Report
Description
A recent market intelligence report that is published by Data
Insights Partner on Auto Insurance Market makes an offering of in-depth analysis of segments and
sub-segments in the regional and international Auto Insurance Market. The
research also emphasizes on the impact of restraints, drivers, and macro
indicators on the regional and world Auto Insurance Market over the short as well as long period of time. A detailed
presentation of forecast, trends, and dollar values of international Auto
Insurance Market is offered. In
accordance with the report, the Auto Insurance Market is projected to expand at
a CAGR of 6.1% over the period
of forecast.
Market
Insight, Drivers, Restraints & Opportunity of the Market:
Auto insurance market in the global level is majorly
being governed by a handful key market players. In fact, top 10 auto insurance
companies used to control more than xx% of the overall auto insurance market.
While top ten insurance providing companies insure large number of policies,
they do have very noticeable characteristics. While
having a look at the current rankings of the topmost auto insurance providers
in the global level, most of the companies are easily recognizable because of
their national television advertising campaign. Top ten auto insurance
companies offer customer claims experience, varied insurance rates &
features. Since late 2010, there has been an upsurge in
the loss frequency in the auto insurance sector in the United States with the
economy being strengthened & more and more drivers started to hit the road,
often with smartphone in one or in both hands. The propagation of the
smartphones has truly added to, if not very largely driven, increase in the
loss frequency in both personal & commercial lines U.S. vehicle sale have
been going down throughout 2017, demonstrating an end to a 7 year streak of
successive gains. Sales of the U.S. vehicles auto & light trucks in the
month of August 2017 were at the volume of 16.44mn units, going down from the
volume sales of 17.1mn in the month of July 2017 & from 17.51mn units
(-6.1%) a year back. Geographically, Auto
Insurance Market is segmented
into North America, Europe, Asia Pacific, Middle East, Africa and South America. Premiums from the
motor insurance accounted more than 45% of the combined non-life insurance
premium in the year 2018. This is estimated to increase in the forecast period,
because of the continuously rising demand from the developing nations primarily
in Asian continent.
Segment
Covered:
This market intelligence report on the Auto
Insurance Market has been
segmented by premium type, distribution channel, policy type & region. In
terms of the premium type, Auto Insurance Market has been segregated into commercial insurance premium
& personal insurance premium. In terms of the distribution channel, Auto
Insurance Market has been segregated
into online & broker house or agency. In terms of the policy type, Auto
Insurance Market has been segregated
into Comprehensive, Third-party Fire and Theft and Third-party Liability. The emergence of autonomous vehicles,
connected devices, and the possibility of insurer substitution by OEMs, alongside
demand for the sharing economy, poses a real threat to the modus operandi of
auto insurance. The transition toward complete autonomy and the uncertainty
surrounding responsibility for losses could result in reserving chaos. The shift toward
autonomous vehicles and connected devices and the emergence of OEM-provided
insurance may create an existential threat to insurers as liability shifts from
drivers to manufacturers and programmers. With this shift, demand for product
and cyber liability insurance coverage is forecast to increase in the medium to
long term to comprise 57% of overall auto losses by 2050. In the short
term, distracted driving and improvements in U.S. economic fundamentals have
resulted in greater accident rates, causing auto insurance losses to spike. In
addition, prior-year loss reserve development trends indicate potential reserve
deficiencies in auto liability segments. Rate increases are now offsetting
these trends and the margins of top-tier carriers should improve through 2017
and beyond—all else being equal.
Profiling
of Market Players:
This business intelligence report offers profiling of
reputed companies that are operating in the market. Companies such as include
Allianz SE, AXA Insurance, The Allstate Corporation, Assicurazioni Generali
S.p.A., American International Group, Zurich Insurance Group Ltd., Berkshire
Hathaway, Munich Re, Prudential plc, & China Life Insurance Group among
others. Contracts for design, installation, supply
& agreements was the commonly implemented strategy by the major players in
the Auto Insurance Market in between 2015 to 2018. Moreover, parameters such as Auto Insurance
Market related investment & spending and
developments by major players of the market are tracked in this global report.
