Market Research Report
Global Motor Insurance Market (2021 Edition) - Analysis by Product Type (Third Party Liability, Comprehensive, Others), End User (PV, CV), Distribution Channel, By Region, By Country: Market Insight, Competition and Forecast (2021-2026)
|Global Motor Insurance Market (2021 Edition) - Analysis by Product Type (Third Party Liability, Comprehensive, Others), End User (PV, CV), Distribution Channel, By Region, By Country: Market Insight, Competition and Forecast (2021-2026)|
Published: September 30, 2021
Content info: 220 Pages
Delivery time: 2-3 business days
The Global Motor Insurance Market was valued at USD 761.24 Billion in the year 2020. The mandatory requirement for a vehicle to be insured by various countries across the world, coupled with the estimated increased number of sales of new vehicles, is expected to drive the global motor insurance market during the forecast period. Moreover, due to the availability of Motor Insurance online, buyers can get their vehicles insured from the comfort of their home or on the move. And with driving getting riskier, the need for Motor Insurance is expected to grow accordingly.
The Motor Insurance market is also gaining popularity due to the implementation of enhanced analytics tools to reduce fake claims. Insurance companies are using improved tools like big data analytics and geospatial analytics to reduce losses caused by fraud claims. Other contributing factors to motor insurance market comprise growing costs of vehicle repairs, the high cost of claims and unsafe driving practices due to which there may not be any decline in growth for the Motor Insurance industry in the future.
Due to the global outbreak of COVID-19, motor insurance has been worst impacted due to the low sale of automobile vehicles. Although the sector is able to hold itself in the digital space, it remains the most affected as far as the overall motor insurance business is concerned. The worst impact of the pandemic has been on the dealers and offline insurers as there is no purchase and selling of vehicles taking place because of the lockdown.
In the recent times, new developments in existing motor policies such as pay-as-you-drive, usage-based insurance, or telematics insurance are getting popularity to improve the claim processes and to deal with unprecedented circumstances.