Market Size of Motor Insurance Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 5.03 % |
| Fastest Growing Market | Asia |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Motor Insurance Market Analysis
The Motor Insurance market is expected to register a CAGR of 5.03% during the forecast period, 2018-2024. Motor insurance represented 42% of all non-life gross premiums of the overall property and casualty insurance market in 2017. Motor and other traditional P&C lines, both personal and commercial,are likely to face sluggish growth in the coming years.Motor insurance premium growth has been diverging in the developing markets over the last decade. Premium growth in themature markets has stagnated, while motor insurance has expanded rapidly in the emerging markets. The outlook for advanced economies, however, is improvingand is expected to pick up, in line with economic growth over the forecast period.
Technology plays a major role in the new motor insurance market. The market is changing with the integration of new technology, like automation, tracking, and IoT technology. Major players, like Allianz, PICC, and PING AN, are integrating technology with motor insurance to create lucrative policies and options for the younger consumers that are flooding the automotive industry.
For instance, Allianz Insurance and Marmalade have extended their partnership with Allianz Insurance now becoming a telematics service provider for these young driver offerings. The Allianz Connected Car platform is already live in multiple countries with over 14 billion km of driving knowledge already collected. This knowledge enables Allianz Insurance to support Marmalade in offering the best products and services to itscustomers.
Motor Insurance Industry Segmentation
The Motor Insurance Market report covers the global picture of motor insurance market by emphasizing Net and Gross premiums collected across the major parts of the world. The reportindividually captures the different regions like North and Latin Americas, Europe, Middle East & Africa and Asia- Pacific regions. The report further segmented by policy types like Third Party Liability, Third Party Fire and Theft, and Comprehensive Insurance.
| Geography | |
| North America | |
| Europe | |
| Asia-Pacific | |
| Middle East & Africa | |
| Latin America |
| Policy Type | |
| Third-party Liability | |
| Third-party Fire and Theft | |
| Comprehensive |
Motor Insurance Market Size Summary
The motor insurance market is poised for steady growth, driven by technological advancements and shifting economic dynamics. While mature markets have experienced stagnation in premium growth, emerging markets have seen rapid expansion, with a promising outlook for advanced economies aligning with economic growth. The integration of technologies such as automation, tracking, and IoT is transforming the industry, enabling major players like Allianz and Ping An to offer innovative policies tailored to younger consumers. This technological shift is not uniform across all regions, with China leading in insurtech adoption, while other emerging markets are gradually catching up. The market's growth is further supported by regulatory frameworks in emerging economies that enhance insurance penetration and financial resilience.
Emerging markets are expected to be the primary drivers of global economic and insurance industry growth, with significant contributions from countries like China. The adoption of international solvency standards and compulsory insurance policies is fostering consumer protection and financial stability. Despite challenges such as intense competition and fluctuating commercial vehicle sales, the market is witnessing positive growth due to increased technology integration in commercial fleet insurance. The market is slightly consolidated, with global players like Allianz and PICC leveraging their geographical presence and forming joint ventures in developing countries to capitalize on emerging opportunities.
Motor Insurance Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Growth Drivers
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1.3 Market Challenges
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1.4 Value Chain / Supply Chain Analysis
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1.5 Industry Attractiveness - Porter's Five Forces Analysis
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1.5.1 Threat of New Entrants
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1.5.2 Bargaining Power of Buyers/Consumers
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1.5.3 Bargaining Power of Suppliers
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1.5.4 Threat of Substitute Products
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1.5.5 Intensity of Competitive Rivalry
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1.6 Government Regulations
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1.7 Insights on InsurTech
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1.8 Insights on the Global Economy
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1.9 Insights on Global Vehicle Demand
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1.10 Effects of Global Demographics on the Market
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1.11 Insights on Distribution of the Market between the Passenger Vehicle and Commercial Vehicle Lines
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1.12 Insights and Trends on Fleet Insurance
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2. MARKET SEGMENTATION
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2.1 Geography
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2.1.1 North America
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2.1.2 Europe
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2.1.3 Asia-Pacific
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2.1.4 Middle East & Africa
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2.1.5 Latin America
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2.2 Policy Type
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2.2.1 Third-party Liability
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2.2.2 Third-party Fire and Theft
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2.2.3 Comprehensive
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Motor Insurance Market Size FAQs
What is the current Motor Insurance Market size?
The Motor Insurance Market is projected to register a CAGR of 5.03% during the forecast period (2024-2029)
Who are the key players in Motor Insurance Market?
Allianz SE, Ping An Insurance (Group) Co of China Ltd, ICICI Lombard General Insurance Co Ltd, Sompo Holdings Inc and Aviva Plc are the major companies operating in the Motor Insurance Market.
