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
The Motor Vehicle Insurance market in Austria has been experiencing significant growth and evolution in recent years. Customer preferences in the Motor Vehicle Insurance market in Austria are shifting towards more personalized and flexible insurance solutions. Customers are increasingly looking for policies that offer tailored coverage options to meet their specific needs and preferences. Additionally, there is a growing demand for digital insurance services that provide convenience and ease of access for policy management and claims processing. Trends in the market indicate a rise in the adoption of usage-based insurance models in Austria. Insurers are leveraging telematics technology to track and analyze driver behavior, allowing for more accurate risk assessment and pricing. This trend is not only promoting safer driving habits but also enabling insurers to offer more competitive premiums to policyholders. Local special circumstances in Austria, such as the country's stringent regulatory environment and emphasis on road safety, are influencing the Motor Vehicle Insurance market. Insurers in Austria are required to comply with strict regulations to ensure consumer protection and fair competition within the industry. Moreover, the government's initiatives to promote road safety are driving awareness among motorists about the importance of having adequate insurance coverage. Underlying macroeconomic factors, including the overall economic stability and income levels in Austria, are also playing a role in shaping the Motor Vehicle Insurance market. As the economy continues to grow, there is a corresponding increase in the number of vehicles on the road, leading to higher demand for insurance products. Additionally, the rising disposable income levels among consumers are enabling them to invest in comprehensive insurance policies to protect their valuable assets.
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