Market Size of United State Car Insurance Industry
| Study Period | 2020-2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 194.15 Billion |
| Market Size (2028) | USD 238.60 Billion |
| CAGR (2024 - 2029) | 4.21 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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United State Car Insurance Market Analysis
The United State Car Insurance Market size in terms of gross written premiums value is expected to grow from USD 194.15 billion in 2024 to USD 238.60 billion by 2028, at a CAGR of 4.21% during the forecast period (2024-2028).
The car insurance sector in the United States is increasing at a higher rate because the financial awareness of people in the United States is growing. So, the need to protect assets also increases. Growing demand for personal mobility solutions, increasing disposable income, improved standard of living, and the rise of the middle class are some of the factors that support the growth of the car insurance market in the United States.
After COVID-19 the demand for personalized insurance offerings created a rise for usage-based insurance as a primary business model. Therefore, artificial intelligence (AI) as a technology driver is shaping the car insurance industry.
The adoption of advanced technologies such as artificial intelligence, the Internet of Things, and data analytics is creating a digital platform for the car insurance industry. The origin of online insurance sellers and aggregators is boosting the growth of the car insurance industry in the United States.
This industry underwrites or assumes the risk and assigns premiums for car insurance policies. Car insurance provides financial protection against physical damage to automobiles and bodily injuries resulting from traffic incidents. Car insurance can also protect against the resulting liability.
