The Automobile Insurance Carriers by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Automobile Insurance Carriers, The automobile insurance carriers market size has grown rapidly in recent years. It will grow from $847.06 billion in 2023 to $933.3 billion in 2024 at a compound annual growth rate (CAGR) of 10.2%. The growth in the historic period can be attributed to motorization and vehicle ownership growth, legal requirements and regulatory compliance, population and urbanization trends, rise in traffic accidents and collisions, economic growth and affordability..
The automobile insurance carriers market size is expected to see rapid growth in the next few years. It will grow to $1430.69 billion in 2028 at a compound annual growth rate (CAGR) of 11.3%. The growth in the forecast period can be attributed to continued vehicle ownership growth, evolution of legal and regulatory landscape, urban mobility challenges, changing consumer behavior and preferences, economic trends and affordability factors.. Major trends in the forecast period include focus on cybersecurity, climate change impact and catastrophe modeling, customer-centric services, regulatory compliance and changes, integration of big data analytics..
The rising number of accidents is expected to propel the growth of the automotive insurance carrier market going forward. A traffic or road accident is defined as an unpleasant event that can causes injury, damage, or death unexpectedly. Automotive insurance companies, through their insurance policies, safeguard customers financially when their automobiles get damaged in an accident or a mishap by paying compensation. Therefore, the rise in the number of accidents is driving the growth of the automotive insurance carrier market. For instance, in December 2022, according to the Ministry of Road Transport and Highways, a ministry of the Government of India, the number of traffic accidents in India increased by 12.6%, from 366,138 in 2020 to 412,432 in 2021. Furthermore, in May 2022, according to the National Highway Traffic Safety Administration, a transportation agency of the U.S. federal government, around 42,915 people died in accidents in 2021, a 10.5% increase from 38,824 fatalities in 2020. Therefore, the rise in the number of accidents is driving the demand for the automotive insurance carriers market.
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The automobile insurance carriers market covered in this report is segmented –
1) By Coverage: Third-Party Liability Coverage, Collision Or Comprehensive Or Other Optional Coverages
2) By Vehicle Type: Passenger Cars, Light Commercial Vehicle (LCV), Heavy Commercial Vehicle (HCV) Or Trucks And Buses
3) By Distribution Channel: Insurance Agents, Direct Response, Banks, Other Distribution Channels
Product innovations are the key trends gaining popularity in the automotive insurance carriers market. Companies operating in the automotive insurance carriers market are adopting innovations to strengthen their position in the market. For instance, in January 2023, New India Assurance (NIA), an India-based general insurance company, launched the Pay as You Drive (PAYD) policy. PAYD policy has the provision of saving money through discounts on renewal premiums, provided the vehicle runs within the specified kilometers. In addition, if the vehicle has been driven beyond the threshold limit, the coverage will continue for the policy’s remaining duration.
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