Automobile Insurance Market Is Predictable To Reach US$ 1616.2 Billion By 2032

The global auto insurance market is worth $817 billion in 2022 and is predicted to increase at a 7.1% CAGR to $1,616.2 billion by the end of 2032.Automobile insurance premiums will account for approximately 15% of total insurance premiums paid worldwide in 2022. Vehicle insurance premium share in total insurance is predicted to approach 20% during the next 10 years, demonstrating significant market traction.

The fate of the car industry as a whole is totally dependent on the fate of the vehicle insurance business. Any changes in the automobile industry can have an influence on the performance of the automotive insurance industry.

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Why will the automobile insurance market continue to expand at such a rapid pace?

"Continuously Increasing Demand for Vehicles Across Geographies"

Demand for all types of automobiles is increasing significantly in the automobile business. A vehicle, whether a car or a motorcycle, has become a necessity in today's environment. Every year, a new group of first-time purchasers enters the market, and automotive insurance has become mandated in almost every economy throughout the world, resulting in rising demand for motor insurance.

Competitive Landscape:

Because of the presence of multiple large and minor market competitors, the global motor insurance market is highly competitive. New tech-armed firms are likewise attempting to slice into the market share of larger incumbents. Large established organizations are attempting to maintain their present market share by expanding into new markets or purchasing competitive firms.

Liberty Mutual Insurance finalized the acquisition of State Auto Group, a regional property and liability insurance holding business, in March 2022. Liberty Mutual Insurance gained around US$ 2.3 billion in premiums as a result of this acquisition.
The Allstate Corporation finalized its $4 billion acquisition of National General Holding Corp in January 2021.

Key Players:
• Allstate Insurance Company
• American Automobile Association
• American Family
• Erie Insurance
• Farmers Insurance
• Geico
• Liberty Mutual Insurance
• MS&AD Insurance Group Holdings, Inc.
• Nationwide Mutual Insurance Company
• Progressive Casualty Insurance Company
• Sompo Holdings Inc.
• State Farm Mutual Automobile Insurance Company
• The Travelers Companies, Inc.
• Tokio Marine Holdings, Inc.
• USAA

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Regional Analysis:
In terms of value, the United States has the largest vehicle market. Because of the presence of multiple significant firms and widespread acceptance by end users, the automotive insurance industry in the United States is relatively mature. In 2022, the US vehicle insurance market is anticipated to be worth US$ 275 billion. The market is predicted to expand steadily as vehicle sales rise and the population's purchasing power rises.

The automobile sector in the United States is encountering certain issues as a result of bogus insurance claims. Many times, there is no way to show whether an accident or theft was genuine or was done on purpose to obtain money from the insurance company.

Key Segments of Industry:
• By Insurance Types :
o Own Damage
o Third Party
• By Vehicle Type :
o Commercial Vehicles
o Private Vehicles
• By Distribution Channel :
o Individual Agents
o Brokers
o Banks
o Direct
o Others (Not Covered Elsewhere)

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This release was published on openPR.