Giant Investors to Invest Heavily in Global Automotive Insurance Market in Future, Claims MRFR :

Pune, India, April 2020, MRFR Press Release/- Market Research Future has published a Half-Cooked Research Report on the Global Automotive Insurance Market.

Industry Insight

Analysts from Market Research Future estimate economy of developed regions could rise as the global Automotive Insurance Market 2022 is now having the potential to expand at a substantial growth rate. The market is also facing a long period of monetary certainty, as it will be attaining a high valuation by 2030. The report the market’s status and claimed that the growth would be continued to seek far more valuation between 2022 and 2030 (forecast period).

Top Impacting Factors

Auto insurance is related to a term practiced between the insurance company and vehicle owner that refers to protect vehicle owners against the financial loss of vehicle theft or accident event. The insurance company comes forwards to pay the covered amount of the losses in exchange for paying a premium. Automotive insurance covers the liability (bodily injury), coverage and loss of property (car damage or theft), and medical (injury and rehabilitation cost). Also, gap insurance, collision insurance, rental reimbursement collision, comprehensive insurance, medical payments coverage, classic car insurance, and uninsured motorist insurance are the most accepted automotive insurance options presented in the market.

The auto insurance market is gathering worldwide popularity as per the latest study conducted. A surge in automobile sales globally owing to the rise in the per capita income of the consumers majorly motivates the market growth. The governments across the world make it obligatory to buy insurance policy while purchasing a new vehicle, which acted as a catalyst in the improved sale in the auto insurance market. These factors have been most important, which made the market expand more in the forecast period.

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MRFR also includes factors such as innovative and lucrative product launches that are, in the future, expected to boost market growth. The giant insurance players tender various add-on covers, and it is anticipated to impact insurance sales confidently. The augmented incidences of road accidents owing to the rise in road traffic are also among the significant reasons behind the market growth.

Other than this, more factors such as rising urbanization and disposable income among the middle-income population are highly expected to offer stable growth prospects for the automobile industry as well as the auto insurance market over the next few years. Apart from this, a considerable rise in automobile sales and the mandatory requirement to ensure all the vehicles by governments worldwide are anticipated to motivate the demand for motor insurance.

On the contrary, other factors such as market fragmentation, adoption of autonomous vehicles, and a rise in on-demand car services also reduce the need for auto insurance in the future, which is a significant restraint for the auto insurance market on a global level.

Segmentation of Market: Auto Insurance

The global automotive insurance market is further segmented among insurance type and vehicle type.

By the vehicle type segment, the global market has included a light commercial vehicle (LCV), passenger cars, and heavy commercial vehicle (HCV).

By the insurance type segment, the global market has included comprehensive, third-party, third-party theft and fire, and more.

Regional Outlook

Geologically, the global automotive insurance industry has been studied among major regions, such as Europe, North America, Asia-Pacific, and the rest of the world. The auto insurance market in Asia-Pacific show signs of being a leader in the global market with high shares owing to the significant increase in the sale of vehicles across India, China, and ASEAN countries and the incidence of several insurance providers and third-parties in Asia-Pacific.

With this, the regions of South America and the Middle East & Africa are also likely to observe considerable growth in the global automobile insurance market over the next decade.

Top Market Contenders

The top market contenders involved in the global automotive insurance industry are listed as RAC Motoring Services (UK), Allstate Insurance Company (US), Clements Worldwide (US), Progressive Casualty Insurance Company (US), NFU Mutual (UK), GEICO (US), ABIC Inc. (China), Zhongan Insurance (China), State Farm Mutual Automobile Insurance Company (US), CPIC (China), Zurich Insurance Group (Switzerland) and RSA Insurance Group plc (UK).