Market Size of US Motor Insurance Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 360.72 Billion |
| Market Size (2029) | USD 453.83 Billion |
| CAGR (2024 - 2029) | 4.70 % |
| Market Concentration | High |
Major Players_Picture2.webp)
*Disclaimer: Major Players sorted in no particular order |
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US Motor Insurance Market Analysis
The US Motor Insurance Market size in terms of direct written premiums value is expected to grow from USD 360.72 billion in 2024 to USD 453.83 billion by 2029, at a CAGR of 4.70% during the forecast period (2024-2029).
- 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.
