Automobile Insurance Market
Automobile Insurance Market Share & Size Analysis, By Insurance Type (Own Damage, Third Party), By Vehicle Type (Commercial Vehicles, Private Vehicles), By Distribution Channel (Individual Agents, Brokers, Banks, Direct), & Region- Global Market Insights 2022 to 2032
Analysis of Automobile Insurance Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Automobile Insurance Market Outlook (2022 to 2032)
The global automobile insurance market stands at a valuation of US$ 817 billion in 2022 and is predicted to progress rapidly at a CAGR of 7.1% to climb to US$ 1,616.2 billion by the end of 2032.
The premium paid for automobile insurance is close to 15% of the total insurance premium paid worldwide in 2022. Over the span of the next ten years, auto insurance premium share in all insurance is likely to surpass 20%, representing high traction for the segment.
The fate of the automobile insurance industry is solely dependent on the overall automobile industry. Any changes in the automobile industry can have an impact on the performance of the motor insurance industry. The automobile industry has been on a spree of technological advancements in the last few years. From fully manual cars to fully automatic cars and ultimately to autonomous/driverless vehicles, we have come a long way in terms of technological advancements.
All these changes have an impact on the premiums paid by car owners to insurance companies. Automobile insurance companies are coming up with different kinds of customized insurance policies to acquire a new set of customers. Insurance policies such as shared motor insurance, which applies to customers who use shared cab services such as Uber, are active until the ride ends. The impact of the COVID-19 crisis is still quite visible in the auto insurance industry. Shortages in the supply of vehicles, long waiting periods, and the emergence of shared cab services have affected the motor insurance industry.
The revolution in the autonomous car industry has made the insurance industry ponder about the future of vehicle insurance. Driverless cars and decreasing accident rates will have an impact on the overall business of motor insurance companies. In the next 10 years, the picture will be clearer about the acceptance rate of autonomous cars. Driverless cars with an abundance of data due to connected motors will certainly affect the insurance industry in some way or another.
| Report Attributes | Details |
|---|---|
| Automobile insurance market Size (2021A) | US$ 760 Billion |
| Estimated Market Value (2022E) | US$ 813.9 Billion |
| Forecasted Market Value (2032F) | US$ 1616.2 Billion |
| Global Market Growth Rate (2022 to 2032) | 7.1% CAGR |
| North America Market Share (2021) | ~38% |
| East Asia Market Growth Rate (2022 to 2032) | ~8.1% CAGR |
| United States Market Growth Rate (2022 to 2032) | ~5.8% CAGR |
| Key Companies Profiled | Allstate Insurance Company; American Automobile Association; American Family; Erie Insurance; Farmers Insurance; Geico; Liberty Mutual Insurance; MS&AD Insurance Group Holdings, Inc.; Nationwide Mutual Insurance Company; Progressive Casualty Insurance Company; Sompo Holdings Inc.; State Farm Mutual Automobile Insurance Company; The Travelers Companies, Inc.; Tokio Marine Holdings, Inc.; USAA |
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Why Will the Automobile Insurance Market Continue to Grow Rapidly?
“Continuously Increasing Demand for Vehicles across Geographies”
The automobile industry is witnessing a significant increase in the demand for all forms of vehicles. In today’s world, be it a car or bike, a vehicle has become a necessity. Every year, a new set of first-time buyers is entering the market, and automobile insurance has become mandatory in almost all economies of the world, which is leading to increased demand for motor insurance.
Countries such as India and China are facing problems such as long waiting periods for the delivery of new cars, which is a good sign for automobile insurance companies. For the year ended 2021, the Indian automobile insurance market did grow at a healthy rate of 8.9%. Increased spending power with improved overall economic conditions is eventually pushing the demand for motor insurance to new heights.
“Adoption of Technology into Service Offerings”
Like every other industry, technology has had a significant impact on the automobile insurance market. Technology has made life easier for insurance buyers, sellers, and brokers.
