A new study on the global auto insurance market has been recently added to the vast repository of Report Ocean. The report, titled “Auto Insurance Market by Coverage (Third Party Liability Coverage, and Collision/Comprehensive/Other Optional Coverages) Distribution Channel (Insurance Agents/Brokers, Direct Response, Banks, and Others), Vehicle Age (New Vehicles, Used Vehicles), and Application (Personal, Commercial): Global Opportunity Analysis and Industry Forecast, 2020–2027” offers a detailed study of this market on the basis of its past and current performance.
GET SAMPLE COPY @ https://www.reportocean.com/industry-verticals/sample-request?report_id=AMR1282
According to the research report, the global auto insurance market is all set to witness a tremendous rise over a couple of years. The governments in many countries have mandated to have vehicle insurance at place for every vehicle on the road, thanks to the rapidly increasing number of accidents. Coupled with the rising sales of automobiles, worldwide, this factor is expected to a trigger a manifold increase in auto insurance sales across the world.
On the other hand, the increasing preference for autonomous vehicles among consumers, which do not require insurance to run on the road, may hamper the growth of the worldwide market for auto insurance in the years to come. However, a surge in the implementation of technologies in existing product and service lines and the rise in the demand for third-party liability coverage in developing nations are expected to offer lucrative opportunities to market participants in the long run.
Impact of Covid 19 on Global Auto Insurance Market
The impact of Coronavirus pandemic on the global auto insurance market is quite visible as the automotive industry – the main end-use industry for auto insurance – has endured the worst decline due to this pandemic. Since customers are seeking bailouts or refunds on premiums due to travel restrictions, several auto insurance companies in the U.K. and the U.S. had to refund 10–15% of annual premiums to their customers in order to maintain their sales volume. The finance ministry in India has extended the validity of the third-party insurance policies in a bid to entice customers towards insurance renewal.
Higher Demand for Third Party Liability Coverage
The global car insurance market has been evaluated on five fronts in this research study. The coverage, distribution channel, vehicle age, application, and the region are those parameters, on which this market has been analyzed. In terms of the coverage, the market has been fragmented into third party liability coverage and collision/comprehensive/other optional coverage. The third party liability coverage segment is leading the global market.
Based on the distribution channel, it has been segregated into insurance agents/brokers, direct response, banks, and others. The insurance agents/brokers segment dominates the market in terms of revenue. As per vehicle age, it is divided into new vehicles and used vehicles. The used vehicles segment is anticipated to acquire the leadership during the forecast period.
On the basis of the application, it has been bifurcated into personal, and commercial. Region wise, the market has been analyzed across North America, Europe, Asia Pacific, and LAMEA in this study. The Asia Pacific auto insurance market is likely to seize the dominant position in the near future.
Key Findings:
- By coverage, the third party liability coverage segment is leading the global market.
- On the basis of distribution channel, the insurance agents/brokers segment dominates the market in terms of revenue.
- Based on vehicle age, the used vehicles segment is anticipated to acquire the leadership during the forecast period.
- Region wise, the Asia Pacific auto insurance market is likely to seize the dominant position in the near future.
The global auto insurance market is classified into:
By Coverage
- Third Party Liability Coverage
- Collision/Comprehensive/ Other Optional Coverages
By Distribution Channel
- Insurance Agents/Brokers
- Direct Response
- Banks
- Others
By Vehicle Age
- New Vehicle
- Used Vehicle
By Application
- Personal
- Commercial
By Region
North America
- U.S.
- Canada
- Mexico
Europe
- Germany
- France
- Italy
- Spain
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia Pacific
LAMEA
- Latin America
- Middle East
- Africa
Companies Mentioned in the Report
- People’s Insurance Company of China
- China Pacific Insurance Co.
- Ping An Insurance (Group) Company of China Ltd.
- State Farm Mutual Automobile Insurance
- Berkshire Hathaway Inc.
- Admiral Group Plc
- GEICO
- Tokio Marine Group
- Allianz
- Allstate Insurance Company
READ FULL REPORT @ https://www.reportocean.com/industry-verticals/sample-request?report_id=AMR1282
Contact Information:
+1 888 212 3539
Tags:
, IPS, Reportedtimes, iCN Internal Distribution, Research Newswire, English
Contact Information:
+1 888 212 3539
