According to the market assessment 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, which accounted for USD 761.24 billion in 2020, is anticipated to garner exponential returns by 2026.

Escalating vehicle sales, combined with the obligation to get vehicles insured across the globe, and the added risk of road accidents are the primary factors driving global motor insurance market growth.

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Further, the convenience of online motor insurance enabling the vehicle owners to get their vehicles insured from the comfort of their homes is bound to positively impact the growth trajectory of the industry in the forthcoming years.

Notably, integration of enhanced analytic tools which include geospatial analytics and big data analytics in motor insurance to limit spurious claims is expected to reap maximum profits for the market during the forecast timeline.

Despite the positive outlook, the onset of the Covid19 pandemic has ravaged the growth prospects of the marketplace in recent times. The lockdown restrictions across the globe have resulted in a drastic decline in automobile sales, adversely affecting the remuneration scope of offline dealers and insurers. 

Worldwide motor insurance market is bifurcated in terms of product type (comprehensive, third-party liability, others), end-user (commercial, personal), and distribution channel (online, offline).

From a regional standpoint, the market spans across Americas, Europe, and Asia Pacific. Each sub-market is thoroughly analyzed based on current trends, revenue amassed, and growth prospects thereby allowing stakeholders to  maximize their profit margins during the assessment timeframe.

The competitive terrain of this marketplace is defined by major players such as Allianz SE, American International Group, Inc., Assicurazioni Generali S.p.A., RSA Insurance Group Limited, Hanover Insurance Group, Inc., The Hartford Financial Services Group, Inc., The Progressive Corporation, Zurich Insurance Group Ltd., Axa S.A., and The Allstate Corporation.

These companies are directing efforts toward undertaking strategic mergers, acquisitions, and partnership deals to maintain a strong presence in global motor insurance industry.