On the back of the technological revolution, there have been many new entrants in the insurance industry. Several new motor insurance companies are functioning over the Internet. Both life insurance and non-life insurance can be easily bought via online portals. A few companies have also started a feature of initiating insurance claims online.
What’s Adversely Affecting Motor Insurance Industry Expansion?
“Increasing Adoption of Ride-sharing Services”
The rise of ride-sharing services across the world has affected the automobile industry, leading to lower demand for motor insurance services. Increasing fuel prices has also indirectly impacted the overall demand for insurance services.
The traffic situation across many countries has forced people to opt for shared cab services rather than driving their own vehicles daily. Insurance companies are coming up with new customized and updated offers to lure new consumers/businesses. Automobile insurance companies are teaming up with ride-hailing service providers to offer their customers insurance on a trip basis.
Market share analysis of the global automobile insurance services industry based on region and insurance type. Under insurance type, third-party insurance accounts for a whopping 57% market share in 2022.
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Country-wise Insights
U.S. Automobile Insurance Market to Maintain Lead
The U.S. is the largest automobile market in terms of value. The U.S. automobile insurance industry is highly mature owing to the presence of several large enterprises and vast acceptance by end customers. The U.S. motor insurance market is expected to reach a valuation of US$ 275 billion in 2022. The market is expected to grow steadily on the back of increasing vehicle sales and improved spending power of the population.
The U.S. motor industry is facing some sort of challenges from fake insurance claims. Many times there is no way to prove whether an accident or theft is genuine or has been deliberately done just to get money from the insurance company. An increase in the adoption of connected cars will surely reduce the cases of fraudulent claims to some extent because of the abundance of data that will be available through different connected software/technology.
India - Emerging Market for Automobile Insurance Companies
India has been on an evolution spree in terms of technology. Automobiles and their ancillary services have also witnessed the same evolution in the past few years. In the first half of 2022 itself, India sold over 17 million units of vehicles.
With the increased demand for new vehicles along with existing old vehicles, the market opportunity for automobile insurance service providers is also increasing. The Indian automobile insurance market is expected to register a high CAGR of 9.2% over the forecast period.
Different government initiatives have also helped the insurance sector, especially steps such as mandatory motor insurance. Rising adoption of technology by service providers has made the buying and selling of motor insurance easy and has ultimately helped companies cater to more customers.
Category-wise Insights
Third-Party Insurance to See High Demand
There are generally two types of automobile insurance - own damage and third-party insurance. Third-party insurance is mandatory and every car owner has to get this. Third-party insurance covers any damage done by the policyholder to other cars.
Since this is a mandatory policy that everyone has to acquire, it generates the highest revenue for insurance service providers. For the year 2022, out of the total premiums written, 57% was for third-party insurance. In emerging economies, people are still not very much aware of the benefits of having motor insurance; hence, they do not opt for 'own damage' insurance and consider it as an expenditure. As a result, third-party insurance is enjoying a larger share of the automobile insurance space.
Private Vehicles Contribute More to Total Written Premium
Going by volume, the number of private vehicles outnumbers commercial vehicles by a huge margin. As a result, the value contributed by private vehicles to the total premium written is more than double of commercial vehicles’ contribution.
With the continuously increasing population and increased spending power of the middle class, vehicle ownership is increasing at a fast pace and so does the demand for automobile insurance. Most Gen Y and Gen Z own a vehicle for the first time and are very active in opting for the best suitable insurance policies.
The global value of total premiums written by private vehicle owners for the year 2021 was US$ 539.6 billion. The trend is expected to grow over the coming future amid improved economic conditions and the increasing number of middle-class families across the world.
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Competitive Landscape
Key automobile insurance market players are Allstate Insurance Company, American Automobile Association, American Family, Erie Insurance, Farmers Insurance, Geico, Liberty Mutual Insurance, MS&AD Insurance Group Holdings, Inc., Nationwide Mutual Insurance Company, Progressive Casualty Insurance Company, Sompo Holdings Inc., State Farm Mutual Automobile Insurance Company, The Travelers Companies, Inc., Tokio Marine Holdings, Inc., and USAA.
