Two Wheeler Insurance Market Share Growth by 2027: Which regions are gaining utmost traction? Key Players Analysis
A two wheeler insurance plan basically covers any damage that a two-wheeler may incur in the event of an accident, natural disaster, or theft. Two wheeler insurance policy gives security against losses resulting from injuries to the rider or passenger as well as third parties, based on the type of policy purchased by an individual. Normally, the insurance plan comes together with new two-wheelers, where expenses of insurance is applied on the price of vehicle.
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In November 2019, Sara Assicurazioni, an Italian motor insurance firm, launched its latest technology in partnership with RideVision, an Israeli technology start-up to reduce motor-bike accidents in Italy. New developments allow customers to choose to fit advance rider assistance system in their bikes, which warn them before any critical situation and help to take action to avoid collision. This new device includes multiple cameras connected to computer vision and neural network technology, two segments of AI that enable image processing and risk exposure.
Major players analyzed include ETA Services Ltd, Evans Insurance Brokers Ltd, HDFC ERGO General Insurance Company Limited, National Insurance Company Limited, Bajaj Allianz General Insurance, Universal Sompo General Insurance Co.Ltd., Liberty General Insurance Limited, ICICI Lombard GIC Ltd, Progressive Casualty Insurance Company
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COVID-19 scenario analysis:
Lockdowns, owing to the pandemic have caused a sharp drop in vehicle sales and, as a result, insurance sales rate has also dropped significantly in most regions.
In addition, regulatory restrictions were imposed on insurers by governments to ease pressure on customers, due to the current economic circumstances, which has declined the market growth.
RideVision's new Collision Aversion Technology recognizes and analyzes relevant threats without distressing critical attention of the rider, while the device also operates as a dash camera to enable riders to capture an accident in case they ought to make claims. This help insurance companies to mitigate client’s collision risk and effectively process claims with evidence.
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