What is Commercial Auto Fleet Insurance Market Scope?
Commercial auto fleet insurance is a policy designed to protect various businesses including livery services and rental agencies from physical damage and liability coverage for amounts, usage, and situations not covered by a personal auto insurance policy. This type of insurance provides a variety of coverages for trucks, cars, vans, and other vehicles used for business purposes. It offers coverages such as Third Party Liability Coverage, Body or Mechanical Damage, etc.
The Commercial Auto Fleet Insurance market study is being classified by Type (Compulsory Insurance and Optional Insurance), by Application (Business and Government) and major geographies with country level break-up.
The global commercial auto fleet insurance market is fragmented due to the presence of several players at the global and regional levels. Companies offer various coverages for different businesses. Players are participating in strategic activities such as mergers and acquisitions to enhance their market presence.
SHELLY, MIDDLEBROOKS & O’LEARY, INC. (United States)), Progressive Corporation (United States), Liberty Mutual Insurance (United States), The Hartford (United States), Trade Direct Insurance (United Kingdom), GEICO (United States), Hiscox (Bermuda), Chubb (Switzerland), The Cincinnati Insurance Companies (United States), AXA (France) and Erie Indemnity Co (United States) are some of the key players profiled in the study.
Segmentation Analysis
Analyst at AMA have segmented the market study of Global Commercial Auto Fleet Insurance market by Type, Application and Region.
On the basis of geography, the market of Commercial Auto Fleet 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).
Market Influencers and their development strategies
On November 09, 2020, AXA XL’s insurance business has entered into a multiyear partnership and licensing agreement with Xtract to digitize, expedite and transform the commercial auto claims management process in the US. According to AXA XL Chief Claims Officer Brent Hoffman, “Xtract enables our claims team to quickly gather and evaluate all data that is available on an incident, vastly speeding up our decision-making process while also offering superior customer service to our brokers and clients. In partnering with Xtract, we are not only innovating our claims service but also preparing AXA XL for the future shift in mobility.
Influencing Market Trend
- Growing Digitalization in Commercial Auto Fleet Insurance Adoption Adopting Telematics Technology and Solution
Market Drivers
- Increasing Demand for Commercial Vehicle
- Rising Need to Cover Third Parties Liability Among The Business Due To Road Accidents
Opportunities
- Increasing Number of Auto Fleets and Small Businesses in The Developing Countries Creating Opportunities for Commercial Auto Fleet Insurance
Restraints
- High Cost of Insurance Policy May Restraints Market Growth
Challenges
- Cutthroat Competition in Commercial Auto Fleet Insurance Market
Key Target Audience
Commercial Auto Fleet Insurance Providers, Research and Development Institutes, Commercial Auto Fleet Insurance Potential Investors, Industry Associations, Regulatory Bodies and Others
Customization available in this Study:
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