Auto Mechanic Insurance Market Scope
Auto mechanic insurance is designed to protect auto repair shop mechanics and mobile mechanics from costly liabilities that result from unexpected accidents like employee illness, property damage, and customer injury. Adequate insurance coverage can safeguard small businesses from the financial risks associated with lawsuits and claims.
Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Auto Mechanic Insurance market throughout the predicted period.
Berkshire Hathaway (United States), Progressive Corporation (United States), Next Insurance, Inc. (United States), Liberty Mutual Group (United States), Nationwide (United States), Mitsui Sumitomo Insurance (Japan), AXA (France), Allstate Insurance (United States), Generali Group (Italy) and Ping An Insurance (China) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are PICC (China), Allianz SE (Germany), State Farm Insurance (United States) and MetLife Services and Solutions, LLC (United States).
Segmentation Overview
The study have segmented the market of Global Auto Mechanic Insurance market by Type (Comprehensive Motor Insurance for Mechanics, 3rd Party Public Liability Vehicle Insurance, Employers Liability and Business Interruption) and Region with country level break-up.
On the basis of geography, the market of Auto Mechanic 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).
Influencing Trend:
Add-on Coverage Options and Benefits Offered such as Discounts
Market Growth Drivers:
Increasing Rate of Unpredicted Accidents and Casualties and Stringent Government Regulation across the Globe for Insurance
Challenges:
High Competition in the Insurance Industry and Unawareness among People for Insurance
Restraints:
High Premium Cost of the Insurance Packages
Opportunities:
Availability of Quick, Easy, and Hassle-Free Online Service
Market Leaders and their Expansionary Development Strategies
In January 2018, AXA XL announced that it has merged AXA Corporate Solutions (ACS) and AXA ART into XL Insurance Company SE (XLICSE). This move was a follow-on from the acquisition of XL Group by AXA that was completed all the way back in September 2018.
In August 2022, Autonomy, the largest U.S. electric vehicle subscription company, partnered with Liberty Mutual Insurance, the sixth largest global property and casualty insurer, to introduce fully digital monthly auto insurance products into Autonomy subscription bundles.
Key Target Audience
Auto Mechanic Insurance Providers, Insurance Service Vendors, Financial Institution, Brokerage Houses, End-Use Industry and Others
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.