Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Vehicle Insurance Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2020-2027”
LOS ANGELES, March 17, 2021 (GLOBE NEWSWIRE) -- The Global Vehicle Insurance Market is expected to grow at a CAGR of around 5.9% from 2020 to 2027 and reach the market value of over US$ 1,096.2 Bn by 2027.
The global vehicle insurance market is projected to exhibit significant single-digit growth over the forecast period from 2020 to 2027. The increasing number of road accidents that result in major physical as well as financial loss is primarily supporting the market growth. The stringent government regulations in order to protect insured and uninsured people from accidents are further bolstering the market growth.
The global vehicle insurance market is studied across the segments including coverage, vehicle type, distribution channel, application, and geography. On the basis of coverage, the market is divided into third party only, third party fire & theft insurance, and comprehensive insurance. By vehicle type, the market is studies across passenger cars, light commercial vehicles (LCV), and heavy commercial vehicles (HCV)/trucks & buses. On the basis of distribution channels, market segments include insurance agents/brokers, direct response, banks, and others. Additionally, vehicle insurance has applications across personal and commercial.
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Based on coverage, third party only (TPO) or the type of insurance policies that cover only third party liabilities of the vehicle owner, is the segment having maximum share (%) in the vehicle insurance market. The favorable government support for the type of insurance is supporting its growth in the market. Some of the major benefits associated with the third liability insurance are it protects the car owner or driver of the vehicle against any legal liability, accidental liability, financial loss or property damage, medical expense cover in the event of an injury to or even death of any third party arising out of their vehicle.
Asia Pacific is estimated to exhibit the fastest growth over the forecast period from 2020 to 2027. The rapidly increasing number of vehicle sales and production is driving the demand for vehicle insurance in the regional market. The rapidly developing economies of the region including China and India are the major revenue contributors in the vehicle insurance market. Moreover, Asia Pacific is also leading the market with maximum revenue share (%) in the vehicle insurance market. The huge number of vehicles is the major factor supporting the regional market value. The presence of major players in the region is additionally bolstering the market value.
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Some of the leading competitors in the global vehicle insurance market include Admiral Group Plc, Allianz SE, Allstate Insurance Company, Berkshire Hathaway Inc., China Pacific Insurance (Group) Co., Ltd., GEICO, People’s Insurance Company of China, Ping An Insurance (Group) Company of China, Ltd., State Farm Mutual Automobile Insurance Company, and Tokio Marine Group. The major players are also involved in strategic developments in order to expand their share in the market.
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Some of the key observations regarding the vehicle Insurance industry include:
- According to the Insurance Information Institute, Inc., the average expenditures for auto insurance in the US for the year 2017, liability $611.12, collision $363.08, comprehensive $363.08, and average expenditure $1,004.58 which has been rose by 6.4% from $944.36 in 2016. According to the National Association of Insurance Commissioners, the average expenditure was highest in Louisiana ($1,443.72) followed by Michigan ($1,358.62), and Florida ($1,356.90).
- According to Policygenius, the US is estimated to have generated US$285 billion in 2019 and the average cost of auto insurance in the US was $1,133.92.
- Safe Fleet, a portfolio company of Oak Hill Capital Partners has acquired Durite in March 2021. Durite is the UK’s leading electrical, lighting, and vehicle safety products brand.
- The Insurance Regulatory and Development Authority of India (IRDAI) has issued a warning against dealing with a Bangalore-based entity "Digital National Motor Insurance" in 2021. As per the IRDAI, the company has not granted any license or permission to sell insurance.
- The District Consumer Disputes Redressal Commission, Chandigarh has penalized an insurance firm for reducing car accident claims. The commission has directed the company to pay Rs 57,192 to a consumer, along with an interest of 8% per annum. The commission also directed the firm to pay Rs 15,000 as compensation for causing mental agony and harassment and Rs 10,000 as the cost of litigation to the consumer.
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