Motor Vehicle Insurance Market to grow by USD 405.19 billion from 2022 to 2027|Increasing government regulations on mandatory insurance coverage in developing countries to boost the market growth – Technavio

NEW YORK, July 26, 2023 /PRNewswire/ -- The motor vehicle insurance market size is expected to grow by USD 405.19 billion from  2022 to 2027, progressing at a CAGR of  8.68% as per the latest Technavio market research report. North America is estimated to account for 41% of the market's overall growth. One of the main factors for the significant growth of the motor vehicle insurance market in North America is the presence of a regulatory environment in the region. The regulatory framework is strictly enforced in North America and is designed in such a way as to protect consumers and ensure fair competition among insurers. Additionally, these regulatory bodies work with several insurance companies to enhance market stability, consumer protection, and financial soundness within the industry. Some of the key factors which are fuelling the market growth in the region are the sensitivity of the public toward personal safety and the safety of one's property and the region's saturated market of smartphone users. Hence, such factors are expected to drive market growth in the region during the forecast period. For more insights on the market share of various regions- Download sample report in MINUTES

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Motor Vehicle Insurance Market: Market Dynamics

Key Driver-

The increasing government regulations on mandatory insurance coverage in developing countries drive market growth during the forecast period. In several countries, such as  India and China, motor insurance has become a compulsory requirement for any vehicle that runs on public roads. For example, anyone who owns or operates a vehicle in Maine, US, must have at least the minimum amount of insurance required by the law.  Additionally, the law states that the owner requires uninsured/underinsured motorist coverage at a minimum of USD 50,000 per person or USD 100,000 per accident. As there is a rise in the number of vehicles in developing countries, it is expected to positively impact and drive market growth during the forecast period.

Major Trend-

Digitalization of the motor vehicle insurance industry is a primary trend in the motor vehicle insurance market during the forecast period. There has been a significant revolution in the motor vehicle insurance market due to the emergence of digitization. As a result, there is an increasing focus by motor vehicle insurance companies on offering more convenient, efficient, and personalized services to their clients due to this rapid technological advancement. This advancement in technology has transformed the way customers interact with motor vehicle insurance companies, making it convenient for them to access and purchase motor vehicle insurance policies through online channels. Hence such factors are expected to drive market growth during the forecast period.

Significant Challenge -

 A stringent regulatory environment for insurance players is a significant challenge hindering market growth during the forecast period. Several stringent rules and regulations are being established by legal bodies related to vehicle insurance across countries such as Australia and the US.  For example, Australia has two established regulatory bodies for insurance players as Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC). Similarly, in the US, the country has its own regulatory body called the National Association of Insurance Commissioners (NAIC) for enforcing uniform rules and regulations on motor vehicle insurance. Hence, such stringent regulations are expected to hinder market growth during the forecast period.

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Some of the key Motor Vehicle Insurance Market Players:

The motor vehicle insurance market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.

Allianz SE, American International Group Inc., Aviva Plc, AXA Group, Berkshire Hathaway Inc., Chubb Ltd., Desjardins Group, Discovery Ltd., Kotak Mahindra Bank Ltd., Liberty Mutual Holding Co. Inc., Navi Technologies Ltd, OCTO Telematics S.p.A, Reliance Capital Ltd., Sompo Holdings Inc., State Farm Mutual Automobile Insurance Co., The Allstate Corp., The Hanover Insurance Group Inc., The Progressive Corp., The Travelers Co. Inc., and Zurich Insurance Co. Ltd.

This market is segmented by application (personal and commercial), distribution channel (brokers, direct, banks, and others), and geography (North America, APAC, Europe, South America, and Middle East and Africa).

