PUBLISHER: IMARC | PRODUCT CODE: 1451559
PUBLISHER: IMARC | PRODUCT CODE: 1451559
Motor Insurance Market Report by Policy Type, Premium Type, Distribution Channel, and Region 2024-2032
The global motor insurance market size reached US$ 849.1 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 1,630.0 Billion by 2032, exhibiting a growth rate (CAGR) of 7.4% during 2024-2032.
Motor insurance is an automotive insurance policy that offers coverage to the owner of cars, two-wheelers, commercial trucks, and other road vehicles against financial losses caused by accidents or physical damages. It also includes protection against legal liabilities arising due to an accident and resulting in death, body injuries, or property damage to a third party. Nowadays, insurance companies are offering different plans and add-ons, such as cashless claims, depreciation cover, 24/7 road assistance, and towing facility, to provide better coverage and assistance during the claiming process.
Motor Insurance Market Trends:
Vehicles have currently become a crucial means of transportation around the world. However, a significant rise in the number of private cars has escalated the risk of road accidents and vehicle damage. This represents one of the key factors catalyzing the demand for motor insurance across the globe. Apart from this, governing agencies of various countries are mandating businesses to purchase a motor insurance policy for their commercial vehicles, such as auto-rickshaws, cabs, school buses, tractors, vans, and trucks. Moreover, the increasing use of commercial vehicles for inter-city passenger tour and travel, and heavy-duty vehicles for bulk transportation of goods is creating a positive outlook for the market. Besides this, insurers are offering online insurance solutions with hassle-free and fully digital insurance comparing, buying, and renewing platforms. This, in confluence with the growing internet penetration and the rising reliance on smartphones, is promoting the adoption of motor insurance worldwide. Furthermore, the introduction of usage-based vehicle insurance (UBI) that employs individualized data gathered by the Internet of Things (IoT) sensors to determine insurance premiums is anticipated to influence the market positively.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global motor insurance market report, along with forecasts at the global, regional and country level from 2024-2032. Our report has categorized the market based on policy type, premium type and distribution channel.
Breakup by Policy Type:
Liability Insurance
Comprehensive Coverage
Collision Coverage
Personal Injury Protection
Breakup by Premium Type:
Personal Insurance Premiums
Commercial Insurance Premiums
Breakup by Distribution Channel:
Insurance Agents/Brokers
Direct Response
Banks
Others
Breakup by Region:
North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being American International Group Inc., Assicurazioni Generali S.p.A., AXA Cooperative Insurance Company (Gulf Insurance Company K.S.C.), Bajaj Allianz General Insurance Company Limited, China Ping An Insurance Co. Ltd., Government Employees Insurance Company (Berkshire Hathaway Inc.), Reliance General Insurance Company Limited (Reliance Capital Limited ), State Farm Mutual Automobile Insurance Company, The Hanover Insurance Group Inc. (Opus Investment Management), The Progressive Corporation, Universal Sompo General Insurance Company Limited and Zurich Insurance Group Ltd.
Key Questions Answered in This Report
- 1. What was the size of the global motor insurance market in 2023?
- 2. What is the expected growth rate of the global motor insurance market during 2024-2032?
- 3. What are the key factors driving the global motor insurance market?
- 4. What has been the impact of COVID-19 on the global motor insurance market?
- 5. What is the breakup of the global motor insurance market based on the policy type?
- 6. What is the breakup of the global motor insurance market based on the distribution channel?
- 7. What are the key regions in the global motor insurance market?
- 8. Who are the key players/companies in the global motor insurance market?
