What is Commercial Truck Insurance?
Commercial truck insurance is done on variouss type of commercial trucks which includes dump trucks, tow trucks, flatbed trucks, and various others. The insurance covers the thefts, accidents medical expenses, vandalism-related damage, etc. As these commercial trucks travel from one place to other carrying goods, it is necessary to take the insurance for the same for all kinds of risks. The commercial truck insurance reduces the heavy expenses due to uncertainties and helps in recovering the costs easily.
The market study is broken down by Type (Compulsory Insurance and Optional Insurance) and major geographies with country level break-up.
Axa S.A. (France), Progressive Corporation (United States), Travelers Companies, Inc. (United States), McMillan Insurance Group (United States), Hudson Insurance Group (United States), HSBC Holdings plc (United Kingdom), Zurich American Insurance Company (United States), Aviva plc (United Kingdom), Berkshire Hathaway (United States), Sompo Holdings, Inc. (Japan) and Mapfre, S.A. (Spain) are some of the key players that are part of study coverage.
AdvanceMarketAnalytics has segmented the market of Global Commercial Truck Insurance market by Type, Application and Region.
On the basis of geography, the market of Commercial Truck Insurance has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Service, the sub-segment i.e. Online Insurance Service will boost the Commercial Truck Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Coverage, the sub-segment i.e. Medical Expenses will boost the Commercial Truck Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Commercial Trucks, the sub-segment i.e. Semis (tractor-trailers or 18-wheelers) will boost the Commercial Truck Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
On 1st September 2020, Hudson Insurance Group (Hudson) announced the launch of its new Commercial Trucking Coverage for Independent Contractors that are now offered through retail producers in select states. Coverage includes Occupational Accident, Contingent Liability, Truck Physical Damage, and Workers’ Compensation, as well as Non-Trucking Liability, which is available as of September 1, 2020.
- Increasing Consumption of Online Insurance Service for Commercial Truck Insurance
- Growing Commercial Vehicle Transporation Industry
- Need for Insuring the Commercial Vehicle to Mange the Costly Affairs in case of any Damage
- Awareness about the Benefits of Commercial Truck Insurance and Reduction in Risk
- High-Cost EMI Option of the Commercial Truck Insurance
- Stiff Competition in Commercial Truck Insurance Market
- Stringent Regulatory Guidelines in the Commercial Truck Insurance
Key Target AudienceCommercial Truck Insurance Providers, Commercial Truck Insurance Industry Association, Research and Development Institutes, Potential Investors, Regulatory Bodies and Others
About ApproachDuring this study the evaluation and validation of the market size is done through various sources including primary and secondary analysis. AMA Research & Media follows industrial and regulatory standards such as NAICS/SIC/ICB/TRCB, to have the better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with purpose to understand companys positioning regarding market value, volume and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders etc. and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, analyst team keeps preparing set of questionnaires and after getting appointee list; the target audience are then tapped and segregated with various mediums and channels that are feasible for making connection that includes email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey etc.
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