Auto Insurance Market Trends, Market Share, Industry Size, Growth, Opportunities and Market Forecast – 2022 to 2028

The global auto insurancemarket is anticipated to grow at a significant CAGRof nearly 8.0% during the forecast period (2022-2028).Auto insurancecovers the cost associated with injuries, death, or property damage caused by the insured owner of the vehicle to another driver, or vehicle.The major factor expected to drive the market growth is therisingnumber of accidents, the implementation of stringent government regulations for the adoption of auto insurance, and an increase in automobile sales globally due to the surge in per capita income of consumers.

In addition, the implementation of technologies in existing products and service lines and the rise in demand forthird-party liability coverage in emerging economies are expected to propel the growth of the global auto insurance market during the forecast period.Theusage-based insurance and insurance telematicswill support the market to grow further during the forecast period. The usage-based insurance (UBI), which is also referred to aspay-as-you-drive, pay-as-you-go, or pay-per-mile 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.

Some major players in the market includeAXA S.A., Admiral Group plc, and Berkshire Hathaway Inc., among others. The market players are contributing significantly to the growth of the market by the adoption of various strategies including mergers & acquisitions, geographical expansion, partnerships and collaborations, and new product launches, to stay competitive in the market. For instance, in May 2021, GEICO entered into a partnership with Tractable an AI technology company, to accelerate its auto claim and repair processes. GEICO is looking to utilize Tractable’s technology which is AI that can assess vehicle damage based on photos, much like a human appraiser to accurately review estimates within seconds while reducing administrative overheads. Furthermore, in August 2021, AXA S.A. insurance company launched STeP, a new digital claims solution to support customers simplify their motor insurance process. Further, the company said that through STeP the time taken from customer notification to partners arranging repair or salvage is now down to minutes.

Market Coverage

• The market number available for – 2021-2028
• Base year- 2021
• Forecast period- 2022-2028
• Segment Covered-
  • ByCoverage
  • By Application
  • By Vehicle Age
  • By Distribution Channel
• Regions Covered-
  • North America
  • Europe
  • Asia-Pacific
  • Rest of the World

 

• Competitive Landscape-AXA S.A., Admiral Group plc, and Berkshire Hathaway Inc., among others.

Key questions addressed by the report

• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• How has COVID-19 impacted the market?
  • Deviation from the pre-COVID-19 forecast
  • Most affected region and segment
• Who is the leader in the market?
• How players are addressing challenges to sustain growth?
• Where is the investment opportunity?

Global Auto insurance Market Report by Segment

ByCoverage

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

By Application

• Personal
• Commercial

By Vehicle Age

• New Vehicles
• Used Vehicles

By Distribution Channel

• Insurance Agents/Brokers
• Direct Response
• Banks
• Others