Global Motor Insurance Market is evaluated to be beyond USD 880 billion. during the forecast period it is expected to witness CAGR of around 6.2

Global Motor Insurance Market is evaluated to be beyond USD 880 billion. during the forecast period it is expected to witness CAGR of around 6.2

The covid-19 has unbearable effect on human life as well as on the Market. Government has implemented many new insurance plans for Health, Vehicles and also for new things that people buy.

There are various different insurances and its chief duty is to provide economic protection beside physical damage and also theft of the vehicle that may be Car, Truck, Motorcycle and other road vehicles. On the other side it should bear the events from traffic accidents, Natural disaster, and damaged occurred by hitting the stationary object.

Now a days people are intense for the insurance due to rise in the number of accidents. The Global Motor Insurance Market is subdivided by Policy type (Third-party, Third-party liability, Comprehensive and theft), and by Geography (Europe, North America, Latin America, Pacific Asia, Middle East and Africa).

In 2019, the Global Motor Insurance Market is evaluated to be beyond USD 880 billion. During the forecast period it is expected to witness CAGR of around 6.2.

The premiums from the motor insurance are considered to be more than 40% of the overall premium insurance on nonlife. Due to the increasing demand from the growing countries mainly in Asia, this percentage should be expanded in next few years.

The necessary demand for vehicles is to be assured by different countries across the world those are connected and evaluated with the number of sales of the latest vehicles.

 

 

Market Trends- (Usage Based Insurance)

Usage based insurance, which is also introduced as pay-per-mile or pay-as-you-drive is a kind of auto insurance, in which the individual can measure, at what distance the vehicle has been derived, how it is derived and where it is driven. Generally, Usage- based insurance (UBI) is energized by the technology that is pre-installed in the vehicles network, that can be operated by the mobile application or any plug-in device.  This device provides, a wide range of data such as usage of the vehicle, brakes, acceleration and also the drivers behavior. The data collected can be used by the individual to calculate the premium of insurance for a certain policy.

But within the next five years, approximately 20% of auto- insurance in the US can offer usage-based insurance. Where as the user-based insurance is acquiring the attention of public in the market, as its win- win for both of them that is, insurance company and the insurance holder individual. It provides an incentive for the individual/driver to drive safe that can decrease the number of accidents and automatically the number of claims decrease for the insurance company and also it is beneficial for the policyholder as the driver’s safety increase the premium reduce.

The rise in the automobile sales and the necessary requirements of the vehicle to assure by the government are expected to increase the requirement for motor insurance, globally. Almost all the manufacturers of automobile sector are trying to gain the market shares to lead their position in the market by offering warranty, support and financial insurance. Whereas the growth in the sales of the vehicles mission in global increased from 2013-2017.

The market is fragmented with greater number of individuals operating the study of market. Companies are trying to attract more customers by providing the customized solution and it help to improve their portfolio.

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