GEICO Company’s long-held acquisition strategy is to acquire businesses that
have consistent earning power, good returns on equity and able and honest
management. Financial results attributable to business acquisitions are included
in company’s Consolidated Financial Statements beginning on their respective
acquisition dates
Rank (Top Ten Largest Auto
Insurance Companies of 2019)
|
Auto Insurance Company
|
Premiums Written ($bn)
|
Market Share
|
1
|
State Farm
|
XX
|
XX %
|
2
|
GEICO
|
XX
|
XX %
|
3
|
Progressive
|
XX
|
XX %
|
4
|
Allstate
|
XX
|
XX %
|
5
|
USAA
|
XX
|
XX %
|
6
|
Liberty Mutual
|
XX
|
XX %
|
7
|
Farmers
|
XX
|
XX %
|
8
|
Nationwide
|
XX
|
3%
|
9
|
Travelers
|
XX
|
2%
|
10
|
American Family
|
XX
|
2%
|
Report
Highlights:
In-depth analysis of the micro and macro indicators,
market trends, and forecasts of demand is offered by this business intelligence
report. Furthermore, the report offers a vivid picture of the factors that are steering
and restraining the growth of this market across all geographical segments. In
addition to that, IGR-Growth Matrix analysis is also provided in the report so
as to share insight of the investment areas that new or existing market players
can take into consideration. Various analytical tools such as DRO analysis,
Porter's five forces analysis has been used in this report to present a clear
picture of the market. The study focuses on the present market trends and
provides market forecast from the year 2019-2027. Emerging trends that would
shape the market demand in the years to come have been highlighted in this
report. A competitive analysis in each of the geographical segments gives an
insight into market share of the global players.
Salient
Features:
Ø This study offers comprehensive yet detailed analysis of
the Auto Insurance Market, size of the market (US$ Bn), and Compound Annual Growth
Rate (CAGR (%)) for the period of forecast: 2019 – 2027, taking into account 2017
as the base year
Ø It explains upcoming revenue opportunities across various
market segments and attractive matrix of investment proposition for the said
market
Ø This market intelligence report also offers pivotal insights
about various market opportunities, restraints, drivers, launch of new products,
competitive market strategies of leading market players, emerging market
trends, and regional outlook
Ø Profiling of key market players in the world Auto
Insurance Market is done by
taking into account various parameters such as company strategies, distribution
strategies, product portfolio, financial performance, key developments,
geographical presence, and company overview
Ø Leading market players covered this report comprise names
such as Allianz SE , AXA
Insurance, The Allstate Corporation , Assicurazioni Generali S.p.A., American International
Group, Zurich Insurance Group Ltd., Berkshire Hathaway, Munich Re, Prudential
plc., & China Life Insurance Group
Ø The data of this report would allow management
authorities and marketers of companies alike to take informed decision when it
comes to launch of products, government initiatives, marketing tactics and
expansion, and technical up gradation
Ø The world market for Auto
Insurance Market caters to the
needs of various stakeholders pertaining to this industry, namely suppliers,
product manufacturers, investors, and distributors for Auto
Insurance Market. The research
also caters to the rising needs of consulting and research firms, financial
analysts, and new market entrants
Ø Research methodologies that have been adopted for the
purpose of this study have been clearly elaborated so as to facilitate better
understanding of the reports
Ø Reports have been made based on the guidelines as
mandated by General Data Protection Regulation
Ø Ample number of examples and case studies have been taken
into consideration before coming to a conclusion
Reasons
to buy:
v Identify opportunities and plan strategies by having a
strong understanding of the investment opportunities in the Auto
Insurance Market
v
Identification
of key factors driving investment opportunities in the Auto
Insurance Market Facilitate
decision-making based on strong historic and forecast data
v
Position
yourself to gain the maximum advantage of the industry’s growth potential
v
Develop
strategies based on the latest regulatory events
v
Identify key
partners and business development avenues
v
Respond to
your competitors’ business structure, strategy and prospects
v
Identify key
strengths and weaknesses of important market participants