The global auto insurance market is projected to witness rapid development over the forecast period (from 2017 to 2022), according to a report available on Radiant Insights, Inc. Auto insurance is a policy purchased by vehicle owners. Its major purpose is to provide financial protection against damages caused by road accidents. The key market driver is global rise in automobile sales on account of increasing consumer disposable income levels. Different governments across the globe have made it mandatory to purchase an insurance policy while buying new vehicles, a regulation that has fueled market growth.
Increasing cases of road accidents due to traffic issues is another key factor driving the growth of this market. In addition, innovative and lucrative product launches by insurance companies are projected to augment demand in future. Top insurance companies offer different add-on covers, such as zero-depreciation auto insurance cover. This trend is also anticipated to positively affect overall insurance sales. However, adoption of autonomous vehicles reduces the need for insurance, which is expected to be a key restraint for this market.
A startup company, Root, has developed a mobile app that keeps track of your driving habits and offers suitable policies. The app first requires users to fill in some basic details such as gender and age. It then tracks the user’s driving behavior, such as how hard brakes are applied or how fast turns are taken. After a few weeks, users get a quote and policy recommendations based on tracked user data. In other words, the app recommends policies based on how you drive, thereby protecting its users against any losses.
The global auto insurance market is categorized as per type, application or end user, and region. Based on type, the market is segmented into rental insurance, physical damage car insurance, and liability car insurance. Based on end user, the market is categorized into sport utility vehicles (SUVs), cars, and trucks
Based on region, the market is divided into European Union (EU), Southeast Asia, China, India, Japan, and United States of America. The U.S. regional market is projected to witness moderate growth over the forecast period. Implementation of highly advanced analytics tools to decrease fraud claims is one of the major trends having a positive impact on market growth. As per the National Insurance Crime Bureau (NICB), insurance fraud is the 2nd largest white-collar crime in U.S. Advanced tools like geospatial analysis and big data analytics make it easier for insurance companies to decrease losses caused due to fraud claims.
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Major companies operating in the global auto insurance market include USAA Property and Casualty Insurance Group; New Jersey Manufacturers Insurance Company (NJM); Erie Insurance Group; State Auto Financial Corp.; Ameriprise Financial, Inc.; and Amica Mutual Insurance Company. All these major players offer comprehensive protection to insured vehicle owners to retain their competitive edge. These companies are also likely to change their processes and systems to develop and accurately charge new insurance packages and products.
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