SkyQuest forecasts the global auto insurance market to reach USD 14,994.7 billion by 2030, at a CAGR of 7.38% during the forecast period (2023-2030). Consistent global expansion of car ownership is a crucial driving force driving the global car insurance market. Along with this, the number of individuals acquiring cars is increasing, and the demand for car insurance policies is also rapidly increasing.
WESTFORD, USA, Jan. 2, 2024 (Globe Newswire) — According to SkyQuest, the global auto insurance market is critical by providing financial security and peace of mind to vehicle owners. This is accomplished by effectively transferring the risk of potential loss due to accidents, theft, or other unforeseen events to the insurance company. The underlying driving force is car insurance market Prominence is a mandatory requirement for car insurance in many countries.
Browse the detailed table of contents for “Auto Insurance Market”
-
Page – 157
-
Table – 63
-
Figure – 75
The increasing focus on emerging markets represents significant opportunities for expansion in the global auto insurance market. These developing countries are experiencing remarkable economic growth, and car ownership rates are rising accordingly. As more individuals and businesses purchase vehicles in these regions, there is a corresponding surge in demand for auto insurance coverage.
Get a sample copy of this report.
https://www.skyquestt.com/sample-request/car-insurance-market
Prominent players in the global auto insurance market
-
allianz
-
state farm
-
axa
-
Geico
-
progressive
-
Zurich Insurance Group
-
Liberty Mutual Insurance Group
-
Travelers Companies Co., Ltd.
-
Berkshire Hathaway Company
-
generali group
-
Aviva company
-
Munich Re Insurance Group
-
American International Group (AIG)
-
Heian Insurance Group
-
Chubb Limited
-
China Life Holding Co., Ltd.
-
admiral group plc
-
Sompo Japan Nipponkoa Co., Ltd.
-
map friend group
-
Prudential Corporation
Comprehensive insurance Ssegment to dominate market by its comprehensive nature
The company’s comprehensive insurance division is doing well and has captured a large share of the global auto insurance market. Comprehensive insurance stands out as the largest segment due to its comprehensive nature, offering policyholders comprehensive protection against a wide range of potential risks and accidents.
There is no doubt that the North American market has a significant influence on the global auto insurance market, and it maintains a large share of the global auto insurance industry. This dominance is likely the result of a combination of factors that make this region stand out. Countries such as the United States and Canada have significantly higher rates of car ownership, giving auto insurance companies a vast and diverse customer base.
View the report summary and complete table of contents (ToC).
https://www.skyquestt.com/report/car-insurance-market
Third-party insurance sector achieves significant growth Due to the increasing awareness of car owners
The fastest growing segment of the auto insurance market is third-party insurance, which provides liability coverage for third parties involved in accidents caused by the insured vehicle. This type of insurance is experiencing remarkable growth due to several key factors in the global auto insurance market. There is growing awareness among car owners of the need to comply with legal requirements and compulsory car insurance regulations.
Asia Pacific has emerged as the fastest growing hub for the global auto insurance market in recent years. One of the main drivers of this impressive growth is the rising level of disposable income in several regional countries.
A comprehensive analysis of major players in the global Auto Insurance market has been recently carried out in this report. The report covers various aspects such as collaborations, mergers, innovative business policies, strategies, etc. and provides valuable insights into the key trends and breakthroughs in the market. Additionally, the report scrutinizes the market shares of the top segments and presents detailed geographical analysis. Finally, the report highlights key players in the industry and their efforts to develop innovative solutions to meet growing demand.
Contact an analyst for custom requirements.
https://www.skyquestt.com/speak-with-analyst/car-insurance-market
Main trends in the global auto insurance market
-
In 2023, State Farm made headlines when it announced plans to expand its usage-based insurance program, Drive Safe & Save, to other states. This innovative program leverages telematics data to monitor and evaluate driving behavior, ultimately resulting in lower insurance premiums for safe drivers. By leveraging real-time data collected from in-vehicle devices and mobile apps, State Farm offers policyholders more personalized and fairer pricing options tailored to their individual driving habits and risk profile. The aim is to more closely adjust insurance costs.
-
In 2023, Progressive announced its entry into the evolving insurance industry with the launch of a new pay-per-mile insurance program called MileIQ by Progressive. The program offers drivers a flexible insurance pricing model based on mileage.
Key Questions Answered in the Global Auto Insurance Market Report
-
What are the specific growth drivers expected to impact the market during the forecast period?
-
List the top companies in the market and explain how they achieved an influential position.
-
How do regional trends and patterns differ within the global market and how will these differences shape the future growth of the market?
Related reports from SkyQuest Library:
Global long-term care insurance market
Global home insurance market
Global specialty insurance market
UK health insurance market
Global reinsurance market
About us:
SkyQuest Technology is a leading growth consulting firm providing market intelligence, commercialization, and technology services. He has over 450 happy customers all over the world.
address:
1 Apache Way, Westford, MA 01886
phone:
United States (+1) 617-230-0741
Email: sales@skyquestt.com
linkedin Facebook twitter