Scope of the Study
Property and casualty insurance are the coverage which protects the person and the property it owns. In case of a vehicle, property insurance covers damage caused by accident, theft, fire, explosion, self-ignition, lighting, riots, act of terrorism, or natural calamities. While, the casualty insurance provides a liability coverage of a person who is found in an accident. It also covers the medical expenses as well as repair of damaged property. Moreover, various discounts are provided in property and casualty insurance such as training discount, student discount or mature driver discounts. These benefits are increasing the demand of property and casualty insurance.
The market study is being classified by Type (Property insurance and Casualty insurance) and major geographies with country level break-up.
State farm group (United States), Berkshire Hathaway (United States), Progressive Corporation (United States), All state (United States), Liberty mutual (United States), Travelers (United States), USAA group (United States), Chubb INA group (United States), Nationwide group (United States) and American International group (United States) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Farmers Insurance group (United States), Hartford Insurance group (United States), Auto owners Insurance (United States), Erie insurance group (United States), Fairfax financial group (Canada), Munich-American Holding corporation (United States), Tokio marine holdings (Japan), W.R. Barkley corporation (United States), Zurich insurance group (Switzerland) and AXA (France).
The global Property and Casualty Insurance for automobile market is witnessing rise in competitiveness among the players. In terms of market share, the major players are currently dominating. However, some of the companies are increasing the market presence by securing new contracts and tapping new markets. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Property and Casualty Insurance for Automobile market throughout the predicted period.
Segment Analysis
AdvanceMarketAnalytics has segmented the market of Global Property and Casualty Insurance for Automobile market by Type, Application and Region.
On the basis of geography, the market of Property and Casualty Insurance for Automobile 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). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Drivers
- Stringent Government Regulations to Buy Automotive Insurance Policy
- Add on Coverage Offered by Companies
Market Trend
- Increasing Road Accidents Owing to Rise in Traffic Globally
Restraints
- Increasing on Demand Car Services May Hamper the Market
- Adoption of Autonomous Vehicles
Opportunities
- Increasing Popularity of Property and Casualty Insurance
- Increase in Per Capita Income is leading to Increase in Automobile Sales
Challenges
- Presence of Major Players is leading to Stiff Competition
Market Leaders and their expansionary development strategies
On 3rd June 2019, Nationwide has announced that it has acquired E-risk services which is a leading program manager and specializes in portfolio of management line products.
On 24th July 2019, Convey has launched technology marketplace which is a technology referral service for property and casualty insurance agencies. This helps in reduction of costs, increase operational efficiency, and take advantage of cloud based solutions.
Key Target Audience
Property and casualty insurance providers, Government associations, Research organizations, Enterprise software vendors and Others
Customization in the Report Available:
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Data related to EXIM [Export- Import], production & consumption by country or regional level break-up can be provided based on client request**
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