Commercial Auto Insurance Market Definition
Commercial auto insurance offers protection to any commercial vehicle from any loss/damage incurred due to any unforeseen events. Commercial auto insurance is a liability and physical damage protection for vehicles, such as cars, trucks, and vans that are used for business. Commercial vehicles require a separate policy because they’re typically exposed to more risk than personal vehicles. Most of the country's government has regulations for large fleets, as well as small businesses, to take commercial auto insurance policy.
The market study is broken down by Type (Comprehensive and Third-party Liability), by Application (Business Autos (Cars, Vans, Buses) and Commercial Vehicle (Trucks, Trailers, Others)) and major geographies with country level splits.
Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Commercial Auto Insurance market throughout the predicted period.
Berkshire Hathaway (United States), Progressive Corporation (United States), Great American Insurance Company (United States), Next Insurance, Inc. (United States), Liberty Mutual Group (United States), Nationwide (United States), Allstate (United States), Old Republic International (United States), PICC (China) and Mitsui Sumitomo Insurance (Japan) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are Tokyo Marine (Japan), Generali Group (Italy), Sompo Japan (Japan), AXA (France), Aviva (United Kingdom), CPIC (China), MAPFRE (Spain), Ping An (China), Travelers Group, Zurich Insurance (Switzerland), Geico (United States) and Insureon (United States).
AdvanceMarketAnalytics has segmented the market of Global Commercial Auto Insurance market by Type, Application and Region.
On the basis of geography, the market of Commercial Auto 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 Sales Channel, the sub-segment i.e. Online will boost the Commercial Auto 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. Collision will boost the Commercial Auto Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End User, the sub-segment i.e. Construction and Contracting will boost the Commercial Auto Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Leaders and their expansionary development strategies
On October 02, 2019, Liberty Mutual Insurance completed the acquisition of the business and operations of Nationale Borg, Nationale Borg Reinsurance, and AmTrust Insurance Spain, following the satisfaction of customary closing conditions. Completing the acquisition further strengthens strong global surety and reinsurance expertise, market leadership and geographic scope.
- Add-on Coverage Options and Benefits Offered such as Discounts
- Increasing Rate of Road Accidents and Mishaps owing to High Speed
- Stringent Government Regulation across the Globe for Insurance
- Increasing Production and Sales of Commercial Vehicles across the Globe
- Availability of Quick, Easy, and Hassle-Free Online Service
- High Premium Cost of the Insurance Packages
- High Competition in the Insurance Industry
Key Target AudienceCommercial Auto Insurance Providers, Insurance Service Vendors, Financial Institution, Brokerage Houses, End-Use Industry and Others
About ApproachThe research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
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