What is Private Motor Insurance Market Scope?
Private motor insurance provides an insurance policy for covering the uncertain cost of a vehicle which is mandatory by the government for safety. It covers all types of private motor vehicles such s motorcycles, cars, jeeps, etc. The private motor insurance depends on the type of vehicle and amount of coverage required by the insurer for their vehicle. Its insurance coverage includes engine protection cover, roadside assistance, tyre protect cover, consumable cover and others.
The Private Motor Insurance market study is being classified by Type (Private Car Motor Insurance Policy, Two-Wheeler Insurance Policy, Commercial Vehicle Insurance Policy and Others), by Application (Passenger Vehicle and Commercial Vehicle) and major geographies with country level break-up.
Aviva plc (United Kingdom), CIS General Insurance Limited (United Kingdom), Admiral Group plc (United Kingdom), Liberty Mutual Group (United States), Zurich Insurance Group Ltd. (Switzerland), Axa S.A. (France), Progressive Corporation (United States) and Berkshire Hathaway (United States) are some of the key players profiled in the study.
Analyst at AMA have segmented the market study of Global Private Motor Insurance market by Type, Application and Region.
On the basis of geography, the market of Private Motor 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).
On 29th April 2020, Bharti AXA General Insurance will now offer usage-based motor insurance policies for private car owners under IRDAI's Sandbox project. For this the general insurer has tied up with insurance aggregator, PolicyBazaar.com.The usage-based motor insurance, also known as ‘pay as you drive’, allows policyholders to pay the premium depending on kilometers driven.
"Motor insurance is one of a few classes of insurance which are compulsory in the UK. This makes it illegal to use a motor vehicle on a road, or public place unless insurance is in force covering legal liability for injury to others and damage to their property. It also became illegal to keep a vehicle without appropriate insurance unless the DVLA has been notified that it is 'off-road'. In addition to complying with the requirements of the Road Traffic Act 1988, all motor policies must meet the requirements of a number of EU Motor Insurance Directives."
Influencing Market Trend
- Rising Importance of Private Motor Vehicle Coverage and Telematics for Individuals
- Rising Number of Private Vehicle Accidents
- Need for Reducing the Burden of Cost in Case of Any Uncertainty related to Private motor Vehicle
- Surging Investment of People in Private Motor Vehicle will Boost the Private Motor Insurance Market
- High-Cost Premium Policies of Private Motor Insurance
- Stringent regulatory Guidelines on the Private Motor Insurance
Key Target Audience
Private Motor Insurance Providers, Private Motor Insurance Industry Association, Research and Development Institutes, Potential Investors, Regulatory Bodies and Others
Customization available in this Study:
The Study can be customized to meet your requirements. Please connect with our representative, who will ensure you get a report that suits your needs.
To compete effectively, companies also require quantitative estimates of the future growth and qualitative nature of the market. AMA Research features not just specific market sizing estimates, but also include significant value-added commentary on Technological Trends and Innovations, Regulatory Policies, Market Maturity Indicators, Market Share Movements, New Entrants into the Market & Entry/Exit Barriers, Consumer Demographics, Supporting Company Financial and Cash Flow Planning, Open Up New Markets , To Seize Powerful Market Opportunities, Key Decision in Planning and to Further Expand Market Share, Identify Key Business Segments, Market Proposition & Gap Analysis.
Frequently Asked Questions (FAQ):1. At what growth rate would the Private Motor Insurance market expands?
The Global Private Motor Insurance market is expected to see a growth of % during projected year 2020 to 2026.
2. Who are the prominent players of the Global Private Motor Insurance market?
The prominent players of Global Private Motor Insurance market are Aviva plc (United Kingdom), CIS General Insurance Limited (United Kingdom), Admiral Group plc (United Kingdom), Liberty Mutual Group (United States), Zurich Insurance Group Ltd. (Switzerland), Axa S.A. (France), Progressive Corporation (United States) and Berkshire Hathaway (United States), to name a few.
3. What are the top priorities to focus for Private Motor Insurance market’s growth?
In this highly competitive & fast evolving Private Motor Insurance industry, the top strategic priorities would remain consistent like innovation, R&D and M&A.