Market Size of Global Motor Insurance Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 6.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Europe |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Motor Insurance Market Analysis
Motor Insurance is the insurance for cars, trucks, motorcycles or any other road vehicles. Its primary use is to provide financial protection against physical damage or bodily injury resulting from traffic collisions and against liability that could also arise from incidents in a vehicle. Motor Insurance may also offer financial protection from theft of the vehicle and against damage to the vehicle sustained from events other than traffic collisions, such as keying, weather or natural disasters, and damage sustained by colliding with stationary objects. The rise in the number of accidents, implementation of stringent government regulation for the adoption of auto insurance, and surge in automobile sales across the globe drive the growth of the global auto insurance market.
Motor insurance is the largest segment in the non-life insurance market. The gross premium written for the global non-life insurance is increasing, the major driver being the increase in gross premium written from the motor vehicle insurance. Growth in motor vehicle insurance is often important in explaining the overall trends in the non-life sector as insurers collect the largest amount of premiums in motor vehicle insurance. This line of business was identified as a particular driver of developments in the non-life segments in a number of countries. At the Global level, Motor vehicle insurance contributes about 36.3% of non life insurance premium.
Motor insurance market dynamics is increasingly shifting towards digital ecosystem based on mutual partnerships, Internet of Things (IoT), and big data analytics which is reshaping the global auto insurance industry. The global insurance landscape is changing rapidly and the player which embraces the changes in marketplace early will gain the larger market share.
