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Motor Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

January 2023 | 144 pages | ID: M5E28EBC16D6EN
IMARC Group

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The global motor insurance market size reached US$ 783.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 1,282.1 Billion by 2028, exhibiting a growth rate (CAGR) of 8.35% during 2023-2028.

Motor insurance is an automotive insurance policy that offers coverage to the owner of cars, two-wheelers, commercial trucks, and other road vehicles against financial losses caused by accidents or physical damages. It also includes protection against legal liabilities arising due to an accident and resulting in death, body injuries, or property damage to a third party. Nowadays, insurance companies are offering different plans and add-ons, such as cashless claims, depreciation cover, 24/7 road assistance, and towing facility, to provide better coverage and assistance during the claiming process.

Motor Insurance Market Trends:
Vehicles have currently become a crucial means of transportation around the world. However, a significant rise in the number of private cars has escalated the risk of road accidents and vehicle damage. This represents one of the key factors catalyzing the demand for motor insurance across the globe. Apart from this, governing agencies of various countries are mandating businesses to purchase a motor insurance policy for their commercial vehicles, such as auto-rickshaws, cabs, school buses, tractors, vans, and trucks. Moreover, the increasing use of commercial vehicles for inter-city passenger tour and travel, and heavy-duty vehicles for bulk transportation of goods is creating a positive outlook for the market. Besides this, insurers are offering online insurance solutions with hassle-free and fully digital insurance comparing, buying, and renewing platforms. This, in confluence with the growing internet penetration and the rising reliance on smartphones, is promoting the adoption of motor insurance worldwide. Furthermore, the introduction of usage-based vehicle insurance (UBI) that employs individualized data gathered by the Internet of Things (IoT) sensors to determine insurance premiums is anticipated to influence the market positively.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global motor insurance market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on policy type, premium type and distribution channel.

Breakup by Policy Type:

Liability Insurance
Comprehensive Coverage
Collision Coverage
Personal Injury Protection

Breakup by Premium Type:

Personal Insurance Premiums
Commercial Insurance Premiums

Breakup by Distribution Channel:

Insurance Agents/Brokers
Direct Response
Banks
Others

Breakup by Region:

North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa

Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being American International Group Inc., Assicurazioni Generali S.p.A., AXA Cooperative Insurance Company (Gulf Insurance Company K.S.C.), Bajaj Allianz General Insurance Company Limited, China Ping An Insurance Co. Ltd., Government Employees Insurance Company (Berkshire Hathaway Inc.), Reliance General Insurance Company Limited (Reliance Capital Limited ), State Farm Mutual Automobile Insurance Company, The Hanover Insurance Group Inc. (Opus Investment Management), The Progressive Corporation, Universal Sompo General Insurance Company Limited and Zurich Insurance Group Ltd.

Key Questions Answered in This Report:
How has the global motor insurance market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the global motor insurance market?
What are the key regional markets?
What is the breakup of the market based on the policy type?
What is the breakup of the market based on the premium type?
What is the breakup of the market based on the distribution channel?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global motor insurance market and who are the key players?
What is the degree of competition in the industry?
1 PREFACE

2 SCOPE AND METHODOLOGY

2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
  2.3.1 Primary Sources
  2.3.2 Secondary Sources
2.4 Market Estimation
  2.4.1 Bottom-Up Approach
  2.4.2 Top-Down Approach
2.5 Forecasting Methodology

3 EXECUTIVE SUMMARY

4 INTRODUCTION

4.1 Overview
4.2 Key Industry Trends

5 GLOBAL MOTOR INSURANCE MARKET

5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast

6 MARKET BREAKUP BY POLICY TYPE

6.1 Liability Insurance
  6.1.1 Market Trends
  6.1.2 Market Forecast
6.2 Comprehensive Coverage
  6.2.1 Market Trends
  6.2.2 Market Forecast
6.3 Collision Coverage
  6.3.1 Market Trends
  6.3.2 Market Forecast
6.4 Personal Injury Protection
  6.4.1 Market Trends
  6.4.2 Market Forecast

7 MARKET BREAKUP BY PREMIUM TYPE

7.1 Personal Insurance Premiums
  7.1.1 Market Trends
  7.1.2 Market Forecast
7.2 Commercial Insurance Premiums
  7.2.1 Market Trends
  7.2.2 Market Forecast

