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Lun - Ven, 9:00 - 18:00 h (EST)
Lun - Ven, 9:00 - 17:00 h (SGT)
Lun - Ven, 10:00 - 18:00 h (JST)
Lun - Ven, 9:00 - 18:00 h (GMT)
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The Motor Vehicle Insurance market is experiencing dynamic changes across different regions.
Customer preferences: Customers are increasingly seeking comprehensive motor vehicle insurance coverage to protect their assets in case of accidents or theft. They are also looking for customizable plans that suit their specific needs, such as coverage for natural disasters or roadside assistance.
Trends in the market: In Europe, there is a growing trend towards usage-based insurance, where premiums are based on individual driving behavior. This incentivizes safer driving practices and allows insurance companies to more accurately assess risk. In Asia, particularly in countries with a rising middle class, there is a surge in demand for motor vehicle insurance as more people can afford cars. This has led to increased competition among insurers, driving innovation in policy offerings and pricing strategies.
Local special circumstances: In the United States, the market is heavily influenced by state regulations, leading to variations in insurance requirements and pricing from state to state. This creates a complex landscape for both insurers and customers to navigate. In emerging markets like India, the focus is on increasing insurance penetration among the vast population that owns vehicles. Insurers are adapting by offering affordable and easy-to-understand policies to cater to this market segment.
Underlying macroeconomic factors: Economic stability plays a significant role in the growth of the motor vehicle insurance market. In regions where disposable income is increasing, such as parts of Latin America and Asia, more people are purchasing vehicles and subsequently seeking insurance coverage. On the other hand, economic downturns can lead to a decrease in vehicle sales and insurance purchases, impacting market growth. Additionally, regulatory changes and advancements in technology, such as telematics and artificial intelligence, are shaping the future of motor vehicle insurance worldwide.
Data coverage:
Data encompasses B2B and B2C enterprises. Figures are based on gross written premium, gross written premium per capita, gross claim payments, loss ratio, and distribution channels.Modeling approach / Market size:
Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market layer. As a basis for evaluating markets, we use industry associations, national statistic offices, and international organizations, such as OECD. Next we use relevant key market indicators and data from country-specific associations such as insurance consumer spending, gross domestic product, insurance - consumer price index (CPI), population growth. This data helps us to estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing and HOLT-linear. The main drivers are insurance consumer spending and insurance - consumer price index (CPI).Additional Notes:
The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.Lun - Ven, 9:00 - 18:00 h (EST)
Lun - Ven, 9:00 - 18:00 h (EST)
Lun - Ven, 9:00 - 17:00 h (SGT)
Lun - Ven, 10:00 - 18:00 h (JST)
Lun - Ven, 9:00 - 18:00 h (GMT)
Lun - Ven, 9:00 - 18:00 h (EST)