SAN FRANCISCO, July 23, 2018 /PRNewswire/ --
Global Auto Insurance Market is predicted to grow
considerably in the forecast period due to the rise in the per
capita income of the consumers worldwide. Auto insurance is a
policy for automobiles. It covers any financial risk that can
emerge while driving the vehicle. It is primarily used to offer
financial protection against road mishaps, medical payments,
comprehensive coverage, uninsured or underinsured motorist coverage
and injury protection. In short an insurance company covers losses
caused from damages, theft, or accidents. The rise in global
vehicle sales due to increase in per capita income of consumers and
the compulsion to buy insurance while purchasing new vehicle are
proved catalysts in the growth of auto insurance market. Lucrative
and innovative product introductions are predicted to stimulate the
market growth in near future. The prominent market players in
insurance sector offer several add-on covers which is expected to
impact the insurance sales positively and ultimately boost the
market growth.
The growing road mishaps owing to increased traffic are another
reason for the growth of auto insurance market. Nevertheless, the
rise in vehicle rental services, market fragmentation and adoption
of driverless or autonomous vehicles are reducing the need for auto
insurance in forecast period which is a major obstacle for the auto
insurance market. Auto insurance market is also gaining popularity
due to implementation of enhanced analytics tools to reduce fake
claims. The improved tools like big data analytics and geospatial
analytics are the right tools for insurance companies to reduce
losses caused by fraud claims. Other contributing factors to auto
insurance market comprise growing costs of vehicle repairs, high
cost of claims and unsafe driving practices due to which
policyholders are doubtful to see a soft market in the near future.
The growing employment rate and the decreasing gasoline prices are
expected to rise the number of road mishaps and lead to higher
expenses which ultimately increases the need for insurances. The
rise in insurance claims which is also known as claim severity, is
driven by factors like increase in auto repair, medical aid and
auto parts.
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Auto insurance market is categorized on the basis of insurance
type, distribution channel, and geography. On the basis of
insurance type, auto insurance market is divided into commercial
insurance premium and personal insurance premium. In terms of
distribution channel, the market is segmented into insurance agency
or insurance broker and online insurance providers. Geographically,
the auto insurance market is divided into North America, Europe, Asia
Pacific, Latin America and
Middle East & Africa. The top auto insurance market players
profiled in Auto Insurance Market include AXA, Allianz SE,
AssicurazioniGenerali S.p.A., Berkshire Hathaway Homestate
Companies, The Allstate Corporation, American International Group,
Inc., China Life Insurance Group, Munich Re, Prudential plc., and
Zurich Insurance Group Ltd. This report studies the global Auto
Insurance market size, industry status and forecast, competition
landscape and growth opportunity. This research report categorizes
the global Auto Insurance market by companies, region, type and
end-use industry. In 2017, the global Auto Insurance market size
was million US$ and it is expected to reach million US$ by the end
of 2025, with a CAGR of during 2018-2025.
This report focuses on the global top players,
covered
- Allianz
- USAA Property & Casualty
- Amica Insurance
- New Jersey Manufacturers Insurance Company
- Erie Insurance Group
- Auto Club Enterprises Insurance Group
- Auto Club Insurance Association
- Auto-Owners Insurance Group of Companies
- Ameriprise Financial (IDS)
- State Farm
- State Auto Insurance Companies
- Mercury
- Geico
Market segment by Regions/Countries, this report
covers
- United States
- Europe
- China
- Japan
- Southeast Asia
- India
Market segment by Type, the product can be split
into
- Liability Car Insurance
- Physical Damage Car Insurance
- Rental Insurance
Market segment by Application, split into
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