8 MARKET BREAKUP BY DISTRIBUTION CHANNEL

8.1 Insurance Agents/Brokers
  8.1.1 Market Trends
  8.1.2 Market Forecast
8.2 Direct Response
  8.2.1 Market Trends
  8.2.2 Market Forecast
8.3 Banks
  8.3.1 Market Trends
  8.3.2 Market Forecast
8.4 Others
  8.4.1 Market Trends
  8.4.2 Market Forecast

9 MARKET BREAKUP BY REGION

9.1 North America
  9.1.1 United States
    9.1.1.1 Market Trends
    9.1.1.2 Market Forecast
  9.1.2 Canada
    9.1.2.1 Market Trends
    9.1.2.2 Market Forecast
9.2 Asia-Pacific
  9.2.1 China
    9.2.1.1 Market Trends
    9.2.1.2 Market Forecast
  9.2.2 Japan
    9.2.2.1 Market Trends
    9.2.2.2 Market Forecast
  9.2.3 India
    9.2.3.1 Market Trends
    9.2.3.2 Market Forecast
  9.2.4 South Korea
    9.2.4.1 Market Trends
    9.2.4.2 Market Forecast
  9.2.5 Australia
    9.2.5.1 Market Trends
    9.2.5.2 Market Forecast
  9.2.6 Indonesia
    9.2.6.1 Market Trends
    9.2.6.2 Market Forecast
  9.2.7 Others
    9.2.7.1 Market Trends
    9.2.7.2 Market Forecast
9.3 Europe
  9.3.1 Germany
    9.3.1.1 Market Trends
    9.3.1.2 Market Forecast
  9.3.2 France
    9.3.2.1 Market Trends
    9.3.2.2 Market Forecast
  9.3.3 United Kingdom
    9.3.3.1 Market Trends
    9.3.3.2 Market Forecast
  9.3.4 Italy
    9.3.4.1 Market Trends
    9.3.4.2 Market Forecast
  9.3.5 Spain
    9.3.5.1 Market Trends
    9.3.5.2 Market Forecast
  9.3.6 Russia
    9.3.6.1 Market Trends
    9.3.6.2 Market Forecast
  9.3.7 Others
    9.3.7.1 Market Trends
    9.3.7.2 Market Forecast
9.4 Latin America
  9.4.1 Brazil
    9.4.1.1 Market Trends
    9.4.1.2 Market Forecast
  9.4.2 Mexico
    9.4.2.1 Market Trends
    9.4.2.2 Market Forecast
  9.4.3 Others
    9.4.3.1 Market Trends
    9.4.3.2 Market Forecast
9.5 Middle East and Africa
  9.5.1 Market Trends
  9.5.2 Market Breakup by Country
  9.5.3 Market Forecast

10 SWOT ANALYSIS

10.1 Overview
10.2 Strengths
10.3 Weaknesses
10.4 Opportunities
10.5 Threats

11 VALUE CHAIN ANALYSIS

12 PORTERS FIVE FORCES ANALYSIS

12.1 Overview
12.2 Bargaining Power of Buyers
12.3 Bargaining Power of Suppliers
12.4 Degree of Competition
12.5 Threat of New Entrants
12.6 Threat of Substitutes

