Global Taxi Insurance Market Overview:
Commercial Vehicles are used for business purposes. It can be a mode of goods transportation or for ferrying passengers like Taxis. The vehicles are used widely on a day-to-day basis to help the business grow, especially Taxis. The taxi scene has completely changed with the introduction of app-based taxi services. Taxis are no longer budget cars. Today, sedans and other high-end cars operating as taxis. The non-stop functioning of taxis on a daily basis increases the intensity of risks like accidents and damage from natural or man-made calamities. These risks can cause serious damage to the vehicle resulting in downtime and huge repair costs. Paying for such repairs can hamper financial planning for business and decrease profit margin and may even suffer a loss. To safeguard taxi and business, it is highly recommended to opt for taxi insurance. Taxi insurance is a commercial vehicle insurance policy for taxi/cabs to cover for driver and vehicle in case of an accident, natural calamity, etc.
- The Rising Number of Road Accidents across the Globe
- Rapidly Growing Risks to Taxi/Cabs Businesses Due to Disaster, Terrorism, and Theft
- Stringent Government Regulations towards Drivers and Passengers Safety
- Trend towards Online Purchase and Claims
- Budgetary Constraint for Low Income Taxi Drivers
- Growing Demand for Taxi Insurance across the Developing Nations
The market is highly competitive due to the presence of several prominent vendors. These players are adopting some organic and inorganic strategies such as merger, acquisition, partnership, product launches, among others in order to gain competitive advantage. Moreover, some of the players are offering lucrative insurance plans to capture large consumer base.
Some of the key players profiled in the report are Acorn Insurance (United Kingdom), Swinton Insurance (United Kingdom), AXA (France), Allstate Insurance (United States), Berkshire Hathaway (United States), Allianz (Germany), AIG (United States), Generali (Italy), State Farm Insurance (United States), Munich Reinsurance (Germany), Metlife (United States), Nippon Life Insurance (India), Ping An (China) and PICC (China). Additionally, following companies can also be profiled that are part of our coverage like HDFC Ergo (India), IFFCO TOKIO (India), Royal Sundaram (India), Bajaj Allianz (India) and ICICI Lombard (India). Analyst at AMA Research see United States Players to retain maximum share of Global Taxi Insurance market by 2025. Considering Market by Sales Channel, the sub-segment i.e. Agency will boost the Taxi Insurance market.
Data related to EXIM [Export- Import], production & consumption by country or regional level break-up can be provided based on client request**
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The top-down and bottom-up approaches are used to estimate and validate the size of the Global Taxi Insurance market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Taxi Insurance market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Taxi Insurance Companies, Taxi Insurance Agents/Brokers, Taxi Insurance Marketplaces, Regulatory & Government Bodies, Upstream & Downstream Vendors, Taxi Associations, End Users and Others.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.