Scope of the Study
Vehicle insurance is used as a cover plan for cars, bikes, and any other vehicles on the road. The main motive of this insurance is to provide financial security against any kind of physical damage or injury to the vehicles during traffic collisions and against any liability that could arise while riding a vehicle. In addition, vehicle insurance may also offer financial safety against the stealing of the vehicle, and also against any damage that happened to the vehicle other than that of traffic collisions, like the weather or any natural disasters. This insurance also covers the damages caused to the vehicle because of colliding with any stationary object. The legal regulations in terms of vehicle insurance vary with each region.
The market study is being classified by Type (Private Car Insurance, Two Wheeler Insurance and Commercial Vehicle Insurance), by Application (Liability Coverage, Collision Insurance, Personal Injury Protection Insurance, Gap Insurance and Others) and major geographies with country level break-up.
AIA Group Ltd (Hong Kong), AIG (United States), Allianz SE (Germany), AXA (Paris), Berkshire Hathaway (United States), The Oriental Insurance Co. Ltd. (India), China Life Insurance(China), ING Group(Netherlands), Ping An of China (China), MetLife(United States), United Health Group(United States), Liberty General (India) and The New India Assurance Co. Ltd.(India) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are The Bottom Line (United States) and HDFC ERGO General Insurance Co. Ltd(India).
The companies are now exploring the market by adopting mergers & acquisitions, expansions, investments, new developments in existing products and collaborations as their preferred strategies. The players are also exploring new geographies and industries through expansions and acquisitions so as to avail a competitive advantage through combined synergies. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Vehicle Insurance market throughout the predicted period.
AdvanceMarketAnalytics has segmented the market of Global Vehicle Insurance market by Type, Application and Region.
On the basis of geography, the market of Vehicle 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). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
- With the rapid growth of urbanization and an increase in disposable incomes all around it is expected that there would be growth in the automobile industry. With the increase in demand for automobiles all across the globe, there will be a growth in the vehicle insurance market. Also with the increase in the sales of new vehicles will drive this market.
- Increasing urbanization and rising disposable income among the middle-income population are expected to provide stable growth for the automobile industry. Also, the rising focus of the automobile companies towards offering end-to-end coverage to their customers is increasing the necessity of getting into partnership with the insurance companies so as to offer suitable insurance policies to the consumers is the key market trend for the vehicle insurance market.
- Lack of Transparency Associated With Insurance Policies
- Growing Need of Getting Vehicles Insured as a Mandatory Requirement by the Government in Many Countries
- Lack of Service Disruptions or Data Safety and Security
- Growing Digitalisation Has Allowed the Customers to Divide the Insurance Cover and Select the Bits That They Are Interested in
Market Leaders and their expansionary development strategies
On February 04th, 2020 - Allianz SE had entered into an agreement to form a life insurance joint venture (JV) with AEON Financial Service (AFS) to develop and market life insurance solutions for local customers in Japan. The strategic partnership will combine Allianz’s global financial expertise in insurance and risk management, alongside the local retail expertise and expansive distribution network of AFS and the AEON Group – ensuring local customers in Japan have increased access to market-leading protection, health and savings products and services. As part of the transaction, AFS will acquire a 60 percent stake in Allianz Life Insurance Japan Ltd., with Allianz retaining 40 percent ownership.
According to the Insurance Regulatory and Development Authority (IRDA) of India have drawn up guidelines that are to be adhering to at all times. It is also mandatory for all the vehicle owners to have a motor insurance policy .As per the Motor Vehicles Act, it is mandatory for vehicle owners to at least have a third-party liability cover. No Claim Bonus (NCB) is the benefit accrued to an insured for not making any claims during the previous policy period. As per current norms in India, it ranges from 20% on the Own Damage premium (and not on Liability premium) and progressively increases to a maximum of 50%. As per Rule 141 of Central Motor Vehicle Rules 1989, a certificate of Insurance is to be issued only in Form 51. It is only in Motor Vehicle Insurance, apart from the policy, that a separate certificate of insurance is required to be issued by insurers. This document should always be carried in the vehicle.
Key Target AudienceInsurance Companies, Regulatory Bodies and Governmental Bodies
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