By the end of 2032, motorbike insurance 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 motorbike 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.
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.
Motorcycle Insurance Industrial News:
The research examines the top participants in the global motorbike 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.
Motorbike Insurance Market Segmentation:
By Policy Type
- Liability Insurance
- Comprehensive And Collision Insurance
- Medical Payments Insurance
- Others
By Application
- Personal
- Commercial
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