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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:
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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.
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