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Global Auto Insurance Market to Grow at a CAGR of 7.1% During 2021-2026, Driven by the Rising Availability of Online Insurance Platforms

According to a new report by EMR titled, ‘Global Auto Insurance Market Report and Forecast 2021-2026’, the market attained a value of about USD 704.8 billion in 2020. The industry is further expected to grow at a CAGR of 7.1% in the forecast period of 2021-2026 to reach a value of nearly USD 1,170.9 billion by 2026.

The global market for auto insurance is driven by the rising demand for personal vehicles around the world as a result of the rising purchasing power of people due to industrialisation. Auto insurance is important as it provides protection to the vehicle from accidents or thefts, hence boosting the sales of auto insurance and aiding the market growth. The global market for auto insurance witnessed a slight decline for new vehicles in 2020 with the coronavirus outbreak and the resultant lowered demand for automobiles due to the elongated periods of lockdown. However, the market was sustained with online distribution channels for old and new vehicles, such as mobile applications and company websites that provide easy purchase and renewal of vehicle insurance policies. The increasing market penetration of smartphones and the presence of internet service providers are factors sustaining the market growth of digital operations during the pandemic when people turned to digital platforms, hence positively influencing the market growth of auto insurance.

In recent years, the age of digitisation has leveraged the market growth of various industries, including the insurance industry. One of the leading providers of online auto insurance is Coverfox is an online insurance broker licensed by the Insurance Regulatory and Development Authority of India (IRDAI). The company provides a hassle-free, fully digital auto insurance comparing, buying, and renewing platform. The company’s operations aim at making insurance simple for the vast Indian population. In addition, Coverfox simplifies complex insurance jargon, thus enabling everyone to buy insurance from the comfort of their homes. The increasing consumer awareness regarding the importance of insurance, along with the increased affordability, regulatory push, and existence of online platforms, are supporting the market growth of auto insurance. The market is further expected to be augmented by the expansion strategies employed by the market players like Berkshire Hathaway Inc. (NYSE: BRK.A)

Market Analysis by Coverage, Distribution Channel, Vehicle Age, Application, and Region:

  • On the basis of coverage, the market can be divided into third party liability coverage, and comprehensive, among others.
  • The market, based on distribution channels, can broadly be segmented into insurance agents, direct response, and banks, among others.
  • On the basis of vehicle age, the market segmentations include new vehicles and used vehicles.
  • Based on application, the market can be categorised into personal and commercial.
  • The major regional markets for auto insurance are North America, Latin America, Europe, the Asia Pacific, and the Middle East and Africa.

Key Findings of the Report:

  • The market growth is being driven by the rising demand for personal vehicles and the consequent demand to protect the vehicles from theft or accidents.
  • Auto insurance also covers the cost associated with injuries, death, or property damage caused by insured owner of the vehicle to the affected driver, or property, such as pavements, parks, and fences, among others, which is further aiding the market growth of auto insurance.
  • The auto insurance industry is flourishing due to the rising awareness regarding the importance of vehicle insurance.
  • The development of online applications providing consolidated information regarding existing insurance providers and price analysis are invigorating the market growth of auto insurance.

Key Offerings of the Report:

  • The EMR report gives an overview of the global auto insurance industry for the periods (2016-2020) and (2021-2026).
  • The report also offers historical (2016-2020) and forecast (2021-2026) markets for coverages, distribution channels, vehicle age, applications, and regions of auto insurance.
  • The report analyses market dynamics, covering the key demand and price indicators in the market along with an assessment of the SWOT and Porter’s Five Forces Model.

The major players in the global auto insurance market are Progressive Casualty Insurance Company, State Farm Mutual Automobile Insurance Company, GEICO, Allstate Insurance Company, and Admiral Group plc, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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