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Auto Insurance Market Projections by 2026 - Industry Outlook, Market Share, Regional Analysis

02-25-2020 09:56 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Allied Market Research

Auto Insurance

Auto Insurance

Auto insurance is insurance policy for cars, trucks, motorcycles, and other road vehicles. Its primary use is to provide financial protection against collision coverage, comprehensive coverage, uninsured/underinsured motorist coverage, medical payments, and personal injury protection.
The auto insurance market gains worldwide popularity. Increase in the automobile sales globally due to increase in the per capita income of the consumers majorly drives the market growth.

The governments across the world make it mandatory to buy insurance policy while purchasing a new vehicle and this move has acted as a catalyst in the increased sale in the auto insurance market. Innovative and lucrative product launches are expected to boost the market growth. The leading insurance players offer various add-on covers and it is expected to positively impact insurance sales.

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The increased incidences of road accidents due to rise in road traffic is among the major reasons for market growth. However, market fragmentation and rise in on-demand car services and the adoption of autonomous vehicles also reduces the need for auto insurance in the future, which is a major restraint for the auto insurance market.

The global auto insurance market is segmented on the basis of premium type, distribution channel, and geography. By premium type, it is bifurcated into personal insurance premium and commercial insurance premium. By distribution channel, it is classified into insurance broker/agency and online. Based on geography, the market is analyzed across North America (U.S., Canada, and Mexico), Europe (UK, France, Germany, Italy, and Rest of Europe), Asia-Pacific (China, India, Japan, and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).

The key players in the market include Allianz SE (Germany), AXA (France), Assicurazioni Generali S.p.A. (Italy), The Allstate Corporation (U.S.), American International Group, Inc. (U.S.), Berkshire Hathaway Homestate Companies (U.S.), Zurich Insurance Group Ltd. (Switzerland), Munich Re (Germany), Prudential plc (UK), and China Life Insurance Group (China).

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Key Benefits
o The study provides an in-depth analysis of the auto insurance market with current and future trends to elucidate the imminent investment pockets in the market.
o Current and future trends are outlined to determine the overall attractiveness and to single out profitable trends to gain a stronger foothold in the market.
o The report provides information regarding key drivers, restraints, and opportunities.
o Quantitative analysis of the current market and estimations through 2019-2026 are provided to showcase the financial caliber of the market.

Auto Insurance Market Key Segmentation

By Premium Type
o Personal Insurance Premium
o Commercial Insurance Premium

By Distribution Channel
o Insurance Broker/Agency
o Online

By Geography
o North America
o Europe
o Asia Pacific
o LAMEA

Key Market Players
o Allianz SE (Germany)
o AXA (France)
o Assicurazioni Generali S.p.A. (Italy)
o The Allstate Corporation (U.S.)
o American International Group, Inc. (U.S.)
o Berkshire Hathaway Homestate Companies
o Zurich Insurance Group Ltd. (Switzerland)
o Munich Re (Germany)
o Prudential plc (UK)
o China Life Insurance Group (China)

About Us

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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