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World Motor Insurance Market to Record a CAGR of Approx 6.2% During 2019-2024 - Analysis on Usage-based Insurance & Insurance Telematics
Friday, July 12, 2019

DUBLIN, July 12, 2019 /PRNewswire/ -- The "Global Motor Insurance Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.

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The global motor insurance market is estimated to be more than USD 880 billion in 2019, and it is expected to witness CAGR of approximately 6.2% during the forecast period.

    --  Premiums from motor insurance accounted for more than 40% of the overall
        non-life insurance premiums in 2018. This is expected to increase in the
        next few years, due to the rising demand from developing countries
        primarily in Asia.
    --  The mandatory requirement for a vehicle to be insured by various
        countries across the world, coupled with the estimated increased number
        of sales of new vehicles, is expected to drive the global motor
        insurance market during the forecast period.

Key Market Trends

Usage-based Insurance & Insurance Telematics in Motor Insurance

    --  Usage-based insurance (UBI), which is also referred to as pay-per-mile,
        pay-as-you-drive, or pay-as-you-go, is a type of auto insurance, in
        which the insurer can measure how far a vehicle is driven, where it's
        driven, and how it's driven.
    --  UBI is generally powered by telematics technology that is pre-installed
        in a vehicle's network or can be used through a plug-in device/mobile
        application. Telematics devices provide the insurers with a wide range
        of data, such as braking and accelerating, to measure the drivers'
        behavior and usage of the vehicle. Based on the collected data, the
        insurers calculate the insurance premium for that particular policy.
    --  According to the National Association of Insurance Commissioners (NAIC),
        approximately 20% of all auto insurers in the United States may offer
        usage-based insurance within the next five years.
    --  The usage-based insurance is gaining traction in the market, as it is a
        win-win for both, the policyholder and the insurance company. It
        provides an incentive for the driver to adopt safer driving practices
        that can lower the number of accidents and the number of claims for the
        insurance company, and the benefit for the policyholder is that as the
        safety level of the driving increases the premium reduces.

Increasing Global Sales of Automobile Vehicles

    --  Increasing urbanization and rising disposable income among the middle
        income population are expected to provide stable growth for the
        automobile industry over the next few years.
    --  This rise in automobile sales and the mandatory requirement to insure
        all the vehicles by governments across the world are expected drive the
        demand for motor insurance, globally.
    --  Most automobile manufacturers are focusing on gaining market share to
        maintain their leading position in the competitive automotive industry
        by creating one-stop-shop or by providing value-added services, such as
        providing financial support, warranties, and insurances.
    --  This focus by the companies, which offer end-to-end coverage for the
        customers' mobility needs, increases the need for these companies to
        partner with insurance companies to provide insurance policies to the
        consumers.

Competitive Landscape

The report covers the major players in the motor insurance market across the world. In terms of market share, the market is highly fragmented with the large number of players operating in the market studied. Companies have been focusing more on providing customized solutions to attract more customers and also enhance their product portfolio.

Key Topics Covered

1 INTRODUCTION
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study

2 RESEARCH METHODOLOGY
2.1 Analysis Methodology
2.2 Research Phases

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Growth Drivers
4.3 Market Challenges
4.4 Value Chain / Supply Chain Analysis
4.5 Industry Attractiveness - Porter's Five Forces Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers/Consumers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry

5 MARKET SEGMENTATION
5.1 Geography
5.1.1 North America
5.1.2 Europe
5.1.3 Asia-Pacific
5.1.4 Middle East & Africa
5.1.5 Latin America
5.2 Policy Type
5.2.1 Third-party Liability
5.2.2 Third-party Fire and Theft
5.2.3 Comprehensive

6 COMPETITIVE LANDSCAPE
6.1 Market Competition Overview
6.2 Company Profiles
6.2.1 Allianz SE
6.2.2 PICC Property & Casualty Co. Ltd.
6.2.3 Zurich Insurance Group AG
6.2.4 State Farm
6.2.5 Assicurazioni Generali
6.2.6 Liberty Mutual Insurance
6.2.7 Nationwide Mutual Insurance
6.2.8 Chubb Ltd.
6.2.9 Other Companies

7 MARKET OPPORTUNITIES AND FUTURE TRENDS

For more information about this report visit https://www.researchandmarkets.com/r/8wyvu3

Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.

Media Contact:

Research and Markets
Laura Wood, Senior Manager
press@researchandmarkets.com

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View original content:http://www.prnewswire.com/news-releases/world-motor-insurance-market-to-record-a-cagr-of-approx-6-2-during-2019-2024---analysis-on-usage-based-insurance--insurance-telematics-300883474.html

SOURCE Research and Markets



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