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Global Motor Vehicle Insurance Market 2016-2020

About the Motor Vehicle Insurance Market

Motor vehicle insurance policy is the guarantee of compensation provided to a policyholder, wherein the insurer will pay for the repair of accidental damages, theft, or fire (among others) to a third party's property or the insured vehicle.

At the end of 2014, the guaranteed asset protection (GAP) insurance was introduced. It is a supplementary cover taken along with the standard motor insurance policy. It includes certain types of losses that are not covered under the standard policy. For instance, if a person avails GAP insurance, then the insurer will pay the balance loan amount of the vehicle in case of theft or if the automobile is damaged badly. In September 2015, rules proposed by the Financial Conduct Authority (FCA) came into effect; these rules were designed to navigate issues arising from the sales of GAP insurance provided by the motor vehicle industry.

Technavio’s analysts forecast the global motor vehicle insurance market to grow at a CAGR of 5.91% during the period 2016-2020.

Covered in this report

The report covers the present scenario and the growth prospects of the global motor vehicle insurance market for 2016-2020. To calculate the market size, the report considers two types of end users:

  • Personal insurance premiums
  • Commercial insurance premiums
The market is divided into the following segments based on geography:
  • Americas
  • APAC
  • EMEA
Technavio's report, Global Motor Vehicle Insurance Market, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.

Key vendors
  • Allianz
  • AIG
  • Allstate Insurance
  • Berkshire Hathaway
  • People’s Insurance Company of China
  • Ping An Insurance
Other prominent vendors
  • AXA
  • Munich Re
  • Zurich
Market driver
  • Mandate to buy insurance
  • For a full, detailed list, view our report
Market challenge
  • Fraudulent motor vehicle claims
  • For a full, detailed list, view our report
Market trend
  • Implementation of advanced analytics tools to reduce fraudulent claims
  • For a full, detailed list, view our report
Key questions answered in this report
  • What will the market size be in 2020 and what will the growth rate be?
  • What are the key market trends?
  • What is driving this market?
  • What are the challenges to market growth?
  • Who are the key vendors in this market space?
  • What are the market opportunities and threats faced by the key vendors?
  • What are the strengths and weaknesses of the key vendors?


Press Release

Technavio Announces the Publication of its Research Report – Global Motor Vehicle Insurance Market 2016-2020

Technavio recognizes the following companies as the key players in the global motor vehicle insurance market: Allianz, AIG, Allstate Insurance, Berkshire Hathaway, People’s Insurance Company of China, and Ping An Insurance.

Other Prominent Vendors in the market are: AXA, Munich Re, and Zurich.

Commenting on the report, an analyst from Technavio’s team said: “A trend that is already impacting the market is the implementation of advanced analytics tools to reduce fraudulent claims. According to the National Insurance Crime Bureau (NICB), insurance fraud is the second biggest white-collar crime in the US after tax evasion. Advanced tools, such as big data analytics and geospatial analysis, are making it easier for insurance companies to reduce losses stemming from fraud claim. Technavio expects that top insurers will form partnerships with analytics services providers to speed up payment processes and improve customer satisfaction during the forecast period.”

According to the report, a key growth driver is the mandate to buy insurance policies. A motor vehicle insurance covers any financial risk that can crop up while driving the vehicle. In other words, an insurance company will cover losses arising from theft, damages, or accidents - if such incidents are covered under the policy. In India, the Motor Vehicles Act specifies that all vehicles should have an insurance policy, or a third-party liability cover. A third-party insurance policy will cover the financial losses incurred in case of an accident, and may or may not cover the losses arising from damages sustained by the owner's car.

Further, the report states that one challenge that could restrict market growth is the risk variables in the underwriting process.

Companies Mentioned

Allianz, AIG, Allstate Insurance, Berkshire Hathaway, People’s Insurance Company of China, Ping An Insurance, AXA, Munich Re, Zurich.

  • Executive summary
    • Highlights
  • Scope of the report
    • Market overview
    • Top-vendor offerings
      • Table Product offerings
  • Market research methodology
    • Research methodology
    • Economic indicators
  • Introduction
    • Key market highlights
      • Table FCA proposals
      • Table CMA investigation for private motor insurance
  • Market landscape
    • Market overview
      • Table Motor vehicle insurance coverage
      • Table Types of policies
    • Market size and forecast
      • Table Global motor vehicle insurance market 2015-2020 ($ billions)
    • Five forces analysis
      • Table Five forces analysis
  • Market segmentation by premium type
    • Table Product segmentation 2015
    • Global personal insurance premiums
      • Table Personal insurance premium 2015-2020 ($ billions)
    • Global commercial insurance premiums
      • Table Commercial insurance premium 2015-2020 ($ billions)
  • Geographical segmentation
    • Table Geographical segmentation 2015
    • Americas
      • Table Motor vehicle insurance market in the Americas 2015-2020 ($ billions)
    • APAC
      • Table Motor vehicle insurance market in APAC 2015-2020 ($ billions)
      • Table Geographical market shares in APAC 2015
    • EMEA
      • Table Motor vehicle insurance market in EMEA 2015-2020 ($ billions)
      • Table Geographical market shares in EMEA 2015
  • Key leading countries
    • Key leading countries in the Americas
      • Table Revenue contribution of key leading countries in the Americas 2015 ($ billions)
    • Key leading countries in APAC
      • Table Revenue contribution of key leading countries in APAC in 2015 ($ billions)
    • Key leading countries in EMEA
      • Table Revenue contribution of key leading countries in EMEA in 2015 ($ billions)
  • Market drivers
  • Impact of drivers
    • Table lmpact of drivers
  • Market challenges
    • Table Challenges in vehicle safety equipment
  • Impact of drivers and challenges
    • Table Impact of drivers and challenges
  • Market trends
  • Vendor landscape
    • Competitive landscape
      • Table Customer connectivity
      • Table Innovations in customer services
    • Major company overview
      • Table Product portfolio
    • Recent developments
    • Vendor matrix
      • Table Vendor matrix analysis 2015
    • Other prominent vendors
    • Key takeaways
  • Appendix
    • List of abbreviations
  • Explore Technavio

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