13 PRICE ANALYSIS

14 COMPETITIVE LANDSCAPE

14.1 Market Structure
14.2 Key Players
14.3 Profiles of Key Players
  14.3.1 American International Group Inc.
    14.3.1.1 Company Overview
    14.3.1.2 Product Portfolio
    14.3.1.3 Financials
    14.3.1.4 SWOT Analysis
  14.3.2 Assicurazioni Generali S.p.A.
    14.3.2.1 Company Overview
    14.3.2.2 Product Portfolio
    14.3.2.3 Financials
    14.3.2.4 SWOT Analysis
  14.3.3 AXA Cooperative Insurance Company (Gulf Insurance Company K.S.C.)
    14.3.3.1 Company Overview
    14.3.3.2 Product Portfolio
    14.3.3.3 Financials
  14.3.4 Bajaj Allianz General Insurance Company Limited
    14.3.4.1 Company Overview
    14.3.4.2 Product Portfolio
    14.3.4.3 SWOT Analysis
  14.3.5 China Ping An Insurance Co. Ltd.
    14.3.5.1 Company Overview
    14.3.5.2 Product Portfolio
    14.3.5.3 Financials
    14.3.5.4 SWOT Analysis
  14.3.6 Government Employees Insurance Company (Berkshire Hathaway Inc.)
    14.3.6.1 Company Overview
    14.3.6.2 Product Portfolio
    14.3.6.3 SWOT Analysis
  14.3.7 Reliance General Insurance Company Limited (Reliance Capital Limited)
    14.3.7.1 Company Overview
    14.3.7.2 Product Portfolio
    14.3.7.3 Financials
    14.3.7.4 SWOT Analysis
  14.3.8 State Farm Mutual Automobile Insurance Company
    14.3.8.1 Company Overview
    14.3.8.2 Product Portfolio
    14.3.8.3 SWOT Analysis
  14.3.9 The Hanover Insurance Group Inc. (Opus Investment Management)
    14.3.9.1 Company Overview
    14.3.9.2 Product Portfolio
    14.3.9.3 Financials
    14.3.9.4 SWOT Analysis
  14.3.10 The Progressive Corporation
    14.3.10.1 Company Overview
    14.3.10.2 Product Portfolio
    14.3.10.3 Financials
    14.3.10.4 SWOT Analysis
  14.3.11 Universal Sompo General Insurance Company Limited.
    14.3.11.1 Company Overview
    14.3.11.2 Product Portfolio
  14.3.12 Zurich Insurance Group Ltd.
    14.3.12.1 Company Overview
    14.3.12.2 Product Portfolio
    14.3.12.3 Financials
    14.3.12.4 SWOT Analysis

LIST OF TABLES

Table 1: Global: Motor Insurance Market: Key Industry Highlights, 2022 and 2028
Table 2: Global: Motor Insurance Market Forecast: Breakup by Policy Type (in Million US$), 2023-2028
Table 3: Global: Motor Insurance Market Forecast: Breakup by Premium Type (in Million US$), 2023-2028
Table 4: Global: Motor Insurance Market Forecast: Breakup by Distribution Channel (in Million US$), 2023-2028
Table 5: Global: Motor Insurance Market Forecast: Breakup by Region (in Million US$), 2023-2028
Table 6: Global: Motor Insurance Market: Competitive Structure
Table 7: Global: Motor Insurance Market: Key Players

