Press release
Auto Insurance Market: Growing at a CAGR of 8.5%, Top Players, Size, Share, Market Worth, Trends by 2027
Auto Insurance Market
As per the report published by Allied Market Research, the global auto insurance market generated $739.30 billion in 2019, and is anticipated to hit $1.06 trillion by 2027, registering a CAGR of 8.5% from 2020 to 2027.
Rise in number of accidents, implementation of stringent government regulation for adoption of auto insurance, and surge in automobile sales across the globe drive the growth of the global auto insurance market. However, adoption of autonomous vehicles hampers the market growth. On the contrary, increase in demand for third-party liability coverage in emerging economies would open new opportunities for market players in the future.
๐๐จ๐ฐ๐ง๐ฅ๐จ๐๐ ๐๐๐ฌ๐๐๐ซ๐๐ก ๐๐๐ฉ๐จ๐ซ๐ญ ๐๐๐ฆ๐ฉ๐ฅ๐: https://www.alliedmarketresearch.com/request-sample/2450
Covid-19 scenario:
Insurers have provided new developments in existing policies such as pay-as-you-drive, usage-based insurance, or telematics insurance to improve the claim processes and deal with unprecedented circumstances.
Prolonged lockdown has stopped the travel business across the world and decreased the demand for auto insurance.
However, relaxation regarding traveling is anticipated to rise the demand for auto insurance post-pandemic.
The global auto insurance market is divided on the basis of coverage, distribution channel, vehicle age, application, and region. Based on product, the market is classified into third party liability coverage, and collision/comprehensive/other optional coverages. It is projected to manifest the highest CAGR of 10.1% from 2020 to 2027. However, the third-party liability coverage segment dominated in 2019, contributing to nearly three-fifths of the market.
๐๐๐ญ ๐๐ฎ๐ฌ๐ญ๐จ๐ฆ๐ข๐ณ๐๐ ๐๐๐ฉ๐จ๐ซ๐ญ๐ฌ ๐ฐ๐ข๐ญ๐ก ๐ฒ๐จ๐ฎ'๐ซ๐ ๐๐๐ช๐ฎ๐ข๐ซ๐๐ฆ๐๐ง๐ญ๐ฌ:: https://www.alliedmarketresearch.com/request-for-customization/2450?reqfor=covid
On the basis of distribution channel, the market is divided into insurance agents/brokers, direct response, banks, and others. Based on application, the market is segmented into personal and commercial. The personal segment held the largest share in 2019, accounting for nearly three-fourths of the market. However, the commercial segment is projected to manifest the highest CAGR of 9.6% during the forecast period.
Based on vehicle age, the market is segmented into new vehicles and used vehicles. The global auto insurance market is analyzed across various regions such as North America, LAMEA, Asia-Pacific, and Europe. The market across Asia-Pacific is anticipated to register the highest CAGR of 10.2% during the forecast period. However, the market across North America held the lion's share in 2019, contributing to nearly two-fifths of the market.
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The global auto insurance market report includes an in-depth analysis of the market players such as People's Insurance Company of China, CHINA PACIFIC INSURANCE CO., State Farm Mutual Automobile Insurance, Admiral Group Plc, Allstate Insurance Company, Ping An Insurance (Group) Company of China, Ltd., Berkshire Hathaway Inc., GEICO, Allianz, and Tokio Marine Group.
Key Benefits For Stakeholders
The study provides an in-depth analysis of the global auto insurance market share along with the current trends and future estimations to elucidate the imminent investment pockets.
Information about key drivers, restraints, and opportunities and their impact analysis on the global auto insurance market size is provided in the report.
Porter's five forces analysis illustrates the potency of the buyers and suppliers operating in the auto insurance industry.
The quantitative analysis of the market from 2019 to 2027 is provided to determine the market potential.
๐๐๐๐๐ฌ๐ฌ ๐๐๐๐๐๐ - ๐ ๐๐ฎ๐๐ฌ๐๐ซ๐ข๐ฉ๐ญ๐ข๐จ๐ง-๐๐๐ฌ๐๐ ๐๐ข๐๐ซ๐๐ซ๐ฒ (๐๐ซ๐๐ฆ๐ข๐ฎ๐ฆ ๐๐ง-๐๐๐ฆ๐๐ง๐, ๐๐ฎ๐๐ฌ๐๐ซ๐ข๐ฉ๐ญ๐ข๐จ๐ง-๐๐๐ฌ๐๐ ๐๐ซ๐ข๐๐ข๐ง๐ ๐๐จ๐๐๐ฅ) @ https://shorturl.at/tDEF4
Auto Insurance Market Report Highlights
By Coverage
THIRD PARTY LIABILITY COVERAGE
COLLISION/COMPREHENSIVE/ OTHER OPTIONAL COVERAGES
By Distribution Channel
Insurance Agents/Brokers
Direct Response
Banks
Others
By Vehicle Age
New Vehicles
Used Vehicles
By Application
Personal
Commercial
By Region
North America (U.S., Canada)
Europe (Germany, UK, France, Italy, Spain, Belgium, Rest of Europe)
Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)
LAMEA (Latin America, Middle East, Africa)
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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