Industry Background:
Commercial truck insurance is done on variouss type of commercial trucks which includes dump trucks, tow trucks, flatbed trucks, and various others. The insurance covers the thefts, accidents medical expenses, vandalism-related damage, etc. As these commercial trucks travel from one place to other carrying goods, it is necessary to take the insurance for the same for all kinds of risks. The commercial truck insurance reduces the heavy expenses due to uncertainties and helps in recovering the costs easily.
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
Unit | Value (USD Million) |
Key Companies Profiled | Axa S.A. (France), Progressive Corporation (United States), Travelers Companies, Inc. (United States), McMillan Insurance Group (United States), Hudson Insurance Group (United States), HSBC Holdings plc (United Kingdom), Zurich American Insurance Company (United States), Aviva plc (United Kingdom), Berkshire Hathaway (United States), Sompo Holdings, Inc. (Japan) and Mapfre, S.A. (Spain) |
This growth is primarily driven by Growing Commercial Vehicle Transporation Industry and Need for Insuring the Commercial Vehicle to Mange the Costly Affairs in case of any Damage.
Globally, a noticeable market trend is evident Increasing Consumption of Online Insurance Service for Commercial Truck Insurance Major Players, such as Axa S.A. (France), Progressive Corporation (United States), Travelers Companies, Inc. (United States), McMillan Insurance Group (United States), Hudson Insurance Group (United States), HSBC Holdings plc (United Kingdom), Zurich American Insurance Company (United States), Aviva plc (United Kingdom), Berkshire Hathaway (United States), Sompo Holdings, Inc. (Japan) and Mapfre, S.A. (Spain), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
On 1st September 2020, Hudson Insurance Group (Hudson) announced the launch of its new Commercial Trucking Coverage for Independent Contractors that are now offered through retail producers in select states. Coverage includes Occupational Accident, Contingent Liability, Truck Physical Damage, and Workers’ Compensation, as well as Non-Trucking Liability, which is available as of September 1, 2020.
Influencing Trend:
Increasing Consumption of Online Insurance Service for Commercial Truck Insurance
Market Growth Drivers:
Growing Commercial Vehicle Transporation Industry and Need for Insuring the Commercial Vehicle to Mange the Costly Affairs in case of any Damage
Challenges:
Stiff Competition in Commercial Truck Insurance Market and Stringent Regulatory Guidelines in the Commercial Truck Insurance
Restraints:
High-Cost EMI Option of the Commercial Truck Insurance
Opportunities:
Awareness about the Benefits of Commercial Truck Insurance and Reduction in Risk
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints in Commercial Truck Insurance Market
- Analysis about New Entrants in Commercial Truck Insurance Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
- An Unbiased Perspective towards Market Performance & Indicators
Against this Challenging Backdrop, Commercial Truck Insurance Study Sheds Light on
The Commercial Truck Insurance Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Commercial Truck Insurance industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Commercial Truck Insurance industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.