Automotive Insurance Market: Introduction
- Financial institutions and insurance companies provide risk mitigation to individuals, businesses, and institutional clients through contracts. Automotive insurance is one such contract that enables vehicle owners to manage risks associated with vehicle accidents or maintenance.
- Automotive insurance, or motor insurance, is an insurance policy for vehicles, which provides financial protection against collision damage and damage arising due to natural disasters or theft
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Key Drivers of Automotive Insurance Market
- Automotive safety has become a major concern amidst a consistent rise in number of accidents across the globe due to high number of on-road vehicles, unsafe driving patterns, underdeveloped infrastructure, and numerous others such factors. In February 2020, according to the World Health Organization, 1.35 million people die every year across the globe, costing a majority of countries around 3% of their total GDP. This economic burden, caused by the growing number of accidents, severely impacts low income individuals and countries. Consequently, vehicle owners are preferring insurance policies to mitigate this economic burden of road accidents, which cover health-related as well as vehicle repair costs post-accident. Thus, a rise in awareness about road-traffic accidents and their economic costs are driving the global automotive insurance market.
- Emergence of latest technologies, such as Internet of Things (IoT) and artificial intelligence, have transformed conventional auto insurance policies to usage-based policies. Sensors powered by these advanced technologies are fitted on vehicles to monitor the driving behavior and pattern of the driver. This data is sent to the insurance company and based on this data, the premium of insurance is modified. These new telematics-based insurance policies are gaining high popularity and hence, fueling the automotive insurance market across the globe.
Challenges in Automotive Insurance Market
Rise in adoption of shared mobility reduces the number of vehicle owners and usage of vehicles. This reduced number of vehicle owners is hampering the automotive insurance market.
Key Players Operating in Automotive Insurance Market
The global automotive insurance market is highly concentrated due to the presence of top manufacturers. A few of the key players operating in the global automotive insurance market are:
- ACKO General Insurance Limited
- Assicurazioni Generali S.p.A.
- Barclays Insurance Services Company Limited
- Berkshire Hathaway, Inc.
- Clements Worldwide
- GAINSCO, Inc.
- Ping An Insurance (Group) Company of China, Ltd.
- Progressive Casualty Insurance Company
Global Automotive Insurance Market: Research Scope
Global Automotive Insurance Market, by Insurance type
- Third Party Liability
Global Automotive Insurance Market, by Product type
- Telematics Insurance
Global Automotive Insurance Market, by Vehicle
- Passenger Vehicle
- Light Commercial Vehicle
- Buses & Coaches
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