Motor Insurance Market Size 2023, Share, Industry Growth, Analysis, Report & Forecast Till 2028

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IMARC Group has recently released a new research study “Motor insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios.

What are the growth prospects of the Motor insurance Industry ?

The global motor insurance market size reached US$ 783.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach a value of US$ 1,282.1 Billion by 2028, exhibiting a growth rate (CAGR) of 4.57% during 2023-2028.

What is Motor insurance?

Motor insurance is an automotive insurance policy covering the owner from potential risks against financial losses caused by physical damages or accidents. It covers several types of vehicles, such as two-wheelers, cars, and commercial vehicles, while also protecting against legal liabilities arising from theft, an accident, body injuries, riots, property damage to a third party, and burglary.

It also includes damages and losses caused by natural calamities such as lighting, landslide, hurricane, fire, earthquakes, and floods. Nowadays, insurance companies are providing numerous plans and add-ons such as depreciation cover, cashless claims, 24/7 road assistance, tire and engine protection cover, and towing facility. As a result, motor insurance is gaining immense traction across the globe.

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What are the key factors driving the global motor insurance market?

The market is primarily driven by the rising number of road accidents and vehicle damage. In addition, the increasing awareness regarding the benefits of vehicle insurance, surging demand for vehicles as a means of transportation, and rising disposable capacities of middle-class individuals are contributing to the market growth.

Moreover, the incorporation of usage-based vehicle insurance (UBI) using individualized data generated by the internet of things (IoT) sensors to discover insurance premiums represents another major growth-inducing factor. Besides this, the widespread adoption of heavy-duty vehicles for bulk transportation of goods and commercial vehicles for inter-city passenger tours and travel is providing a positive thrust to the market growth. Furthermore, the growing internet penetration, the introduction of online insurance solutions, and the implementation of government regulations mandating the purchase of motor insurance policies are other factors creating a favorable market outlook.

Who are the key players/companies in the global motor insurance market?

American International Group Inc., Assicurazioni Generali S.p.A., AXA Cooperative Insurance Company (Gulf Insurance Company K.S.C.), Bajaj Allianz General Insurance Company Limited, China Ping An Insurance Co. Ltd., Government Employees Insurance Company (Berkshire Hathaway Inc.), Reliance General Insurance Company Limited (Reliance Capital Limited ), State Farm Mutual Automobile Insurance Company, The Hanover Insurance Group Inc. (Opus Investment Management), The Progressive Corporation, Universal Sompo General Insurance Company Limited and Zurich Insurance Group Ltd.

Motor Insurance Market Report Scope
Report Coverage Details
Market size value in 2022 US$ 783.7 Billion
Market forecast in 2028 US$ 1,282.1 Billion
Growth Rate CAGR of 4.57% from 2023 to 2028
Base year for estimation 2021
Historical data 2017-2022
Forecast period 2023-2028
Report coverage Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, And Trends
Segments covered  Policy Type, Premium Type And Distribution Channel
Regional scope United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Key companies profiled American International Group Inc., Assicurazioni Generali S.p.A., AXA Cooperative Insurance Company (Gulf Insurance Company K.S.C.), Bajaj Allianz General Insurance Company Limited, China Ping An Insurance Co. Ltd., Government Employees Insurance Company (Berkshire Hathaway Inc.), Reliance General Insurance Company Limited (Reliance Capital Limited ), State Farm Mutual Automobile Insurance Company, The Hanover Insurance Group Inc. (Opus Investment Management), The Progressive Corporation, Universal Sompo General Insurance Company Limited and Zurich Insurance Group Ltd.
Market Dynamics Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period,
Customization purview If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Click here to view detailed information with table of content: https://www.imarcgroup.com/motor-insurance-market

Report Segmentation:

The report has been segmented the market into following categories:

Breakup by Policy Type:

  • Liability Insurance
  • Comprehensive Coverage
  • Collision Coverage
  • Personal Injury Protection

Breakup by Premium Type:

  • Personal Insurance Premiums
  • Commercial Insurance Premiums

Breakup by Distribution Channel:

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

By Geography:

  • North America (United States, Canada)
  • Europe (Germany, France, United Kingdom, Italy, Spain, Others)
  • Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
  • Latin America (Brazil, Mexico, Others)
  • Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key highlights of the report:

  • Market Performance (2017-2022)
  • Market Outlook (2023- 2028)
  • Porter’s Five Forces Analysis
  • Market Drivers and Success Factors
  • SWOT Analysis
  • Value Chain
  • Comprehensive Mapping of the Competitive Landscape

If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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