Global Auto Insurance Market Size Study, by Coverage, by Distribution Channel, by Vehicle Age, by Application, and Regional Forecasts 2022-2032

PUBLISHED: October 14, 2024

PAGES: 285 Pages

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Description

The Global Auto Insurance Market, valued at approximately USD 923.4 billion in 2023, is projected to grow at a compound annual growth rate (CAGR) of 10.8% from 2024 to 2032, reaching USD 2,274.8 billion by the end of 2032. Auto insurance is a critical component of the financial safety net for vehicle owners, providing coverage against financial losses from accidents, theft, and other vehicle-related incidents. With the rapid growth in automobile sales globally, coupled with the increasing number of accidents and stringent government regulations mandating auto insurance, the market is witnessing substantial growth.

The market's expansion is further fueled by the rising demand for comprehensive insurance coverage, which not only covers vehicle damage but also offers protection against third-party liabilities. The increasing adoption of advanced technologies in vehicles, such as telematics and autonomous driving systems, is also shaping the future of auto insurance, offering new avenues for market growth. However, the growing prevalence of autonomous vehicles poses a potential challenge, as it may reduce the overall demand for traditional auto insurance policies. Additionally, the shift towards autonomous vehicles and ride-sharing services could disrupt traditional insurance models. Opportunities lie in the growing adoption of digital platforms and artificial intelligence, enabling insurers to streamline operations, enhance customer experience, and develop innovative products to cater to changing consumer needs.

The key regions considered in the study include Asia Pacific, North America, Europe, Latin America, and the Middle East and Africa. North America dominates the Global Auto Insurance Market, driven by a well-established technological infrastructure, significant investments in smart technologies, and stringent safety regulations that encourage the adoption of advanced security solutions. Europe follows closely, with countries like Germany and the UK leading in the implementation of auto insurance solutions. In the Asia-Pacific region, rapid industrialization and increasing awareness of insurance solutions are driving the adoption of advanced technologies, particularly in countries like China and Japan.

Major market players included in this report are:

Berkshire Hathaway Inc.
People's Insurance Company of China
Admiral Group Plc
Allstate Insurance Company
CHINA PACIFIC INSURANCE CO.
Tokio Marine Group
Ping An Insurance (Group) Company of China, Ltd.
Automobile Insurance
Allianz
Intuit
Farmers Insurance Group
Chubb Limited
Travelers Companies, Inc.
USAA (United Services Automobile Association)
Berkshire Hathaway Inc.

The detailed segments and sub-segment of the market are explained below:

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
UK
Germany
France
Spain
Italy
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
Australia
Rest of Asia Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East and Africa

Years considered for the study are as follows:

Historical year - 2021-2022
Base year - 2023
Forecast period - 2024 to 2032

Key Takeaways:

Market Estimates & Forecast for 10 years from 2022 to 2032.
Annualized revenues and regional level analysis for each market segment.
Detailed analysis of geographical landscape with Country level analysis of major regions.
Competitive landscape with information on major players in the market.
Analysis of key business strategies and recommendations on future market approach.
Analysis of competitive structure of the market.
Demand side and supply side analysis of the market.

Chapter 1. Global Auto Insurance Market Executive Summary

1.1. Global Auto Insurance Market Size & Forecast (2022 & 2032)
1.2. Regional Summary
1.3. Segmental Summary
- 1.3.1. By Coverage
- 1.3.2. By Distribution Channel
- 1.3.3. By Vehicle Age
- 1.3.4. By Application
1.4. Key Trends
1.5. Recession Impact
1.6. Analyst Recommendation & Conclusion

Chapter 2. Global Auto Insurance Market Definition and Research Assumptions

2.1. Research Objective
2.2. Market Definition
2.3. Research Assumptions
- 2.3.1. Inclusion & Exclusion
- 2.3.2. Limitations
- 2.3.3. Supply Side Analysis
  - 2.3.3.1. Availability
  - 2.3.3.2. Infrastructure
  - 2.3.3.3. Regulatory Environment
  - 2.3.3.4. Market Competition
  - 2.3.3.5. Economic Viability (Consumer's Perspective)
- 2.3.4. Demand Side Analysis
  - 2.3.4.1. Regulatory frameworks
  - 2.3.4.2. Technological Advancements
  - 2.3.4.3. Environmental Considerations
  - 2.3.4.4. Consumer Awareness & Acceptance
2.4. Estimation Methodology
2.5. Years Considered for the Study
2.6. Currency Conversion Rates

Chapter 3. Global Auto Insurance Market Dynamics

3.1. Market Drivers
- 3.1.1. Rise in Number of Accidents and Increase in Automobile Sales
- 3.1.2. Implementation of Stringent Government Regulations
3.2. Market Challenges
- 3.2.1. Adoption of Autonomous Vehicles
- 3.2.2. High Competition Among Insurance Providers
3.3. Market Opportunities
- 3.3.1. Implementation of Technologies in Existing Products
- 3.3.2. Rise in Demand for Third-Party Liability Coverage in Emerging Economies

