Motor Insurance Market Size, Scope, and Share by 2031
Motor Insurance Market: Strategic Insights
Motor Insurance Market
-
CAGR (2023 - 2031)8.9% -
Market Size 2023
US$ 848.71 Billion -
Market Size 2031
US$ 1678.74 Billion
Market Dynamics
GROWTH DRIVERS
- Rising number of vehicles globally
- Increasing traffic accidents and damage claims
- Government-mandated insurance requirements
FUTURE TRENDS
- Rise in telematics-based insurance
- Growing adoption of AI for claims processing
- Focus on eco-friendly insurance solutions
OPPORTUNITIES
- Development of usage-based insurance models
- Expansion in emerging markets
- Growth in digital insurance platforms
Key Players
- 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
Regional Overview
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
Coverage - Liability Coverage
- Collision Coverage
- Comprehensive Insurance
Vehicle Type - Passenger cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
Application - Personal Motor Insurance and Commercial Motor Insurance
Get Free Sample For