Automotive Insurance Market Expected to Reach at High Pace by 2025 | Know COVID-19 Analysis | Top Companies- RSA Insurance Group PLC, GEICO, Allstate Insurance Company

Market Scope
Market Research Future (MRFR) envisions a promising growth for the automotive insurance market 2020 at a considerable rate between 2019 and 2024 (appraisal period). We will provide COVID-19 impact analysis with the report, offering detailed market developments following the coronavirus disease outbreak.

Top Boosters and Key Barriers
The automotive industry has been facing a slew of challenges since the COVID-19 outbreak. The hardest hit aspects have been profitability and revenue, with automakers now trying to regain grounds as the lockdown is being lifted across countries. Following the pandemic and the resultant curfews and travel bands, the auto industry is taking steps to recover. Experts note that since the onset of SARS-CoV-2, there has been a notable change in consumer behavior and habits, with the demand for shared mobility reducing swiftly in light of the growing prevalence of social distancing as well as hygiene. This could mean a higher demand for lower-priced personal mobility, thereby benefitting the automakers and the auto insurance companies.

Moving forward, the novel coronavirus has driven the need for contact-less transactions, which could reflect in vehicle purchases in the coming months. The rising preference for online models along with the surge in online booking of doorstep pickup/delivery, online payments and appointments has been favorable for the automotive insurance market, despite the COVID-19 impact. Many of the insurance firms are offering refunds or discounts to customers, which can further benefit the market.

Prominent Industry Firms
The prominent industry firms mentioned in the report include Progressive Casualty Insurance Company (US), RSA Insurance Group PLC (UK), GEICO (US), Allstate Insurance Company (US), State Farm Mutual Automobile Insurance Company (US), RAC Motoring Services (UK), ABIC Inc. (China), CPIC (China), Zurich Insurance Group (Switzerland), NFU Mutual (UK), Clements Worldwide (US), Zhongan Insurance (China), to list a few.

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Market Segmentation
Auto Insurance Market has been considered in terms of vehicle type, insurance type, and region.
The key vehicle types discussed in the market study are light commercial vehicle/LCV, heavy commercial vehicle/HCV as well as passenger cars.

Depending on the insurance type, the market caters to comprehensive, third-party theft and fire, third-party, and more.

Regional Analysis
The automotive insurance market has been regionally considered for Europe, APAC/Asia Pacific, North America, in addition to RoW/the rest of the world.

The APAC auto insurance market is the clear winner, as the top emerging countries like India, South Korea, Japan and China are observing escalated sales of vehicles in light of the rising preference for personal vehicles. The extensive pool of renowned insurance providers as well as third-parties in the region also adds to the industry expansion rate. The rapid surge in urbanization and the improving economic conditions, particularly of the middle class population also provide significant opportunities to the leading automotive insurers.

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TABLE OF CONTENTS:
1. Market Introduction
2. Research Methodology
3. Market Dynamics
4. Executive Summary
5. Market Factor Analysis
6. Automotive insurance Market, By Segments
7. Competitive Analysis
Continued…

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This release was published on openPR.