The global motor vehicle insurance market is anticipated to grow at a CAGR of 6.2% during the forecast period. Automotive vehicles are expensive products that a person purchases through their life-long earnings. Thus, any damage or loss of this vehicle does not create financial loss but also impacts the mental health of the vehicle owners. Due to this reason, vehicle owners around the globe purchases motor vehicle insurance to safeguard themselves from any type of financial loss due to vehicle theft or damage due to natural disaster and accidents. The rising disposable income is a major factor driving the growth of the motor vehicle insurance market. Moreover, stringent government regulations for motor vehicle insurance are also significantly supporting the growth of the market. For instance, the Motor Vehicles Act of 1988 of India mandates the insurance purchase with every vehicle driven in a public place.
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The COVID-19 pandemic had suspended the manufacturing of automotive vehicles due to lockdowns and facility shutdowns. According to the International Organization of Motor Vehicle Manufacturers (OICA), the global production of automotive vehicles in 2020 was down by 16% as compared to the previous year. Additionally, the buyers avoided spending on non-essential and expensive products, which drastically reduced the sales of automotive vehicles by 12% in 2020. The insurance companies had suffered great trouble during the pandemic, as they had faced huge numbers of bankruptcy during the pandemic period, as the majority of people were unable to pay their insurance premiums.
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- Market Coverage
- Market number available for – 2022-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill Inc., and others
Market Segmentation
Global Motor Vehicle Insurance Market by Vehicle Type
- Personal Vehicle
- Commercial Vehicle
Global Motor Vehicle Insurance Market by Policy Type
- Third-Party Vehicle Insurance
- Fire & Theft Vehicle Insurance
- Comprehensive Vehicle Insurance
Regional Analysis
- North America
- US
- Canada
- Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Rest of Asia-Pacific
- Rest of the World
Company Profiles
- Allianz SE
- Allstate
- American Family Insurance
- Assicurazioni Generali
- AXA SA
- Bajaj FinServ Ltd.
- GEICO (Berkshire Hathaway Inc.)
- HDFC ERGO General Insurance
- IFFCO Tokio General Insurance
- Liberty Mutual
- National Insurance Co.
- PICC Property & Casualty Co. Ltd.
- Ping An Insurance
- Progressive
- Royal Sundaram General Insurance
- State Farm
- TATA AIG GIC, Ltd.
- The Oriental Insurance Co.
- United India Insurance Co. Ltd.
- USAA
- Zurich AG
The Report Covers
- Market value data analysis of 2021 and forecast to 2028.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global motor vehicle insurance market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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