The increase in automobile sales globally is the primary growth driver for this market. An increase in per capita income in emerging economies has led to an increase in the sales of automobiles.
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This is driving the global motor vehicle insurance market because governments across the world are making it mandatory to buy insurance policy while purchasing a new vehicle.
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.
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The law mandates that every owner of a motor vehicle must have one motor insurance policy.
These policies cover any loss or damage cost as well as third-party liabilities. And to do so, the companies form a network with various vehicle authorized dealers.
To leverage the vast opportunities presented by the personal insurance segment, tech giants such as Google are also expected to enter the car insurance market shortly.
Motor insurance cover which deals with the insurance of road vehicles is becoming an essential aspect of the daily life. It protects the insured person (vehicle) against claims for injury or damage to another person or another person’s property as a result of the insured person’s (vehicles) action for which the insured person (vehicle) is liable.
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Vehicle insurers usually utilize a risk selection process to determine what motor insurance premium to charge an individual. The motor insurance premium can either be mandated by the government or determined by the insurance company in accordance with a framework of regulations set by the government.
Often, the insurer will have more freedom to set the price on physical damage cover than on mandatory liability cover. When the premium is not mandated by the government, it is usually derived from the calculations of an actuary based on statistical data.
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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