Global Automotive Insurance Market Research Report: Information by Vehicle Type (Passenger Cars, LCV, and HCV), by Insurance Type (Third-Party, Comprehensive, Third-Party Theft and Fire, and Others), and by Region (North America, Europe, Asia-Pacific, and the Rest of the World) – Forecast till 2024
— Market Research Future (MRFR) envisions a promising growth for the automotive insurance market 2020 at a considerable rate between 2019 and 2024 (appraisal period). We will provide COVID-19 impact analysis with the report, offering detailed market developments following the coronavirus disease outbreak.
Top Boosters and Key Barriers
The automotive industry has been facing a slew of challenges since the COVID-19 outbreak. The hardest hit aspects have been profitability and revenue, with automakers now trying to regain grounds as the lockdown is being lifted across countries. Following the pandemic and the resultant curfews and travel bands, the auto industry is taking steps to recover. Experts note that since the onset of SARS-CoV-2, there has been a notable change in consumer behavior and habits, with the demand for shared mobility reducing swiftly in light of the growing prevalence of social distancing as well as hygiene. This could mean a higher demand for lower-priced personal mobility, thereby benefitting the automakers and the auto insurance companies.
Moving forward, the novel coronavirus has driven the need for contact-less transactions, which could reflect in vehicle purchases in the coming months. The rising preference for online models along with the surge in online booking of doorstep pickup/delivery, online payments and appointments has been favorable for the automotive insurance market, despite the COVID-19 impact. Many of the insurance firms are offering refunds or discounts to customers, which can further benefit the market. For instance, since the early months of 2020, Liberty Mutual (U.S) has been providing refunds of close to 15 percent to customers on auto premiums of two months.
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The SARS-CoV-2 pandemic has also been a huge opportunity for the insurance companies, as they are now designing personalized goods and services to retain the existing customers and draw in new ones as well. The surging use of private vehicles has resulted in roads being filled with less experienced drivers at peak periods, boosting the number of road accidents. Also, the increasing technological and product innovations coupled with the huge number of active third-party insurance firms present in emerging countries like India, Indonesia, China and Vietnam can also be important growth enhancers in the automotive insurance market.
For instance, in July 2020, Kia has launched an insurance policy for connected cars in India, which is a joint offering by ICICI Lombard GIC and Bajaj Allianz. This insurance is aimed at customers that are interesting in Kia’s connected car system along with the claim settlements.
Market Segmentation
Auto Insurance Market has been considered in terms of vehicle type, insurance type, and region.
The key vehicle types discussed in the market study are light commercial vehicle/LCV, heavy commercial vehicle/HCV as well as passenger cars.
Depending on the insurance type, the market caters to comprehensive, third-party theft and fire, third-party, and more.
Regional Analysis
The automotive insurance market has been regionally considered for Europe, APAC/Asia Pacific, North America, in addition to RoW/the rest of the world.
The APAC auto insurance market is the clear winner, as the top emerging countries like India, South Korea, Japan and China are observing escalated sales of vehicles in light of the rising preference for personal vehicles. The extensive pool of renowned insurance providers as well as third-parties in the region also adds to the industry expansion rate. The rapid surge in urbanization and the improving economic conditions, particularly of the middle class population also provide significant opportunities to the leading automotive insurers.
It is expected that South America along with Middle East and Africa could emerge as strong contenders in the global market for automotive insurance. The key reason cited is the increasing number of partnerships between insurance firms and telematics vendors combined with the mounting number of road accidents in wake of the soaring traffic. The car insurance market in these regions is also expanding as a result of the mounting awareness level among the end users and the steady rise in the use of advanced technologies in the automotive industry.
Prominent Industry Firms
The prominent industry firms mentioned in the report include Progressive Casualty Insurance Company (US), RSA Insurance Group PLC (UK), GEICO (US), Allstate Insurance Company (US), State Farm Mutual Automobile Insurance Company (US), RAC Motoring Services (UK), ABIC Inc. (China), CPIC (China), Zurich Insurance Group (Switzerland), NFU Mutual (UK), Clements Worldwide (US), Zhongan Insurance (China), to list a few.
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TABLE OF CONTENTS
1. Executive Summary
2. Scope Of The Report
2.1. Market Definition
2.2. Scope Of The Study
2.2.1. Definition
2.2.2. Research Objective
2.2.3. Assumptions
2.2.4. Limitations
2.3. Research Process
2.3.1. Primary Research
2.3.2. Secondary Research
2.4. Market Size Estimation
2.5. Forecast Model
3. Market Landscape
3.1. Porter’s Five Forces Analysis
3.1.1. Threat Of New Entrants
3.1.2. Bargaining Power Of Buyers
3.1.3. Threat Of Substitutes
3.1.4. Segment Rivalry
3.1.5. Bargaining Power Of Buyers
3.2. Value Chain/Supply Chain Analysis
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