The data is formatted as a spreadsheet, encompassing the primary activities over a span of three full years (November 2015 to December 2018) concerning non-life motor insurance portfolio. This dataset comprises 105,555 rows and 30 columns. Each row signifies a policy transaction, while each column represents a distinct var

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Motor Vehicle Insurance Market Size 2024-2028

The motor vehicle insurance market size is forecast to increase by USD 545.9 billion at a CAGR of 10.44% between 2023 and 2028.

The market is witnessing significant growth due to the digitalization of the industry and increasing regulations on mandatory insurance coverage in various countries. The integration of artificial intelligence and insurtech solutions is revolutionizing the market, enabling advanced data analytics and personalized insurance policies. Telematics and automation are key trends, with insurers utilizing real-time data from vehicles to assess risk and offer customized premiums. Digital payment methods, including wallets, are gaining popularity for their convenience and security. In the US, road safety remains a top priority, leading to a tightening regulatory environment for insurance players. Commercial vehicle insurance is another growing segment, as businesses seek comprehensive coverage for their fleets.Overall, the market is poised for continued growth, driven by technological advancements and regulatory requirements.

What will be the Size of the Motor Vehicle Insurance Market during the forecast period?

Request Free SampleThe market is a significant segment of the non-life insurance industry, providing financial protection to vehicle owners against risks and liabilities associated with personal transportation. In the current year, this market continues to exhibit robust growth, driven by the dynamic automotive sector and increasing disposable income of consumers. With the rise of usage-based insurance programs, premiums are becoming more personalized, reflecting individual driving habits. The claims process is being streamlined through automation, enhancing customer experience. Sustainable insurance options are gaining traction, as consumers seek to reduce their carbon footprint. Motor vehicles encompass a wide range of categories, including cars, trucks, motorcycles, and more.Regardless of the specific type of vehicle, the necessity for adequate insurance coverage remains a priority for consumers seeking financial security against damages and potential liabilities.

How is this Motor Vehicle Insurance Industry segmented?

The motor vehicle insurance industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments. ApplicationPersonalCommercialDistribution ChannelBrokersDirectBanksOthersGeographyNorth AmericaUSAPACChinaJapanEuropeUKFranceSouth AmericaMiddle East and Africa

By Application Insights

The personal segment is estimated to witness significant growth during the forecast period.Motor vehicle insurance is a necessary financial protection for vehicle owners, mandated by law for both comprehensive and third-party liability policies. Personal insurance, an optional add-on, covers accidental injuries to the vehicle owner or driver. This coverage is issued In the owner's name, requiring a valid driving license for eligibility. The dynamic automotive sector, influenced by factors like disposable income, personal transportation needs, and advanced technology, drives the growth of the non-life insurance industry. Technologies such as Artificial Intelligence, Internet of Things, Machine Learning, Telematics, and digital adoption are transforming the market. Consumers seek convenience through agents, portals/apps, and online insurance segment offerings, including discounts, offers, and aggregators.Factors like internet penetration, financial products, and awareness of insurance impact consumer spending. Risks and liabilities, usage-based insurance programs, premiums, driving habits, and claims process automation enhance the customer experience. Sustainable insurance options, such as electric vehicles and green vehicle technology, reduce accident frequency and severity. Underwriting, eco-friendly practices, paperless policies, and carbon footprint considerations contribute to the market's growth.

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The Personal segment was valued at USD 577.60 billion in 2018 and showed a gradual increase during the forecast period.

Regional Analysis

North America is estimated to contribute 38% to the growth of the global market during the forecast period.Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

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The North American the market is a substantial segment of the global non-life insurance industry, fueled by a large vehicle population, stringent regulations, and advanced technology integration. The U.S. And Canada lead this market, with the U.S. Holding the l

Graph and download economic data for Expenditures: Vehicle Insurance by Race: White and All Other Races, Not Including Black or African American (CXU500110LB0903M) from 2003 to 2023 about insurance, vehicles, white, expenditures, and USA.

Graph and download economic data for Producer Price Index by Industry: Direct Property and Casualty Insurers: Private Passenger Auto Insurance (PCU5241265241261) from Jun 1998 to Feb 2025 about property-casualty, passenger, insurance, vehicles, private, PPI, industry, inflation, price index, indexes, price, and USA.

