Automotive Insurance Market Overview:
Market Research Future (MRFR) report on the global automotive insurancemarket (2019-2024) addresses the COVID-19 analysis of a critical factoraffecting the market growth. The research report examines competition in theregional and global markets, providing a rigorous evaluation of factors thatcould significantly impact the outlook of the industry over the forecastperiod.
Auto insurance is a contract between the insurance company and the ownerof the vehicle that protects the owner of the vehicle from financial loss inthe case of vehicle theft or accident. The insurance company offers to pay thecost of the damages covered in exchange for the premium payment. Automotiveinsurance provides coverage and loss of property (car damage or theft),liability (bodily injury), and medical (injury and rehabilitation cost).Collision insurance, gap insurance, comprehensive insurance, rental insurance,classic car insurance, medical insurance, and uninsured auto insurance are someof the most common car insurance options available on the market.
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Market Dynamics
Increasing awareness among end-users, the advent of new technologies andproducts, and the availability of third-party insurance providers in developingcountries such as India, Vietnam, Indonesia, and China to bring significantmomentum to the automotive insurance industry over the forecast period.Automotive insurance firms are partnering with software providers to providelarge-scale data-based solutions to the end user's needs and untapped marketdemand during a car-related transaction.
In addition, digital technologies and mobile internet are changing thevehicle industry and hence the vehicle/automotive insurance market. There is noquestion that the automotive industry is experiencing significant changes thatwill help increase asset utilization, change vehicle ownership models, andboost vehicle safety, which will ultimately impact the global automotiveinsurance market. In addition, the introduction of autonomous technology hasmade vehicles significantly safer, which is projected to decrease vehicleaccidents by a substantial percentage over the forecast period. In addition,the increase in on-demand transport and the change in liability tomanufacturers are some of the factors that are predicted to impede the growthof global automotive insurance during the forecast period.
COVID-19 Impact on Global AutomotiveInsurance Market
Since the outbreak of COVID-19, the automotive industry has faced aseries of problems. Profitability and sales have been severely affected, withautomakers now seeking to reclaim ground as the lockdown is lifted acrosscountries. Following the pandemic and the resulting curfews and travel bans,the auto industry is taking steps to recover. Experts note that since thebeginning of SARS-CoV-2, there has been a significant shift in consumerbehavior and habits, with the demand for shared mobility steadily decreasing,given the rising prevalence of social distancing as well as hygiene. This couldlead to a higher demand for lower-priced personal mobility, benefiting bothautomakers and auto insurance providers.
The novel coronavirus has guided the need for contact-less transactionsthat could be reflected in vehicle sales in the coming months. Increasedpreference for online models, along with an increase in online booking forpick-up/delivery, appointments, and online payments, has been favorable for theautomotive insurance industry, despite the COVID-19 effect. Many insurancecompanies give refunds or discounts to consumers, which could further help themarket. For example, since the early months of 2020, Liberty Mutual (U.S.) hasgiven almost 15% refunds on two-month auto premiums to customers.
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The insurance firmsalso have a significant opportunity amid theSARS-CoV-2 pandemic, as they are now designing personalized goods and services to maintainexisting customers and gain new ones. The growing use of private vehicles hasresulted in roads being packed with less experienced drivers during peak hours,increasing road accidents. In addition, growing technical and product advances,combined with a large number of active third-party insurance companies inemerging countries such as India, Indonesia, China, and Vietnam, may alsocontribute to substantial growth in the automotive insurance industry.
For example, in July 2020, Kia introduced an insurance policy forconnected cars in India, a joint offering by ICICI Lombard GIC and BajajAllianz. This insurance is intended for customers interested in Kia's connectedcar system and claims settlements.
Automotive Insurance Market Growth and Segmentation:
The global automotive insurance market has been segmented based onvehicle type and insurance type.
By vehicle type, the global automotive insurance market has beensegmented into passenger cars, light commercial vehicle (LCV), and heavycommercial vehicle (HCV).
By insurance type, the global automotive insurance market has beensegmented into third-party, comprehensive, third-party theft and fire, andothers.
Regional Analysis
Geographically, the global automotive insurance market has beensegmented into four major regions: North America, Europe, Asia Pacific, and therest of the world.
The auto insurance market in the Asia Pacific is projected to dominatethe global market due to the substantial rise in vehicle purchases in China,India, and ASEAN countries and the involvement of a large number of insurancecompanies and third parties in the Asia Pacific. In addition, South America andthe Middle East and Africa are projected to see substantial growth in the globalautomobile insurance industry over the next decade.
Key Players
The major players involved in the global automotive insurance industryare Allstate Insurance Company (US), RAC Motoring Services (UK), ProgressiveCasualty Insurance Company (US), Clements Worldwide (US), GEICO (US), NFUMutual (UK), Zhongan Insurance (China), ABIC Inc. (China), CPIC (China), StateFarm Mutual Automobile Insurance Company (US), RSA Insurance Group plc (UK),and Zurich Insurance Group (Switzerland).
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