{"id":92419,"date":"2020-11-30T05:00:00","date_gmt":"2020-11-30T05:00:00","guid":{"rendered":"https:\/\/icrowdnewswire.com\/?p=2771537"},"modified":"2020-11-30T05:00:00","modified_gmt":"2020-11-30T05:00:00","slug":"global-auto-insurance-market-size-was-valued-at-739-30-billion-in-2019-and-is-anticipated-to-reach-1-06-trillion-by-2027-growing-at-a-cagr-of-8-5-from-2020-to-2027","status":"publish","type":"post","link":"https:\/\/ipsnews.net\/business\/2020\/11\/30\/global-auto-insurance-market-size-was-valued-at-739-30-billion-in-2019-and-is-anticipated-to-reach-1-06-trillion-by-2027-growing-at-a-cagr-of-8-5-from-2020-to-2027\/","title":{"rendered":"Global Auto Insurance Market Size was Valued at $739.30 billion in 2019 and is Anticipated to Reach $1.06 trillion by 2027, growing at a CAGR of 8.5% from 2020 to 2027"},"content":{"rendered":"

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A new study on the global auto insurance market has been recently added to the vast repository of Report Ocean. The report, titled \u201cAuto 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\u20132027<\/strong>\u201d offers a detailed study of this market on the basis of its past and current performance.<\/p>\n

GET SAMPLE COPY @\u00a0https:\/\/www.reportocean.com\/industry-verticals\/sample-request?report_id=AMR1282<\/a><\/p>\n

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.<\/p>\n

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.<\/p>\n

Impact of Covid 19 on Global Auto Insurance Market<\/strong><\/p>\n

The impact of Coronavirus pandemic on the global auto insurance market is quite visible as the automotive industry \u2013 the main end-use industry for auto insurance \u2013 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\u201315% 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.<\/p>\n

Higher Demand for Third Party Liability Coverage<\/strong><\/p>\n

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.<\/p>\n

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.<\/p>\n

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.<\/p>\n

Key Findings:<\/strong><\/p>\n