A comparison of standardized ESG scores of the 27 largest insurance companies in the world shows significant differences between ESG score providers in many cases. The world's largest insurer by market capitalization, UnitedHealth, saw the largest range of scores, with S&P rating the company with the score of 44 out of 100 (indicating the company has a high level of ESG risk), while Sustainalytics awarded the equivalent score of 16.6 out of 100 (indicating a low average level of ESG risk). MSCI was somewhere in the middle, awarding a score which was the equivalent of 64.3. However, there was also some degree of convergence between the three ESG score providers as well. For example, all three companies awarded high ESG scores (indicating low risk) to most of the large European insurers such as Allianz, Munich Re, AXA, and Zurich Insurance Group. What do ESG scores mean?Environmental, social, and governance (ESG) scores are a vital investor tool used to assess a company's sustainability and ethical performance. As mentioned briefly above, ESG scores range from 0 to 100, with a score of more than 70 considered good, and a score of less than 50 considered relatively poor. In 2021, a survey was carried out to determine investor satisfaction with the quality of ESG reporting globally. It was found that the largest share of investors reported poor satisfaction with their ESG reporting. Allianz is one of Europe's leading insurer groupsAmong the European insurance companies that were awarded high ESG scores, Allianz was the largest in terms of market capitalization, which amounted to nearly 132.16 billion U.S. dollars as of February 2025. One of the world's leading insurers, Allianz is a German financial services company headquartered in Munich that provides insurance and asset management as its core business products. In 2023, the Allianz Group generated the highest revenues recorded during the period of observation, amounting to a value of over 160 billion euros.

The statistic presents the value of gross premiums written by motor vehicle insurance companies in India from 2009 to 2013 and a forecast thereof until 2025. The value of motor vehicle insurance sector in India amounted to approximately 5.59 billion U.S. dollars in 2013 and it was projected to grow to approximately 17.4 billion U.S. dollars in 2025.

Germany Vehicle Cost Index: Vehicle Insurance data was reported at 98.200 2000=100 in 2007. This records an increase from the previous number of 96.500 2000=100 for 2006. Germany Vehicle Cost Index: Vehicle Insurance data is updated yearly, averaging 100.450 2000=100 from Dec 2002 (Median) to 2007, with 6 observations. The data reached an all-time high of 104.500 2000=100 in 2002 and a record low of 96.500 2000=100 in 2006. Germany Vehicle Cost Index: Vehicle Insurance data remains active status in CEIC and is reported by German Association of the Automotive Industry. The data is categorized under Global Database’s Germany – Table DE.RA015: Vehicle Cost Index (2000=100).

Graph and download economic data for Personal consumption expenditures: Services: Net motor vehicle and other transportation insurance (chain-type price index) (DTINRG3A086NBEA) from 1929 to 2024 about chained, insurance, transportation, PCE, vehicles, consumption expenditures, Net, consumption, personal, services, GDP, price index, indexes, price, and USA.

India's Car Insurance Market is Segmented by Coverage (third-Party Liability Coverage, Collision/comprehensive/other Optional Coverage), Application (personal Vehicles, Commercial Vehicles), and Distribution Channels (direct Sales, Individual Agents, Brokers, Banks, Online, and Other Distribution Channels). The Report Offers Market Size and Forecasts for the Indian Car Insurance Market in Value (USD) for all the Above Segments.

Michigan had the most expensive car insurance premiums at 2,352 U.S. dollars for minimum coverage in 2023, though the premiums in many states fell in that year. The annual premium in Florida also fell by almost 1,000 U.S. dollars in 2023. This trend occurred in many high premium states.

Why it varies state by state

The huge variance in premiums between states is due to the difference in state laws, the percentage of uninsured drivers in the state, the frequency of natural disasters and claim rates. For instance, Michigan has a no-fault car insurance system, which means that claims are more common. This drives up the cost of insurance for all drivers, because insurers need to pay out more money in claims.

Male drivers also pay more

There is also a difference between premiums among different age groups. In 2023, 20-year old male drivers paid roughly 15 U.S. dollars more per month than 20-year old female drivers did. This is due to the higher incidence of accidents in amongst young male drivers. This means that young drivers in states which already have higher premiums must pay a lot for car insurance.

This statistic represents the results of a survey on consumer interest in data-sharing connected vehicles providing customized vehicle insurance plans in China as of 2019. During the survey period, around 73 percent of Chinese respondents said that they would be somewhat or very interested in such a feature upon data sharing.

This data set measures and describes participation in PIRP. The researcher may ascertain how many motorists have completed the course and tabulate subsets by: year and month of course completion; motorist residency, age and sex; course provider and delivery method.

China's Car Insurance Market is Segmented by Coverage (third-Party Liability Coverage, Collision/comprehensive/other Optional Coverage), Application (personal Vehicles, Commercial Vehicles), and Distribution Channel (direct Sales, Individual Agents, Brokers, Banks, Online, and Other Distribution Channels). The Report Offers Market Size and Forecasts for the China Car Insurance Market in Value (USD) for all the Above Segments.

