FELTON, Calif., February 7, 2022 /PRNewswire/ — The World car insurance market size is expected to reach $1,620.2 billion by 2028, according to a new report from Million Insights. It’s expected grow at a CAGR of 8.8% from 2021 to 2028. The growing middle class population in developing economies like China, Indiaand Brazil propels the demand for auto insurance. Various government initiatives and reforms regarding insurance policies have led to significant growth in the market.
Key information from the report:
- Asia Pacific is expected to register the fastest CAGR of 9.6% from 2021 to 2028 due to growing middle class population in developing countries including China and India
- Based on coverage, the liability coverage segment held the largest share of over 60.0% in 2020 due to increased investment in the insurance industry by various companies
- North America held the largest share of more than 40.0% in 2020 due to growing demand in the United States and Canada
- By application, the private passenger segment held the largest share of over 85.0% in 2020 due to its growing demand
Some key factors driving the global auto insurance market:
The implementation of stringent government regulations for the adoption of auto insurance, rising number of accidents, and rising automobile sales globally are the major factors responsible for the growth of the market. Moreover, the growing implementation of technologies in existing products coupled with the growing demand for liability coverage in emerging countries is expected to expand the market over the forecast period.
The third party liability coverage segment held the largest share of over 60.0% in 2020. This insurance is compulsory for all vehicle owners under the Motor Vehicle Act. It covers civil liability for damage caused by the owner to third parties. Increase in investments in the insurance industry by various companies is propelling the growth of liability insurance. It will also register the highest growth rate during the forecast period due to its growing demand.
North America accounted for the largest share of more than 40.0% in 2020 due to growing demand in the United States and Canada. Insurance companies offer lower premium rates that reward the customer’s healthy lifestyle. Additionally, an increase in the purchase of cars is another significant factor boosting the regional market. Asia Pacific is expected to register the fastest CAGR of 9.6% from 2021 to 2028. This is due to the growing trend of auto insurance in this region.
Read the synopsis or request a free sample market research report,”Automobile Insurance Market Size, Share & Trends Analysis Report by Coverage (Liability Coverage, Collision/Full Coverage/Other Optional Coverages), By Application, By Distribution Channel, By Region and segment forecast, 2021-2028“, published by Million Insights.
Million Insights has segmented the global auto insurance market based on coverage, distribution channel, application, and region:
- Auto Insurance Coverage Outlook (Revenue, USD Billion, 2017-2028)
- Liability insurance
- Collision/Comprehensive/Other optional coverages
- Auto Insurance Distribution Channel Outlook (Revenue, USD Billion, 2017 – 2028)
- Insurance Agents/Brokers
- Direct response
- Auto Insurance Claims Outlook (Revenue, USD Billion, 2017-2028)
- private passenger
- commercial passenger
- Motor Insurance Regional Outlook (Revenue, USD Billion, 2017-2028)
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
List of key players in the car insurance market
- People’s Insurance Company of China
- CHINA PACIFIC INSURANCE CO.
- Ping An Insurance Company (Group) Chinaltd.
- State Farm Mutual Auto Insurance
- Berkshire Hathaway Inc.
- Admiral Group Plc
- Tokio Marine Group
- Allstate Insurance Company
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SOURCE Million Ideas