COVID Impact On Global Motor Insurance Market 2020-2025

Estimates indicate that around USD 200 Billion market value of auto insurance industry is at the brink of change due to new mobility, car technology, digitalisation and regulation. If such a disruption happens, it is expected that premiums in Japan would fall by 84% in 2040 as compared to 2015.

Usage-based insurance (UBI), is generally powered by telematics technology that is pre-installed in a vehicle’s network or can be used through a plug-in device/mobile application.

Telematics devices provide the insurers with a wide range of data, such as braking and accelerating, to measure the drivers’ behaviour and usage of the vehicle.

With increasing in-car safety features and emergence of autonomous cars as well as external technology which could lead to better accident analysis and safer driving through speed control, it reduces and shifts the shape of the risk pool.

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Currently, auto insurance is bundled with the car purchase and is included in the “on road price” of the product. Once onboarded, insurers would be able to closely engage with customers and to ensure safe driving and prevent accidents.

All motor vehicle insurance companies are expected to change their systems and processes so that they can develop and accurately price new products and insurance packages.

In India, increasing technology advancements leading to greater connected world and changing the way that the data is collected and processed has changed the local motor insurance industry.

InsurTech described as a transformational force which is pushed by innovative technology forward has disrupted the business models on which such companies operated.

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COMPANY PROFILES
Allianz
Allstate Insurance
American International Group
Berkshire Hathaway Homestate
People’s Insurance Company of China
AXA
Zurich Insurance Group
Munich Re

THIS MOTOR INSURANCE MARKET REPORT WILL ANSWER FOLLOWING QUESTIONS
1. Motor Insurance Market size and Forecast , by region, by application
2. Average B-2-B price for Motor Insurance Market, by region, per user
3. Technology trends and related opportunity for new Motor Insurance Market tech suppliers
4. Market share of leading vendors, by region,
5. Coronavirus impact on Motor Insurance Market earnings

Media Contact
Company Name: Mobility Foresights
Contact Person: Kunal Roy
Email: sales@mobilityforesights.com
Phone: +1-315-675-4056
Address: P3&P4, HAL 3rd Stage
City: Bangalore
State: Karnataka

Company Name: Mobility Foresights
Contact Person: Kunal Roy
Email: sales@mobilityforesights.com
Phone: +1-315-675-4056
Address: P3&P4, HAL 3rd Stage
City: Bangalore
State: Karnataka

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This release was published on openPR.