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 accidents is likely to stimulate innovation in the production of automotive insurance carriers, boosting the market during the forecast period.

The global automobile insurance carriers market is expected to grow from $809.04 billion in 2022 to $865.92 billion in 2023 at a compound annual growth rate (CAGR) of 7.0%. global automobile insurance carriers market size is expected to reach $1,157.54 billion in 2027 at a CAGR of 7.5%.

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Global Automobile Insurance Carriers Market Segments Include:

• By Coverage: Third-Party Liability Coverage, Collision Or Comprehensive Or Other Optional Coverages
• By Vehicle Type: Passenger Cars, Light Commercial Vehicle (LCV), Heavy Commercial Vehicle (HCV) Or Trucks And Buses
• By Distribution Channel: Insurance Agents, Direct Response, Banks, Other Distribution Channels
• 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 automobile insurance carriers market in 2021.

Major Market Players in the automobile insurance carriers market include State Farm Mutual Automobile Insurance Company, The Government Employees Insurance Company (GEICO), Allstate Corporation, People’s Insurance Company Of China.

Product innovation is one of the most prominent trends in the vehicle insurance carriers market. Companies in the vehicle insurance carriers industry are implementing innovations to increase their market position. For example, New India Assurance (NIA), an India-based general insurance business, announced the “Pay as You Drive” (PAYD) policy in January 2023. PAYD policies allow you to save money by receiving discounts on renewal premiums if you keep your vehicle within the set kilometres. Furthermore, if the vehicle has been driven past the threshold limit, the coverage will be extended for the remainder of the policy’s term.

The Automobile Insurance Carriers Global Market Report 2023  provides a automobile insurance carriers market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The automobile insurance carriers market forecast analyzes automobile insurance carriers market size, automobile insurance carriers 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.

An automobile insurance carrier is a corporation that provides automobile insurance coverage. It handles claim processes and may help set up payments on behalf of the carrier through an insurance agent it employs.

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