Chapter 4. Global Auto Insurance Market Industry Analysis

4.1. Porter's 5 Force Model
- 4.1.1. Bargaining Power of Suppliers
- 4.1.2. Bargaining Power of Buyers
- 4.1.3. Threat of New Entrants
- 4.1.4. Threat of Substitutes
- 4.1.5. Competitive Rivalry
- 4.1.6. Futuristic Approach to Porter's 5 Force Model
- 4.1.7. Porter's 5 Force Impact Analysis
4.2. PESTEL Analysis
- 4.2.1. Political
- 4.2.2. Economical
- 4.2.3. Social
- 4.2.4. Technological
- 4.2.5. Environmental
- 4.2.6. Legal
4.3. Top investment opportunity
4.4. Top winning strategies
4.5. Disruptive Trends
4.6. Industry Expert Perspective
4.7. Analyst Recommendation & Conclusion

Chapter 5. Global Auto Insurance Market Size & Forecasts by Coverage 2022 & 2032

5.1. Segment Dashboard
5.2. Global Auto Insurance Market: Coverage Revenue Trend Analysis, 2022 & 2032 (USD Billion)
- 5.2.1. Third Party Liability Coverage
- 5.2.2. Collision/Comprehensive/Other Optional Coverages

Chapter 6. Global Auto Insurance Market Size & Forecasts by Distribution Channel 2022 & 2032

6.1. Segment Dashboard
6.2. Global Auto Insurance Market: Distribution Channel Revenue Trend Analysis, 2022 & 2032 (USD Billion)
- 6.2.1. Insurance Agents/Brokers
- 6.2.2. Direct Response
- 6.2.3. Banks
- 6.2.4. Others

Chapter 7. Global Auto Insurance Market Size & Forecasts by Vehicle Age 2022 & 2032

7.1. Segment Dashboard
7.2. Global Auto Insurance Market: Vehicle Age Revenue Trend Analysis, 2022 & 2032 (USD Billion)
- 7.2.1. New Vehicles
- 7.2.2. Used Vehicles

Chapter 8. Global Auto Insurance Market Size & Forecasts by Application 2022 & 2032

8.1. Segment Dashboard
8.2. Global Auto Insurance Market: Application Revenue Trend Analysis, 2022 & 2032 (USD Billion)
- 8.2.1. Personal
- 8.2.2. Commercial

Chapter 9. Global Auto Insurance Market Size & Forecasts by Region 2022 & 2032

9.1. North America Auto Insurance Market
- 9.1.1. U.S. Auto Insurance Market
  - 9.1.1.1. Coverage breakdown size & forecasts, 2022 & 2032
  - 9.1.1.2. Distribution Channel breakdown size & forecasts, 2022 & 2032
  - 9.1.1.3. Vehicle Age breakdown size & forecasts, 2022 & 2032
  - 9.1.1.4. Application breakdown size & forecasts, 2022 & 2032
- 9.1.2. Canada Auto Insurance Market
- 9.1.3. Mexico Auto Insurance Market
9.2. Europe Auto Insurance Market
- 9.2.1. U.K. Auto Insurance Market
- 9.2.2. Germany Auto Insurance Market
- 9.2.3. France Auto Insurance Market
- 9.2.4. Spain Auto Insurance Market
- 9.2.5. Italy Auto Insurance Market
- 9.2.6. Rest of Europe Auto Insurance Market
9.3. Asia-Pacific Auto Insurance Market
- 9.3.1. China Auto Insurance Market
- 9.3.2. Japan Auto Insurance Market
- 9.3.3. India Auto Insurance Market
- 9.3.4. Australia Auto Insurance Market
- 9.3.5. South Korea Auto Insurance Market
- 9.3.6. Rest of Asia-Pacific Auto Insurance Market
9.4. Latin America Auto Insurance Market
- 9.4.1. Brazil Auto Insurance Market
- 9.4.2. Argentina Auto Insurance Market
- 9.4.3. Rest of Latin America Auto Insurance Market
9.5. Middle East & Africa Auto Insurance Market
- 9.5.1. Saudi Arabia Auto Insurance Market
- 9.5.2. South Africa Auto Insurance Market
- 9.5.3. UAE Auto Insurance Market
- 9.5.4. Rest of MEA Auto Insurance Market

Chapter 10. Competitive Intelligence

10.1. Key Company SWOT Analysis
10.2. Top Market Strategies
10.3. Company Profiles
- 10.3.1. Berkshire Hathaway Inc.
  - 10.3.1.1. Key Information
  - 10.3.1.2. Overview
  - 10.3.1.3. Financial (Subject to Data Availability)
  - 10.3.1.4. Product Summary
  - 10.3.1.5. Market Strategies
- 10.3.2. People's Insurance Company of China
- 10.3.3. Admiral Group Plc
- 10.3.4. Allstate Insurance Company
- 10.3.5. CHINA PACIFIC INSURANCE CO.
- 10.3.6. Tokio Marine Group
- 10.3.7. Ping An Insurance (Group) Company of China, Ltd.
- 10.3.8. Automobile Insurance
- 10.3.9. Allianz
- 10.3.10. Intuit
- 10.3.11. Farmers Insurance Group
- 10.3.12. Chubb Limited
- 10.3.13. Travelers Companies, Inc.
- 10.3.14. USAA (United Services Automobile Association)
- 10.3.15. Berkshire Hathaway Inc.

Chapter 11. Research Process

11.1. Research Process
- 11.1.1. Data Mining
- 11.1.2. Analysis
- 11.1.3. Market Estimation
- 11.1.4. Validation
- 11.1.5. Publishing
11.2. Research Attributes