The global motor insurance market is highly competitive owing to the presence of several large and small market players. New tech-armed companies are also trying to eat the market share of larger players. Large established companies are trying to maintain their existing market share by expanding their businesses to other regions or by acquiring competing companies.
- In March 2022, Liberty Mutual Insurance completed the acquisition of State Auto Group, a regional property and casualty insurance holding company. Through this acquisition, Liberty Mutual Insurance added around US$ 2.3 billion worth of premiums.
- In January 2021, The Allstate Corporation completed the acquisition of National General Holding Corp for US$ 4 billion.
Fact.MR has provided detailed information about the providers of automobile insurance services positioned across regions, revenue growth, and service offering expansion, in the recently published report.
Segmentation of Automobile Insurance Industry Survey
-
By Insurance Types :
- Own Damage
- Third Party
-
By Vehicle Type :
- Commercial Vehicles
- Private Vehicles
-
By Distribution Channel :
- Individual Agents
- Brokers
- Banks
- Direct
- Others (Not Covered Elsewhere)
-
By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- Middle East & Africa
Table of Content
- 1. Executive Summary - Global Market
- 2. Market Overview
- 3. Market Characteristic – Bird Eye View
- 4. Market Background and Foundation Data
- 5. Global Market Analysis and Forecast
- 6. Global Market Analysis and Forecast, By Insurance Type
- 6.1. Own Damage
- 6.2. Third Party
- 7. Global Market Analysis and Forecast, By Vehicle Type
- 7.1. Commercial Vehicle
- 7.2. Private Vehicle
- 8. Global Market Analysis and Forecast, By Distribution Channel
- 8.1. Individual Agents
- 8.2. Brokers
- 8.3. Banks
- 8.4. Direct
- 8.5. Others (Not Covered Elsewhere)
- 9. Global Market Analysis and Forecast, By Region
- 9.1. North America
- 9.2. Latin America
- 9.3. Europe
- 9.4. East Asia
- 9.5. South Asia and Oceania
- 9.6. Middle East & Africa
- 10. North America Market Analysis and Forecast
- 11. Latin America Market Analysis and Forecast
- 12. Europe Market Analysis and Forecast
- 13. East Asia Market Analysis and Forecast
- 14. South Asia & Oceania Market Analysis and Forecast
- 15. Middle East & Africa Market Analysis and Forecast
- 16. Country-level Market Analysis and Forecast
- 17. Market Structure Analysis
- 18. Competition Analysis
- 18.1. Allstate Insurance Company
- 18.2. American Automobile Association
- 18.3. American Family
- 18.4. Erie Insurance
- 18.5. Farmers Insurance
- 18.6. Geico
- 18.7. Liberty Mutual Insurance
- 18.8. MS&AD Insurance Group Holdings, Inc.
- 18.9. Nationwide Mutual Insurance Company
- 18.10. Progressive Casualty Insurance Company
- 18.11. Sompo Holdings Inc.
- 18.12. State Farm Mutual Company
- 18.13. The Travelers Companies, Inc.
- 18.14. Tokio Marine Holdings, Inc.
