About Motor Insurance
Motor Insurance is important which provide you financial protection against physical injuries and motor damage, also it provides third party insurance. In which if the third person gets injured then the person also get the financial support. In motor insurance, you can get half of the amount of total loss. It is one of the most important documents for the motor user.
Attributes | Details |
---|
Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Competition among existing players is due to the Motor Insurance market share occupied by leading players. The industry leader is engaged in offering innovative and superior quality products to cater to the ever-growing demand for Motor Insurance Market. The companies are implementing strategic activities such as acquisitions and mergers along with collaboration with companies in other industries to aid them in improving sustenance and maintaining their competitive advantage. Analyst at AMA Research estimates that China Players will contribute the maximum growth to Global Motor 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.
Allianz (Germany), AXA (France), Ping An (China), Assicurazioni Generali (Italy), China Life Insurance (China), Metlife (United States), Nippon Life Insurance (China), Munich Reinsurance (Germany), State Farm Insurance (United States) and Zurich Insurance (Switzerland) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Aetna (United States), MS&AD (Japan), HSBC (United Kingdom), Old Mutual (South Africa), Samsung (South Korea), Aegon (Netherlands), Sumitomo (Japan) and Others.
Segmentation Overview
AMA Research has segmented the market of Global Motor Insurance market by , Application (Commercial Car and Personal Car) and Region.
On the basis of geography, the market of Motor 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, the sub-segment i.e. Third-party Liability will boost the Motor Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Premium Type, the sub-segment i.e. Personal Insurance Premium will boost the Motor 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. Online will boost the Motor Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Usage-based Insurance (Like Pay-Per-Mile, Pay-As-You-Drive, or Pay-As-You-Go)
Market Growth Drivers:
Increased Number of Sales of New Vehicles, Increasing Urbanization across the World and Increasing Disposable Income among Population Worldwide
Challenges:
Availability of Different Substitutes in the Market
Restraints:
Availability of Autonomous Vehicles
Opportunities:
Automobile Manufacturers are Focusing on Maintaining Their Position by Providing Value-Added Services, such as Providing Financial Support and Insurances
Market Leaders and their expansionary development strategies
In March 2022, Liberty Mutual Insurance has completed the acquisition of State Auto Group, a super-regional property and casualty insurance holding company headquartered in Columbus, Ohio that distributes personal and small commercial coverages in 33 states through approximately 3,400 independent agents.
In July 2022, Insurance Regulatory Development Authority of India (Irdai), ICICI Lombard General Insurance Company has launched a slew of tech-enabled motor insurance products. The three products it has launched are Motor Floater Insurance, Pay-As-You-Use and Pay-How-You-Use. The first one is a full policy, while the other two are add-ons that will be available with the main motor own-damage (OD) insurance policy.
Key Target Audience
Potential Investors, Up and Down Stream Vendors, Insurance Companies, Automobiles Industries, Suppliers and Distributors and Others
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.