Automobile Insurance Carriers Global Market Report 2023: Rising Number of Accidents Bolsters Growth

DUBLIN, June 13, 2023 /PRNewswire/ -- The "Automobile Insurance Carriers Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.

This report provides strategists, marketers and senior management with the critical information they need to assess the market.

The global automobile insurance carriers market is expected to grow from $809.04 billion in 2022 to $865.92 billion in 2023 at a compound annual growth rate (CAGR) of 7.0%. The automobile insurance carriers market is expected to reach $1,157.54 billion in 2027 at a CAGR of 7.5%.

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An automobile insurance carrier refers to a company that provides insurance coverage for automobiles. It handles processes related to claims and may help set up payments on behalf of the carrier through an insurance agent employed by it.

The main coverages involved in automobile insurance carrier are third-party liability coverage and collision or comprehensive or other optional coverages. Third-party refers to any person other than the contracting parties to the insurance policy. The vehicles involved are light commercial vehicles (LCV) and heavy commercial vehicles (HCV) or trucks and buses. The automobile insurance is distributed through insurance agents, direct response, banks, and other distribution channels.

The automobile insurance carriers market research report is one of a series of new reports that provides automobile insurance carriers market statistics, including automobile insurance carriers industry global market size, regional shares, competitors with automobile insurance carriers market share, detailed automobile insurance carriers market segments, market trends, and opportunities, and any further data you may need to thrive in the automobile insurance carriers industry. This automobile insurance carriers market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

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.

North America was the largest region in the automobile insurance carriers market in 2022. The regions covered in the automobile insurance carriers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the automobile insurance carriers market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

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.

The automobile insurance carrier market includes revenues earned by entities by providing auto insurance online, in person, or by phone. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Major players in the automobile insurance carriers market are State Farm Mutual Automobile Insurance Company, The Government Employees Insurance Company (GEICO), 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 Worldwide, National Farmers' Union Mutual Insurance Society Limited (NFU Mutual), Zhongan Insurance, 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, and The Hanover Insurance Group Inc.

Key Topics Covered:

1. Executive Summary

2. Automobile Insurance Carriers Market Characteristics

3. Automobile Insurance Carriers Market Trends And Strategies

4. Automobile Insurance Carriers Market - Macro Economic Scenario
4.1. COVID-19 Impact On Automobile Insurance Carriers Market
4.2. Ukraine-Russia War Impact On Automobile Insurance Carriers Market
4.3. Impact Of High Inflation On Automobile Insurance Carriers Market

5. Automobile Insurance Carriers Market Size And Growth
5.1. Global Automobile Insurance Carriers Historic Market, 2017-2022, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Automobile Insurance Carriers Forecast Market, 2022-2027F, 2032F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market

6. Automobile Insurance Carriers Market Segmentation
6.1. Global Automobile Insurance Carriers Market, Segmentation By Coverage, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

• Third-Party Liability Coverage
• Collision Or Comprehensive Or Other Optional Coverages

6.2. Global Automobile Insurance Carriers Market, Segmentation By Vehicle Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

• Passenger Cars
• Light Commercial Vehicle (LCV)
• Heavy Commercial Vehicle (HCV) Or Trucks And Buses

6.3. Global Automobile Insurance Carriers Market, Segmentation By Distribution Channel, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

• Insurance Agents
• Direct Response
• Banks
• Other Distribution Channels

7. Automobile Insurance Carriers Market Regional And Country Analysis
7.1. Global Automobile Insurance Carriers Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Automobile Insurance Carriers Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

For more information about this report visit https://www.researchandmarkets.com/r/i1t6i2

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