- 18.15. USAA
- 18.16. Other Key Players
- 19. Assumptions & Acronyms Used
- 20. Research Methodology
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List Of Table
Table 01. Global Market Value (US$ Billion) and Forecast By Region, 2017 to 2021
Table 02. Global Market Value (US$ Billion) and Forecast By Region, 2022 to 2032
Table 03. Global Market Value (US$ Billion) and Forecast By Insurance Type, 2017 to 2021
Table 04. Global Market Value (US$ Billion) and Forecast By Insurance Type, 2022 to 2032
Table 05. Global Market Value (US$ Billion) and Forecast By Vehicle Type, 2017 to 2021
Table 06. Global Market Value (US$ Billion) and Forecast By Vehicle Type, 2022 to 2032
Table 07. Global Market Value (US$ Billion) and Forecast By Distribution Channel, 2017 to 2021
Table 08. Global Market Value (US$ Billion) and Forecast By Distribution Channel, 2022 to 2032
Table 09. North America Market Value (US$ Billion) and Forecast By Country, 2017 to 2021
Table 10. North America Market Value (US$ Billion) and Forecast By Country, 2022 to 2032
Table 11. North America Market Value (US$ Billion) and Forecast By Insurance Type, 2017 to 2021
Table 12. North America Market Value (US$ Billion) and Forecast By Insurance Type, 2022 to 2032
Table 13. North America Market Value (US$ Billion) and Forecast By Vehicle Type, 2017 to 2021
Table 14. North America Market Value (US$ Billion) and Forecast By Vehicle Type, 2022 to 2032
Table 15. North America Market Value (US$ Billion) and Forecast By Distribution Channel, 2017 to 2021
Table 16. North America Market Value (US$ Billion) and Forecast By Distribution Channel, 2022 to 2032
Table 17. Latin America Market Value (US$ Billion) and Forecast By Country, 2017 to 2021
Table 18. Latin America Market Value (US$ Billion) and Forecast By Country, 2022 to 2032
Table 19. Latin America Market Value (US$ Billion) and Forecast By Insurance Type, 2017 to 2021
Table 20. Latin America Market Value (US$ Billion) and Forecast By Insurance Type, 2022 to 2032
Table 21. Latin America Market Value (US$ Billion) and Forecast By Vehicle Type, 2017 to 2021
Table 22. Latin America Market Value (US$ Billion) and Forecast By Vehicle Type, 2022 to 2032
Table 23. Latin America Market Value (US$ Billion) and Forecast By Distribution Channel, 2017 to 2021
Table 24. Latin America Market Value (US$ Billion) and Forecast By Distribution Channel, 2022 to 2032
Table 25. Europe Market Value (US$ Billion) and Forecast By Country, 2017 to 2021
Table 26. Europe Market Value (US$ Billion) and Forecast By Country, 2022 to 2032
Table 27. Europe Market Value (US$ Billion) and Forecast By Insurance Type, 2017 to 2021
Table 28. Europe Market Value (US$ Billion) and Forecast By Insurance Type, 2022 to 2032
Table 29. Europe Market Value (US$ Billion) and Forecast By Vehicle Type, 2017 to 2021
Table 30. Europe Market Value (US$ Billion) and Forecast By Vehicle Type, 2022 to 2032
Table 31. Europe Market Value (US$ Billion) and Forecast By Distribution Channel, 2017 to 2021
Table 32. Europe Market Value (US$ Billion) and Forecast By Distribution Channel, 2022 to 2032
Table 33. East Asia Market Value (US$ Billion) and Forecast By Country, 2017 to 2021
Table 34. East Asia Market Value (US$ Billion) and Forecast By Country, 2022 to 2032
Table 35. East Asia Market Value (US$ Billion) and Forecast By Insurance Type, 2017 to 2021
Table 36. East Asia Market Value (US$ Billion) and Forecast By Insurance Type, 2022 to 2032
Table 37. East Asia Market Value (US$ Billion) and Forecast By Vehicle Type, 2017 to 2021