The market share growth by the personal segment is significant during the forecast period. A personal insurance cover in motor vehicle insurance can be defined as a financial facility for the owner or driver of the vehicle. It is a compulsory extension that should be to be taken by the owner of the vehicle as per the rules of Motor Policy, whether opting for a Comprehensive Package or Third-Party Liability Policy and it is mainly issued in the name of the owner of the vehicle, and the owner is entitled to the cover only if they possess a valid driving license. The add-on cover that offers protection against any accidental injuries to the owner or driver of the insured motor vehicle is one of the significant advantages of personal insurance. Hence, such benefits will drive market growth during the forecast period.

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• Vendors covered
• Vendor classification
• Market positioning of vendors
• Competitive scenario

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The personal accident and health insurance market size is estimated to grow at a CAGR of 8.75% between 2022 and 2027. The market size is forecast to increase by USD 665.73 billion. This personal accident and health insurance market report extensively covers market segmentation by type (personal health insurance and personal accidental insurance), age group (adults, senior citizens, and children), and geography (North America, APAC, Europe, South America, and Middle East and Africa). One of the key factors driving the personal accident and health insurance market growth is the rise in number of accidents.

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1 Executive Summary

• 1.1 Market overview
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Application
• Exhibit 06: Executive Summary – Chart on Market Segmentation by Distribution Channel
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.3 Market size 2022

• 3.4 Market outlook: Forecast for 2022-2027 
• Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ billion)
• Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ billion)
• Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global Motor Vehicle Insurance Market 2023-2027 2017 - 2021 
• Exhibit 18: Historic Market Size – Data Table on global motor vehicle insurance market 2023-2027 2017 - 2021 ($ billion)

• 4.2 Application Segment Analysis 2017 - 2021 
• Exhibit 19: Historic Market Size – Application Segment 2017 - 2021 ($ billion)

• 4.3 Distribution channel Segment Analysis 2017 - 2021 
• Exhibit 20: Historic Market Size – Distribution channel Segment 2017 - 2021 ($ billion)

• 4.4 Geography Segment Analysis 2017 - 2021 
• Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ billion)

• 4.5 Country Segment Analysis 2017 - 2021 
• Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ billion)

5 Five Forces Analysis

• 5.1 Five forces summary
• Exhibit 23: Five forces analysis - Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition
• Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by Application

• 6.1 Market segments
• Exhibit 30: Chart on Application - Market share 2022-2027 (%)
• Exhibit 31: Data Table on Application - Market share 2022-2027 (%)

• 6.2 Comparison by Application 
• Exhibit 32: Chart on Comparison by Application
• Exhibit 33: Data Table on Comparison by Application

• 6.3 Personal - Market size and forecast 2022-2027 
• Exhibit 34: Chart on Personal - Market size and forecast 2022-2027 ($ billion)
• Exhibit 35: Data Table on Personal - Market size and forecast 2022-2027 ($ billion)
• Exhibit 36: Chart on Personal - Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on Personal - Year-over-year growth 2022-2027 (%)

• 6.4 Commercial - Market size and forecast 2022-2027 
• Exhibit 38: Chart on Commercial - Market size and forecast 2022-2027 ($ billion)
• Exhibit 39: Data Table on Commercial - Market size and forecast 2022-2027 ($ billion)
• Exhibit 40: Chart on Commercial - Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on Commercial - Year-over-year growth 2022-2027 (%)

• 6.5 Market opportunity by Application 
• Exhibit 42: Market opportunity by Application ($ billion)
• Exhibit 43: Data Table on Market opportunity by Application ($ billion)

7 Market Segmentation by Distribution Channel

• 7.1 Market segments
• Exhibit 44: Chart on Distribution Channel - Market share 2022-2027 (%)
• Exhibit 45: Data Table on Distribution Channel - Market share 2022-2027 (%)

• 7.2 Comparison by Distribution Channel 
• Exhibit 46: Chart on Comparison by Distribution Channel
• Exhibit 47: Data Table on Comparison by Distribution Channel

• 7.3 Brokers - Market size and forecast 2022-2027 
• Exhibit 48: Chart on Brokers - Market size and forecast 2022-2027 ($ billion)
• Exhibit 49: Data Table on Brokers - Market size and forecast 2022-2027 ($ billion)
• Exhibit 50: Chart on Brokers - Year-over-year growth 2022-2027 (%)
• Exhibit 51: Data Table on Brokers - Year-over-year growth 2022-2027 (%)

