Automotive Insurance Market - Introduction
Automotive insurance or motor insurance is an insurance policy for vehicles that provides financial protection against collision damage and damage arising due to natural disasters or theft. The insurance policy is a legal contract between the insured and the insurer that binds the insurer to pay liability in case of a claim.
Automotive Insurance Market - Competitive Landscape
In July 2019, GEICO, an auto insurance company, announced the launch of DriveEasy, a telematics insurance product. GEICO launched the pilot program for usage-based insurance, a type of telematics insurance, in wake of rising competition from its competitor Progressive Casualty Insurance Company.
Progressive Casualty Insurance Company
Founded in 1937, Progressive Casualty Insurance Company is headquartered in Mayfield, Ohio, U.S. It is a leading company that offers insurance for personal and commercial autos & trucks, motorcycles, boats, recreational vehicles, and homes. According to the company, it ranks 3rd among auto insurers in the U.S. and is ranked 120th in the Fortune 500 list.
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Founded in 1982, AXA operates through AXA Equitable and AllianceBernstein. The company operates through four business segments: Individual retirement, group retirement, protection solutions, and investment management and research. The company is a leading provider of automotive insurance and personal & commercial insurance.
Automotive Insurance Market Dynamics
Rising number of vehicles on road drives the automotive insurance market
Rise in disposable income and vehicle sales in developing regions such as Asia Pacific and Latin America has fueled the automotive insurance market. Rise in average age of vehicles and presence of high number of on-road vehicles are boosting the demand for automotive insurance.
Increasing consumer demand for own damage/ comprehensive type automotive insurance
The comprehensive insurance policy covers third-party liability as well as the cost for own personal damage. The comprehensive policy is more expensive than a basic third-party policy; however, it offers additional and optional damage cover such as engine cover, theft, and depreciation reimbursement. Rising consumer awareness about insurance and added advantage of the cover in comprehensive policy are shifting preference of consumers toward comprehensive cover
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Automotive Insurance Market - Segmentation
Based on insurance type, the global automotive insurance market can be segmented into
- Third Party Liability
Based on product type, the global automotive insurance market can be bifurcated into
- Telematics Insurance
Based on vehicle type, the global automotive insurance market can be classified into
- Passenger Vehicle
- Light Commercial Vehicle
- Heavy Commercial Vehicle
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