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Auto Insurance Market: Investing now for Future Returns | People’s Insurance Company of China, CHINA PACIFIC INSURANCE CO.


iCrowdNewswire   Nov 10, 2020  12:00 AM ET

The ‘ Auto Insurance market’ research report added by Report Ocean, is an in-depth analysis of the latest developments, market size, status, upcoming technologies, industry drivers, challenges, regulatory policies, with key company profiles and strategies of players. The research study provides market overview, Auto Insurance market definition, regional market opportunity, sales and revenue by region, manufacturing cost analysis, Industrial Chain, market effect factors analysis, Auto Insurance market size forecast, market data & Graphs and Statistics, Tables, Bar &Pie Charts, and many more for business intelligence.

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Auto insurance is an insurance policy for cars, trucks, motorcycles, and other road vehicles that protects customers against financial loss in the event of an accident or theft of vehicles and provides property coverage, liability coverage, and medical coverage. Furthermore, auto insurance is one of the largest revenue sources in the general insurance industry and accounted more than 35% in overall insurance premium collection. Most of the states require drivers to have compulsory auto insurance, which means new automobile purchases constitute a major proportion of the premiums. The automobile sector is already facing slowdown during 2019-2020 and further continues to decline due to the outbreak of the COVID-19 pandemic. Owing to the reduction in income and travel restrictions, customers are seeking for bailouts or refunds on premiums. To increase sale in this period, many major auto insurance companies in the U.S. and the UK have refunded 10-15% of annual premiums to customers. In India, the finance ministry has extended the validity of the third-party insurance policies, which increases the business of renewal during the lockdown.

Rise in number of accidents, stringent government regulation for the adoption of auto insurance, and increase in automobile sales globally due to increase in per capita income of consumers acts as the major driving forces of the global auto insurance market. However, adoption of autonomous vehicles hampers the growth of the market. On the contrary, implementation of technologies in existing product & service lines and surge in demand for third-party liability coverage in emerging economies are expected to provide potential opportunity for the market expansion during the forecast period.

The global car insurance market is segmented into coverage, distribution channel, vehicle age, application, and region. In terms of coverage, it is fragmented into third party liability coverage and collision/comprehensive/other optional coverages. By distribution channel, it is segregated into insurance agents/brokers, direct response, banks, and others. As per vehicle age, it is divided into new vehicles and used vehicles. Depending on application it is bifurcated into personal, and commercial. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The key players profiled in the auto insurance  market report are People’s Insurance Company of China, CHINA PACIFIC INSURANCE CO., Ping an Insurance (Group) Company of China, Ltd., State Farm Mutual Automobile Insurance, Berkshire Hathaway Inc., Admiral Group Plc, GEICO, Tokio Marine Group, Allianz, and Allstate Insurance Company. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.

KEY BENEFITS FOR STAKEHOLDERS

– The study provides an in-depth analysis of the global auto insurance market along with the current trends and future estimations to elucidate the imminent investment pockets.

– Information about the key drivers, restraints, and opportunities and their impact analysis on the global auto insurance market size is provided in the report.

– Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.

– The quantitative analysis of the market from 2020 to 2027 is provided to determine the market potential.

Key Market Segments

By Coverage

– Third Party Liability Coverage

– Collision/Comprehensive/ Other Optional Coverages

By Distribution Channel

– Insurance Agents/Brokers

– Direct Response

– Banks

– Others

By Vehicle Age

– New Vehicle

– Used Vehicle

By Application

– Personal

– Commercial

KEY MARKET PLAYERS

– People’s Insurance Company of China

– CHINA PACIFIC INSURANCE CO.

– Ping An Insurance (Group) Company of China, Ltd.

– State Farm Mutual Automobile Insurance

– Berkshire Hathaway Inc.

– Admiral Group Plc

– GEICO

– Tokio Marine Group

– Allianz

– Allstate Insurance Company

Geographical Breakdown: Regional level analysis of the market, currently covering North America, Europe, China & Japan

covid-19 scenario Market Behavior/ Level of Risk and Opportunity End Industry Behavior/ Opportunity Assessment Expected Industry Recovery Timeline Business Impact Horizon
Opening of Economy by Q3 2020 xx xx xx xx
Recovery – Opening of Economy extended till Q4 2020 / Q1 2021 xx xx xx xx

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Furthermore, the years considered for the study are as follows:

Historical year – 2014-2019 | Base year – 2019 | Forecast period** – 2020 to 2026 [** unless otherwise stated]

Changing Forecasts in a Time of Crisis: explores key issues, including:

Key questions answered: The Study Explore COVID 19 Outbreak Impact Analysis

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Key Points Covered in Auto Insurance Market Report:

Continued….

……..and view more in complete table of Contents

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Keywords:    Auto Insurance Market, Auto Insurance Market Analysis, Auto Insurance Market Growth, Auto Insurance Market Scope, Auto Insurance Market Share, Auto Insurance Market Trend, Auto Insurance Market Development, Auto Insurance Market Sales, Auto Insurance Market Forecast, Auto Insurance Market Opportunities,

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