The motor vehicle insurance market is anticipated to grow at a significant CAGR of 6.2% during the forecast period (2022-2028). Motor vehicle insurance covers automobiles, trucks, motorbikes, and other types of road vehicles. Its major purpose is to offer financial protection against physical damage or bodily harm caused by traffic collisions, as well as the responsibility that may emerge as a result of such occurrences. Motor vehicle insurance may also provide financial protection against vehicle theft and damage caused by incidents other than traffic crashes, such as keying, bad weather, or natural catastrophes, as well as damage caused by colliding with stationary objects. The global motor vehicle insurance market is growing due to an increase in the number of accidents, the implementation of strict government laws for the adoption of auto insurance, and a boom in automotive sales around the globe.
The market players are contributing significantly to the market’s growth by adopting various strategies, including mergers & acquisitions, geographical expansion, partnerships and collaborations, and new product launches, to stay competitive in the market. For instance-
- In August 2021, AXA S.A. launched STeP, a new digital claims solution aimed at making the automobile insurance process easier for clients. According to AXA, STeP only takes a few minutes of time from customer notice to partners organizing repair or salvage.
- In May 2021, GEICO partnered with AI technology firm Tractable to speed up its vehicle claim and repair procedures. Tractable is the creator of a patented computer vision system that has been trained on millions of claims in the past. Like a human assessor, the AI can estimate car damage based on images. GEICO wants to use Tractable’s technology to quickly and correctly assess estimates while lowering administrative costs.
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Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By User Type
- By Policy Type
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
Competitive Landscape– Allianz SE, AXA SA, Zurich AG, Bajaj FinServ Ltd., PICC Property & Casualty Co. Ltd., Royal Sundaram General Insurance, The Oriental Insurance Co., and HDFC ERGO General Insurance, among others.
A full report Motor Vehicle Insurance Market of is available at: https://orionmarketreports.com/motor-vehicle-insurance-market/107751/
Global Motor Vehicle Insurance Market Report by Segment
By Vehicle Type
- Personal Vehicle
- Commercial Vehicle
By Policy Type
- Third-Party Vehicle Insurance
- Fire & Theft Vehicle Insurance
- Comprehensive Vehicle Insurance
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
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