Motor vehicle insurance market is anticipated to grow at a CAGR of 6.2% during the forecast period. Automotive vehicles are expensive products that a person purchases through their life-long earnings. Thus, any damage or loss of this vehicle does not create financial loss but also impacts the mental health of the vehicle owners. Due to this reason, vehicle owners around the globe purchases motor vehicle insurance to safeguard themselves from any type of financial loss due to vehicle theft or damage due to natural disaster and accidents. The rising disposable income is a major factor driving the growth of the motor vehicle insurance market. Moreover, stringent government regulations for motor vehicle insurance are also significantly supporting the growth of the market. For instance, the Motor Vehicles Act of 1988 of India mandates the insurance purchase with every vehicle driven in a public place.
The global motor vehicle insurance market is segmented based on the vehicle type and policy type. Based on the vehicle type, the market is segmented into personal vehicle and commercial vehicle. Among these vehicle types, the passenger vehicles segment holds the major share in the market. The rising per capita income of customers is the driving factor for this segment. The commercial vehicles segment is majorly driven by the increasing sales of cabs. COVID-19 had made lots of people unemployed, and most of these unemployed people are searching for different ways to earn a livelihood. By becoming a cab service provider, such people become self-employed. Thus, driving the growth of the commercial vehicle segment. Based on the policy type, the market is sub-segmented into third-party vehicle insurance, fire & theft vehicle insurance, and comprehensive vehicle insurance. The above-mentioned segments can also be customized as per the requirements.
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Motor Vehicle Insurance Market Segmentation
By Vehicle Type
- Personal Vehicle
- Commercial Vehicle
By Policy Type
- Third-Party Vehicle Insurance
- Fire & Theft Vehicle Insurance
- Comprehensive Vehicle Insurance
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Regional Analysis
North America
- United States
- Canada
Europe
- UK
- Germany
- Spain
- France
- Italy
- Rest of Europe
Asia-Pacific
- India
- China
- Japan
- South Korea
- Rest of APAC
Rest of the World
Company Profiles
- Allianz SE
- Allstate
- American Family Insurance
- Assicurazioni Generali
- AXA SA
- Bajaj FinServ Ltd.
- GEICO (Berkshire Hathaway Inc.)
- HDFC ERGO General Insurance
- IFFCO Tokio General Insurance
- Liberty Mutual
- National Insurance Co.
- PICC Property & Casualty Co. Ltd.
- Ping An Insurance
- Progressive
- Royal Sundaram General Insurance
- State Farm
- TATA AIG GIC, Ltd.
- The Oriental Insurance Co.
- United India Insurance Co. Ltd.
- USAA
- Zurich AG
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