United States Motor Insurance Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

The market is segmented by Insurance type (Third-party Liability, Comprehensive) by Distribution Channel (Captive agency, regional Independent agents, national independent agents, Direct)

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US Motor Insurance Market Size

United States Motor Insurance Market Size
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Study Period 2019 - 2028
Base Year For Estimation 2022
Market Size (2023) USD 344.53 Billion
Market Size (2028) USD 433.46 Billion
CAGR (2023 - 2028) 4.70 %
Market Concentration High

Major Players

United States Motor Insurance Market Key Players

*Disclaimer: Major Players sorted in no particular order
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US Motor Insurance Market Analysis

The United States Motor Insurance Market size in terms of direct written premiums value is expected to grow from USD 344.53 billion in 2023 to USD 433.46 billion by 2028, at a CAGR of 4.70% during the forecast period (2023-2028).

  • The United States insurance industry's net premiums in 2018 amounted to USD 1.22 trillion, with premiums paid by non-life insurers accounting for 51%, and premiums for life insurers accounting for 49%. The overall net premium written for non-life was USD 618 Billion in 2018. The auto sector is facing significant change as the autonomous vehicle (AV) revolution likely brings a fundamental shift from personal ownership to shared mobility. This dramatic reshaping of the auto industry is bound to have far-reaching effects on other sectors as well including insurance, urban planning and infrastructure, and supply chain management. In order to manage the low-growth, low-profit, non-life insurers have focused on innovation and disruption, demonstrating a strong interest in new technological developments, including telematics, the Internet of Things (IoT) and blockchain.

US Motor Insurance Industry Segmentation

This report aims to provide a detailed analysis of the United States Motor Insurance Market. It focuses on the market dynamics, emerging trends in the segments and regional markets, and insights on various product and application types. Also, it analyses the key players and the competitive landscape in the United States Motor Insurance Market.

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US Motor Insurance Market Trends

This section covers the major market trends shaping the US Motor Insurance Market according to our research experts:

Increase in Motor vehicles registration:

At about 17.2 million new light-vehicle registrations in 2018, the United States is one of the biggest car markets in the world based on the number of new light-vehicle registrations. Nevertheless, fewer than three million vehicles were manufactured in the United States of the 70.5 million passenger cars manufactured worldwide in 2016. While the United States imports large quantities of vehicles from different countries, such as Japan, Mexico, and Canada, passenger car assembly in the country increased from about 2.2 million units produced in 2009 to just under 4 million units in 2016. Toyota and BMW are the leading carmakers selling imported cars in the United States. This trend is expected to continue as there is an increase in demand for lightweight vehicles.

United States Motor Insurance Market Trends

Fintech adoption in developed economies:

Fintech is transforming the US financial sector is stating the obvious. It is rapidly transforming how people lend, invest, opt for loans, fund start-ups and even buy insurance. American companies have attracted the biggest fintech investments from 2010 – 2016, which indicates a clear need for fintech services in the United States. In 2017, insurance became the second-most popular fintech service. InsurTech companies are leveraging design, technology, and flexible services to make health insurance more appealing to consumers – something that would be beyond the purview of the traditional insurers.

United States Motor Insurance Market Analysis

US Motor Insurance Industry Overview

The report covers the major players operating in the US Motor Insurance Market. The market is Consolidates due to the top 5 companies hold more than 50% market share. The mandatory requirement for a vehicle to be insured across the united states, coupled with the estimated increased number of sales of vehicles, is expected to drive the motor insurance market during the forecast period.

US Motor Insurance Market Leaders

  1. State Farm Mutual Automobile Insurance

  2. Berkshire Hathaway Inc.

  3. Progressive Corp.

  4. Allstate Corp.

  5. USAA Insurance Group

*Disclaimer: Major Players sorted in no particular order

State Farm Mutual Automobile Insurance, Berkshire Hathaway Inc., Progressive Corp., Allstate Corp., USAA Insurance Group

US Motor Insurance Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

    3. 4.3 Market Restraints

    4. 4.4 Value Chain / Supply Chain Analysis

    5. 4.5 Porters 5 Force Analysis

      1. 4.5.1 Threat of New Entrants

      2. 4.5.2 Bargaining Power of Buyers/Consumers

      3. 4.5.3 Bargaining Power of Suppliers

      4. 4.5.4 Threat of Substitute Products

      5. 4.5.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Product type

      1. 5.1.1 Third-Party Liability

      2. 5.1.2 Comprehensive

      3. 5.1.3 Others

    2. 5.2 By Distribution channels

      1. 5.2.1 Captive Agency

      2. 5.2.2 Regional Independent agents

      3. 5.2.3 National Dependent agents

      4. 5.2.4 Direct

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Vendor Market Share

    2. 6.2 Mergers & Acquisitions

    3. 6.3 Company Profiles

      1. 6.3.1 State Farm Mutual Automobile Insurance

      2. 6.3.2 Berkshire Hathaway Inc.

      3. 6.3.3 Progressive Corp.

      4. 6.3.4 Allstate Corp.

      5. 6.3.5 USAA Insurance Group

      6. 6.3.6 Liberty Mutual

      7. 6.3.7 Farmers Insurance Group of Companies

      8. 6.3.8 Nationwide Mutual Group

      9. 6.3.9 American Family Insurance Group

      10. 6.3.10 Travelers Companies Inc.*

    4. *List Not Exhaustive

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

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US Motor Insurance Market Research FAQs

The US Motor Insurance Market size is expected to reach USD 344.53 billion in 2023 and grow at a CAGR of 4.70% to reach USD 433.46 billion by 2028.

In 2023, the US Motor Insurance Market size is expected to reach USD 344.53 billion.

State Farm Mutual Automobile Insurance, Berkshire Hathaway Inc., Progressive Corp., Allstate Corp. and USAA Insurance Group are the major companies operating in the US Motor Insurance Market.

US Motor Insurance Industry Report

Statistics for the 2023 US Motor Insurance market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. US Motor Insurance analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.

US Motor Insurance Report Snapshots

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