The global Car Insurance Market was valued at approximately USD 730.1 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 13.7% from 2024 to 2030. The growing popularity of Electric Vehicles (EVs) is also contributing to the market growth. With governments worldwide pushing for greener transportation and offering incentives for EV adoption, insurers are developing specialized policies tailored to these vehicles. EV insurance policies often consider factors unique to electric cars, such as battery life, charging infrastructure, and specialized repair costs. Insurers are also considering the environmental benefits of EVs, potentially offering lower premiums for these vehicles. This shift towards EVs prompts insurers to rethink traditional underwriting models and create new products catering to the changing automotive landscape.
The car insurance industry is also being shaped by the
increasing prevalence of autonomous vehicles (AVs). As AV technology advances
and becomes more widespread, traditional risk models based on human driving
behavior are becoming less relevant. Insurers are now focusing on the
technological reliability of AV systems and the liability of manufacturers in
the event of a malfunction. This shift from driver-centric to vehicle-centric
insurance is expected to lead to new types of policies and coverage options.
The rise of AVs presents both challenges and opportunities for insurers as they
navigate uncharted territory in risk management.
Factors Driving Growth:
- Rising Number of Road Accidents: Increased urbanization and the growing number of
vehicles on the road have led to a higher incidence of accidents, driving
the demand for car insurance.
- Telematics and Usage-Based Insurance (UBI): The adoption of telematics, which uses in-car devices
to monitor driving behavior, allows insurers to offer personalized UBI
plans. These plans appeal to safer drivers and provide insurers with more
accurate risk assessments.
- Electric Vehicles (EVs): The growing popularity of EVs, supported by
government incentives, has led insurers to develop specialized policies
tailored to these vehicles.
- Autonomous Vehicles (AVs): As AV technology advances, traditional risk models
based on human driving behavior are becoming less relevant, prompting
insurers to rethink their underwriting models.
List of Key Players of Car Insurance Market
- Allianz
Group
- AXA
- Zurich
Insurance Group
- Bajaj
Finserv
- Liberty
Mutual Insurance
- Progressive
Casualty Insurance Company
- The
Travelers Indemnity Company
- Chubb
- State
Farm Mutual Automobile Insurance Company
- American
International Group (AIG)
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Insurance Market Report
Car Insurance Market Report Highlights
- By
device type, the, WLAN infrastructure devices segment held the maximum
market share in 2024. Increasing deployment of Wi-Fi 6 gateways and
routers in commercial, residential, and industrial applications propelled
the segment growth
- The
Wi-Fi 7 chipset type segment uses a 4K QAM modulation scheme to increase
the throughput value, fuelling the market growth over the forecast period.
The Wi-Fi 7 chipset features flexible channel utilization, minimizing the
network's interference and enhancing connectivity
- Increased
spending on the deployment of digital infrastructure in the healthcare
sector, rising smart city, and smart factory projects have propelled the
growth of Wi-Fi chipsets in the U.S.
- Several
key players operating in the market across the globe are mainly focusing
on acquisitions, mergers, and collaborations to strengthen their market
presence and expand the overall product offerings
Car Insurance Market Segmentation
Grand View
Research has segmented the car insurance market based on coverage, distribution
channel, vehicle age, application, and region:
- Car
Insurance Coverage Outlook (Revenue, USD Billion, 2018 - 2030)
·
Third Party
·
Comprehensive
·
Collision
·
Others
- Car
Insurance Distribution Channel Outlook (Revenue, USD Billion, 2018 - 2030)
·
Insurance Agents/Brokers
·
Direct Response
·
Banks
·
Others
- Car
Insurance Vehicle Age Outlook (Revenue, USD Billion, 2018 - 2030)
·
New Vehicle
·
Used Vehicle
- Car
Insurance Application Outlook (Revenue, USD Billion, 2018 - 2030)
·
Personal
·
Commercial
- Car
Insurance Regional Outlook (Revenue, USD Billion, 2018 - 2030)
·
North America
o U.S.
o Canada
o Mexico
·
Europe
o Germany
o UK
o France
·
Asia Pacific
o China
o India
o Japan
o South Korea
o Australia
·
Latin America
o Brazil
·
Middle East & Africa (MEA)
o UAE
o Kingdom of Saudi Arabia (KSA)
o South Africa
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