Table of Contents
1 Preface
2 Scope and Methodology
- 2.1 Objectives of the Study
- 2.2 Stakeholders
- 2.3 Data Sources
- 2.3.1 Primary Sources
- 2.3.2 Secondary Sources
- 2.4 Market Estimation
- 2.4.1 Bottom-Up Approach
- 2.4.2 Top-Down Approach
- 2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
- 4.1 Overview
- 4.2 Key Industry Trends
5 Global Motor Insurance Market
- 5.1 Market Overview
- 5.2 Market Performance
- 5.3 Impact of COVID-19
- 5.4 Market Forecast
6 Market Breakup by Policy Type
- 6.1 Liability Insurance
- 6.1.1 Market Trends
- 6.1.2 Market Forecast
- 6.2 Comprehensive Coverage
- 6.2.1 Market Trends
- 6.2.2 Market Forecast
- 6.3 Collision Coverage
- 6.3.1 Market Trends
- 6.3.2 Market Forecast
- 6.4 Personal Injury Protection
- 6.4.1 Market Trends
- 6.4.2 Market Forecast
7 Market Breakup by Premium Type
- 7.1 Personal Insurance Premiums
- 7.1.1 Market Trends
- 7.1.2 Market Forecast
- 7.2 Commercial Insurance Premiums
- 7.2.1 Market Trends
- 7.2.2 Market Forecast
8 Market Breakup by Distribution Channel
- 8.1 Insurance Agents/Brokers
- 8.1.1 Market Trends
- 8.1.2 Market Forecast
- 8.2 Direct Response
- 8.2.1 Market Trends
- 8.2.2 Market Forecast
- 8.3 Banks
- 8.3.1 Market Trends
- 8.3.2 Market Forecast
- 8.4 Others
- 8.4.1 Market Trends
- 8.4.2 Market Forecast
9 Market Breakup by Region
- 9.1 North America
- 9.1.1 United States
- 9.1.1.1 Market Trends
- 9.1.1.2 Market Forecast
- 9.1.2 Canada
- 9.1.2.1 Market Trends
- 9.1.2.2 Market Forecast
- 9.1.1 United States
- 9.2 Asia-Pacific
- 9.2.1 China
- 9.2.1.1 Market Trends
- 9.2.1.2 Market Forecast
- 9.2.2 Japan
- 9.2.2.1 Market Trends
- 9.2.2.2 Market Forecast
- 9.2.3 India
- 9.2.3.1 Market Trends
- 9.2.3.2 Market Forecast
- 9.2.4 South Korea
- 9.2.4.1 Market Trends
- 9.2.4.2 Market Forecast
- 9.2.5 Australia
- 9.2.5.1 Market Trends
- 9.2.5.2 Market Forecast
- 9.2.6 Indonesia
- 9.2.6.1 Market Trends
- 9.2.6.2 Market Forecast
- 9.2.7 Others
- 9.2.7.1 Market Trends
- 9.2.7.2 Market Forecast
- 9.2.1 China
- 9.3 Europe
- 9.3.1 Germany
- 9.3.1.1 Market Trends
- 9.3.1.2 Market Forecast
- 9.3.2 France
- 9.3.2.1 Market Trends
- 9.3.2.2 Market Forecast
- 9.3.3 United Kingdom
- 9.3.3.1 Market Trends
- 9.3.3.2 Market Forecast
- 9.3.4 Italy
- 9.3.4.1 Market Trends
- 9.3.4.2 Market Forecast
- 9.3.5 Spain
- 9.3.5.1 Market Trends
- 9.3.5.2 Market Forecast
- 9.3.6 Russia
- 9.3.6.1 Market Trends
- 9.3.6.2 Market Forecast
- 9.3.7 Others
- 9.3.7.1 Market Trends
- 9.3.7.2 Market Forecast
- 9.3.1 Germany
- 9.4 Latin America
- 9.4.1 Brazil
- 9.4.1.1 Market Trends
- 9.4.1.2 Market Forecast
- 9.4.2 Mexico
- 9.4.2.1 Market Trends
- 9.4.2.2 Market Forecast
- 9.4.3 Others
- 9.4.3.1 Market Trends
- 9.4.3.2 Market Forecast
- 9.4.1 Brazil
- 9.5 Middle East and Africa
- 9.5.1 Market Trends
- 9.5.2 Market Breakup by Country
- 9.5.3 Market Forecast
10 SWOT Analysis
- 10.1 Overview
- 10.2 Strengths
- 10.3 Weaknesses
- 10.4 Opportunities
- 10.5 Threats
11 Value Chain Analysis
12 Porters Five Forces Analysis
- 12.1 Overview
- 12.2 Bargaining Power of Buyers
- 12.3 Bargaining Power of Suppliers
- 12.4 Degree of Competition
- 12.5 Threat of New Entrants
- 12.6 Threat of Substitutes
13 Price Analysis
14 Competitive Landscape
- 14.1 Market Structure
- 14.2 Key Players
- 14.3 Profiles of Key Players
- 14.3.1 American International Group Inc.
- 14.3.1.1 Company Overview
- 14.3.1.2 Product Portfolio
- 14.3.1.3 Financials
- 14.3.1.4 SWOT Analysis
- 14.3.2 Assicurazioni Generali S.p.A.
