According to the latest report by IMARC Group, titled “Motor Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” offers a comprehensive analysis of the industry, which comprises insights on the global motor insurance market share. The report also includes competitor and regional analysis, and contemporary advancements in the market.

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.

Covid-19 Impact:

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

Industry Definition and Application:

Motor insurance refers to an automotive insurance policy that offers coverage to the owners of cars, two-wheelers, commercial trucks, etc., against financial losses caused by accidents or physical damages. It includes protection against legal liabilities arising on account of an accident and resulting in death, body injuries, property damage, etc., to a third party. Presently, insurance companies are offering numerous plans and add-ons, including cashless claims, depreciation cover, 24/7 road assistance, towing facilities, etc., to provide improved coverage and assistance during the claim process.

Request For Free Sample Report: https://www.imarcgroup.com/motor-insurance-market/requestsample

The increasing number of private cars has escalated the risk of road accidents and vehicle damage, which is among the key factors stimulating the motor insurance market. Apart from this, government bodies of several countries are mandating businesses to purchase a motor insurance policy for their commercial vehicles, such as auto-rickshaws, cabs, school buses, tractors, vans, trucks, etc. This, in turn, is also propelling the market growth. Besides this, the inflating usage of commercial vehicles for inter-city passenger tours, travel, and heavy-duty vehicles for bulk transportation of goods is acting as another significant growth-inducing factor.

Additionally, the expanding availability of online insurance solutions by insurers with hassle-free and fully digital insurance comparing, buying, and renewing platforms is also fueling the global market. Furthermore, the growing internet penetration levels and the rising consumer reliance on smartphones are also driving the market growth. Moreover, the introduction of usage-based vehicle insurance (UBI) that uses individualized data gathered by the Internet of Things (IoT) sensors to determine insurance premiums is expected to positively influence the motor insurance market over the forecasted period. 

For the competitor segment, the report includes global key players of the 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.

The report segmentation is as follows:

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

Breakup by End-Use Sector:

  • Utility
  • Residential
  • Commercial and Industrial

Based on the end-use sector, the report finds that the utility sector dominates the market. There are many ongoing development projects undertaken by various nations, which require a continuous flow of electricity. Owing to this, there is a rising demand for power inverters in this sector.

If you want latest primary and secondary data (2023-2028) with Cost Module, Business Strategy etc. Click request free sample report, published report will be delivered to you in PDF format via email within 24 to 48 hours of receiving full payment.

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.

Contact Us:
IMARC Services Private Limited.
30 N Gould St Ste R
Sheridan, WY 82801 USA – Wyoming
Email: Sales@imarcgroup.com
Tel No:(D) +91 120 433 0800
Americas:- +1 631 791 1145 |

Africa and Europe :- +44-702-409-7331 |

Asia: +91-120-433-0800, +91-120-433-0800