Motor Insurance Market Size

Statistics for the 2023 & 2024 Motor Insurance market size, created by Mordor Intelligence™ Industry Reports. Motor Insurance size report includes a market forecast to 2029 and historical overview. Get a sample of this industry size analysis as a free report PDF download.

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


Need a report that reflects how COVID-19 has impacted this market and its growth?

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.

Motor Insurance Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)