The Car Insurance Market Report is Segmented by Coverage (third-Party Liability Coverage, Collision/comprehensive/other Optional Coverage), Application (personal Vehicles, Commercial Vehicles), Distribution Channel (direct Sales, Individual Agents, Brokers, Banks, Online, Other Distribution Channels), and Region (North America, Europe, Asia-Pacific, South America, Middle East and Africa, Rest of the World). The Report Offers Market Size and Forecasts for the Car Insurance Market in Value (USD) for all the Above Segments.
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*Disclaimer: Major Players sorted in no particular order
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The Car Insurance Market size in terms of gross written premiums value is expected to grow from USD 629.45 billion in 2024 to USD 808.34 billion by 2029, at a CAGR of 5.13% during the forecast period (2024-2029).
With the rise in the volume of car sales post-pandemic, the car insurance industry is also observing positive growth, raising the car insurance premium in global comparison with the leading sales of cars, with SUVs and medium cars having the largest share in sales. Non-life insurance penetration is creating opportunities for the expansion of car insurance products.
Post-COVID-19, to overcome challenges, insurers established new tendencies in current policies such as pay-as-you-drive, usage-based insurance, and telematics insurance plans. They adopted technologies to enhance the claim approaches and grant a higher user experience. The increase in the market size of the insurtech industry post-pandemic has resulted in an increasing number of users making online claims and buying insurance products for their cars online.
Rising economic inequality and declining employment have led to an increase in the motor vehicle theft rate, resulting in an increasing number of car owners opting for preventive measures of car insurance. With the rise in inflation and interest rates, business strategy car insurance providers are declining their insurance premiums rates to attract an increasing number of car buyers for insurance. With rising car sales and efforts by insurance companies to expand their insurance products, the car insurance market is expected to have positive growth over the coming period.
United States, Georgia, and Chile are among the American countries with the largest number of car accidents and the fatalities associated with them. As the price of cars is observed, a continuous increase cost of damage, even in minor car accidents, is becoming expensive, resulting in an increasing number of car owners opting for insurance to prevent unseen losses. Speeding, drunk driving, and distraction have emerged as some of the major reasons for car accidents, and they have increased human fatalities as well. Considering these events, car insurance is coming up with various types of insurance products covering car damage, hospitalization and treatment of third parties, personal accident cover, and others, with an expanding market for car insurance providers.
With a rising penetration of digital technologies in the insurance market, car insurance products have also increased their online presence with which an increasing number of users can claim, purchase, and renew their insurance through the online channels of the insurance providers. For example, in the United Kingdom, the share of motor insurance premiums written online is observing a continuous rise, existing at more than 60% and driving digital insurance in the car segment. In addition, telematics and usage-based insurance have created a new revolution in the car insurance market, resulting in insurance companies calculating the insurance premium based on the driving habits of the user. As the market size of Insurance technology is expanding globally innovations in digital cash insurance products are expected to increase over the period.
The car insurance market is fragmented with an increasing number of players in the market. The market has a large number of players existing in different regional markets. Technological innovations are resulting in the creation of customized car insurance policies based on collected driving details of the driver. Some of the existing players in the car insurance market are State Farm, GEICO, Progressive Corporation, Allstate Corporation, and Berkshire Hathaway.
*Disclaimer: Major Players sorted in no particular order
Car insurance is a contract between the car owner and the insurance company where the car owner agrees to pay a fixed premium rate over some time for protection against financial loss in the event of any damage or loss to the car. The study gives a brief description of the car insurance market and includes details on car insurance premiums, investment by car insurance companies, and the launch of new car insurance products. The car insurance market is segmented by coverage, by application, by distribution channel, and by region. By coverage, the market is segmented into third-party liability coverage and collision/comprehensive/other optional coverage. By application, the market is segmented into personal vehicles and commercial vehicles. By distribution channel, the market is segmented into individual agents, brokers, banks, online, and other distribution channels. By region, the market is segmented into north america, europe, asia-pacific, south america, middle east and africa, rest of the world. The report also covers the market sizes and forecasts for the car insurance market in value (USD) for all the above segments.
| By Coverage |
| Third-Party Liability Coverage |
| Collision/Comprehensive/Other Optional Coverage |
| By Application |
| Personal Vehicles |
| Commercial Vehicles |
| By Distribution Channel |
| Direct Sales |
| Individual Agents |
| Brokers |
| Banks |
| Online |
| Other Distribution Channels |
| North America |
| United States |
| Canada |
| Rest of North America |
| Europe |
| Germany |
| United Kingdom |
| France |
| Russia |
| Spain |
| Italy |
| Rest of Europe |
| Asia-Pacific |
| India |
| China |
| Japan |
| Australia |
| Rest of Asia-Pacific |
| South America |
| Brazil |
| Argentina |
| Rest of South America |
