A motor insurance policy is a mandatory policy issued by an insurance company as part of prevention of public liability to protect the general public from any accident that might take place on the road. The law mandates that every owner of a motor vehicle must have one motor insurance policy.
Broadly, there are two types of motor insurance - the 'Act only' policy and a comprehensive policy. The scope of the 'Act only' policy is to pay compensation for death or any bodily injuries and for damage to property of third parties.
While the insured is treated as the first party and the insurance company as the second party, all others would be third parties.
In case the vehicle is purchased under a hire-purchase agreement, the financiers insist upon a comprehensive policy to take care of their interest as collateral security. The perils covered under the comprehensive policy are fire or theft or both fire and theft in combination with the minimum requirements of the act (i.e.
third party liability).
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Auto insurers are basking in a false sense of security, seemingly oblivious to the impending decline in market size and the threat of new entrants. The sector is ripe for disruption: the value of insurers’ proprietary data and traditional expertise is diminishing, and other players are emerging with the data, analytics, and customer access needed to attack the value chain.
In light of the combined threat of these dynamics, incremental change is not an option. Insurers must adapt.
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This report studies the global Motor Insurance market, analyzes and researches the Motor Insurance development status and forecast in United States, EU, Japan, China, India and Southeast Asia. This report focuses on the top players in global market, like
China Life Insurance
Nippon Life Insurance
State Farm Insurance
Table of Content:-
Global Motor Insurance Market Size, Status and Forecast 2022
1 Industry Overview of Motor Insurance
1.1 Motor Insurance Market Overview
1.1.1 Motor Insurance Product Scope
1.1.2 Market Status and Outlook
1.2 Global Motor Insurance Market Size and Analysis by Regions
1.2.1 United States
1.2.6 Southeast Asia
1.3 Motor Insurance Market by Type
1.3.1 Treaty Reinsurance
1.3.2 Facultative Reinsurance
1.4 Motor Insurance Market by End Users/Application
1.4.1 Commercial Car
1.4.2 Personal Car
2 Global Motor Insurance Competition Analysis by Players
2.1 Motor Insurance Market Size (Value) by Players (2016 and 2017)
2.2 Competitive Status and Trend
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