About Motorcycle Insurance
Two-wheeler insurance refer to an insurance policy that is taken to cover the damage to the bike/ scooter or to the rider due to some unforeseen events such as road accidents, natural disaster, and theft or loss of a motor vehicle. Bike insurance essentially provides coverage against any third-party liability that may arise from injuries incurred to one or more individuals in case of an accident. The motorcycle insurance provides cover to the vehicles and cover all uses whether for personal, commercial or mixed purpose.
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
Unit | Value (USD Million) |
Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Motorcycle Insurance market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Dai-ichi Mutual Life Insurance (Japan), Farmers Insurance (United States), Allianz SE (Germany), Allstate (United States), Zurich Insurance Group Ltd. (Switzerland), State Farm Insurance (United States), Assicurazioni Generali (Italy), GEICO (United States), Cardinal Health (United States), Munich Re Group (Germany), Aviva (United Kingdom) and AXA (France) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are AAA (United States), Allied Insurance Company (United States) and PingAn (China).
Segmentation Overview
AMA Research has segmented the market of Global Motorcycle Insurance market by Type (Comprehensive Two-Wheeler Insurance, Third-Party, Fire and Theft, Third-Party Only and Others), Application (Mopeds, Scooters, Dirt bikes, Customized motorcycles, Sportbikes and Others) and Region.
On the basis of geography, the market of Motorcycle Insurance has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by End-Users, the sub-segment i.e. Personal will boost the Motorcycle Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Insurance Providers, the sub-segment i.e. Brokers will boost the Motorcycle Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Motorcycle Coverage, the sub-segment i.e. Motorcycle Collision will boost the Motorcycle Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Development of New Offers and Schemes by Insurance Companies and Innovation in Motorcycle Insurance Products
Market Growth Drivers:
Increasing Incidence of Accidents Globally and Government Focus on Accident Insurance
Challenges:
Longer Time for Claim Reimbursement
Restraints:
Stringent Government Rules and Regulations
Opportunities:
High Potential Growth in Emerging Countries and Addition of Attractive Features to the Plans by Insurance Companies
Market Leaders and their expansionary development strategies
On February 4, 2020 - Allianz SE has entered into an agreement to form a life insurance joint venture (JV) with AEON Financial Service (AFS) to develop and market life insurance solutions for local customers in Japan. and On November 14, 2019 - Allianz SE and Microsoft Corp. announced a strategic partnership focused on digitally transforming the insurance industry, making the insurance process easier while creating a better experience for insurance companies and their customers. Through the strategic partnership, Allianz will move core pieces of its global insurance platform, Allianz Business System (ABS), to Microsoft’s Azure cloud and will open-source parts of the solution’s core to improve and expand capabilities.
North Carolina motor vehicle law requires all motorcycle and motor scooter operators to purchase liability insurance for their vehicles. A valid insurance card must be kept with the motorcycle or scooter or carried by the operator at all times.
Key Target Audience
Motorcycle Insurance Providers, Automotive Industry, Regulatory Bodies, End-Users, Governmental Agencies, Consulting Firms and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.