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Automobile Insurance Carriers Market 2024 - Top Manufactures, Growth Rate, Revenue And Forecast To 2033
Automobile Insurance Carriers Market
According to The Business Research Company's, The automobile insurance carriers market size has grown rapidly in recent years. It will grow from $847.06 billion in 2023 to $933.3 billion in 2024 at a compound annual growth rate (CAGR) of 10.2%. The growth in the historic period can be attributed to motorization and vehicle ownership growth, legal requirements and regulatory compliance, population and urbanization trends, rise in traffic accidents and collisions, economic growth and affordability..
The automobile insurance carriers market size is expected to see rapid growth in the next few years. It will grow to $1430.69 billion in 2028 at a compound annual growth rate (CAGR) of 11.3%. The growth in the forecast period can be attributed to continued vehicle ownership growth, evolution of legal and regulatory landscape, urban mobility challenges, changing consumer behavior and preferences, economic trends and affordability factors.. Major trends in the forecast period include focus on cybersecurity, climate change impact and catastrophe modeling, customer-centric services, regulatory compliance and changes, integration of big data analytics..
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Market Drivers and Trends:
The rising number of accidents is expected to propel the growth of the automotive insurance carrier market going forward. A traffic or road accident is defined as an unpleasant event that can causes injury, damage, or death unexpectedly. Automotive insurance companies, through their insurance policies, safeguard customers financially when their automobiles get damaged in an accident or a mishap by paying compensation. Therefore, the rise in the number of accidents is driving the growth of the automotive insurance carrier market. For instance, in December 2022, according to the Ministry of Road Transport and Highways, a ministry of the Government of India, the number of traffic accidents in India increased by 12.6%, from 366,138 in 2020 to 412,432 in 2021. Furthermore, in May 2022, according to the National Highway Traffic Safety Administration, a transportation agency of the U.S. federal government, around 42,915 people died in accidents in 2021, a 10.5% increase from 38,824 fatalities in 2020. Therefore, the rise in the number of accidents is driving the demand for the automotive insurance carriers market.
Product innovations are the key trends gaining popularity in the automotive insurance carriers market. Companies operating in the automotive insurance carriers market are adopting innovations to strengthen their position in the market. For instance, in January 2023, New India Assurance (NIA), an India-based general insurance company, launched the Pay as You Drive (PAYD) policy. PAYD policy has the provision of saving money through discounts on renewal premiums, provided the vehicle runs within the specified kilometers. In addition, if the vehicle has been driven beyond the threshold limit, the coverage will continue for the policy's remaining duration.
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Major Key Players of the Market:
State Farm Mutual Automobile Insurance Company; Government Employees Insurance Company; The Allstate Corporation; People's Insurance Company Of China; China Pacific Insurance Co.; Universal Sompo General Insurance Company Limited; Ping An Insurance (Group) Company of China Ltd.; Berkshire Hathaway Inc.; Admiral Group plc; Tokio Marine Group; Allianz SE; Progressive Casualty Insurance Company; Zurich Insurance Group plc; Farmers Insurance Group; Liberty Mutual Holding Company Inc.; RAC Motoring Services Ltd.; Clements & Company and later Clements International; National Farmers' Union Mutual Insurance Society Limited (NFU Mutual); United Services Automobile Association; RSA Insurance Group Ltd.; American International Group Inc.; Assicurazioni Generali S.p.A.; AXA Cooperative Insurance Company; Bajaj Allianz General Insurance Company Limited; Mitsui Sumitomo Insurance Co. Ltd.; Reliance General Insurance Company Limited; The Hanover Insurance Group Inc.; American Family Mutual Insurance Company; AmTrust North America Inc.; Automobile Club MI Group; Auto-Owners Insurance Co.; CSAA Insurance; Erie Insurance Co.; Mapfre SA; Mercury General Corp.; Nationwide Mutual Insurance Company; Security National Insurance Company; Sentry Insurance Group; Technology Insurance Company; Hartford Financial Services Group Inc.; Travelers Companies Inc.
Automobile Insurance Carriers Market 2024 Key Insights:
• The automobile insurance carriers market will grow to $1430.69 billion in 2028 at a compound annual growth rate (CAGR) of 11.3%.
• Surge In Accidents Fuels Growth Of Automotive Insurance Carrier Market
• Innovations Reshaping The Automotive Insurance Carriers Market
• North America was the largest region in the automobile insurance carriers' market in 2023
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