Press release
ASEAN Automotive Insurance Market to Witness Huge Growth by Key Players: AVIVA Ltd., Berkshire Hathaway Inc., China Pacific Insurance Co., Chubb Group
The ASEAN auto insurance market is forecast to see a rise in market size to more than US$ 17,165 Million by 2027, registering a CAGR of 5.6% over the 6 years forecast term. ASEAN automotive insurance market is analyzed for the period 2017 to 2027, wherein 2017-2020 is the historic data, 2021 is considered as the base year and 2022-2027 are forecast values.
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The market study report presents important factors that positively and negatively affect the growth of this vertical in order to suggest stakeholders in making decisions. In addition, the report offers data on the past, present, and future companies' scenarios. The report also contains key segments and leading players.
The automotive sector is continuously working to develop an integrated approach to a cleaner environment and lower carbon emissions. In order to minimize fuel consumption, automakers are creating more efficient engines and drive trains, and a wide range of sophisticated emissions-control equipment is placing cleaner cars on the road globally.
It is forecast that clear improvements in air quality can notice when more new automobiles with contemporary exhaust emissions performance hit the road. As older, more polluting cars replace the new ones. Thus, this trend will continue to lead to the growth of the automotive sector.
Impact Analysis of COVID-19
The COVID-19 pandemic wreaked havoc on the worldwide automotive industry quickly and severely. Chinese parts shipments halted, large-scale manufacturing disruptions were occurring across Europe, and assembly factories in the United States had to close.
This has put a lot of pressure on a sector already dealing with a worldwide demand downturn due to decreased consumer needs. According to data from the International Organization of Motor Vehicle Manufacturers, the commercial vehicle sector in out of 40 major nations, 17 nations, including Belgium, Canada, Germany, Japan, etc., saw negative growth of 67.5% during the COVID-19 pandemic.
Regional Insights
By Risk Coverage:
Collision Coverage
Comprehensive Coverage
Liability Coverage
Personal Injury Coverage
Uninsured Motorist Coverage
Add-ons
Road-side assistance
Engine replacement
Nil Depreciation
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By Coverage Term:
One year
3 Years
5 Years
More than 5 years
By Distribution Channel:
Agency
Bank
Brokers and Insurance Marketplaces
Direct
Others
By Vehicle Type:
ICE Vehicles
Petrol
Diesel
Other
Electric Vehicles
Hybrid
By Vehicle Application:
Personal
2 Wheelers
4 Wheelers
Commercial
Passenger
Heavy Vehicles
Off-road Vehicles
By Vehicle Ownership:
New Vehicles
Used Vehicles
By End-user:
Individuals
Businesses
Enterprise
Logistics
Retail
Education
Energy & Mining
Construction
Others
By Region:
Indonesia
Malaysia
Philippines
Singapore
Thailand
Vietnam
Rest of ASEAN
Key Players Insights
The competition landscape section of the report covers descriptive profiles of 12 prominent players and readers can request for revising the list or including additional players, as per their research requirements. Details covered for these players include - Business description, company financials, and claims, key details, strategy outlook, list of products, recent developments.
The players profiled in the report include the following - AVIVA Ltd., Berkshire Hathaway Inc., China Pacific Insurance Co., Chubb Group, People's Insurance Company of China, Ping An Insurance (Group) Company of China, Ltd., State Farm Mutual Automobile Insurance' Tokio Marine Group, Admiral Group Plc, AIG (American International Group, Inc.), Allianz, and Allstate Insurance Company.
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About Astute Analytica:
Astute Analytica is a global analytics and advisory company that has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in-depth, and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the globe.
They are able to make well-calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyze for them the complex business environment, segment-wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron-come at the top. You can be sure of the best cost-effective, value-added package from us, should you decide to engage with us.
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