As per the report titled ‘Global Motor Insurance Market (2021 Edition) - Analysis by Product Type (Third Party Liability, Comprehensive, Others), End User (PV, CV), Distribution Channel, By Region, By Country: Market Insight, Competition and Forecast (2021-2026)’, available with MarketStudyReport, global motor insurance market was valued USD 761.24 billion in 2020 and is anticipated to exhibit a healthy growth rate throughout 2021-2026.

According to the findings of experts, mandates regarding vehicle insurance, escalating sales of new vehicles, and availability of insurance through online mediums are fueling global motor insurance market growth.

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Moreover, adoption of enhanced analytics tools to reduce fake claims is boosting the industry the growth. Insurance companies are now leveraging tools like geospatial analytics and big data analytics to reduce losses from fraud claims. Besides, high costs of claims, escalating costs of vehicle repairs, and unsafe driving practices are anticipated to ensure a sustained market demand in the upcoming years.

Notably, new developments in existing motor policies such as usage-based insurance, pay-as-you-drive, or telematics insurance are gaining traction to improve the claim processes and address unprecedented circumstances.

Elaborating on the COVID-19 impact, the industry was severely impacted as automobile sales saw a steep decline; however, the digital space did provide some respite. The worst impact was majorly felt by dealers and offline insurers.

Based on the product type, worldwide moto insurance market is divided into comprehensive, third-party liability, and others. In terms of end-user, the industry is split between PV and CV. Moving to the distribution channel, the segmentation comprises offline and online.

With respect to the geographical bifurcation, the Americas (United States, Canada, Brazil), Europe (United Kingdom, Italy, France,), and Asia Pacific (India, China, Japan) are the major geographies highlighted in the research document.

Speaking of the competitive landscape, Allianz SE, American International Group, Assicurazioni Generali, RSA Insurance Group, Hanover Insurance Group Inc., Hartford, Progressive Corporation, Zurich Insurance Group, and AXA SA are the major players influencing global motor insurance market trends. These players are focusing on adopting new digital technologies, partnerships, and new service launches to improve their foothold in the market.