Table 38. East Asia Market Value (US$ Billion) and Forecast By Vehicle Type, 2022 to 2032
Table 39. East Asia Market Value (US$ Billion) and Forecast By Distribution Channel, 2017 to 2021
Table 40. East Asia Market Value (US$ Billion) and Forecast By Distribution Channel, 2022 to 2032
Table 41. South Asia & Oceania Market Value (US$ Billion) and Forecast By Country, 2017 to 2021
Table 42. South Asia & Oceania Market Value (US$ Billion) and Forecast By Country, 2022 to 2032
Table 43. South Asia & Oceania Market Value (US$ Billion) and Forecast By Insurance Type, 2017 to 2021
Table 44. South Asia & Oceania Market Value (US$ Billion) and Forecast By Insurance Type, 2022 to 2032
Table 45. South Asia & Oceania Market Value (US$ Billion) and Forecast By Vehicle Type, 2017 to 2021
Table 46. South Asia & Oceania Market Value (US$ Billion) and Forecast By Vehicle Type, 2022 to 2032
Table 47. South Asia & Oceania Market Value (US$ Billion) and Forecast By Distribution Channel, 2017 to 2021
Table 48. South Asia & Oceania Market Value (US$ Billion) and Forecast By Distribution Channel, 2022 to 2032
Table 49. Middle East & Africa Market Value (US$ Billion) and Forecast By Country, 2017 to 2021
Table 50. Middle East & Africa Market Value (US$ Billion) and Forecast By Country, 2022 to 2032
Table 51. Middle East & Africa Market Value (US$ Billion) and Forecast By Insurance Type, 2017 to 2021
Table 52. Middle East & Africa Market Value (US$ Billion) and Forecast By Insurance Type, 2022 to 2032
Table 53. Middle East & Africa Market Value (US$ Billion) and Forecast By Vehicle Type, 2017 to 2021
Table 54. Middle East & Africa Market Value (US$ Billion) and Forecast By Vehicle Type, 2022 to 2032
Table 55. Middle East & Africa Market Value (US$ Billion) and Forecast By Distribution Channel, 2017 to 2021
Table 56. Middle East & Africa Market Value (US$ Billion) and Forecast By Distribution Channel, 2022 to 2032
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List Of Figures
Figure 01. Global Market Value (US$ Billion) Forecast, 2022 to 2032
Figure 02. Global Market Absolute $ Opportunity (US$ Billion), 2022 to 2032h
Figure 03. Global Market Value (US$ Billion) By Region, 2022 & 2032
Figure 04. Global Market Y-o-Y Growth Rate By Region, 2022 to 2032
Figure 05. Global Market Value (US$ Billion) By Insurance Type, 2022 & 2032
Figure 06. Global Market Y-o-Y Growth Rate By Insurance Type, 2022 to 2032
Figure 07. Global Market Value (US$ Billion) By Vehicle Type, 2022 & 2032
Figure 08. Global Market Y-o-Y Growth Rate By Vehicle Type, 2022 to 2032
Figure 09. Global Market Value (US$ Billion) By Distribution Channel, 2022 & 2032
Figure 10. Global Market Y-o-Y Growth Rate By Distribution Channel, 2022 to 2032
Figure 11. North America Market Value (US$ Billion) Forecast, 2022 to 2032
Figure 12. North America Market Absolute $ Opportunity (US$ Billion), 2022 to 2032
Figure 13. North America Market Value (US$ Billion) By Country, 2022 & 2032
Figure 14. North America Market Y-o-Y Growth Rate By Country, 2022 to 2032
Figure 15. North America Market Value (US$ Billion) By Insurance Type, 2022 & 2032
Figure 16. North America Market Y-o-Y Growth Rate By Insurance Type, 2022 to 2032
Figure 17. North America Market Value (US$ Billion) By Vehicle Type, 2022 & 2032
Figure 18. North America Market Y-o-Y Growth Rate By Vehicle Type, 2022 to 2032
Figure 19. North America Market Value (US$ Billion) By Distribution Channel, 2022 & 2032
Figure 20. North America Market Y-o-Y Growth Rate By Distribution Channel, 2022 to 2032
