Global Vehicle Insurance Market Size, Share & Trends Analysis Report, By Coverage: Third Party Liability, Comprehensive; By Application: Personal Vehicle, Commercial Vehicle; By Distribution Channel: Insurance Agents/Brokers, Direct Response, Banks, Others; By Vehicle Type: New Vehicles, Used Vehicles, By Region (North America, Europe, APAC, and Others), and Segment Forecasts, 2024 – 2032
  • Published Date: Jan, 2024
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  • Pages: 200
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  • Report Summary
  • Table of Contents
  • Segmentation
  • Methodology
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Global Vehicle Insurance Market was valued at US $ 852.53 billion in 2023 and is expected to reach US $ 1593.87 billion by 2032 growing at a CAGR of 7.20% during the forecast period 2024 – 2032

Increasing affordability of consumer goods, growing need for personal mobility solutions whether or not a family owns car itself, rising disposable income and living standards along with the rise of middle class are just some factors spurring demand on cars around the world as well as contributing to vehicle insurance market steady growth. In addition, rapidly expanding economic activity both developed and developing countries means growing demand for commercial vehicles. As the global e-commerce industry has grown exponentially, this growth in demand for shipping solutions created a need for commercial cars and increased them throughout the world. Rising numbers of personal and business vehicles over the forecast period are likely to bring about a corresponding increase in demand for auto insurance. In many countries, the law requires purchasing auto insurance.. As a result, one of the important reasons behind car insurance market expansion has been related to legislative rules governing purchase of vehicles. Moreover, the growing number of accidents on our roads has brought about a demand for auto insurance. It provides financial coverage against bodily harm due to collisions and theft for the owner of a car.

Vehicle Insurance Market Trend

  • Digital shift: In auto insurance, there has been a big digitalization. Insurance companies have been using data analytics over the past few years to assess risk, incorporating technology into workflow performance management and in customer service.
  • Use-Based Insurance (UBI): Known as telematics, in recent years UBI has gradually gained ground. With insurance companies already collecting live data on driving habits using Internet of Things (IoT) devices, risk-based and more personalized pricing was now here.

Segmentation Analysis of the Vehicle Insurance Market

Coverage Insights

As regards proportion of coverage, the auto insurance market worldwide in 2022 was dominated by third party liability. Perhaps its best characteristic is the fact that this type of coverage insures against any damage, harm or death to a third party. Third party liability insurance covers both the legal and financial problems.. Another key factor making third party liability coverage insurance an inescapable necessity is the high rate of possibility that auto accidents will cause damage to third parties.

Nonetheless, over the forecast period it is expected that this comprehensive coverage category will grow at the fastest rate. Damage to customers 'vehicles, in addition to third parties is also covered by the comprehensive policy. This is one of the big advantages about comprehensive insurance over third-party coverage, which drives world demand for it.

Application Insights

According to her application, respectively in 2022 the international vehicle insurance market was dominated by personal automobiles. The enormous private-vehicle population of the world has made auto insurance necessary. Easy financing and EMI options are making personal vehicles more affordable, further driving demand for auto insurance. In the years to come, rapid growth of electric vehicles is expected to play a significant role in determining the momentum of global auto insurance.

During the projection period, the commercial segment is estimated to increase at the fastest pace. Because of the popularity of online taxi services, car rental companies and electric public transportation vehicles growing by leaps and bounds, commercial automobile market has been expanding. What is more, commercial vehicles are required in growing numbers as industrialization advances rapidly and economic activities proliferate. Therefore, the market for motor insurance is expected to increase over the forecast period.

Regional Analysis of the Vehicle Insurance Market 

As of 2022, North America accounted for the largest market share worldwide in auto insurance. The existence of several large insurance companies, increased consumer understandings of the benefits of auto insurance, high personal income and growing demand for cars (especially from rural families), as well as expansion in suburban middle-class family affordability--these five factors are transforming North America's vehicle insurance industry. Experts believe that in the years to come, as consumers realize their advantages over ordinary cars, demand for electric vehicles will climb steeply throughout North America. The need for auto insurance would rise sharply at the same time. The insurance industry here is very highly developed in the United States and Canada. As more and more consumers go digital to buy or renew their polices, North America's auto insurance sales are on the rise. Moreover, in the projected age the technical developments and achievements of insurance firms will greatly influence automobile insurance.

