Europe Car Insurance Market Size
| Study Period | 2020-2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 53.05 Billion |
| Market Size (2029) | USD 64.95 Billion |
| CAGR (2024 - 2029) | 4.13 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Europe Car Insurance Market Analysis
The Europe Car Insurance Market size is estimated at USD 53.05 billion in 2024, and is expected to reach USD 64.95 billion by 2029, growing at a CAGR of 4.13% during the forecast period (2024-2029).
In Europe, people must ensure their car with third party liability while registering the car. This insurance coverage is valid in all European countries. Increasing consumer awareness of the benefits of car insurance as it offers financial protection increases the demand for the car insurance market in Europe.
The factors for the growth of the car insurance market in Europe are an increase in car accidents, strict government rules for purchasing car insurance, and an increase in car sales due to a rise in consumer per capita income. And also the incorporation of new advanced technology into products and services gave rise to third-party liability coverage to the cars.
The new technological advancements made by the European car insurance market provide consumers with various innovative services and use artificial intelligence.
Europe Car Insurance Market Trends
Increase In Online Sales Car Insurance
The transition to digital platforms has become common for most car insurance markets because business models and strategies are changing quickly. Insurance companies are exploreing various distribution channels as it is essential for the insurance company. In developed economies like Europe, most people prefer to buy car insurance online by phone or any other gadget. Due to the Internet penetration rate and the development of online technology, online car insurance sales have become popular in Europe.
Technological Advancements in United Kingdom Car Insurance Market
The technological transformation experienced by the customers in the car insurance sector is the introduction of AI, which helped in claim settlement. Claim settlement is an important step for the car insurance company because it is the way where insurance companies compensate policyholders for damages or losses covered by the car insurance policies. AI can also be used to assess damage to the car, identify fraudulent claims, and track the status of a claim. The driving history of claimants and also circumstances of accidents can be detected with the help of AI. Therefore, technological advancements boost the car insurance market.
Europe Car Insurance Industry Overview
The European car insurance market is highly fragmented, with a large number of players operating in the market studied. Companies have been focusing more on providing customized solutions to attract more customers and enhance their product portfolio. Large insurance players are seeking to team up with emerging Insurtech startups to access new market opportunities. The major players are Allianz SE, Assicurazioni Generali SpA, AXA SA, Munich RE, and Swiss Re AG.
Europe Car Insurance Market Leaders
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Allianz SE
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Assicurazioni Generali SpA
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AXA SA
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Munich RE
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Swiss Re AG
*Disclaimer: Major Players sorted in no particular order
Europe Car Insurance Market News
- June 2023: Allianz partnered with JLR and launched an embedded insurance program, Simply Drive service, which is available for every vehicle, offering clients the convenience of immediate and complimentary insurance coverage for the first month of ownership, making the purchase quicker and easier.
- September 2022: AXA launched a new digital car insurance brand known as Moja, where customers can buy insurance products and services through smartphones or tablets. Moja customers can protect personal belongings like satnavs, audio equipment and children’s car seats.
Europe Car Insurance Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS AND INSIGHTS
- 4.1 Market Overview
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4.2 Market Drivers
- 4.2.1 Rising Sales of Cars in Europe Drives The Market
- 4.2.2 Increase in Road Traffic Accidents Drives The Market
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4.3 Market Restraints
- 4.3.1 Increase in Cost of Claims Made
- 4.3.2 Increase in False Claims and Scams
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4.4 Market Opportunities
- 4.4.1 Online Car Insurance Products Expanding the Car Insurance Sales
- 4.4.2 Demand for Customized Insurance Products by the Buyers
- 4.5 Industry Value Chain Analysis
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4.6 Industry Attractiveness - Porter's Five Forces Analysis
- 4.6.1 Threat of New Entrants
- 4.6.2 Bargaining Power of Buyers
- 4.6.3 Bargaining Power of Suppliers
- 4.6.4 Threat of Substitutes
- 4.6.5 Intensity of Competitive Rivalry
- 4.7 Insights on technology innovation in the Market.
- 4.8 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
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5.1 By Coverage
- 5.1.1 Third-Party Liability Coverage
- 5.1.2 Collision/Comprehensive/Other Optional Coverage
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5.2 by Application
- 5.2.1 Personal Vehicles
- 5.2.2 Commercial Vehicles
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5.3 By Distribution Channel
- 5.3.1 Agents
- 5.3.2 Banks
- 5.3.3 Brokers
- 5.3.4 Other Distribution Channel
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5.4 By Geography
- 5.4.1 Germany
- 5.4.2 UK
- 5.4.3 France
- 5.4.4 Switzerland
- 5.4.5 Rest of Europe
6. COMPETITIVE LANDSCAPE
- 6.1 Market Concetration Overview
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6.2 Company Profiles
- 6.2.1 Allianz SE
- 6.2.2 Assicurazioni Generali SpA
- 6.2.3 AXA SA
- 6.2.4 Munich RE
- 6.2.5 Swiss Re AG
- 6.2.6 Chubb Ltd.
- 6.2.7 GEICO
- 6.2.8 Liberty Mutual Insurance
- 6.2.9 Nationwide Mutual Insurance
- 6.2.10 Porto Seguro S.A*
- *List Not Exhaustive
7. MARKET FUTURE TRENDS
8. DISCLAIMER AND ABOUT US
** Subject To AvailablityEurope Car Insurance Industry Segmentation
Car insurance is a type of insurance that provides cover for loss or damage to the car. It helps to mitigate monetary harms due to accidents causing damage to the cars. Europe's car insurance market is segmented by coverage, application, distribution channel, and by geography. By coverage, the market is segmented into third-party liability coverage and collision/comprehensive/other optional coverage. By application, the market is segmented into personal vehicles and commercial vehicles. By distribution channel, the market is segmented into individual agents, brokers, banks, online, and other distribution channels. Other distribution channels include financial institutions other than banks, phone marketing, and mail marketing. By geography, the market is segmented into Germany, the UK, France, Switzerland, and the Rest of Europe. The report also covers the market sizes and forecasts for the European car insurance market in value (USD) for all the above segments.
| By Coverage | Third-Party Liability Coverage |
| Collision/Comprehensive/Other Optional Coverage | |
| by Application | Personal Vehicles |
| Commercial Vehicles | |
| By Distribution Channel | Agents |
| Banks | |
| Brokers | |
| Other Distribution Channel | |
| By Geography | Germany |
| UK | |
| France | |
| Switzerland | |
| Rest of Europe |
Europe Car Insurance Market Research FAQs
How big is the Europe Car Insurance Market?
The Europe Car Insurance Market size is expected to reach USD 53.05 billion in 2024 and grow at a CAGR of 4.13% to reach USD 64.95 billion by 2029.
What is the current Europe Car Insurance Market size?
In 2024, the Europe Car Insurance Market size is expected to reach USD 53.05 billion.
Who are the key players in Europe Car Insurance Market?
Allianz SE, Assicurazioni Generali SpA, AXA SA, Munich RE and Swiss Re AG are the major companies operating in the Europe Car Insurance Market.
What years does this Europe Car Insurance Market cover, and what was the market size in 2023?
In 2023, the Europe Car Insurance Market size was estimated at USD 50.86 billion. The report covers the Europe Car Insurance Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Europe Car Insurance Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Europe Car Insurance Industry Report
Statistics for the 2024 Europe Car Insurance market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Europe Car Insurance analysis includes a market forecast outlook for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
