The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The rising number of automobiles on the road is likely to stimulate innovation in motor insurance production, propelling the market over the forecast period.

The global motor insurance market is expected to grow from $738.65 billion in 2022 to $806.40 billion in 2023 at a compound annual growth rate (CAGR) of 9.2%. The global motor insurance market size is expected to grow to $1,122.41 billion in 2027 at a CAGR of 8.6%.

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Global Motor Insurance Market Segments Include:

• By Type: Treaty Reinsurance, Facultative Reinsurance
• By Policy Type: Liability Insurance, Comprehensive Coverage, Collision Coverage, Personal Injury Protection
• By Vehicle Age: New Vehicles, Old Vehicles
• By Vehicle Type: Passenger Cars, Light Commercial Vehicles (LCV), Heavy Commercial Vehicles (HCV)
• By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America is the largest region in the global motor insurance market in 2021.

Major Market Players in the motor insurance market include Allianz SE, State Farm Insurance, AXA, Zurich Insurance, Allstate Corporation, GEICO, Ping An Insurance Company of China Ltd., HDFC ERGO, Universal Sompo General Insurance Company Limited.

Technological innovations have emerged as the most popular trend in the auto insurance business. To boost their market position, major players in the motor insurance market are adopting technologically innovative technologies into their insurance operations. For example, in September 2022, XA Group, a Dubai-based technology company, will launch Addenda, a blockchain-powered digital platform that will allow insurers to reconcile motor vehicle recovery receivables. By integrating current products into the platform, the company expects to assist Addenda handle all of the essential touchpoints in the automotive claims value chain by connecting insurers, brokers, repairers, and customers.

The Motor Insurance Global Market Report 2023  provides a motor insurance market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The motor insurance market forecast analyzes motor insurance market size, motor insurance market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Motor insurance is a coverage that protects vehicles against financial losses caused by accidents or physical damage. It is a contract in which the insurer assumes the risk of any damages incurred by the owner or driver of a car as a result of harm to people or property as a result of an accident.

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