Figure 21. North America Market Attractiveness Analysis By Country, 2022 to 2032
Figure 22. North America Market Attractiveness Analysis By Insurance Type, 2022 to 2032
Figure 23. North America Market Attractiveness Analysis By Vehicle Type, 2022 to 2032
Figure 24. North America Market Attractiveness Analysis By Distribution Channel, 2022 to 2032
Figure 25. Latin America Market Value (US$ Billion) Forecast, 2022 to 2032
Figure 26. Latin America Market Absolute $ Opportunity (US$ Billion), 2022 to 2032
Figure 27. Latin America Market Value (US$ Billion) By Country, 2022 & 2032
Figure 28. Latin America Market Y-o-Y Growth Rate By Country, 2022 to 2032
Figure 29. Latin America Market Value (US$ Billion) By Insurance Type, 2022 & 2032
Figure 30. Latin America Market Y-o-Y Growth Rate By Insurance Type, 2022 to 2032
Figure 31. Latin America Market Value (US$ Billion) By Vehicle Type, 2022 & 2032
Figure 32. Latin America Market Y-o-Y Growth Rate By Vehicle Type, 2022 to 2032
Figure 33. Latin America Market Value (US$ Billion) By Distribution Channel, 2022 & 2032
Figure 34. Latin America Market Y-o-Y Growth Rate By Distribution Channel, 2022 to 2032
Figure 35. Latin America Market Attractiveness Analysis By Country, 2022 to 2032
Figure 36. Latin America Market Attractiveness Analysis By Insurance Type, 2022 to 2032
Figure 37. Latin America Market Attractiveness Analysis By Vehicle Type, 2022 to 2032
Figure 38. Latin America Market Attractiveness Analysis By Distribution Channel, 2022 to 2032
Figure 39. Europe Market Value (US$ Billion) Forecast, 2022 to 2032
Figure 40. Europe Market Absolute $ Opportunity (US$ Billion), 2022 to 2032
Figure 41. Europe Market Value (US$ Billion) By Country, 2022 & 2032
Figure 42. Europe Market Y-o-Y Growth Rate By Country, 2022 to 2032
Figure 43. Europe Market Value (US$ Billion) By Insurance Type, 2022 & 2032
Figure 44. Europe Market Y-o-Y Growth Rate By Insurance Type, 2022 to 2032
Figure 45. Europe Market Value (US$ Billion) By Vehicle Type, 2022 & 2032
Figure 46. Europe Market Y-o-Y Growth Rate By Vehicle Type, 2022 to 2032
Figure 47. Europe Market Value (US$ Billion) By Distribution Channel, 2022 & 2032
Figure 48. Europe Market Y-o-Y Growth Rate By Distribution Channel, 2022 to 2032
Figure 49. Europe Market Attractiveness Analysis By Country, 2022 to 2032
Figure 50. Europe Market Attractiveness Analysis By Insurance Type, 2022 to 2032
Figure 51. Europe Market Attractiveness Analysis By Vehicle Type, 2022 to 2032
Figure 52. Europe Market Attractiveness Analysis By Distribution Channel, 2022 to 2032
Figure 53. East Asia Market Value (US$ Billion) Forecast, 2022 to 2032
Figure 54. East Asia Market Absolute $ Opportunity (US$ Billion), 2022 to 2032
Figure 55. East Asia Market Value (US$ Billion) By Country, 2022 & 2032
Figure 56. East Asia Market Y-o-Y Growth Rate By Country, 2022 to 2032
Figure 57. East Asia Market Value (US$ Billion) By Insurance Type, 2022 & 2032
Figure 58. East Asia Market Y-o-Y Growth Rate By Insurance Type, 2022 to 2032
Figure 59. East Asia Market Value (US$ Billion) By Vehicle Type, 2022 & 2032
Figure 60. East Asia Market Y-o-Y Growth Rate By Vehicle Type, 2022 to 2032
Figure 61. East Asia Market Value (US$ Billion) By Distribution Channel, 2022 & 2032
Figure 62. East Asia Market Y-o-Y Growth Rate By Distribution Channel, 2022 to 2032
Figure 63. East Asia Market Attractiveness Analysis By Country, 2022 to 2032
Figure 64. East Asia Market Attractiveness Analysis By Insurance Type, 2022 to 2032
