According to the research 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 worth USD 761.24 billion in the year 2020 and is anticipated to garner sizeable returns by the year 2026.
 

Rising sales of new vehicles, along with mandatory requirement of vehicle insurance in several countries are the primary growth catalysts for global motor insurance market growth. Also, increasing risk of driving because of bustling traffic is impelling the industry growth.
 

Request sample copy of this report: https://www.marketstudyreport.com/request-a-sample/4226454/
 

According to the report, development of new analytics approaches to identify and eliminate false claims will augment the market share. Insurance companies are using modern solutions like Big Data analytics and geospatial analytics to reduce fraud claim losses.
 

Changes in existing vehicle insurance policies, such as pay-as-you-drive, usage-based insurance, and telematics insurance, have lately gained traction as a strategy to improve claim processes and deal with uncommon circumstances, thereby improving the industry outlook.
 

However, market growth is being hampered by rising car maintenance expenses, high claim prices, and risky driving practices. Furthermore, because to lower car sales, the COVID-19 pandemic had a negative impact on global motor insurance market trends. During the lockdown, offline insurers and dealers were severely impacted, with no vehicle purchases or sales.
 

In terms of product type, the market is classified into third party liability, comprehensive, and others. Speaking of end user terrain, the market is split into personal, and commercial.
 

The industry is divided into two categories based on distribution channels: offline, and online. Among these, the online segment held a substantial market share in the recent past, as it allows consumers to insure their vehicles from the comfort of their own homes or from anywhere. 
 

Coming to the regional aspect, the market study spans across America (US, Canada, Brazil), Europe (France, Italy, Germany, UK), Asia Pacific (India, Japan, China), and MEA.
 

Speaking of competitive arena, top contenders influencing the worldwide motor insurance industry dynamics are Axa S.A., Allstate Corporation, Zurich Insurance Group Ltd., The Hartford Financial Services Group Inc., Progressive Corporation, Hanover Insurance Group Inc., Assicurazioni Generali S.p.A., American International Group Inc., RSA Insurance Group Limited, and Allianz SE.