Widely adoption of autonomous vehicles will shape the future of the motor insurance industry
Rockville, Nov. 18, 2022 (GLOBE NEWSWIRE) — According to Fact.MR, a market research and competitive intelligence provider, the global automobile insurance market stands at US$ 813.9 billion in 2022 and is forecasted to surge ahead at a noteworthy CAGR of 7.1% between 2022 and 2032.
The next 10 years for the automobile industry are going to be a very crucial period. The ongoing evolution in the automobile industry will have a direct effect on the overall health of the motor insurance industry. With time, the picture will become clearer about the success rate of the adoption of autonomous cars, which will have the ultimate power to make or break the growth/expansion of the motor insurance industry.
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Connected cars will also have a positive impact on the automotive insurance industry. As connected cars will have hundreds of data points being gathered and stored in the system, in case of any insurance fraud, it will help insurance companies in deciding the authenticity of the claims. The rules and regulations are still not very clear about the calculation of insurance premiums for fully autonomous cars, which again, looking at the future, could be a driving factor for market growth in the long run.
Key Takeaways from Market Study
- Global spending on automobile insurance has reached US$ 813.9 billion in 2022.
- The U.S. motor insurance market is expected to grow at a steady CAGR of 5.8%.
- During the forecast period, the market in East Asia will grow the fastest at a CAGR of 8.1%, followed by South Asia at 7.9%.
- Brokers still hold the largest market share of over 40%.
- Premiums paid by private vehicle owners contribute almost 70% to the total premiums.
The automobile insurance market has witnessed several mergers and acquisitions by large players over the last few years.
- In June 2021, Progressive Casualty Insurance Company completed the acquisition of Protective Insurance Corporation for a value of US$ 330 million.
The industry has also gained the attention of private investors, especially in emerging economies.
- In October 2021, Acko, an online portal for general insurance, raised US$ 255 million at a valuation of US$ 1.1 billion. The investor list comprises of General Atlantic, Canada Pension Plan Investment Board, and Lightspeed Growth, among others.
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Some of the leading players include
- Allstate Insurance Company
- American Automobile Association
- American Family
- Erie Insurance
- Farmers Insurance
- Liberty Mutual Insurance
- MS&AD Insurance Group Holdings, Inc.
- Nationwide Mutual Insurance Company
- Progressive Casualty Insurance Company
- Sompo Holdings Inc.
- State Farm Mutual Automobile Insurance Company
- The Travelers Companies, Inc.
- Tokio Marine Holdings, Inc.
Segmentation of Automobile Insurance Industry Survey
- By Insurance Types :
- Own Damage
- Third Party
- By Vehicle Type :
- Commercial Vehicles
- Private Vehicles
- By Distribution Channel :
- Individual Agents
- Others (Not Covered Elsewhere)
- By Region :
- North America
- Latin America
- East Asia
- South Asia & Oceania
- Middle East & Africa
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global automobile insurance market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of insurance type (own damage, third party), vehicle type (commercial vehicles, private vehicles), and distribution channel (individual agents, brokers, banks, direct, others (not covered elsewhere)), across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
Table of Content
1. Executive Summary – Global Automobile Insurance Market
2. Market Overview
2.1. Market Definition and Introduction
2.2. Market Taxonomy/ Research Scope
3. Market Characteristic – Bird Eye View
3.1. Number of Active Enterprises by Key Countries
3.2. Number of People Employed
3.3. Threshold of Revenue Volatility
3.4. Consistency in Demand
3.5. Key Barriers to Entry
3.6. Key Customer Archetypes
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Fact.MR is a market research and consulting agency with deep expertise in emerging market intelligence. Spanning a wide range – from automotive & industry 4.0 to healthcare, technology, chemical and materials, to even the most niche categories. We are committed to deliver insights that help businesses gain deeper understanding of their target markets. We understand that making sense of the vast labyrinth of data can be overwhelming for businesses. That’s why focus on offering insights that can actually make a difference to bottom-lines.
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