• 7.4 Direct - Market size and forecast 2022-2027 
• Exhibit 52: Chart on Direct - Market size and forecast 2022-2027 ($ billion)
• Exhibit 53: Data Table on Direct - Market size and forecast 2022-2027 ($ billion)
• Exhibit 54: Chart on Direct - Year-over-year growth 2022-2027 (%)
• Exhibit 55: Data Table on Direct - Year-over-year growth 2022-2027 (%)

• 7.5 Banks - Market size and forecast 2022-2027 
• Exhibit 56: Chart on Banks - Market size and forecast 2022-2027 ($ billion)
• Exhibit 57: Data Table on Banks - Market size and forecast 2022-2027 ($ billion)
• Exhibit 58: Chart on Banks - Year-over-year growth 2022-2027 (%)
• Exhibit 59: Data Table on Banks - Year-over-year growth 2022-2027 (%)

• 7.6 Others - Market size and forecast 2022-2027 
• Exhibit 60: Chart on Others - Market size and forecast 2022-2027 ($ billion)
• Exhibit 61: Data Table on Others - Market size and forecast 2022-2027 ($ billion)
• Exhibit 62: Chart on Others - Year-over-year growth 2022-2027 (%)
• Exhibit 63: Data Table on Others - Year-over-year growth 2022-2027 (%)

• 7.7 Market opportunity by Distribution Channel 
• Exhibit 64: Market opportunity by Distribution Channel ($ billion)
• Exhibit 65: Data Table on Market opportunity by Distribution Channel ($ billion)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 66: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation 
• Exhibit 67: Chart on Market share by geography 2022-2027 (%)
• Exhibit 68: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison 
• Exhibit 69: Chart on Geographic comparison
• Exhibit 70: Data Table on Geographic comparison

• 9.3 North America - Market size and forecast 2022-2027 
• Exhibit 71: Chart on North America - Market size and forecast 2022-2027 ($ billion)
• Exhibit 72: Data Table on North America - Market size and forecast 2022-2027 ($ billion)
• Exhibit 73: Chart on North America - Year-over-year growth 2022-2027 (%)
• Exhibit 74: Data Table on North America - Year-over-year growth 2022-2027 (%)

• 9.4 APAC - Market size and forecast 2022-2027 
• Exhibit 75: Chart on APAC - Market size and forecast 2022-2027 ($ billion)
• Exhibit 76: Data Table on APAC - Market size and forecast 2022-2027 ($ billion)
• Exhibit 77: Chart on APAC - Year-over-year growth 2022-2027 (%)
• Exhibit 78: Data Table on APAC - Year-over-year growth 2022-2027 (%)

• 9.5 Europe - Market size and forecast 2022-2027 
• Exhibit 79: Chart on Europe - Market size and forecast 2022-2027 ($ billion)
• Exhibit 80: Data Table on Europe - Market size and forecast 2022-2027 ($ billion)
• Exhibit 81: Chart on Europe - Year-over-year growth 2022-2027 (%)
• Exhibit 82: Data Table on Europe - Year-over-year growth 2022-2027 (%)

• 9.6 South America - Market size and forecast 2022-2027 
• Exhibit 83: Chart on South America - Market size and forecast 2022-2027 ($ billion)
• Exhibit 84: Data Table on South America - Market size and forecast 2022-2027 ($ billion)
• Exhibit 85: Chart on South America - Year-over-year growth 2022-2027 (%)
• Exhibit 86: Data Table on South America - Year-over-year growth 2022-2027 (%)

• 9.7 Middle East and Africa - Market size and forecast 2022-2027 
• Exhibit 87: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ billion)
• Exhibit 88: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ billion)
• Exhibit 89: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
• Exhibit 90: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)