Recent Developments

  • AXA S.A., one of the world's largest insurance companies, has also recently introduced STeP, its latest digital claims solution to simplify automobile insurance.
  • In May 2021, to accelerate its automobile claim and repair process, GEICO partnered with Tractable (an AI technology company). As a human appraiser would, AI is used to assess automobile damage based on photos.

Top Key Players

  • PEOPLE’S INSURANCE COMPANY OF CHINA
  • ALLSTATE INSURANCE COMPANY
  • CHINA PACIFIC INSURANCE CO.
  • ALLIANZ
  • STATE FARM MUTUAL
  • TOKIO MARINE GROUP
  • AUTOMOBILE INSURANCE
  • GEICO
  • PING AN INSURANCE (GROUP) COMPANY OF CHINA, LTD.
  • ADMIRAL GROUP PLC
  • BERKSHIRE HATHAWAY INC.

Report Components Details
Base Year 2022
Forecast Period 2023-2030
Quantitative Units Revenue in US $
Segments Covered By Coverage: Third Party Liability, Comprehensive By Application: Personal Vehicle, Commercial Vehicle By Distribution Channel: Insurance Agents/Brokers, Direct Response, Banks, Others By Vehicle Type: New Vehicles, Used Vehicle
Countries Covered U.S. and Canada in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the APAC, Others include Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA), Brazil, Argentina, Mexico, and Rest of South America as part of South America
Market Players Covered PEOPLE’S INSURANCE COMPANY OF CHINA, ALLSTATE INSURANCE COMPANY, CHINA PACIFIC INSURANCE CO., ALLIANZ, STATE FARM MUTUAL, TOKIO MARINE GROUP, AUTOMOBILE INSURANCE, GEICO, PING AN INSURANCE (GROUP) COMPANY OF CHINA, LTD., ADMIRAL GROUP PLC, BERKSHIRE HATHAWAY INC.