Figure 65. East Asia Market Attractiveness Analysis By Vehicle Type, 2022 to 2032
Figure 66. East Asia Market Attractiveness Analysis By Distribution Channel, 2022 to 2032
Figure 67. South Asia & Oceania Market Value (US$ Billion) Forecast, 2022 to 2032
Figure 68. South Asia & Oceania Market Absolute $ Opportunity (US$ Billion), 2022 to 2032
Figure 69. South Asia & Oceania Market Value (US$ Billion) By Country, 2022 & 2032
Figure 70. South Asia & Oceania Market Y-o-Y Growth Rate By Country, 2022 to 2032
Figure 71. South Asia & Oceania Market Value (US$ Billion) By Insurance Type, 2022 & 2032
Figure 72. South Asia & Oceania Market Y-o-Y Growth Rate By Insurance Type, 2022 to 2032
Figure 73. South Asia & Oceania Market Value (US$ Billion) By Vehicle Type, 2022 & 2032
Figure 74. South Asia & Oceania Market Y-o-Y Growth Rate By Vehicle Type, 2022 to 2032
Figure 75. South Asia & Oceania Market Value (US$ Billion) By Distribution Channel, 2022 & 2032
Figure 76. South Asia & Oceania Market Y-o-Y Growth Rate By Distribution Channel, 2022 to 2032
Figure 77. South Asia & Oceania Market Attractiveness Analysis By Country, 2022 to 2032
Figure 78. South Asia & Oceania Market Attractiveness Analysis By Insurance Type, 2022 to 2032
Figure 79. South Asia & Oceania Market Attractiveness Analysis By Vehicle Type, 2022 to 2032
Figure 80. South Asia & Oceania Market Attractiveness Analysis By Distribution Channel, 2022 to 2032
Figure 81. Middle East & Africa Market Value (US$ Billion) Forecast, 2022 to 2032
Figure 82. Middle East & Africa Market Absolute $ Opportunity (US$ Billion), 2022 to 2032
Figure 83. Middle East & Africa Market Value (US$ Billion) By Country, 2022 & 2032
Figure 84. Middle East & Africa Market Y-o-Y Growth Rate By Country, 2022 to 2032
Figure 85. Middle East & Africa Market Value (US$ Billion) By Insurance Type, 2022 & 2032
Figure 86. Middle East & Africa Market Y-o-Y Growth Rate By Insurance Type, 2022 to 2032
Figure 87. Middle East & Africa Market Value (US$ Billion) By Vehicle Type, 2022 & 2032
Figure 88. Middle East & Africa Market Y-o-Y Growth Rate By Vehicle Type, 2022 to 2032
Figure 89. Middle East & Africa Market Value (US$ Billion) By Distribution Channel, 2022 & 2032
Figure 90. Middle East & Africa Market Y-o-Y Growth Rate By Distribution Channel, 2022 to 2032
Figure 91. Middle East & Africa Market Attractiveness Analysis By Country, 2022 to 2032
Figure 92. Middle East & Africa Market Attractiveness Analysis By Insurance Type, 2022 to 2032
Figure 93. Middle East & Africa Market Attractiveness Analysis By Vehicle Type, 2022 to 2032
Figure 94. Middle East & Africa Market Attractiveness Analysis By Distribution Channel, 2022 to 2032
Know thy Competitors
Competitive landscape highlights only certain players
Complete list available upon request
- FAQs -
What is the outlook for the automobile insurance market?
The global automobile insurance market is expected to reach a valuation of US$ 813.9 billion by 2032.
Which distribution channel commands a higher market share?
Brokers account for almost 40% of the total market share.
Which regional market is expected to be the most lucrative for automobile insurance?
The market in East Asia is forecasted to expand at a CAGR of 8.1% over the next 10 years.
Which country accounts for the largest market share?
The U.S. automobile insurance industry is valued at US$ 275 billion in 2022.
At what rate did the market expand over the previous years?
Revenue from automobile insurance increased at a CAGR of 6.5% during the historical period (2017-2021).
Automobile Insurance Market