- 14.3.2.1 Company Overview
- 14.3.2.2 Product Portfolio
- 14.3.2.3 Financials
- 14.3.2.4 SWOT Analysis
- 14.3.3 AXA Cooperative Insurance Company (Gulf Insurance Company K.S.C.)
- 14.3.3.1 Company Overview
- 14.3.3.2 Product Portfolio
- 14.3.3.3 Financials
- 14.3.4 Bajaj Allianz General Insurance Company Limited
- 14.3.4.1 Company Overview
- 14.3.4.2 Product Portfolio
- 14.3.4.3 SWOT Analysis
- 14.3.5 China Ping An Insurance Co. Ltd.
- 14.3.5.1 Company Overview
- 14.3.5.2 Product Portfolio
- 14.3.5.3 Financials
- 14.3.5.4 SWOT Analysis
- 14.3.6 Government Employees Insurance Company (Berkshire Hathaway Inc.)
- 14.3.6.1 Company Overview
- 14.3.6.2 Product Portfolio
- 14.3.6.3 SWOT Analysis
- 14.3.7 Reliance General Insurance Company Limited (Reliance Capital Limited)
- 14.3.7.1 Company Overview
- 14.3.7.2 Product Portfolio
- 14.3.7.3 Financials
- 14.3.7.4 SWOT Analysis
- 14.3.8 State Farm Mutual Automobile Insurance Company
- 14.3.8.1 Company Overview
- 14.3.8.2 Product Portfolio
- 14.3.8.3 SWOT Analysis
- 14.3.9 The Hanover Insurance Group Inc. (Opus Investment Management)
- 14.3.9.1 Company Overview
- 14.3.9.2 Product Portfolio
- 14.3.9.3 Financials
- 14.3.9.4 SWOT Analysis
- 14.3.10 The Progressive Corporation
- 14.3.10.1 Company Overview
- 14.3.10.2 Product Portfolio
- 14.3.10.3 Financials
- 14.3.10.4 SWOT Analysis
- 14.3.11 Universal Sompo General Insurance Company Limited.
- 14.3.11.1 Company Overview
- 14.3.11.2 Product Portfolio
- 14.3.12 Zurich Insurance Group Ltd.
- 14.3.12.1 Company Overview
- 14.3.12.2 Product Portfolio
- 14.3.12.3 Financials
- 14.3.12.4 SWOT Analysis
- 14.3.1 American International Group Inc.
List of Figures
- Figure 1: Global: Motor Insurance Market: Major Drivers and Challenges
- Figure 2: Global: Motor Insurance Market: Sales Value (in Billion US$), 2018-2023
- Figure 3: Global: Motor Insurance Market Forecast: Sales Value (in Billion US$), 2024-2032
- Figure 4: Global: Motor Insurance Market: Breakup by Policy Type (in %), 2023
- Figure 5: Global: Motor Insurance Market: Breakup by Premium Type (in %), 2023
- Figure 6: Global: Motor Insurance Market: Breakup by Distribution Channel (in %), 2023
- Figure 7: Global: Motor Insurance Market: Breakup by Region (in %), 2023
- Figure 8: Global: Motor Insurance (Liability Insurance) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 9: Global: Motor Insurance (Liability Insurance) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 10: Global: Motor Insurance (Comprehensive Coverage) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 11: Global: Motor Insurance (Comprehensive Coverage) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 12: Global: Motor Insurance (Collision Coverage) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 13: Global: Motor Insurance (Collision Coverage) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 14: Global: Motor Insurance (Personal Injury Protection) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 15: Global: Motor Insurance (Personal Injury Protection) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 16: Global: Motor Insurance (Personal Insurance Premiums) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 17: Global: Motor Insurance (Personal Insurance Premiums) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 18: Global: Motor Insurance (Commercial Insurance Premiums) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 19: Global: Motor Insurance (Commercial Insurance Premiums) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 20: Global: Motor Insurance (Insurance Agents/Brokers) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 21: Global: Motor Insurance (Insurance Agents/Brokers) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 22: Global: Motor Insurance (Direct Response) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 23: Global: Motor Insurance (Direct Response) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 24: Global: Motor Insurance (Banks) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 25: Global: Motor Insurance (Banks) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 26: Global: Motor Insurance (Other Distribution Channels) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 27: Global: Motor Insurance (Other Distribution Channels) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 28: North America: Motor Insurance Market: Sales Value (in Million US$), 2018 & 2023
- Figure 29: North America: Motor Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 30: United States: Motor Insurance Market: Sales Value (in Million US$), 2018 & 2023
