Global Auto Insurance Market Report and Forecast 2024-2032

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.

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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.

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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.

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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