According to the report analysis, ‘Global Motor Insurance Market 2020-2027 by Policy Type (Liability, Comprehensive, Collision, Personal Injury), Premium Type (Personal, Commercial), Distribution Channel (Brokers & Agency, Financial Institutes, Direct Sales, Others), and Region: Trend Outlook and Growth Opportunity’ states that global motor insurance market is predicted to propel owing to the mandatory demand for the vehicle insurance in countless regions, the augmented number of sales of new vehicles, the increasing urbanization and effective growth in disposable income amongst the middle income population.
Allianz SE, Allstate Corporation, Assicurazioni Generali, Aviva Plc, Berkshire Hathaway Inc, Chubb Ltd., GEICO, ICICI Lombard General Insurance Co., Ltd., Liberty Mutual Insurance, Nationwide Mutual Insurance, People’s Insurance Company of China Ltd. (PICC), Ping An Insurance (Group) Co. of China Ltd., Porto Seguro S.A, Samsung Fire and Marine Insurance Co., Ltd., Sompo Holdings Inc, State Farm Mutual Automobile Insurance Company, Zurich Insurance Group AG and many more are the foremost players which presently operating in the global motor insurance market more proficiently for keep maintaining the governing position, obtaining the competitive edge, ruling around the globe, registering the great value of market share, generating the highest percentage of revenue and leading the highest market growth by spreading the awareness connected to the applications and advantages of motor insurance, employing the young and active personnel, improving the qualitative and quantitative measures of such, increasing the benefits and features of motor insurance, delivering the better customer satisfaction, decreasing the associated prices of such, establishing the countless research and development programs, analysing the strategies and policies of government as well as similar entities, and implementing the policies of profit making and strategies of expansion.
On the basis of policy type, the global motor insurance market is classified into liability insurance, comprehensive coverage, collision coverage and personal injury protection. On the basis of premium type, the global motor insurance market is categorized into personal insurance premiums and commercial insurance premiums. Based on the distribution channel, the global motor insurance market is categorized into brokers & agency, financial institutes, direct sales, and other distribution channels.
In addition, the Motor Insurance may also propose the financial protection from theft of the vehicle and against impairment to the vehicle continuous from events other than traffic collisions, such as keying, weather or natural disasters, and impairment sustained by colliding with stationary objects. The growth in the number of accidents, employment of stringent government regulation for the implementation of auto insurance, and increment in automobile sales around the globe propel the growth of the global motor insurance market.
Not only has this, Motor insurance market dynamics is progressively shifting towards digital ecosystem reliant on mutual partnerships, Internet of Things (IoT), and big data analytics which is reshaping the global motor insurance industry. The global insurance scenario is changing speedily and the player which embraces the variations in marketplace early will advance the larger market share.
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North America Motor Insurance Market 2020-2027 by Policy Type (Liability, Comprehensive, Collision, Personal Injury), Premium Type (Personal, Commercial), Distribution Channel (Brokers & Agency, Financial Institutes, Direct Sales, Others), and Country: Trend Outlook and Growth Opportunity
Ankur Gupta, Head Marketing & Communications