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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Impact of COVID-19 Pandemic on the Global Motor Vehicle Insurance Market
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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Segmental Outlook
The global motor vehicle insurance market is segmented based on the vehicle type and policy type. Based on the vehicle type, the market is segmented into personal vehicle and commercial vehicle. Among these vehicle types, the passenger vehicles segment holds the major share in the market. The rising per capita income of customers is the driving factor for this segment. The commercial vehicles segment is majorly driven by the increasing sales of cabs. COVID-19 had made lots of people unemployed, and most of these unemployed people are searching for different ways to earn a livelihood. By becoming a cab service provider, such people become self-employed. Thus, driving the growth of the commercial vehicle segment. Based on the policy type, the market is sub-segmented into third-party vehicle insurance, fire & theft vehicle insurance, and comprehensive vehicle insurance. The above-mentioned segments can also be customized as per the requirements.
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