• 9.8 US - Market size and forecast 2022-2027 
• Exhibit 91: Chart on US - Market size and forecast 2022-2027 ($ billion)
• Exhibit 92: Data Table on US - Market size and forecast 2022-2027 ($ billion)
• Exhibit 93: Chart on US - Year-over-year growth 2022-2027 (%)
• Exhibit 94: Data Table on US - Year-over-year growth 2022-2027 (%)

• 9.9 China - Market size and forecast 2022-2027 
• Exhibit 95: Chart on China - Market size and forecast 2022-2027 ($ billion)
• Exhibit 96: Data Table on China - Market size and forecast 2022-2027 ($ billion)
• Exhibit 97: Chart on China - Year-over-year growth 2022-2027 (%)
• Exhibit 98: Data Table on China - Year-over-year growth 2022-2027 (%)

• 9.10 Japan - Market size and forecast 2022-2027 
• Exhibit 99: Chart on Japan - Market size and forecast 2022-2027 ($ billion)
• Exhibit 100: Data Table on Japan - Market size and forecast 2022-2027 ($ billion)
• Exhibit 101: Chart on Japan - Year-over-year growth 2022-2027 (%)
• Exhibit 102: Data Table on Japan - Year-over-year growth 2022-2027 (%)

• 9.11 UK - Market size and forecast 2022-2027 
• Exhibit 103: Chart on UK - Market size and forecast 2022-2027 ($ billion)
• Exhibit 104: Data Table on UK - Market size and forecast 2022-2027 ($ billion)
• Exhibit 105: Chart on UK - Year-over-year growth 2022-2027 (%)
• Exhibit 106: Data Table on UK - Year-over-year growth 2022-2027 (%)

• 9.12 France - Market size and forecast 2022-2027 
• Exhibit 107: Chart on France - Market size and forecast 2022-2027 ($ billion)
• Exhibit 108: Data Table on France - Market size and forecast 2022-2027 ($ billion)
• Exhibit 109: Chart on France - Year-over-year growth 2022-2027 (%)
• Exhibit 110: Data Table on France - Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography 
• Exhibit 111: Market opportunity by geography ($ billion)
• Exhibit 112: Data Tables on Market opportunity by geography ($ billion)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers

• 10.2 Market challenges

• 10.3 Impact of drivers and challenges 
• Exhibit 113: Impact of drivers and challenges in 2022 and 2027

• 10.4 Market trends

11 Vendor Landscape

• 11.1 Overview

• 11.2 Vendor landscape
• Exhibit 114: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption
• Exhibit 115: Overview on factors of disruption

• 11.4 Industry risks
• Exhibit 116: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered
• Exhibit 117: Vendors covered

• 12.2 Market positioning of vendors 
• Exhibit 118: Matrix on vendor position and classification

• 12.3 Allianz SE
• Exhibit 119: Allianz SE - Overview
• Exhibit 120: Allianz SE - Business segments
• Exhibit 121: Allianz SE - Key news
• Exhibit 122: Allianz SE - Key offerings
• Exhibit 123: Allianz SE - Segment focus

• 12.4 American International Group Inc. 
• Exhibit 124: American International Group Inc. - Overview
• Exhibit 125: American International Group Inc. - Business segments
• Exhibit 126: American International Group Inc. - Key news
• Exhibit 127: American International Group Inc. - Key offerings
• Exhibit 128: American International Group Inc. - Segment focus

• 12.5 AXA Group
• Exhibit 129: AXA Group - Overview
• Exhibit 130: AXA Group - Business segments
• Exhibit 131: AXA Group - Key offerings
• Exhibit 132: AXA Group - Segment focus

• 12.6 Berkshire Hathaway Inc. 
• Exhibit 133: Berkshire Hathaway Inc. - Overview
• Exhibit 134: Berkshire Hathaway Inc. - Business segments
• Exhibit 135: Berkshire Hathaway Inc. - Key news
• Exhibit 136: Berkshire Hathaway Inc. - Key offerings
• Exhibit 137: Berkshire Hathaway Inc. - Segment focus