LIST OF FIGURES

Figure 1: Global: Motor Insurance Market: Major Drivers and Challenges
Figure 2: Global: Motor Insurance Market: Sales Value (in Billion US$), 2017-2022
Figure 3: Global: Motor Insurance Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 4: Global: Motor Insurance Market: Breakup by Policy Type (in %), 2022
Figure 5: Global: Motor Insurance Market: Breakup by Premium Type (in %), 2022
Figure 6: Global: Motor Insurance Market: Breakup by Distribution Channel (in %), 2022
Figure 7: Global: Motor Insurance Market: Breakup by Region (in %), 2022
Figure 8: Global: Motor Insurance (Liability Insurance) Market: Sales Value (in Million US$), 2017 & 2022
Figure 9: Global: Motor Insurance (Liability Insurance) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 10: Global: Motor Insurance (Comprehensive Coverage) Market: Sales Value (in Million US$), 2017 & 2022
Figure 11: Global: Motor Insurance (Comprehensive Coverage) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 12: Global: Motor Insurance (Collision Coverage) Market: Sales Value (in Million US$), 2017 & 2022
Figure 13: Global: Motor Insurance (Collision Coverage) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 14: Global: Motor Insurance (Personal Injury Protection) Market: Sales Value (in Million US$), 2017 & 2022
Figure 15: Global: Motor Insurance (Personal Injury Protection) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 16: Global: Motor Insurance (Personal Insurance Premiums) Market: Sales Value (in Million US$), 2017 & 2022
Figure 17: Global: Motor Insurance (Personal Insurance Premiums) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 18: Global: Motor Insurance (Commercial Insurance Premiums) Market: Sales Value (in Million US$), 2017 & 2022
Figure 19: Global: Motor Insurance (Commercial Insurance Premiums) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 20: Global: Motor Insurance (Insurance Agents/Brokers) Market: Sales Value (in Million US$), 2017 & 2022
Figure 21: Global: Motor Insurance (Insurance Agents/Brokers) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 22: Global: Motor Insurance (Direct Response) Market: Sales Value (in Million US$), 2017 & 2022
Figure 23: Global: Motor Insurance (Direct Response) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 24: Global: Motor Insurance (Banks) Market: Sales Value (in Million US$), 2017 & 2022
Figure 25: Global: Motor Insurance (Banks) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 26: Global: Motor Insurance (Other Distribution Channels) Market: Sales Value (in Million US$), 2017 & 2022
Figure 27: Global: Motor Insurance (Other Distribution Channels) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 28: North America: Motor Insurance Market: Sales Value (in Million US$), 2017 & 2022
Figure 29: North America: Motor Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 30: United States: Motor Insurance Market: Sales Value (in Million US$), 2017 & 2022
Figure 31: United States: Motor Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 32: Canada: Motor Insurance Market: Sales Value (in Million US$), 2017 & 2022
Figure 33: Canada: Motor Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 34: Asia-Pacific: Motor Insurance Market: Sales Value (in Million US$), 2017 & 2022
Figure 35: Asia-Pacific: Motor Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 36: China: Motor Insurance Market: Sales Value (in Million US$), 2017 & 2022
Figure 37: China: Motor Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 38: Japan: Motor Insurance Market: Sales Value (in Million US$), 2017 & 2022
Figure 39: Japan: Motor Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 40: India: Motor Insurance Market: Sales Value (in Million US$), 2017 & 2022
Figure 41: India: Motor Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 42: South Korea: Motor Insurance Market: Sales Value (in Million US$), 2017 & 2022
Figure 43: South Korea: Motor Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 44: Australia: Motor Insurance Market: Sales Value (in Million US$), 2017 & 2022
Figure 45: Australia: Motor Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 46: Indonesia: Motor Insurance Market: Sales Value (in Million US$), 2017 & 2022
Figure 47: Indonesia: Motor Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 48: Others: Motor Insurance Market: Sales Value (in Million US$), 2017 & 2022
Figure 49: Others: Motor Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 50: Europe: Motor Insurance Market: Sales Value (in Million US$), 2017 & 2022
Figure 51: Europe: Motor Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 52: Germany: Motor Insurance Market: Sales Value (in Million US$), 2017 & 2022
Figure 53: Germany: Motor Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 54: France: Motor Insurance Market: Sales Value (in Million US$), 2017 & 2022
Figure 55: France: Motor Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 56: United Kingdom: Motor Insurance Market: Sales Value (in Million US$), 2017 & 2022
Figure 57: United Kingdom: Motor Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 58: Italy: Motor Insurance Market: Sales Value (in Million US$), 2017 & 2022
Figure 59: Italy: Motor Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 60: Spain: Motor Insurance Market: Sales Value (in Million US$), 2017 & 2022
Figure 61: Spain: Motor Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 62: Russia: Motor Insurance Market: Sales Value (in Million US$), 2017 & 2022
Figure 63: Russia: Motor Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 64: Others: Motor Insurance Market: Sales Value (in Million US$), 2017 & 2022
Figure 65: Others: Motor Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 66: Latin America: Motor Insurance Market: Sales Value (in Million US$), 2017 & 2022
Figure 67: Latin America: Motor Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 68: Brazil: Motor Insurance Market: Sales Value (in Million US$), 2017 & 2022
Figure 69: Brazil: Motor Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 70: Mexico: Motor Insurance Market: Sales Value (in Million US$), 2017 & 2022
Figure 71: Mexico: Motor Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 72: Others: Motor Insurance Market: Sales Value (in Million US$), 2017 & 2022
Figure 73: Others: Motor Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 74: Middle East and Africa: Motor Insurance Market: Sales Value (in Million US$), 2017 & 2022
Figure 75: Middle East and Africa: Motor Insurance Market: Breakup by Country (in %), 2022
Figure 76: Middle East and Africa: Motor Insurance Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 77: Global: Motor Insurance Industry: SWOT Analysis
Figure 78: Global: Motor Insurance Industry: Value Chain Analysis
Figure 79: Global: Motor Insurance Industry: Porter's Five Forces Analysis


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