Vehicle Insurance Market Is Booming Worldwide by 2027 | Allianz, AXA, Ping An, Assicurazioni Generali, China Life Insurance

The Vehicle Insurance Market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides an in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies. As per our analysis, this industry will recover post-COVID, and this market will flourish during the forecast period.

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“Vehicle Insurance Market size was valued at $739.30 billion in 2019, and is projected to reach $1.06 trillion by 2027, growing at a CAGR of 8.5% from 2020 to 2027.”

Top leading Companies Profiled in Vehicle Insurance Market Report are Allianz, AXA, Ping An, Assicurazioni Generali, China Life Insurance, Metlife, Nippon Life Insurance, Munich Reinsurance, State Farm Insurance, Zurich Insurance, Old Mutual, Samsung, Aegon, Sumitomo, Aetna, MS&AD, HSBC

Latest Update and Developments

Walmart-backed payments firm PhonePe launches vehicle insurance service- Walmart-owned digital payments firm PhonePe has launched insurance products for private cars and two-wheelers, partnering with Bajaj Allianz General Insurance for the service.

PhonePe launches car and bike insurance on its platform- PhonePe users can avail of insurance “without the need for any documents to be uploaded before the purchase and also view their policy documents instantly on the app,” PhonePe said in an official release.

Market Overview

In FY18, Motor insurance constituted 39.40% of the non-life insurance market in India. Increase in demand of motor insurance as a by-product of rapidly expanding auto industry. With strong growth in the automotive industry over the next decade will be a key driver of motor insurance. Automobiles sales in India has increased at 7.01% CAGR between FY13-18 to reach 24.97 million vehicles. Motor insurance accounted for 36.5% of non-life insurance premiums earned in India in Apr-Sep 2018. The Insurance Regulatory and Development Authority (IRDA) draft envisages a 10–80% rise in premium rates for the erstwhile loss-making third party motor insurance. The IRDA has indicated that it would disband the practice of annual fixing of premium for third party (TP) insurance for motor vehicles from 2020-21. This would pave the way for insurance companies to quote their own premiums, which may bring it down because of stiff competition.

A growing population of 1.38 billion and the soaring aspirations of India’s populace are presenting the opportunity for motor insurance companies to tap large volumes of prospective consumers. The Motor Insurance market is also gaining popularity due to the implementation of enhanced analytics tools to reduce fake claims. Insurance companies are using improved tools like big data analytics and geospatial analytics to reduce losses caused by fraud claims.

Market Research Study Focus on these Types:

Commercial Vehicle                

Personal Vehicle

Market Research Study Focus on these Applications:

Treaty Reinsurance

Facultative Reinsurance

Regional Analysis:

Asia-Pacific (China, India, Japan, South Korea, Australia, Indonesia, Malaysia, and Others), North America (United States, Canada, and Mexico), Central & South America (Brazil, and Rest of South America), Europe (Germany, France, UK, Italy, Russia, and Rest of Europe), Middle East & Africa (GCC Countries, Turkey, Egypt, South Africa and Other)

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Key Takeaways from Vehicle Insurance Report

─Evaluate market potential through analyzing growth rates (CAGR %), Volume (Units) and Value ($M) data given at country level – for product types, end use applications and by different industry verticals

─Understand the different dynamics influencing the Vehicle Insurance market – key driving factors, challenges and hidden opportunities.

─Get in-depth insights on your competitor performance – Vehicle Insurance market shares, strategies, financial benchmarking, product benchmarking, SWOT and more

─Analyze the sales and distribution channels across key geographies to improve top-line revenues.

─Understand the industry supply chain with a deep dive on the value augmentation at each step, in order to optimize value and bring efficiencies in your processes.

─Get a quick outlook on the market entropy – M&A’s, deals, partnerships, product launches of all key players for the past 4 years.

─Evaluate the supply-demand gaps, import-export statistics and regulatory landscape for more than top 20 countries globally for the Vehicle Insurance

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Vehicle Insurance Market Table of Contents:

─Executive Summary of
─Market Landscape
─Vehicle Insurance Market Sizing
─Porter’s Five Forces Analysis
─Vehicle Insurance Market Segmentation by End-user, by Platform, by Objective
─Customer landscape
─Geographic Landscape
─Vendor Landscape and Analysis
─Appendix

Available Customization– The report could be customized according to the client’s specific research requirements. No additional cost will be required to pay for limited additional research. Get a quick outlook on the Piezoelectric Actuators market– Mergers & Acquisitions, deals, partnerships, product launches of all key players for the past 5 years.

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MarketInsightsReports provides syndicated market research on industry verticals including Healthcare, Information and Communication Technology (ICT), Technology and Media, Chemicals, Materials, Energy, Heavy Industry, etc. MarketInsightsReports provides global and regional market intelligence coverage, a 360-degree market view which includes statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.

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