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Report Overview

2023

Base Year

2018-2023

Historical Year

2024-2032

Forecast Year

Global Auto Insurance Market Outlook

The global auto insurance market attained a value of about USD 865.83 billion in 2023. The market is further expected to grow at a CAGR of 7.1% during the forecast period of 2024-2032 to reach nearly USD 1,605.23 billion by 2032.

Global Auto Insurance Market Report Summary Description Value
Base Year USD Billion 2023
Historical Period USD Billion 2018-2023
Forecast Period USD Billion 2024-2032
Market Size 2023 USD Billion 865.83
Market Size 2032 USD Billion 1,605.23
CAGR 2018-2023 Percentage XX%
CAGR 2024-2032 Percentage 7.1%
CAGR 2024-2032 - Market by Region Asia Pacific 8.2%
CAGR 2024-2032 - Market by Country India 9.4%
CAGR 2024-2032 - Market by Country China 7.8%
CAGR 2024-2032 - Market by Coverage Comprehensive 8.0%
CAGR 2024-2032 - Market by Distribution Channel Direct Response 8.1%
Market Share by Country 2023 UK 3.4%

Global Auto Insurance Market

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The Rise in Automobile Sales to Boost the Market Growth of Auto Insurance

The global market for auto insurance is being augmented by the rise in demand for personal vehicles all over the world. As a result of industrialisation in several developed and developing nations, the disposable incomes of the citizens has increased, resulting in an increase in the purchasing power, thereby boosting the sales of automobiles. Since people spend on automobiles for their maintenance, they are also triggered by the need to protect their vehicles from accidents or thefts, hence boosting the sales of auto insurance and aiding the market growth.

Furthermore, auto insurance also covers the cost associated with injuries, death, or property damage caused by the insured owner of the vehicle to the affected driver, or property such as pavements, parks, and fences, among others. In addition, the rise in the number of road accidents due to negligence and rash driving is furthering the market for auto insurance. The government regulations in various countries mandating the adoption of auto insurance is significantly contributing to the market growth of the industry.

Auto Insurance: Market Segmentation

Auto insurance, also known as vehicle or motor insurance, refers to a contract between the owner of the vehicle called insured, and the insurance provider, called an insurer, that protects the insured against financial losses in the case of an accident or theft of the vehicle.

Global Auto Insurance Market By Segment

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The market, on the basis of coverage, can be segmented into:

  • Third Party Liability Coverage
  • Comprehensive
  • Others

On the basis of distribution channel, the market can broadly be segmented into:

  • Insurance Agents
  • Direct Response
  • Banks
  • Others

Based on vehicle age, the market can be categorised into:

  • New Vehicles
  • Used Vehicles

On the basis of application, the market segmentations include:

  • Personal
  • Commercial

The EMR report looks into the regional markets of auto insurance like North America, Latin America, the Asia Pacific, Europe, and the Middle East and Africa.

Global Auto Insurance Market By Region

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CAGR 2024-2032 - Market by Country
India 9.4%
China 7.8%
Canada 6.6%
France 5.6%
Italy 5.0%
USA XX%
UK XX%
Germany XX%
Japan 4.9%
Australia XX%
Saudi Arabia XX%
Brazil XX%
Mexico XX%

Asia Pacific Region to Significantly Augment the Market Growth of Auto Insurance

The presence of leading companies in countries within the Asia Pacific region, like Japan, China, and India, are fuelling the market growth of the automobile sector as a result of innovations in product designs to keep with the heightened consumer demand for personal vehicles. As a result, the auto insurance industry in the region is flourishing due to the rising awareness regarding the importance of vehicle insurance. Furthermore, the digitisation of business operations is furthering the market for auto insurance in the region. For instance, in India, the push for digitising financial services led by the government’s Digital India initiative is bringing enhanced awareness regarding the available options of automobile insurance. Furthermore, the development of applications providing consolidated information regarding existing insurance providers and price analysis is further boosting the market growth. Moreover, with the online availability of vehicle insurance, customers can purchase and renew insurance policies from the comfort of their homes, which is another factor aiding the market growth of auto insurance.

Key Industry Players in the Global Auto Insurance Market

The report presents a detailed analysis of the following key players in the global auto insurance market, looking into their capacity, market share, and latest developments like capacity expansions, plant turnabouts and mergers and acquisitions.

  • Progressive Casualty Insurance Company
  • State Farm Mutual Automobile Insurance Company
  • GEICO
  • Allstate Insurance Company
  • Admiral Group plc
  • Others

The comprehensive report looks at the micro and macro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of the Porter’s Five Forces Model.

Key Highlights of the Report

REPORT FEATURES DETAILS
Base Year 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Coverage
  • Distribution Channel
  • Vehicle Age
  • Application
  • Region
Breakup by Coverage
  • Third Party Liability Coverage
  • Comprehensive
  • Others
Breakup by Distribution Channel
  • Insurance Agents
  • Direct Response
  • Banks
  • Others
Breakup by Vehicle Age
  • New Vehicles
  • Used Vehicles
Breakup by Application
  • Personal
  • Commercial
Breakup by Region
  • North America
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • Progressive Casualty Insurance Company
  • State Farm Mutual Automobile Insurance Company
  • GEICO
  • Allstate Insurance Company
  • Admiral Group plc
  • Others
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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*

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Key Questions Answered in the Report

The global auto insurance market attained a value of nearly USD 865.83 billion in 2023.

The market is projected to grow at a CAGR of 7.1% in the forecast period of 2024-2032.

The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach about USD 1,605.23 billion by 2032.  

The major market drivers include the rising demand for personal vehicles and the increasing focus by owners to protect vehicles from damage.

The digitisation of financial services to enable customers to purchase and renew auto insurance policies from the comfort of their homes and the growing online availability of vehicle insurance are the key trends fuelling the market growth.

The major regional markets for auto insurance are North America, Latin America, the Asia Pacific, Europe, and the Middle East and Africa.

The significant segments based on coverage of auto insurance considered in the market report are third party liability coverage and comprehensive, among others.

The major distribution channels of auto insurance include insurance agents, direct response, and banks, among others.

New vehicles and used vehicles are the different vehicle ages included in the market report.

Personal and commercial are the significant applications of auto insurance.

The major players in the market are Progressive Casualty Insurance Company, State Farm Mutual Automobile Insurance Company, GEICO, Allstate Insurance Company, and Admiral Group plc, among others.

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30 North Gould Street, Sheridan, WY 82801

+1-415-325-5166

63 Fiona Drive, Tamworth, NSW

+61 448 06 17 27

C130 Sector 2 Noida, Uttar Pradesh 201301

+91-858-608-1494

40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.

+63 287899028, +63 967 048 3306

6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London

+44-753-713-2163

193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City

+84865399124