Auto Insurance Market Introduction
Increase in the number of automobiles on the road has deteriorated the traffic conditions and made road accidents very common. Further, these road accidents can damage the vehicle which can result into higher repair or spare part replacement costs. To manage or handle such incidents, many insurance companies offer several auto insurance policies to vehicle owners. In addition, government regulations in countries worldwide have played a crucial role in influencing vehicle owners to buy an auto insurance policy before taking the wheels on the road.
The continuous increase in the number of automobile accidents across the globe is one of the major reasons which raises the need for auto insurance. For instance, in the last decade, more than 10 lakh people in India have lost their lives to road accidents.
Further, increase in the number of motor vehicle registration, policy renewals by existing customers, the introduction of stringent standards by the governments for insurance firms, and easy claim settlement process are some of the major factors that are accelerating the auto insurance market growth.
However, it has been observed that many vehicle owners find the premium of auto insurance bit taxing. Further, many automobile owners are dissuaded from renewing their auto insurance policy owing to financial constraints. This, in turn, hampers the growth of auto insurance market.
The global auto insurance market is segmented based on insurance type, distribution channels, end user, and region.
Based on insurance type, the market is bifurcated into liability insurance and comprehensive physical damage policies segments. By distribution channel, the auto insurance market is segmented into online and traditional channels. In addition, the traditional channel segment is sub-segmented into brokers and agencies. Based on end user, the global auto insurance market is segmented into commercial market and personal market. The personal market segment is further analyzed based on the age of the drivers. In addition, the personal market segment is bifurcated into drivers aged 24 and under, drivers aged 25 to 34, drivers aged 35 to 44, drivers aged 45 to 54, drivers aged 55 to 64, drivers aged 65 to 74, and drivers aged 75+ sub-segments. By region, the global auto insurance market is analyzed across North America, Western Europe, Eastern Europe, Latin America, Asia Pacific, and Middle East and Africa.
Auto Insurance Market Competitive Landscape
The auto insurance industry has reached its matured point. Key vendors offering auto insurance are aimed at following reminder advertising strategy to increase awareness and their presence among consumers. Prominent analyzed in the global auto insurance market are State Farm Insurance, Berkshire Hathaway Insurance, Allstate Insurance Group, Progressive Insurance Group, Farmers Insurance Group, USAA Group, Liberty Mutual Insurance Cos., Nationwide Group,.
Major Regions/Countries include:
- Western Europe
- United Kingdom
- Rest of Western Europe
- Eastern Europe
- Rest of Eastern Europe
- Asia Pacific (APAC)
- Rest of Asia-Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa (MEA)
- North Africa
- South Africa
- Rest of MEA
This research report on auto insurance market would be produced using first-hand market information gathered from industry experts and major participants across the value chain, during primary research. It would provide broad view of current market trends, growth factors and competitive analysis.