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 Canada has been experiencing significant growth and transformation in recent years.
Customer preferences: Customers in Canada are increasingly looking for personalized and flexible motor vehicle insurance options that cater to their specific needs. There is a growing demand for usage-based insurance policies and digital platforms that offer convenience and transparency in the purchasing process.
Trends in the market: One notable trend in the Canadian Motor Vehicle Insurance market is the rise of telematics technology, which allows insurance companies to collect data on driving behavior to determine premiums. This trend is driving innovation in the industry and leading to more tailored insurance products for customers. Additionally, there is a shift towards eco-friendly vehicles, prompting insurance companies to offer specialized coverage for electric cars and hybrids.
Local special circumstances: Canada's diverse geography and varying weather conditions play a significant role in shaping the Motor Vehicle Insurance market. Regions prone to extreme weather events may see higher insurance premiums, while urban areas with higher traffic congestion could experience an increase in claims. Moreover, provincial regulations and insurance laws can impact the market dynamics, leading to differences in pricing and coverage options across the country.
Underlying macroeconomic factors: The overall economic stability and growth in Canada are influencing the Motor Vehicle Insurance market. As the economy expands, there is a corresponding increase in vehicle sales and registrations, driving the demand for insurance coverage. Additionally, regulatory changes and government initiatives aimed at promoting road safety and reducing accidents are shaping the insurance landscape in the country.
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