Global Auto Insurance Market Size, Share, Growth Analysis, By Application(Personal, Commercial), By Coverage(Third Party Liability Coverage, Collision/Comprehensive/ Other Optional Coverages), By Vehicle Age(New Vehicle, Used Vehicle) - Industry Forecast 2024-2031

Report ID: SQMIG40D2012 | Region: Global | Published Date: March, 2024
Pages: 207 | Tables: 87 | Figures: 66

Global Auto Insurance Market News

According to insurance behemoth AXA S.A., the launch of STeP, a new digital claims solution, in August 2021 will assist clients in streamlining the motor insurance process. The time between customer notification and partners scheduling repair or salvage, according to AXA, has been slashed to just minutes.

In May 2021, to simplify its auto claim and repair processes, GEICO is collaborating with AI technology company Tractable. Millions of historical claims have been used to train a patented computer vision technique developed by Tractable. The AI is able to assess vehicle damage based on pictures just like a human assessor would. With the help of Tractable's technology, GEICO hopes to review estimates more quickly and precisely while spending less on overhead.

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Global Auto Insurance Market size was valued at USD 710 billion in 2022 and is poised to grow from USD 771.77 billion in 2023 to USD 1504.26 billion by 2031, growing at a CAGR of 8.70% during the forecast period (2024-2031).

The competitive landscape of the global auto insurance market is undergoing a profound transformation driven by technological disruptions, changing consumer behaviors, and regulatory shifts. Traditional insurance giants are facing increased pressure from agile startups that leverage data analytics, artificial intelligence, and digital platforms to offer more personalized and efficient insurance solutions. These newcomers often excel in providing usage-based policies, real-time risk assessment, and seamless claims processing, resonating with tech-savvy customers. 'State Farm (United States)', 'Geico (United States)', 'Progressive (United States)', 'Allianz (Germany)', 'Berkshire Hathaway (United States)', 'Tokio Marine (Japan)', 'AXA (France)', 'Ping An Insurance (China)', 'Zurich Insurance Group (Switzerland)', 'Mapfre (Spain)'

Rising global vehicle ownership, especially in emerging markets, expands the potential customer base for auto insurance, driving market growth.

Telematics and IoT: The integration of telematics and Internet of Things (IoT) devices allows insurers to gather real-time data on driver behavior and vehicle usage, enabling more accurate risk assessment and usage-based pricing.

In the North American region, it is anticipated that the market will be dominated with a projected Compound Annual Growth Rate (CAGR) of 7.5%. The surge in insurance sales can be attributed to the escalating disposable income within the populace. The market's upward trajectory is poised to continue due to ongoing advancements in technology and the persistent focus on research and development in the realm of autonomous vehicles and their safety measures. The increased adoption of auto insurance in this area is also a response to the heightened instances of traffic accidents, collisions, injuries, and property damage. The demand for auto insurance is further poised for elevation due to the upswing in automobile sales and governmental mandates stipulating insurance coverage for all vehicles, consequently propelling market expansion.

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Global Auto Insurance Market Size, Share, Growth Analysis, By Application(Personal, Commercial), By Coverage(Third Party Liability Coverage, Collision/Comprehensive/ Other Optional Coverages), By Vehicle Age(New Vehicle, Used Vehicle) - Industry Forecast 2024-2031

Global Auto Insurance Market News

Global Auto Insurance Market Report Snapshots

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