Motor Insurance Market Size, Industry Insights, Growth Analysis Report 2024 To 2033

The Business Research Company offers in-depth market insights through Motor Insurance Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.

Market Size And Growth Forecast:
The motor insurance market size has grown strongly in recent years. It will grow from $805.91 billion in 2023 to $881.47 billion in 2024 at a compound annual growth rate (CAGR) of 9.4%. The growth in the historic period can be attributed to vehicle ownership growth, regulatory mandates, urbanization and traffic density, risk mitigation and financial security, lending and financing requirements.

The motor insurance market size is expected to see strong growth in the next few years. It will grow to $1261.92 billion in 2028 at a compound annual growth rate (CAGR) of 9.4%. The growth in the forecast period can be attributed to technological integration in telematics, emergence of electric and autonomous vehicles, focus on environmental sustainability, data analytics and predictive modeling, shift towards on-demand and usage-based insurance. Major trends in the forecast period include focus on environmental sustainability, integration of biometric authentication for policy management, personalized premiums based on behavioral data, regulatory compliance and insurtech innovations, customer-centric service models.

Get Free Sample Of This Report-
https://www.thebusinessresearchcompany.com/sample.aspx?id=8997&type=smp

Market Segmentation:
The motor insurance market covered in this report is segmented -

1) By Types: Treaty Reinsurance, Facultative Reinsurance
2) By Policy Type: Liability Insurance, Comprehensive Coverage, Collision Coverage, Personal Injury Protection
3) By Vehicle Age: New Vehicles, Old Vehicles
4) By Vehicle Type: Passenger Cars, Light Commercial Vehicles (LCV), Heavy Commercial Vehicles (HCV)

Major Driver - Increasing Automobile Ownership Boosts Demand For Motor Insurance Solutions

The increase in the number of automobiles on the road is expected to propel the growth of the motor insurance market going forward. Automobiles such as cars, buses, and trucks, are self-propelled vehicles that use a power source for propulsion and are used to transport passengers and goods on land. People are buying auto insurance to protect themselves from financial losses, which ultimately fuels the demand for motor insurance and is prominently attributed to the benefits offered by motor insurance, which include cost coverage for an injured person, medical coverage, lost wages, vehicle repair, and any property damaged in an accident. For instance, according to the National Transportation Statistics 2021 report published by the US Department of Transportation, an executive department of the U.S. federal government, in 2021, 11,34,61,353 vehicles were registered in the USA. In 2020, automobiles accounted for 10,51,43,990, while 8,317,363 motorcycles were registered across the nation. Furthermore, in November 2022, according to the Society of Motor Manufacturers and Traders (SMMT), a UK-based trade association of motor vehicles, the UK's car production had risen by 7.4% to 69,524 units as compared to the previous year. Therefore, the increase in the number of automobiles on the road is driving the growth of the motor insurance market.

Competitive Landscape:
Major companies operating in the motor insurance market report are Berkshire Hathaway Inc., Ping An Insurance (Group) Company of China, Ltd., Allianz SE, AXA S.A., Generali Group, State Farm Mutual Automobile Insurance Company, The People's Insurance Company Group of China Limited, MetLife, Inc., China Pacific Insurance (Group) Co, Ltd., Prudential Financial, Inc., American International Group, Inc., Tokio Marine Holdings Inc., The Allstate Corporation, The Progressive Corporation, Nationwide Mutual Insurance Company, Zurich Insurance Group Ltd, Travelers Companies Inc., United Services Automobile Association, Government Employees Insurance Company, Aegon N.V., Aviva plc, Assicurazioni Generali S.p.A., American Family Insurance Group, Farmers Insurance Group of Companies, The New India Assurance Company Limited, Munich Reinsurance Company, Reliance General Insurance Company Limited, Universal Sompo General Insurance Company Limited, HDFC ERGO General Insurance Company Limited, Liberty Mutual Insurance Companies

Get Access To The Full Market Report -
https://www.thebusinessresearchcompany.com/report/motor-insurance-global-market-report

Top Trend - Innovative Offerings Reshape Motor Insurance Market Strategies

Major companies operating in the motor insurance market are developing innovative products such as pay-per-mile car insurance, also known as usage-based insurance, which allows drivers to pay a low monthly base rate plus a per-mile rate for each mile driven. This model is designed to benefit low-mileage drivers, offering a cost-effective alternative for those who do not drive frequently. For instance, in April 2023, Qualitas Compania de Seguros, a Mexico-based insurance company specializing in auto insurance, began utilizing Octo's driving behavior analytics for commercial fleet insurance. This implementation enables fleet owners to track vehicles, provide customers with accurate logistics, and enhance driver safety through real-time telematics data.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Motor Insurance Market Characteristics
3. Motor Insurance Market Trends And Strategies
4. Motor Insurance Market - Macro Economic Scenario
5. Motor Insurance Market Size And Growth
…..
27. Motor Insurance Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis

Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info

Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
Facebook: https://www.facebook.com/TheBusinessResearchCompany
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Blog: https://blog.tbrc.info/
Healthcare Blog: https://healthcareresearchreports.com/
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model

Want To Know More About The Business Research Company?

The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialise in various industries including manufacturing, healthcare, financial services, chemicals, and technology.

Global Market Model - World's Most Comprehensive Database

The Business Research Company's flagship product, Global Market Model (www.thebusinessresearchcompany.com/global-market-model) is a market intelligence platform covering various macroeconomic indicators and metrics across 60 geographies and 27 industries. The Global Market Model covers multi-layered datasets which help its users assess supply-demand gaps

This release was published on openPR.