PORTLAND, OR, UNITED STATES, March 10, 2022 /
EINPresswire.com/ -- Car insurance provides customers with final protection against physical damage caused by traffic collisions and vehicle theft. It also covers the costs of injuries, death, or property damage caused by the insured driver of the vehicle to another driver, vehicle, or property such as a fence, building, or utility pole. Although car insurance requirements vary by state, many jurisdictions require bodily injury liability and property damage liability coverage before using or keeping a vehicle on public roads. Furthermore, as the number of road accidents is increasing in most countries around the world, the
car insurance market has a lot of room for growth. Therefore, the surge in demand for car insurance is expected to boost the growth of the market in the upcoming period.
Top Impacting Factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis
The growing number of accidents and integration of technologies in existing product & service lines are driving the market growth. In addition, the implementation of stringent government regulations for the adoption of car insurance is further propelling market expansion. However, the adoption of autonomous vehicles might hamper growth. Contrarily, increased demand for third-party liability coverage in emerging economies is expected to provide lucrative opportunities to the market in the upcoming years.
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Companies covered in the report: Major players analyzed include Allianz, Berkshire Hathaway Inc., People’s Insurance Company of China, Ping An Insurance (Group) Company of China Ltd, State Farm Mutual Automobile Insurance, GEICO, Tokio Marine Group, Admiral Group plc, CHINA PACIFIC INSURANCE CO and Allstate Insurance Company
Segments covered: Type, Application, Distribution Channel, Vehicle Age and Region
The global car insurance market trends are as follows:
Growing Number of Accidents:
Increased demand for car insurance due to accidents such as traffic collisions, physical damage or bodily injury, theft, and fire bills put pressure on insurance companies to invest in and develop products with lower proliferation, higher coverage, and financial security in the form of medical injury or other damages. Accidents have increased in recent years in terms of road crashes, traffic injuries, drunk driving, and distracted driving for speeding, necessitating the purchase of car insurance. Furthermore, car insurance includes such coverages, which aid in compensating the policyholder's family members after his or her death. To improve the overall user interface experience and stay ahead of their competitors in the market in the coming years, insurance providers have been observed to increase the number of coverages in their products. Therefore, the growing number of accidents is driving the growth of the auto insurance during the forecasted period.
Integration of Technology in Existing Product & Service Lines:
Insurers are benefiting from the increased adoption of technologies such as GPS, telematics, artificial intelligence (AI), data analytics, blockchain, and big data. Car insurance distribution platforms are expected to become more productive as a result of these technological advancements, allowing for seamless coverage at the point of purchase. Furthermore, digital transformation allows car insurance companies to provide highly personalized customer experiences. Plain resolutions also rely more on digital technologies like photo estimating tools and mobile telematics solutions due to social distance. As a result, the implementation of these technologies is expected to provide lucrative and remunerative opportunities for the car insurance industry.
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COVID-19 Scenario Analysis
In recent years, the auto insurance market has seen significant growth. However, the market has experienced a sharp drop in 2020 as a result of the COVID-19. This is due to governments in the majority of countries implementing lockdowns and halting travel around the world to prevent the spread of the virus.
Consequently, despite the global health crisis, insurers have established new developments in existing policies such as pay-as-you-drive, usage-based insurance, or telematics insurance, as well as adopted technologies to improve claim processes and provide a better user experience.
Key Market Segments
Type
• Third Party Liability Coverage
• Collision/Comprehensive/Other Optional Coverages
Application
• Personal
• Commercial
Distribution Channel
• Insurance Agents/Brokers
• Direct Response
• Banks
• Others
Vehicle Age
• New Vehicles
• Used Vehicles
By Region
• North America
o U.S.
o Canada
o Mexico
• Europe
o UK
o Germany
o France
o Spain
o Italy
o Rest of Europe
• Asia-Pacific
o China
o Japan
o India
o Australia
o South Korea
o Rest of Asia-Pacific
• LAMEA
o Latin America
o Middle East
o Africa
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