PORTLAND, OR, USA, March 9, 2022 /EINPresswire.com/ — Car insurance provides customers with ultimate protection against physical damage caused by traffic collisions and vehicle theft. It also covers the costs of injury, death or property damage caused by the insured driver of the vehicle to another driver, vehicle or property such as a fence, building or utility pole. Although auto insurance requirements vary from state to state, many jurisdictions require liability coverage for bodily injury and property damage before operating or keeping a vehicle on public roads. . Moreover, as the number of road accidents increases in most countries of the world, the car insurance market has plenty of room for growth. Hence, the surge in demand for auto insurance is expected to drive the market growth over the coming period.
Main impact factors: analysis of market scenarios, trends, drivers and impact analysis
The increasing number of accidents and the integration of technologies into existing product lines and services are driving the growth of the market. Furthermore, the implementation of stringent government regulations for the adoption of auto insurance is further propelling the expansion of the market. However, the adoption of autonomous vehicles could hamper growth. On the contrary, the increased demand for liability coverage in emerging economies is expected to provide lucrative opportunities to the market in the coming years.
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Companies covered in the report: Key players analyzed are Allianz, Berkshire Hathaway Inc., People’s Insurance Company of China, Ping An Insurance (Group) Company of China Ltd, State Farm Mutual Automobile Insurance, GEICO, Tokio Marine Group, Admiral Group plc , CHINA PACIFIC INSURANCE CO and Allstate Insurance Company
Segments Covered: Type, Application, Distribution Channel, Vehicle Age and Region
The trends in the global car insurance market are as follows:
Increasing number of accidents:
Increased demand for automobile insurance due to accidents such as traffic collisions, physical or bodily injury, theft and fire bills are driving insurance companies to invest and develop low proliferation products , higher coverage and financial security in the form of medical insurance. injury or other damage. Accidents have increased in recent years in terms of road accidents, motor vehicle accidents, drunk driving and distracted driving for speeding, requiring the purchase of car insurance. Moreover, auto insurance includes such covers, which help to compensate the family members of the policyholder after his death. To improve the overall user interface experience and stay ahead of their competitors in the market in the coming years, insurers have been observed to increase the number of coverages in their products. Hence, the increasing number of accidents is driving the growth of auto insurance over the forecast period.
Integration of technology into existing product lines and services:
Insurers are benefiting from the increased adoption of technologies such as GPS, telematics, artificial intelligence (AI), data analytics, blockchain and big data. Auto insurance distribution platforms are expected to become more productive with these technological advancements, enabling seamless coverage at the point of purchase. Additionally, digital transformation enables auto insurance companies to deliver highly personalized customer experiences. Simple resolutions also rely more on digital technologies such as photo estimating tools and mobile telematics solutions due to social distancing. Accordingly, the implementation of these technologies is expected to provide lucrative and rewarding opportunities for the auto insurance industry.
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Analysis of the COVID-19 scenario
In recent years, the car insurance market has experienced significant growth. However, the market saw a sharp decline in 2020 due to COVID-19. This is due to the governments of the majority of countries putting in place containment measures and stopping travel around the world to prevent the spread of the virus.
Therefore, despite the global health crisis, insurers have introduced new developments in existing policies such as pay-per-drive, usage-based insurance or telematics insurance, as well as technologies adopted to improve claims processes and provide a better user experience. .
Key market segments
• Liability insurance
• Collision/Comprehensive/Other optional coverages
• Insurance agents/brokers
• Direct response
• New vehicles
• Used vehicles
• North America
o United States
o United Kingdom
o Rest of Europe
• Asia Pacific
o South Korea
o Rest of Asia-Pacific
o Latin America
o Middle East
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