- Figure 31: United States: Motor Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 32: Canada: Motor Insurance Market: Sales Value (in Million US$), 2018 & 2023
- Figure 33: Canada: Motor Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 34: Asia-Pacific: Motor Insurance Market: Sales Value (in Million US$), 2018 & 2023
- Figure 35: Asia-Pacific: Motor Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 36: China: Motor Insurance Market: Sales Value (in Million US$), 2018 & 2023
- Figure 37: China: Motor Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 38: Japan: Motor Insurance Market: Sales Value (in Million US$), 2018 & 2023
- Figure 39: Japan: Motor Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 40: India: Motor Insurance Market: Sales Value (in Million US$), 2018 & 2023
- Figure 41: India: Motor Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 42: South Korea: Motor Insurance Market: Sales Value (in Million US$), 2018 & 2023
- Figure 43: South Korea: Motor Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 44: Australia: Motor Insurance Market: Sales Value (in Million US$), 2018 & 2023
- Figure 45: Australia: Motor Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 46: Indonesia: Motor Insurance Market: Sales Value (in Million US$), 2018 & 2023
- Figure 47: Indonesia: Motor Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 48: Others: Motor Insurance Market: Sales Value (in Million US$), 2018 & 2023
- Figure 49: Others: Motor Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 50: Europe: Motor Insurance Market: Sales Value (in Million US$), 2018 & 2023
- Figure 51: Europe: Motor Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 52: Germany: Motor Insurance Market: Sales Value (in Million US$), 2018 & 2023
- Figure 53: Germany: Motor Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 54: France: Motor Insurance Market: Sales Value (in Million US$), 2018 & 2023
- Figure 55: France: Motor Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 56: United Kingdom: Motor Insurance Market: Sales Value (in Million US$), 2018 & 2023
- Figure 57: United Kingdom: Motor Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 58: Italy: Motor Insurance Market: Sales Value (in Million US$), 2018 & 2023
- Figure 59: Italy: Motor Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 60: Spain: Motor Insurance Market: Sales Value (in Million US$), 2018 & 2023
- Figure 61: Spain: Motor Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 62: Russia: Motor Insurance Market: Sales Value (in Million US$), 2018 & 2023
- Figure 63: Russia: Motor Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 64: Others: Motor Insurance Market: Sales Value (in Million US$), 2018 & 2023
- Figure 65: Others: Motor Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 66: Latin America: Motor Insurance Market: Sales Value (in Million US$), 2018 & 2023
- Figure 67: Latin America: Motor Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 68: Brazil: Motor Insurance Market: Sales Value (in Million US$), 2018 & 2023
- Figure 69: Brazil: Motor Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 70: Mexico: Motor Insurance Market: Sales Value (in Million US$), 2018 & 2023
- Figure 71: Mexico: Motor Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 72: Others: Motor Insurance Market: Sales Value (in Million US$), 2018 & 2023
- Figure 73: Others: Motor Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 74: Middle East and Africa: Motor Insurance Market: Sales Value (in Million US$), 2018 & 2023
- Figure 75: Middle East and Africa: Motor Insurance Market: Breakup by Country (in %), 2023
- Figure 76: Middle East and Africa: Motor Insurance Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 77: Global: Motor Insurance Industry: SWOT Analysis
- Figure 78: Global: Motor Insurance Industry: Value Chain Analysis
- Figure 79: Global: Motor Insurance Industry: Porter's Five Forces Analysis
List of Tables
- Table 1: Global: Motor Insurance Market: Key Industry Highlights, 2023 and 2032
- Table 2: Global: Motor Insurance Market Forecast: Breakup by Policy Type (in Million US$), 2024-2032
- Table 3: Global: Motor Insurance Market Forecast: Breakup by Premium Type (in Million US$), 2024-2032
- Table 4: Global: Motor Insurance Market Forecast: Breakup by Distribution Channel (in Million US$), 2024-2032
- Table 5: Global: Motor Insurance Market Forecast: Breakup by Region (in Million US$), 2024-2032
- Table 6: Global: Motor Insurance Market: Competitive Structure
- Table 7: Global: Motor Insurance Market: Key Players
