Global Motor Vehicle Liability Insurance Market Overview:
Vehicle insurance protects automobiles, heavy vehicles, motorcycles, and other road vehicles. Its main objective is to provide financial protection against various damage or bodily injury caused by traffic accidents that may arise as a result of such incidents. The element of a car insurance policy that offers financial protection for a motorist who injures someone else or their property while operating a vehicle is known as motor vehicle liability insurance. Vehicle liability insurance only covers injuries or property damage to third parties, not the driver or the driver's property, which may be covered separately by other portions of their policy. In many countries, even when a driver is found liable in an accident, their insurance will pay the injury and medical costs of any other affected parties up to the policy limits.
- Growing Auto Mobile Industry
- Increased Demand for Embedded Insurance
- Rising Fuel Prices can Hamper the Vehicle Insurance Market
- Stringent Government Rules and Regulation for Vehicle Insurance
- Rising Opportunities in Merging Economies
- Lack of Transparency Associated With Insurance Policies
- Rising Concerns of Data Theft and Cyber Security
The demand for Motor Vehicle Liability Insurance is increasing. Businesses in this sector face global competition from market leaders who control a large share of the market. Companies are differentiating their products from competition by employing environmentally friendly materials and manufacturing techniques. The Leading Players are engaging in strategic global expansion to maintain their Market Position. Players are expected to focus on the creation of new compounds, which would likely drive the worldwide market forward over the forecast period.
Some of the key players profiled in the report are State Farm (United States), Allstate (United States), USAA Insurance Group (United States), Chubb Limited (Switzerland), Liberty Mutual (United States), The Travelers Companies (United States), Edelweiss (India), Zurich Insurance Group (Switzerland), HDFC ERGO General Insurance Company (India), Berkshire Hathaway (United States), Nationwide Mutual Insurance Company (United States) and TATA AIG (India). Additionally, following companies can also be profiled that are part of our coverage like Royal Sundaram General Insurance (India) and Safety Insurance Company (United States). Analyst at AMA Research see United States Players to retain maximum share of Global Motor Vehicle Liability Insurance market by 2026. Considering Market by Policy Type, the sub-segment i.e. Comprehensive Insurance. will boost the Motor Vehicle Liability Insurance market. Considering Market by Distribution Channel, the sub-segment i.e. Independent Agents/Brokers will boost the Motor Vehicle Liability Insurance market. Considering Market by Coverage, the sub-segment i.e. Collision will boost the Motor Vehicle Liability Insurance market. Considering Market by Component, the sub-segment i.e. Bodily Injury Liability will boost the Motor Vehicle Liability Insurance market.
Latest Market Insights:
In January 2021 State Farm had announced the acquisition of Gainsco. GAINSCO specialises in minimum-limits personal motor insurance and focuses on the non-standard personal automobile insurance market. State Farm independent contractor agents will be able to sell, solicit, and service GAINSCO products, according to the firms.
What Can be Explored with the Motor Vehicle Liability Insurance Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Motor Vehicle Liability Insurance Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Motor Vehicle Liability Insurance
Understand the Competitive Scenario
- Track Right Markets
- Identify the Right Verticals
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Motor Vehicle Liability 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 Motor Vehicle Liability 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 Venture and Capitalist, New entrants/investors, Analysts and Strategic Business Partners and End-use industries.
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.