Global Motor Insurance Market - Growth, Trends, and Forecast (2019 - 2024)
NEW YORK, Sept. 11, 2019 /PRNewswire/ --
Market Overview
- The global motor insurance market is estimated to be more than USD 880 billion in 2019, and it is expected to witness CAGR of approximately 6.2% during the forecast period.
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- Premiums from motor insurance accounted for more than 40% of the overall non-life insurance premiums in 2018. This is expected to increase in the next few years, due to the rising demand from developing countries primarily in Asia.
- The mandatory requirement for a vehicle to be insured by various countries across the world, coupled with the estimated increased number of sales of new vehicles, is expected to drive the global motor insurance market during the forecast period.
Scope of the Report
This report aims to provide a detailed analysis on the global motor insurance market. It focuses on the market dynamics, recent trends, and insights on the global motor insurance market. Additionally, it analyzes the major players and competitive landscape in the global motor insurance market.
Key Market Trends
Usage-based Insurance and Insurance Telematics in Motor Insurance
- Usage-based insurance (UBI), which is also referred to as pay-per-mile, pay-as-you-drive, or pay-as-you-go, is a type of auto insurance, in which the insurer can measure how far a vehicle is driven, where it's driven, and how it's driven.
- UBI is generally powered by telematics technology that is pre-installed in a vehicle's network or can be used through a plug-in device/mobile application. Telematics devices provide the insurers with a wide range of data, such as braking and accelerating, to measure the drivers' behavior and usage of the vehicle. Based on the collected data, the insurers calculate the insurance premium for that particular policy.
- According to the National Association of Insurance Commissioners (NAIC), approximately 20% of all auto insurers in the United States may offer usage-based insurance within the next five years.
- The usage-based insurance is gaining traction in the market, as it is a win-win for both, the policyholder and the insurance company. It provides an incentive for the driver to adopt safer driving practices that can lower the number of accidents and the number of claims for the insurance company, and the benefit for the policyholder is that as the safety level of the driving increases the premium reduces.
Increasing Global Sales of Automobile Vehicles
- Increasing urbanization and rising disposable income among the middle income population are expected to provide stable growth for the automobile industry over the next few years.
- This rise in automobile sales and the mandatory requirement to insure all the vehicles by governments across the world are expected drive the demand for motor insurance, globally.
- Most automobile manufacturers are focusing on gaining market share to maintain their leading position in the competitive automotive industry by creating one-stop-shop or by providing value-added services, such as providing financial support, warranties, and insurances.
- This focus by the companies, which offer end-to-end coverage for the customers' mobility needs, increases the need for these companies to partner with insurance companies to provide insurance policies to the consumers.
Competitive Landscape
The report covers the major players in the motor insurance market across the world. In terms of market share, the market is highly fragmented with the large number of players operating in the market studied. Companies have been focusing more on providing customized solutions to attract more customers and also enhance their product portfolio.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- Report customization as per the client's requirements
- 3 months of analyst support
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