Market Size of Motor Insurance Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 5.03 % |
| Fastest Growing Market | Asia |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Motor Insurance Market Analysis
The Motor Insurance market is expected to register a CAGR of 5.03% during the forecast period, 2018-2024. Motor insurance represented 42% of all non-life gross premiums of the overall property and casualty insurance market in 2017. Motor and other traditional P&C lines, both personal and commercial,are likely to face sluggish growth in the coming years.Motor insurance premium growth has been diverging in the developing markets over the last decade. Premium growth in themature markets has stagnated, while motor insurance has expanded rapidly in the emerging markets. The outlook for advanced economies, however, is improvingand is expected to pick up, in line with economic growth over the forecast period.
Technology plays a major role in the new motor insurance market. The market is changing with the integration of new technology, like automation, tracking, and IoT technology. Major players, like Allianz, PICC, and PING AN, are integrating technology with motor insurance to create lucrative policies and options for the younger consumers that are flooding the automotive industry.
For instance, Allianz Insurance and Marmalade have extended their partnership with Allianz Insurance now becoming a telematics service provider for these young driver offerings. The Allianz Connected Car platform is already live in multiple countries with over 14 billion km of driving knowledge already collected. This knowledge enables Allianz Insurance to support Marmalade in offering the best products and services to itscustomers.
