Global Auto Insurance Market to be Worth ~$939 Billion by 2027

Bangalore, Aug. 04, 2022 (GLOBE NEWSWIRE) — Summary Report

In 2022, Motor insurance rates are increasing after the industry has gone backwards after the COVID epidemic. After the drop in fees in 2020-2021 due to walking restrictions, the number of car accidents and their severity have also started to increase.

Supply Chain issues and rising replacement costs have created huge costs for insurers which has led to changes in car insurance. The basics of the international insurance market vary greatly from region to country.

By 2027, the Asia (Ex-China) region will grow significantly due to the increase in sales of two-wheeler EVs as the market is not yet mature.

The global motor insurance market is led by North American and Chinese companies like State Farm, which is the world leader in motor insurance with a 5% market share, followed by Geico and PICC at 5% each respectively. The rise of Insurtech Startups is a trend and they have been increasing the collection of value using artificial intelligence and machine learning.

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Big results

  • The year 2021 saw sales of electric vehicles hit 6.6M units more than triple their market share compared to 2019 (2.2M units). EVs have lower costs and lower costs that tend to be replaced by higher volumes but due to higher sticker prices, they are expected to be a major driver of new insurance sales.
  • The North America Insurance companies rely on a driver’s past violations and violations for insurance premiums. Good drivers often get a much lower rate than bad drivers who have more control over benefits.
  • Due to the resurgence of dormant insurers and the introduction of new telematics and consumer insurers, business insurance rates have started to decline.
  • In the last 5 years, the average amount paid for damage to the cars of policy holders increased by 45 to 60 percent and the average amount paid to other people due to damage to their cars increased by 25 to 35 percent in the UK, Germany, Italy and France.

Market trends are opportunities

  • Since China reintroduced auto insurance, consumers have benefited greatly, especially in the passenger car market.
  • In South Asian countries, the rise in insurance premiums per claim has been driven by moral hazard and malpractice related to other types of injuries, and the shortage of car chips that causes an epidemic is about to force more. they say strictness.
  • In Japan, insurance premiums were non-existent as auto insurance claims fell due to consumer restraint at checkout.
  • Asian companies are accelerating their digital initiatives since before the pandemic, focusing on business efficiency and customer convenience.
  • In the UAE, car insurance prices have increased by about 45 percent in recent months compared to the months of Covid-19, which are reaching levels similar to the prices of 2019. This is expected to continue in the coming months.

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Competitive Landscape

  • The cheapest fares are offered by USAA, which has a 35% lower interest rate than the rest of the US.
  • Companies are improving their organizational structure, including their direct marketing strategies, which reflect the absence of intermediaries and fewer intermediate links to expand their reach.
  • Due to rising inflation in the US, Inflation is projected to increase auto insurance premiums that are expected to increase ~5-7 % of total auto insurance premiums.

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Famous Companies

  • Allianz
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  • American International Group
  • Berkshire Hathaway Homestate
  • People’s Insurance Company of China
  • AXA
  • Zurich Insurance Group
  • Munich Re

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