Motor Insurance Market Scope And Analysis

Report Code : TIPRE00039055
Category : Banking, Financial Services, and Insurance

No. of Pages : 150

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Motor Insurance Market Scope, Analysis, and Trends by 2031

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Motor Insurance Market Report Scope

Report Attribute	Details
Market size in 2023	US$ 848.71 Billion
Market Size by 2031	US$ 1678.74 Billion
Global CAGR (2023 - 2031)	8.9%
Historical Data	2021-2023
Forecast period	2023-2031
Segments Covered	By Coverage Liability Coverage Collision Coverage Comprehensive Insurance By Vehicle Type Passenger cars Light Commercial Vehicles Heavy Commercial Vehicles By Application Personal Motor Insurance and Commercial Motor Insurance
Regions and Countries Covered	North America US Canada Mexico Europe UK Germany France Russia Italy Rest of Europe Asia-Pacific China India Japan Australia Rest of Asia-Pacific South and Central America Brazil Argentina Rest of South and Central America Middle East and Africa South Africa Saudi Arabia UAE Rest of Middle East and Africa
Market leaders and key company profiles	Admiral Group plc Allianz Allstate Insurance Company GEICO ICICI Lombard Liberty Mutual Insurance Permanent General Companies Inc Progressive Casualty Insurance Company State Farm Mutual Automobile Insurance Company

The "Motor Insurance Market Analysis" was carried out based on coverage, vehicle type, application, and geography. In terms of coverage, the market is segmented into liability coverage, collision coverage, comprehensive insurance, and others. Based on vehicle type, the market is segmented into passenger cars, light commercial vehicles, and heavy commercial vehicles. Based on application, the market is segmented into personal motor insurance and commercial motor insurance. Based on geography, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.

Motor Insurance Market News and Recent Developments

Companies adopt inorganic and organic strategies such as mergers and acquisitions in the market. The motor insurance market forecast is estimated based on various secondary and primary research findings, such as key company publications, association data, and databases. A few recent key market developments are listed below:

In March 2024, State Farm, one of the largest insurers, experienced substantial financial losses in 2023 after withdrawing from the California homeowners' market. Despite an increase in policy numbers for its property and casualty insurance companies, State Farm encountered underwriting losses due to high claims severity and significant catastrophe events impacting both auto and homeowners' insurance sectors.

[Source: State Farm, Company Website]

Motor Insurance Market Report Coverage & Deliverables

The market report on “Motor Insurance Market Size and Forecast (2021–2031)”, provides a detailed analysis of the market covering below areas: -

Market size & forecast at global, regional, and country- level for all the key market segments covered under the scope.
Market dynamics such as drivers, restraints, and key opportunities.
Key future trends.
Detailed PEST & SWOT analysis
Global and regional market analysis covering key market trends, key players, regulations, and recent market developments.
Industry landscape and competition analysis covering market concentration, heat map analysis, key players, and recent developments.
Detailed company profiles.