Table of Contents

  1. Introduction Of Global Vehicle Insurance Market
    1. Overview of the Market
    2. Scope of Report
    3. Assumptions
  2. Executive Summary
  3. Research Methodology
    1. Data Mining
    2. Validation
    3. Primary Interviews
    4. List of Data Sources
  4. Global Vehicle Insurance Market Outlook
    1. Overview
    2. Market Dynamics
      1. Drivers
      2. Restraints
      3. Opportunities
    3. Porters Five Force Model
      1. Bargaining Power of Suppliers
      2. Threat of New Entrants
      3. Threat of Substitutes
      4. Competitive Rivalry
      5. Bargaining Power among Buyers
    4. Value Chain Analysis
  5. Global Vehicle Insurance Market, By Coverage
    1. Overview
    2. Third Party Liability
    3. Comprehensive
  6. Global Vehicle Insurance Market, By Application
    1. Overview
    2. Personal Vehicle
    3. Commercial Vehicle
  7. Global Vehicle Insurance Market, By Distribution Channel
    1. Overview
    2. Insurance Agents/Brokers
    3. Direct Response
    4. Banks
    5. Others
  8. Global Vehicle Insurance Market, By Vehicle Type
    1. Overview
    2. New Vehicles
    3. Used Vehicle
  9. Global Vehicle Insurance Market, By Region
    1. North America
      1. U.S.
      2. Canada
    2. Europe
      1. Germany
      2. U.K.
      3. France
      4. Rest of Europe
    3. Asia Pacific
      1. China
      2. Japan
      3. India
      4. South Korea
      5. Singapore
      6. Malaysia
      7. Australia
      8. Thailand
      9. Indonesia
      10. Philippines
      11. Rest of Asia Pacific
    4. Others
      1. Saudi Arabia
      2. U.A.E.
      3. South Africa
      4. Egypt
      5. Israel
      6. Rest of Middle East and Africa (MEA)
      7. Brazil
      8. Argentina
      9. Mexico
      10. Rest of South America
  10. Company Profiles
    1. PEOPLE’S INSURANCE COMPANY OF CHINA
      1. Company Overview
      2. Key Executives
      3. Operating Business Segments
      4. Product Portfolio
      5. Financial Performance (As per availability)
      6. Key News
    2. ALLSTATE INSURANCE COMPANY
      1. Company Overview
      2. Key Executives
      3. Operating Business Segments
      4. Product Portfolio
      5. Financial Performance (As per availability)
      6. Key News
    3. CHINA PACIFIC INSURANCE CO.
      1. Company Overview
      2. Key Executives
      3. Operating Business Segments
      4. Product Portfolio
      5. Financial Performance (As per availability)
      6. Key News
    4. ALLIANZ
      1. Company Overview
      2. Key Executives
      3. Operating Business Segments
      4. Product Portfolio
      5. Financial Performance (As per availability)
      6. Key News
    5. STATE FARM MUTUAL
      1. Company Overview
      2. Key Executives
      3. Operating Business Segments
      4. Product Portfolio
      5. Financial Performance (As per availability)
      6. Key News
    6. TOKIO MARINE GROUP
      1. Company Overview
      2. Key Executives
      3. Operating Business Segments
      4. Product Portfolio
      5. Financial Performance (As per availability)
      6. Key News
    7. AUTOMOBILE INSURANCE
      1. Company Overview
      2. Key Executives
      3. Operating Business Segments
      4. Product Portfolio
      5. Financial Performance (As per availability)
      6. Key News
    8. GEICO
      1. Company Overview
      2. Key Executives
      3. Operating Business Segments
      4. Product Portfolio
      5. Financial Performance (As per availability)
      6. Key News
    9. PING AN INSURANCE (GROUP) COMPANY OF CHINA, LTD.
      1. Company Overview
      2. Key Executives
      3. Operating Business Segments
      4. Product Portfolio
      5. Financial Performance (As per availability)
      6. Key News
    10. ADMIRAL GROUP PLC
      1. Company Overview
      2. Key Executives
      3. Operating Business Segments
      4. Product Portfolio
      5. Financial Performance (As per availability)
      6. Key News
    11. BERKSHIRE HATHAWAY INC.
      1. Company Overview
      2. Key Executives
      3. Operating Business Segments
      4. Product Portfolio
      5. Financial Performance (As per availability)
      6. Key News

Global Vehicle Insurance Market Segmentation

Vehicle Insurance by Coverage: Market Size & Forecast 2024-2032

  • Third Party Liability
  • Comprehensive

Vehicle Insurance by Application: Market Size & Forecast 2024-2032

  • Personal Vehicle
  • Commercial Vehicle

Vehicle Insurance by Distribution Channel: Market Size & Forecast 2024-2032

  • Insurance Agents/Brokers
  • Direct Response
  • Banks
  • Others

Vehicle Insurance by Vehicle Type: Market Size & Forecast 2024-2032

  • New Vehicles
  • Used Vehicle

Vehicle Insurance by Geography: Market Size & Forecast 2024-2032

  • North America (USA, Canada, Mexico)
  • Europe (Germany, UK, France, Russia, Italy, Rest of Europe)
  • Asia-Pacific (China, Japan, South Korea, India, Southeast Asia, Rest of Asia-Pacific)
  • South America (Brazil, Argentina, Columbia, Rest of South America)
  • Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, South Africa, Rest of MEA)

Major Players:

  • PEOPLE’S INSURANCE COMPANY OF CHINA
  • ALLSTATE INSURANCE COMPANY
  • CHINA PACIFIC INSURANCE CO.
  • ALLIANZ
  • STATE FARM MUTUAL
  • TOKIO MARINE GROUP
  • AUTOMOBILE INSURANCE
  • GEICO
  • PING AN INSURANCE (GROUP) COMPANY OF CHINA, LTD.
  • ADMIRAL GROUP PLC
  • BERKSHIRE HATHAWAY INC.

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