This statistic shows the likelihood of customers sharing data with their car insurer in exchange for benefits in the United States in 2017. During the survey, 39 percent of the respondents said they would consider it.

We provide high-quality, real-time vehicle data collected from a fleet of over 150,000 vehicles, offering granular insights into driving behavior, battery health, and charging patterns. All of our data is collected with 100% informed driver consent, ensuring full transparency and compliance with privacy standards. This consent allows us to gather telemetry and identity data through direct connections to the vehicles via APIs or installed hardware, providing accurate, actionable insights for various industries.

Our data stands out for its granularity and real-time nature, which is critical for applications that require precise, up-to-date information. Unlike aggregated data sources, our direct vehicle connections ensure accuracy and help eliminate the need for assumptions, making our dataset ideal for applications in sectors like energy optimization, insurance, and autonomous vehicle development.

For energy companies, our data provides insights into optimal charging locations, battery life cycles, and energy consumption, enabling more efficient management of EV charging infrastructure. In the insurance sector, the data allows for usage-based insurance (UBI) models that personalize premiums based on real-world driving habits, reducing the risk for insurers and incentivizing safer driving. For autonomous vehicle (AV) development, our data helps train AI models by offering real-time insights into driving behavior and environmental factors, enhancing the safety and reliability of AV systems.

Moreover, our platform also enables fleet management, smart city planning, and urban mobility solutions by providing data on traffic patterns, vehicle usage, and congestion points. This helps transportation agencies and departments of transportation make data-driven decisions for public infrastructure improvements and sustainability efforts.

The ability to collect and process data with informed consent ensures that all participants understand how their data is used, maintaining trust and compliance with data privacy regulations. With our direct connections to vehicles and real-time data processing, we provide the most accurate and actionable insights available for industries looking to optimize operations, enhance customer experiences, and drive smarter, more efficient solutions.

In 2015, State Farm had the largest combined loss ratio out of all leading car insurance companies in the United States.

Car Insurance

Car insurance seeks to protect motor vehicle drivers and pedestrians in cases of accidents and damage. In the United States, almost all states require vehicle insurance on registered cars. There are some exceptions, where uninsured motor vehicle fees can be paid. Car insurance is more expensive for young drivers, as they are deemed more of a liability. Premium prices decrease as the driver gets older. Almost half of the consumers in the United States found that their car insurance companies were largely trustworthy. However, only a small margin of consumers found peer-to-peer car insurance trustworthy.

Car Insurance Companies

In addition to having the largest combined loss ratio in 2015, State Farm also had the largest market share among leading writers of private passenger auto insurance companies in the United States in terms of direct premiums written. Furthermore, they spent the most amount of money on advertising spending in the United States compared to other leading personal auto insurance companies that same year.

United States CPI UW: Transport: Private: Motor Vehicle Insurance data was reported at 2.375 % in Jun 2018. This records a decrease from the previous number of 2.376 % for May 2018. United States CPI UW: Transport: Private: Motor Vehicle Insurance data is updated monthly, averaging 2.415 % from Jan 1998 (Median) to Jun 2018, with 246 observations. The data reached an all-time high of 2.635 % in Dec 2017 and a record low of 1.897 % in Jul 2008. United States CPI UW: Transport: Private: Motor Vehicle Insurance data remains active status in CEIC and is reported by Bureau of Labor Statistics. The data is categorized under Global Database’s USA – Table US.I010: Consumer Price Index: Urban: Weights.

United States - Personal consumption expenditures: Services: Net motor vehicle and other transportation insurance was 108.88300 Bil. of $ in January of 2024, according to the United States Federal Reserve. Historically, United States - Personal consumption expenditures: Services: Net motor vehicle and other transportation insurance reached a record high of 108.88300 in January of 2024 and a record low of 0.11000 in January of 1932. Trading Economics provides the current actual value, an historical data chart and related indicators for United States - Personal consumption expenditures: Services: Net motor vehicle and other transportation insurance - last updated from the United States Federal Reserve on March of 2025.

The DFS ranks automobile insurance companies doing business in New York State based on the number of consumer complaints upheld against them as a percentage of their total business over a two-year period. Complaints typically involve issues like delays in the payment of no-fault claims and nonrenewal of policies. Insurers with the fewest upheld complaints per million dollars of premiums appear at the top of the list. Those with the highest complaint ratios are ranked at the bottom.

Graph and download economic data for Expenditures: Vehicle Insurance by Hispanic or Latino Origin: Not Hispanic or Latino: White and All Other Races, Not Including Black or African American (CXU500110LB1004M) from 2003 to 2023 about insurance, vehicles, white, expenditures, latino, hispanic, and USA.