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 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 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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