Motorcycle Insurance Industrial News:
The global, Motorcycle
Insurance Market. With many competitors participating in the industry
analyzed, the market is extremely segmented in market share. Companies have
shifted their attention to delivering customized solutions to attract more
consumers and expand their product line. Large insurance companies are looking
to collaborate with rising innovative startups to get access to new market
opportunities.
Motorcycle Insurance Market
Segmentation:
Motorcycle Insurance Market
Overview:
By the end of 2032, Motorcycle Insurance Market is predicted to have grown to a total of USD
95.40 million, with a compound annual growth rate (CAGR) of 4.50%.
The global car insurance industry is expanding
due to a number of factors, including a rise in the frequency of accidents, the
implementation of severe government rules mandating vehicle insurance, and a
growth in automobile sales globally.
Auto insurance dominates the non-life insurance
market. The key driver of the growth in the gross premium written for global
non-life insurance is the increase in gross premium written for motor vehicle
insurance. Growth in the motor vehicle insurance industry is often essential in
understanding overall changes in the non-life sector, as insurers collect the
majority of premiums in this sector.
Due to transportation and travel
limitations caused by the COVID-19 epidemic, sales of Motorcycle Insurance
coverage were paused. However, governments' relaxation of lockdown restrictions
increased motorcycle sales and, as a result, their policies. The recovery of
two-wheeler sales in rural and semi-urban regions can increase market demand.
Government assistance for economic recovery has also affected customer opinion
during the epidemic.
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Sample Report of Motorcycle Insurance Market
Motorcycle Insurance Market Key
Players
- GEICO
- Farmers
Insurance
- Allstate
- Aviva
- PingAn
- Assicurazioni
Generali
- Cardinal
Health
- State
Farm Insurance
- Dai-ichi
Mutual Life Insurance
- Munich
Re Group
- Zurich
Financial Services and Prudential
Motorcycle Insurance Market
Regional Analysis:
Usage-based insurance (UBI), sometimes
known as compensation, pay-as-you-drive, or pay-as-you-go, is a kind of auto
insurance in which the insurer may track how far, where, and how a vehicle is
driven. UBI is often driven by telematics technology pre-installed in a
vehicle's network or accessible via a plug-in device/mobile application.
Telematics devices give insurers a wide range of data, such as braking and
acceleration, to monitor drivers' behaviour and vehicle usage. The insurers
determine the insurance premium for that specific policy based on the data
collected.
In industrialized countries such as the
United Kingdom, the United States, Japan, Germany, and Australia, most
individuals prefer to purchase vehicle insurance online rather than over the
phone or in person. With the highest number of internet users and the
advancement of web technologies, online sales of vehicle insurance are becoming
increasingly common in developed economies. According to Report, UK customers
are most likely to prefer the online channel for vehicle insurance. In the
United Kingdom, 81 per cent of respondents chose the online channel to purchase
car insurance, followed by Australia, where 60 per cent preferred the online
channel, and Japan, where 53 per cent preferred the online channel.
By Policy Type
- Liability
Insurance
- Comprehensive
And Collision Insurance
- Medical
Payments Insurance
- Others
By Application
- Personal
- Commercial
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