The Motor Insurance Global Market Report 2023, provides comprehensive information on the motor insurance market across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten year historic period – 2010-2021, and a ten year forecast period – 2023-2032.
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https://www.thebusinessresearchcompany.com/report/motor-insurance-global-market-report
As per The Business Research Company’s Motor Insurance Global Market Report 2023, the global motor insurance market size is expected to grow from $738.65 billion in 2022 to $806.40 billion in 2023 at a compound annual growth rate (CAGR) of 9.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global motor insurance market size is expected to grow to $1,122.41 billion in 2027 at a CAGR of 8.6%.
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Technological advancements have emerged as the major trend gaining popularity in the motor insurance market. Major companies operating in the motor insurance market are incorporating technologically advanced solutions in insurance operations to strengthen their position in the market. For instance, in September 2022, XA Group, a Dubai-based technology company, launched Addenda, a digital platform powered by blockchain that will enable insurers to reconcile motor vehicle recovery receivables. In order to help Addenda manage all the important touchpoints in the automotive claims value chain by connecting insurers, brokers, repairers, and customers, the business hopes to further improve Addenda by integrating existing products into the platform.
The motor insurance market is segmented:
1) By Types: Treaty Reinsurance, Facultative Reinsurance
2) By Policy Type: Liability Insurance, Comprehensive Coverage, Collision Coverage, Personal Injury Protection
3) By Vehicle Age: New Vehicles, Old Vehicles
4) By Vehicle Type: Passenger Cars, Light Commercial Vehicles (LCV), Heavy Commercial Vehicles (HCV)
North America was the largest region in the motor insurance market in 2022.
The table of contents in TBRC’s motor insurance market report includes:
1. Executive Summary
2. Motor Insurance Market Characteristics
3. Motor Insurance Market Trends And Strategies
4. Motor Insurance Market – Macro Economic Scenario
5. Motor Insurance Market Size And Growth
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26. Africa Motor Insurance Market
27. Motor Insurance Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Motor Insurance Market
29. Motor Insurance Market Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company is a market intelligence firm that pioneers in market, company, and consumer research. TBRC’s specialist consultants are located globally and are experts in a wide range of industries that include healthcare, manufacturing, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries. Through the report businesses can gain a thorough understanding of the market’s size, growth rate, major drivers and leading players.
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