adaptations to regulatory changes, and the integration of big data analytics.

The automotive insurance carrier market is anticipated to witness growth due to the increasing number of accidents. Accidents, defined as unexpected events causing injury, damage, or death, have surged, propelling demand for automotive insurance. Insurance companies play a crucial role in financially safeguarding customers by compensating for automobile damages resulting from accidents. Notably, in December 2022, the Ministry of Road Transport and Highways reported a 12.6% rise in traffic accidents in India, reaching 412,432 in 2021 from 366,138 in 2020. Similarly, the National Highway Traffic Safety Administration noted a 10.5% increase in fatalities in the United States, reaching 42,915 in 2021, fostering demand for automotive insurance carriers.

The automotive insurance carrier market is poised for growth, driven by the expansion of the automotive industry. This sector encompasses various activities related to motor vehicles, including design, development, manufacturing, marketing, and repair. Automotive insurance carriers play a pivotal role in providing financial protection to car owners and drivers in the event of accidents, alleviating the financial burden on individuals and businesses. Notably, in August 2023, the Board of Governors of the Federal Reserve System reported an increase in total vehicle production in the United States to 11.77 million units in July 2023, up from 10.91 million units in June 2023. This growth in automotive sales contributes to the rising demand for automotive insurance carriers.

A notable trend in the automotive insurance carriers market is the emphasis on product innovations. Companies within this market are actively adopting innovative strategies to enhance their market position. For instance, in January 2023, New India Assurance (NIA), a general insurance company based in India, introduced the Pay as You Drive (PAYD) policy. This innovative policy allows policyholders to save money through renewal premium discounts, provided their vehicles stay within specified kilometers. Furthermore, if a vehicle exceeds the predetermined limit, coverage will persist for the remaining policy duration. Product innovations such as PAYD are indicative of the dynamic landscape within the automotive insurance carriers market, reflecting a commitment to meeting evolving customer needs.

Prominent players in the automotive insurance carriers’ market are strategically investing in technological advancements, particularly the development of mobile telematics-based auto insurance, to secure a competitive advantage. Mobile telematics-based auto insurance, commonly referred to as usage-based insurance (UBI), leverages mobile technology to monitor and assess a driver's behavior. In a notable example, Edelweiss General Insurance, an Indian non-life insurance provider, introduced SWITCH in July 2022. This on-demand policy enables customers to purchase and renew coverage as needed, with premiums calculated based on the insured's driving habits tracked through telematics. The policy not only determines premiums but also offers feedback to policyholders regarding their driving behavior.

In January 2021, State Farm Mutual Automobile Insurance, a leading US-based insurance company, completed the acquisition of Gainsco for $400 million. This strategic collaboration aimed to position both entities as premier nationwide non-standard personal auto insurers. Gainsco, a US-based auto insurance company, distributes its insurance brand, Gainsco Auto Insurance, through independent retail agents across the United States. The acquisition underscored the industry's pursuit of consolidation and expansion to strengthen market presence and enhance offerings in the automotive insurance landscape.

Major companies operating in the automobile insurance carriers market report are State Farm Mutual Automobile Insurance Company, Government Employees Insurance Company, The Allstate Corporation, People’s Insurance Company Of China, China Pacific Insurance Co., Universal Sompo General Insurance Company Limited, Ping An Insurance (Group) Company of China Ltd., Berkshire Hathaway Inc., Admiral Group plc, Tokio Marine Group, Allianz SE, Progressive Casualty Insurance Company, Zurich Insurance Group plc, Farmers Insurance Group, Liberty Mutual Holding Company Inc., RAC Motoring Services Ltd., Clements & Company and later Clements International, National Farmers' Union Mutual Insurance Society Limited (NFU Mutual), United Services Automobile Association, RSA Insurance Group Ltd., American International Group Inc., Assicurazioni Generali S.p.A., AXA Cooperative Insurance Company, Bajaj Allianz General Insurance Company Limited, Mitsui Sumitomo Insurance Co. Ltd., Reliance General Insurance Company Limited, The Hanover Insurance Group Inc., American Family Mutual Insurance Company, AmTrust North America Inc., Automobile Club MI Group, Auto-Owners Insurance Co., CSAA Insurance, Erie Insurance Co., Mapfre SA, Mercury General Corp., Nationwide Mutual Insurance Company, Security National Insurance Company, Sentry Insurance Group, Technology Insurance Company, Hartford Financial Services Group Inc., Travelers Companies Inc.

North America was the largest region in the automobile insurance carriers’ market in 2023. The regions covered in the automobile insurance carriers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the automobile insurance carriers market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary coverages within automobile insurance involve third-party liability coverage, alongside collision, comprehensive, and optional coverages. Third-party liability pertains to individuals not directly involved in the insurance policy. The vehicles covered include both light commercial vehicles (LCV) and heavy commercial vehicles (HCV), such as trucks and buses. Distribution of automobile insurance occurs through various channels, including insurance agents, direct response methods, banks, and other distribution channels.

The automobile insurance carriers market research report is one of a series of new reports that provides automobile insurance carriers market statistics, including automobile insurance carriers industry global market size, regional shares, competitors with automobile insurance carriers market share, detailed automobile insurance carriers market segments, market trends, and opportunities, and any further data you may need to thrive in the automobile insurance carriers industry. This automobile insurance carriers market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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