• 12.7 Chubb Ltd.
• Exhibit 138: Chubb Ltd. - Overview
• Exhibit 139: Chubb Ltd. - Business segments
• Exhibit 140: Chubb Ltd. - Key news
• Exhibit 141: Chubb Ltd. - Key offerings
• Exhibit 142: Chubb Ltd. - Segment focus

• 12.8 Desjardins Group
• Exhibit 143: Desjardins Group - Overview
• Exhibit 144: Desjardins Group - Business segments
• Exhibit 145: Desjardins Group - Key offerings
• Exhibit 146: Desjardins Group - Segment focus

• 12.9 Discovery Ltd.
• Exhibit 147: Discovery Ltd. - Overview
• Exhibit 148: Discovery Ltd. - Business segments
• Exhibit 149: Discovery Ltd. - Key offerings
• Exhibit 150: Discovery Ltd. - Segment focus

• 12.10 Kotak Mahindra Bank Ltd. 
• Exhibit 151: Kotak Mahindra Bank Ltd. - Overview
• Exhibit 152: Kotak Mahindra Bank Ltd. - Business segments
• Exhibit 153: Kotak Mahindra Bank Ltd. - Key offerings
• Exhibit 154: Kotak Mahindra Bank Ltd. - Segment focus

• 12.11 Liberty Mutual Holding Co. Inc. 
• Exhibit 155: Liberty Mutual Holding Co. Inc. - Overview
• Exhibit 156: Liberty Mutual Holding Co. Inc. - Product / Service
• Exhibit 157: Liberty Mutual Holding Co. Inc. - Key offerings

• 12.12 Navi Technologies Ltd 
• Exhibit 158: Navi Technologies Ltd - Overview
• Exhibit 159: Navi Technologies Ltd - Product / Service
• Exhibit 160: Navi Technologies Ltd - Key offerings

• 12.13 Reliance Capital Ltd. 
• Exhibit 161: Reliance Capital Ltd. - Overview
• Exhibit 162: Reliance Capital Ltd. - Product / Service
• Exhibit 163: Reliance Capital Ltd. - Key offerings

• 12.14 State Farm Mutual Automobile Insurance Co. 
• Exhibit 164: State Farm Mutual Automobile Insurance Co. - Overview
• Exhibit 165: State Farm Mutual Automobile Insurance Co. - Product / Service
• Exhibit 166: State Farm Mutual Automobile Insurance Co. - Key offerings

• 12.15 The Allstate Corp.
• Exhibit 167: The Allstate Corp. - Overview
• Exhibit 168: The Allstate Corp. - Business segments
• Exhibit 169: The Allstate Corp. - Key offerings
• Exhibit 170: The Allstate Corp. - Segment focus

• 12.16 The Progressive Corp. 
• Exhibit 171: The Progressive Corp. - Overview
• Exhibit 172: The Progressive Corp. - Product / Service
• Exhibit 173: The Progressive Corp. - Key news
• Exhibit 174: The Progressive Corp. - Key offerings

• 12.17 Zurich Insurance Co. Ltd. 
• Exhibit 175: Zurich Insurance Co. Ltd. - Overview
• Exhibit 176: Zurich Insurance Co. Ltd. - Business segments
• Exhibit 177: Zurich Insurance Co. Ltd. - Key offerings
• Exhibit 178: Zurich Insurance Co. Ltd. - Segment focus

13 Appendix

• 13.1 Scope of the report

• 13.2 Inclusions and exclusions checklist 
• Exhibit 179: Inclusions checklist
• Exhibit 180: Exclusions checklist

• 13.3 Currency conversion rates for US$ 
• Exhibit 181: Currency conversion rates for US$

• 13.4 Research methodology
• Exhibit 182: Research methodology
• Exhibit 183: Validation techniques employed for market sizing
• Exhibit 184: Information sources

• 13.5 List of abbreviations 
• Exhibit 185: List of abbreviations

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