The Motor Vehicle Insurance market in BRICS countries is witnessing significant growth and development.
Customer preferences: Customers in BRICS countries are increasingly seeking comprehensive motor vehicle insurance coverage to protect their vehicles against various risks such as accidents, theft, and natural disasters. They are also showing a growing interest in value-added services such as roadside assistance and quick claims processing.
Trends in the market: In Brazil, there is a rising demand for motor vehicle insurance driven by an increase in vehicle sales and a growing awareness of the importance of insurance coverage. Russia is experiencing a trend towards digitalization in the motor insurance sector, with more customers opting to purchase policies online. In India, the market is seeing a shift towards usage-based insurance, where premiums are based on the actual usage of the vehicle. China is witnessing a trend of insurers leveraging big data and telematics to offer personalized insurance products to customers. South Africa is experiencing a trend of insurers focusing on innovative product offerings to cater to the diverse needs of customers.
Local special circumstances: Brazil has a large population of vehicle owners, creating a substantial market for motor vehicle insurance. Russia has a unique landscape with vast territories, leading to varying insurance requirements across different regions. India has a rapidly growing middle class with increasing purchasing power, driving the demand for motor vehicle insurance. China has a massive automotive market with a high number of vehicles on the road, necessitating robust insurance coverage. South Africa has a diverse population with different levels of insurance awareness, prompting insurers to tailor their products accordingly.
Underlying macroeconomic factors: The economic growth in BRICS countries is contributing to an increase in vehicle sales and ownership, thereby boosting the demand for motor vehicle insurance. Regulatory developments and initiatives to enhance road safety and insurance penetration are also shaping the motor insurance market in these countries. Additionally, advancements in technology and data analytics are enabling insurers to better assess risks and offer competitive insurance products to customers in the BRICS region.
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.
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