What is Two Wheeler Insurance Market?
Purchasing two wheeler insurance is mandatory by law. This insurance is vital to get financial protection against the damages that may occur due to an accident. Two wheeler insurance policy ensures that the vehicle is restored to its original condition without putting a dent in customers’ finance. It will cover legal liability to pay for third-party losses.
Highlights from Two Wheeler Insurance Market Study
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
Unit | Value (USD Million) |
Key Companies Profiled | Bajaj Allianz General Insurance (India), Acko General Insurance (India), Axa (France), National Insurance Company (India), Bharti AXA General Insurance Company Limited (India), Highway LV (United Kingdom), Liberty General Insurance (India), The Oriental Insurance Company (India), Markerstudy Group (United Kingdom) and Universal Sompo General Insurance Company (India) |
Global Two Wheeler Insurance is a fragmented market due to the presence of various players. The players are focusing on investing more in Launching New Services. These will enhance their market presence. The companies are also planning strategic activities like partnerships, mergers, and acquisitions which will help them to sustain in the market and maintain their competitive edge.
Bajaj Allianz General Insurance (India), Acko General Insurance (India), Axa (France), National Insurance Company (India), Bharti AXA General Insurance Company Limited (India), Highway LV (United Kingdom), Liberty General Insurance (India), The Oriental Insurance Company (India), Markerstudy Group (United Kingdom) and Universal Sompo General Insurance Company (India) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Aviva (United Kingdom). Two Wheeler Insurance Market Segmentation:
Scope | Sub-Segments |
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Type | Third-party Liability Insurance and Comprehensive Insurance |
End-Use Verticals | Individuals,Commercials |
Offerings | Roadside Assistance Cover,Cover for Loss / Theft of Key,Zero Depreciation |
Service Type | Online,Offline |
On the basis of geography, the market of Two Wheeler Insurance has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, 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.
Influencing Trend:
Need for Security Policies and Rising Consumer Awareness across New Policies
Market Growth Drivers:
Growing Insurance Offerings in Two-Wheeler Insurance and Rising Road Accidents, Natural Calamities & Other Unfortunate Events
Challenges:
Regulatory Guidelines on the Two Wheeler Insurance Providers
Restraints:
Rapidly Growing Key Players Competition and Risks Related Fraud Activities
Opportunities:
Development in Two Wheeler Insurance Services can create Opportunities for the Market Growth
Key Target Audience
Two Wheeler Insurance Providers, Regulatory Bodies, Potential Investors, Research and Development Institutes and Others
On 9th February 2021, Bharti AXA General Insurance Company Limited has launched Health AdvantEDGE, a health insurance policy. It protects expenses related to medical exigencies and other healthcare services.