Definition:
Motor vehicle insurance, often referred to as auto insurance, is a type of coverage that offers financial protection to individuals who own or operate vehicles like cars, motorcycles, or trucks. When you have motor vehicle insurance, you pay regular premiums to an insurance company, and in return, the insurer helps cover the costs associated with accidents, damages, and injuries related to your vehicle. This insurance market is essential for providing security and financial assistance in case of accidents, ensuring that individuals can repair or replace their vehicles.Additional information:
The market contains the following KPIs: gross written premium aggregated for all countries and regions, gross written premium per capita, and the share of insureds in the total population for over 50 countries.Notes: Data was converted from local currencies using average exchange rates of the respective year.
Most recent update: Sep 2024
Source: Statista Market Insights
Notes: Data was converted from local currencies using average exchange rates of the respective year.
Most recent update: Sep 2024
Source: Statista Market Insights
Most recent update: Sep 2024
Source: Statista Market Insights
Over the past few years, the Motor Vehicle Insurance market in Argentina has been witnessing significant growth and evolution. Customer preferences in the Motor Vehicle Insurance market in Argentina are shifting towards more comprehensive coverage options that provide a wider range of benefits and protection. Customers are increasingly looking for policies that not only cover damages resulting from accidents but also include additional services such as roadside assistance and coverage for theft or natural disasters. Trends in the market indicate a rise in the adoption of usage-based insurance in Argentina. This innovative approach allows insurance companies to tailor premiums based on individual driving behavior, promoting safer practices on the roads. Moreover, there is a growing demand for digital insurance solutions, making it more convenient for customers to purchase and manage their policies online. Local special circumstances, such as the high rate of vehicle theft in certain regions of Argentina, have contributed to the growing importance of comprehensive insurance coverage. This trend is further amplified by the increasing number of vehicles on the road, leading to a higher demand for insurance protection against potential risks. Underlying macroeconomic factors, including the overall economic stability and disposable income levels of the population, play a crucial role in shaping the Motor Vehicle Insurance market in Argentina. As the economy continues to recover and consumer purchasing power strengthens, more individuals are able to afford insurance policies, driving the growth of the market. Additionally, regulatory changes and government initiatives aimed at promoting insurance coverage also influence the development of the market in Argentina.
Most recent update: Sep 2024
Source: Statista Market Insights
Data coverage:
Data encompasses B2B and B2C enterprises. Figures are based on gross written premium, gross written premium per capita, gross claim payments, loss ratio, and distribution channels.Modeling approach / Market size:
Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market layer. As a basis for evaluating markets, we use industry associations, national statistic offices, and international organizations, such as OECD. Next we use relevant key market indicators and data from country-specific associations such as insurance consumer spending, gross domestic product, insurance - consumer price index (CPI), population growth. This data helps us to estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing and HOLT-linear. The main drivers are insurance consumer spending and insurance - consumer price index (CPI).Additional Notes:
The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.Notes: Based on data from IMF, World Bank, UN and Eurostat
Most recent update: Sep 2024
Source: Statista Market Insights