Dublin, Aug. 07, 2024 (GLOBE NEWSWIRE) -- The "Global Motor Insurance Market Overview, 2024-2029" report has been added to ResearchAndMarkets.com's offering.
According to the report, the market is anticipated to cross USD 1.34 trillion by 2029, increasing from USD 843.96 Billion in 2023.
Market Drivers:
- Increasing urbanization and rising car ownership rates
- Growing focus on road safety
- Increasing adoption of new mobility solutions
Market Challenges:
- Fraudulent claims
- Cybersecurity threats
- Disruption from InsurTech companies
Market Trends:
- Rise of telematics-based insurance
- Convergence of motor insurance with connected car technologies
- Growing focus on personalized insurance products and services
Market Segment Highlights:
- Liability Coverage leads in the Motor Insurance market due to its being mandatory in many countries and offering financial protection to third parties in case of accidents caused by the policyholder's vehicle.
- Older Vehicles lead in the Motor Insurance market due to their higher prevalence on the road compared to newer cars, resulting in a larger pool of insured vehicles requiring coverage.
- Personal Vehicles lead in the Motor Insurance market due to their high ownership rates and frequent usage compared to commercial vehicles.
- North America leads in the Motor Insurance market due to the region's high vehicle ownership rates, a well-defined regulatory framework, a competitive insurance industry, and the adoption of innovative insurance products.
Recent Developments:
- June 2024: China's leading auto insurance platform, Cheche Group, has partnered with NIO Insurance Broker, a subsidiary of electric vehicle manufacturer NIO. This collaboration aims to streamline auto insurance processes for NIO by leveraging Cheche's digital platform. The new digital insurance service system is expected to launch in the next quarter and will focus on reducing costs and enabling digital management for NIO's insurance business.
Years considered in this report:
- Historic year: 2018
- Base year: 2023
- Estimated year: 2024
- Forecast year: 2029
Aspects covered in the report:
- Motor insurance market outlook with its value and forecast, along with its segments
- Various drivers and challenges
- On-going trends and developments
- Top profiled companies
- Strategic recommendation
By Coverage:
- Liability Coverage
- Collision Coverage
- Comprehensive Insurance
- Others
By Distribution Channel:
- Insurance Agents/Brokers
- Direct Response
- Banks
- Others
By Vehicle Age:
- New Vehicle
- Old Vehicle
By Application:
- Commercial Vehicle
- Personal Vehicle
A selection of companies mentioned in this report includes, but is not limited to:
- Allianz SE
- Tokio Marine Holdings, Inc.
- Munich Re Group
- Axa S.A.
- Zurich Insurance Group Ltd.
- Assicurazioni Generali S.p.A.
- The Allstate Corporation
- The Progressive Corporation
- Chubb Ltd.
- Nationwide Mutual Insurance Company
For more information about this report visit https://www.researchandmarkets.com/r/3vti6g
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