Auto Insurance Market Growing with a CAGR of 8.5%, Top Players, Size, Share, Market Worth, Trends by 2027

Auto Insurance Market Growing with a CAGR of 8.5%, Top Players, Size, Share, Market Worth, Trends by 2027

NEW CASTLE, DELAWARE, UNITED STATES, January 15, 2024 /EINPresswire.com/ -- The global auto insurance market is experiencing significant growth, and is anticipated to grow considerably in next few years. Auto insurance is an insurance provided for cars, trucks, motorcycles, and other vehicles. The demand for auto insurance is increasing among consumers, as it ensures financial protection in the event of vehicle damage or theft. Along with financial protection of vehicle, it provides third-party liability coverage to insured person for causing injury, death, or property damage to other drivers, passengers, or pedestrians. Hence, having car insurance is a legal requirement and necessity with the right level of cover in many states. 

As per the report published by Allied Market Research, the global auto insurance market generated $739.30 billion in 2019, and is anticipated to hit $1.06 trillion by 2027, registering a CAGR of 8.5% from 2020 to 2027.

Rise in number of accidents, implementation of stringent government regulation for adoption of auto insurance, and surge in automobile sales across the globe drive the growth of the global auto insurance market. However, adoption of autonomous vehicles hampers the market growth. On the contrary, increase in demand for third-party liability coverage in emerging economies would open new opportunities for market players in the future.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐒𝐚𝐦𝐩𝐥𝐞: https://www.alliedmarketresearch.com/request-sample/2450

Covid-19 scenario:

Insurers have provided new developments in existing policies such as pay-as-you-drive, usage-based insurance, or telematics insurance to improve the claim processes and deal with unprecedented circumstances.
Prolonged lockdown has stopped the travel business across the world and decreased the demand for auto insurance.
However, relaxation regarding traveling is anticipated to rise the demand for auto insurance post-pandemic.
The global auto insurance market is divided on the basis of coverage, distribution channel, vehicle age, application, and region. Based on product, the market is classified into third party liability coverage, and collision/comprehensive/other optional coverages. It is projected to manifest the highest CAGR of 10.1% from 2020 to 2027. However, the third-party liability coverage segment dominated in 2019, contributing to nearly three-fifths of the market.

𝐆𝐞𝐭 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐞𝐝 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐰𝐢𝐭𝐡 𝐲𝐨𝐮’𝐫𝐞 𝐑𝐞𝐪𝐮𝐢𝐫𝐞𝐦𝐞𝐧𝐭𝐬:: https://www.alliedmarketresearch.com/request-for-customization/2450?reqfor=covid  

On the basis of distribution channel, the market is divided into insurance agents/brokers, direct response, banks, and others. Based on application, the market is segmented into personal and commercial. The personal segment held the largest share in 2019, accounting for nearly three-fourths of the market. However, the commercial segment is projected to manifest the highest CAGR of 9.6% during the forecast period.

Based on vehicle age, the market is segmented into new vehicles and used vehicles. The global auto insurance market is analyzed across various regions such as North America, LAMEA, Asia-Pacific, and Europe. The market across Asia-Pacific is anticipated to register the highest CAGR of 10.2% during the forecast period. However, the market across North America held the lion’s share in 2019, contributing to nearly two-fifths of the market.

Enquire For Discount: https://www.alliedmarketresearch.com/purchase-enquiry/2450

The global auto insurance market report includes an in-depth analysis of the market players such as People’s Insurance Company of China, CHINA PACIFIC INSURANCE CO., State Farm Mutual Automobile Insurance, Admiral Group Plc, Allstate Insurance Company, Ping An Insurance (Group) Company of China, Ltd., Berkshire Hathaway Inc., GEICO, Allianz, and Tokio Marine Group.

Key Benefits For Stakeholders

The study provides an in-depth analysis of the global auto insurance market share along with the current trends and future estimations to elucidate the imminent investment pockets.
Information about key drivers, restraints, and opportunities and their impact analysis on the global auto insurance market size is provided in the report.
Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the auto insurance industry.
The quantitative analysis of the market from 2019 to 2027 is provided to determine the market potential.

Auto Insurance Market Report Highlights

By Coverage

THIRD PARTY LIABILITY COVERAGE
COLLISION/COMPREHENSIVE/ OTHER OPTIONAL COVERAGES

By Distribution Channel

Insurance Agents/Brokers
Direct Response
Banks
Others

By Vehicle Age

New Vehicles
Used Vehicles

By Application

Personal
Commercial

By Region

North America (U.S., Canada)
Europe (Germany, UK, France, Italy, Spain, Belgium, Rest of Europe)
Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)
LAMEA (Latin America, Middle East, Africa)

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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