Global Car Insurance Market to Surpass 1499.47 Billion by 2030 Driven by Increasing Number of Individuals Acquiring Automobiles
SkyQuest projects that the global car insurance market will attain a value of USD 1499.47 billion by 2030, with a CAGR of 7.38% during the forecast period (2023-2030). The consistent global expansion of vehicle ownership has emerged as a pivotal driver propelling the global car insurance market. There is a corresponding surge in the demand for car insurance policies, with an increasing number of individuals acquiring automobiles.
Westford USA, Jan. 02, 2024 (GLOBE NEWSWIRE) — According to SkyQuest, the global car insurance market is crucial by providing vehicle owners with financial security and peace of mind. It achieves this by effectively transferring the risk of potential losses, whether from accidents, theft, or other unforeseen events, to insurance companies. The fundamental driving force behind the car insurance market’s prominence is the mandatory auto insurance requirement in many countries.
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- Pages – 157
- Tables – 63
- Figures – 75
The increasing emphasis on emerging markets represents a significant opportunity for expansion within the global car insurance market. These developing countries are undergoing notable economic growth, accompanied by a concurrent surge in vehicle ownership rates. A corresponding and burgeoning demand for car insurance coverage arises as more individuals and businesses in these regions acquire vehicles.
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Prominent Players in Global Car Insurance Market
- State Farm
- Zurich Insurance Group
- Liberty Mutual Insurance Group
- Travelers Companies Inc.
- Berkshire Hathaway Inc.
- Generali Group
- Aviva plc
- Munich Re Group
- American International Group (AIG)
- Ping An Insurance Group
- Chubb Limited
- China Life Insurance Company Limited
- Admiral Group plc
- Sompo Japan Nipponkoa Insurance Inc.
- Mapfre Group
- Prudential plc
Comprehensive Insurance Segment to Dominate Market due to its All-Encompassing Nature
Comprehensive insurance segment is commanding, capturing a significant share of the global car insurance market. Comprehensive insurance stands out as the largest segment due to its all-encompassing nature, offering policyholders comprehensive protection against a wide range of potential risks and incidents.
The market in North America undeniably exerts a substantial influence on the global car insurance market, firmly holding a significant share of the global industry. This dominance can be attributed to a confluence of factors that set the region apart. The remarkably high vehicle ownership rates in countries such as the United States and Canada create a vast and diverse customer base for car insurance providers.
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Third-Party Insurance Segment to Witness Significant Growth due to Growing Awareness among Vehicle Owners
The fastest-growing segment within the car insurance market is third-party insurance, which offers coverage for liability towards third parties involved in accidents caused by the insured vehicle. This policy type has seen remarkable growth due to several key factors in the global car insurance market. There is a growing awareness among vehicle owners about legal requirements and the necessity to comply with mandatory auto insurance regulations.
Asia Pacific has emerged as the fastest-growing hub within the global car insurance market in recent years. One of the primary drivers of this remarkable growth is the escalating disposable income levels across several regional countries.
A comprehensive analysis of the major players in the global car insurance market has been recently conducted in this report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavour to develop innovative solutions to cater to the growing demand.
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Key Developments in Global Car Insurance Market
- In 2023, State Farm made headlines by unveiling plans to expand its usage-based insurance program, Drive Safe & Save, to additional states. This innovative program leverages telematics data to monitor and assess driving behavior, ultimately rewarding safe drivers with reduced insurance premiums. By utilizing real-time data collected from onboard devices or mobile apps, State Farm aims to provide its policyholders with more personalized and fairer pricing options, aligning insurance costs more closely with individual driving habits and risk profiles.
- In 2023, Progressive announced its entry into the evolving insurance landscape by launching a new pay-per-mile insurance program called MileIQ by Progressive. This program offers drivers a flexible insurance pricing model based on their mileage.
Key Questions Answered in the Global Car Insurance Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market’s future growth?
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