About Motor Vehicle Liability Insurance
Vehicle insurance protects automobiles, heavy vehicles, motorcycles, and other road vehicles. Its main objective is to provide financial protection against various damage or bodily injury caused by traffic accidents that may arise as a result of such incidents. The element of a car insurance policy that offers financial protection for a motorist who injures someone else or their property while operating a vehicle is known as motor vehicle liability insurance. Vehicle liability insurance only covers injuries or property damage to third parties, not the driver or the driver's property, which may be covered separately by other portions of their policy. In many countries, even when a driver is found liable in an accident, their insurance will pay the injury and medical costs of any other affected parties up to the policy limits.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The demand for Motor Vehicle Liability Insurance is increasing. Businesses in this sector face global competition from market leaders who control a large share of the market. Companies are differentiating their products from competition by employing environmentally friendly materials and manufacturing techniques. The Leading Players are engaging in strategic global expansion to maintain their Market Position. Players are expected to focus on the creation of new compounds, which would likely drive the worldwide market forward over the forecast period. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Motor Vehicle Liability 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.
State Farm (United States), Allstate (United States), USAA Insurance Group (United States), Chubb Limited (Switzerland), Liberty Mutual (United States), The Travelers Companies (United States), Edelweiss (India), Zurich Insurance Group (Switzerland), HDFC ERGO General Insurance Company (India), Berkshire Hathaway (United States), Nationwide Mutual Insurance Company (United States) and TATA AIG (India) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Royal Sundaram General Insurance (India), Safety Insurance Company (United States) and Others.
Segmentation Overview
AMA Research has segmented the market of Global Motor Vehicle Liability Insurance market by Type (Private Car Insurance, Two Wheeler Insurance and Commercial Vehicle Insurance) and Region.
On the basis of geography, the market of Motor Vehicle Liability 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 Policy Type, the sub-segment i.e. Comprehensive Insurance. will boost the Motor Vehicle Liability Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Distribution Channel, the sub-segment i.e. Independent Agents/Brokers will boost the Motor Vehicle Liability Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Coverage, the sub-segment i.e. Collision will boost the Motor Vehicle Liability Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Component, the sub-segment i.e. Bodily Injury Liability will boost the Motor Vehicle Liability Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Advent of Insurance Telematics and Rising Prevalence of Usage-based Insurance
Market Growth Drivers:
Growing Auto Mobile Industry and Increased Demand for Embedded Insurance
Challenges:
Lack of Transparency Associated With Insurance Policies and Rising Concerns of Data Theft and Cyber Security
Restraints:
Rising Fuel Prices can Hamper the Vehicle Insurance Market
Opportunities:
Stringent Government Rules and Regulation for Vehicle Insurance and Rising Opportunities in Merging Economies
Market Leaders and their expansionary development strategies
In January 2021 State Farm had announced the acquisition of Gainsco. GAINSCO specialises in minimum-limits personal motor insurance and focuses on the non-standard personal automobile insurance market. State Farm independent contractor agents will be able to sell, solicit, and service GAINSCO products, according to the firms.
In June 2021,Baloise innovative new insurance product for corporate customers to the market. On top of the essential elements, i.e. motor vehicle liability insurance, comprehensive insurance and passenger accident insurance, ‘BaloiseFleet Motor Vehicle’ offers companies a wide range of elective options for enhanced protection for their company vehicles. Add-ons that are currently unique in the market include insurance cover based on the replacement value and the option to insure not only lights but also assistance systems and the vehicle interior against damage.
Key Target Audience
Venture and Capitalist, New entrants/investors, Analysts and Strategic Business Partners and End-use industries
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.