Global Consumer Insurance Report 2022: Market Expected to Grow to $132.02 Billion in 2026 at a CAGR of 24.9% – Long Term Forecast to 2031

Dublin, Ireland. 02, 2022 (GLOBE NEWSWIRE) — The “Usage-based Insurance Global Market Report 2022” report added ResearchAndMarkets.com’s to give.

The global consumer insurance market is expected to grow from $43.31 billion in 2021 to $54.25 billion in 2022 at a compound annual growth rate (CAGR) of 25.3%. The market is expected to grow to $132.02 billion in 2026 at a compound annual growth rate (CAGR) of 24.9%.

Major players in the occupational insurance market are Allianz SE, Assicurazioni Generali SpA, Aviva plc, Insure The Box Limited, Liberty Mutual Group, Mapfre SA, Metromile Inc., Nationwide Mutual Insurance Company, Progressive Casualty Insurance Company, and The Allstate Corporation.

The use-based insurance market (UBI) consists of the sale of use-based insurance by organizations (associations, sole traders, and corporations) that provide car insurance by installing diagnostic devices in the car. UBI is usually controlled by telematics technology, which is available in cars through a plug-in device or is already installed in the car, and it can also be accessed through mobile applications and provide insurance with various data, including how long. the car is driven, how it is driven, and where it is driven.

The main types of vehicles for service-based insurance are light duty vehicles (LDV) and heavy duty vehicles (HDV). Light trucks are pickup trucks that weigh less than 8500 lbs while pickup trucks are heavier trucks. Various technologies include OBD-II-based UBI software, mobile phone-based UBI software, hybrid UBI software, black-based UBI software and are used in various packages such as pay-as-you-drive (PAYD) . ), pay-how-you-drive (PHYD), manage-how-you-drive (MHYD).

North America was the largest region in the user insurance (UBI) market in 2021. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The growth of the automobile industry is expected to drive the growth of the consumer insurance market in the coming years. The automotive industry is made up of various business groups and organizations involved in the design, manufacture, marketing, and sale of automobiles.

Car owners are interested in telematics-enabled insurance because it offers lower premiums for dangerous driving and more premiums for driving. Therefore, by improving their driving habits, people can significantly reduce their insurance costs.

According to the Economist Intelligence Unit (The EIU), in 2021, the global car sector is expected to grow rapidly, with new cars increasing by 15% and sales of commercial vehicles increasing by 16%. Sales of electric vehicles are expected to increase from 2.5 million in 2020 to 3.4 million in 2021. Therefore, the growth of the automobile industry is driving the growth of the auto insurance market.

Advances in technology are shaping the consumer insurance market. Major companies operating in the field of consumer insurance focus on developing technical solutions for consumer insurance to strengthen their position in the market.

For example, in June 2020, TATA AIG, an Indian insurance company launched AutoSafe device based on telematics technology. AutoSafe will be included in all policies and will provide $0.02 million in accidental coverage for the owner and driver. The Auto Safe device has GPS and is connected to a mobile app that stores all the data, monitors the distance traveled, and generates reports about the health of the vehicle and how the vehicle is being driven.

In January 2021, US insurance company Allstate Corporation acquired National General Holdings Corp for $4 billion. This acquisition will help The Allstate Corporation to expand their insurance and market share.

National General’s accident and health business will also expand Allstate’s coverage. National General Holdings Corp is a US-based insurance company that provides personal and commercial auto insurance, health insurance, and other niche insurance products.

Countries covered in the used insurance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.

Key Topics Covered:

1. Brief Summary

2. Usage Based on Insurance Market Characteristics

3. Job Based Insurance Market Trends And Strategies

4. Impact of COVID-19 on Insurance Based Insurance

5. Use of the Insurance Market to Grow and Grow
5.1. Global Consumer Insurance Market Profile, 2016-2021, $ Billion
5.1.1. Market Drivers
5.1.2. Market Restrictions
5.2. Global Consumer Insurance Market, 2021-2026F, 2031F, $ Billion
5.2.1. Market Drivers
5.2.2. Market Restrictions

6. Market Segmentation of Applied Insurance
6.1. Global Motor Vehicle Insurance Market, Segment by Vehicle Type, Past and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

  • Light Vehicle (LDV)
  • Heavy Duty Vehicle (HDV)

6.2. Global Consumer Insurance Market, Segment by Technology, History and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

  • UBI OBD-II software
  • Smartphone-based UBI applications
  • Hybrid-Based UBI Programs
  • Black-Box-Based UBI Programs

6.3. Global Consumer Insurance Market, Segment by Package Type, History and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

  • Pay-As-You-Drive (PAYD)
  • Pay-How-You-Drive (PHYD)
  • Manage-How-You-Drive (MHYD)

7. Regional and National Insurance Market Usage
7.1. Global Consumer Insurance Market, Segmented by Region, History and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
7.2. Global Used Insurance Market, Segmented by Country, History and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

Listed Companies

  • Opinions of the company Allianz SE
  • The opinion of the company Assicurazioni Generali SpA
  • Opinion of the company Aviva plc
  • Insure The Box Limited; Liberty Mutual Group
  • Mapfre SA
  • The opinion of the company Metromile Inc.
  • Nationwide Mutual Insurance Company
  • Progressive Casualty Insurance Company
  • Opinions of the company Allstate Corporation
  • Cambridge Mobile Telematics
  • The opinion of the company Esurance Insurance Services Inc.
  • Opinions of the company Modus Group LLC
  • Group of Octo
  • Safeco Insurance
  • State Farm Automobile Mutual Insurance Company
  • Opinions of the company TrueMotion Inc.

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