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Motor Vehicle Insurance - EAEU

EAEU
  • The Motor Vehicle Insurance market market in the country of EAEU is expected to witness significant growth in the coming years.
  • According to projections, the market size, measured by gross written premium, is set to reach US$13.35bn in 2024.
  • This indicates a positive trend and highlights the potential for growth in this segment within the EAEU region.
  • Furthermore, the average spending per capita in the Motor Vehicle Insurance market market is estimated to be US$73.03 in 2024.
  • This figure provides insight into the level of individual investment in insurance coverage for motor vehicles, reflecting the importance placed on protecting assets and mitigating risks.
  • Looking ahead, the gross written premium is anticipated to exhibit an annual growth rate of 4.42% between 2024 and 2029, resulting in a market volume of US$16.58bn by the end of the latter year.
  • This projection further emphasizes the upward trajectory of the Motor Vehicle Insurance market market within the EAEU region.
  • In a global context, it is noteworthy that the United States is expected to generate the highest gross written premium in the Motor Vehicle Insurance market market, amounting to US$341.6bn in 2024.
  • This serves as a benchmark for comparison and highlights the dominance of the United States in terms of market size within the Motor Vehicle Insurance market industry.
  • Motor vehicle insurance in the EAEU has seen a significant increase in demand due to the rise in car ownership and the need for comprehensive coverage.

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.

In-Scope

  • Insurance of land motor vehicles

Out-Of-Scope

  • Accident insurance
  • Insurance for aerial vehicles
  • Insurance for watercraft
  • insurance for spacecraft
  • All other insurance types, such as life insurance and health insurance
  • Reinsurance
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Non-life Insurances: market data & analysis

Study Details

    Gross Written Premium

    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

    Analyst Opinion

    The Motor Vehicle Insurance market in EAEU is experiencing significant growth and development.

    Customer preferences:
    Customers in the EAEU region are increasingly valuing comprehensive motor vehicle insurance coverage that provides protection not only for their own vehicles but also for third-party liabilities. This shift towards more extensive coverage is being driven by a growing awareness of the potential risks and costs associated with accidents and vehicle damage.

    Trends in the market:
    In EAEU countries, there is a noticeable trend towards the adoption of usage-based insurance policies, where premiums are determined based on individual driving behavior. This innovative approach appeals to customers looking for more personalized and potentially cost-effective insurance options. Additionally, there is a rise in the demand for digital insurance services, with more customers opting to purchase and manage their motor vehicle policies online.

    Local special circumstances:
    One of the key factors influencing the Motor Vehicle Insurance market in the EAEU region is the regulatory environment. The harmonization of insurance regulations among EAEU member states has facilitated cross-border insurance activities and increased market competitiveness. This has led to a broader range of insurance products and services being available to customers, driving market growth.

    Underlying macroeconomic factors:
    Economic stability and income growth in EAEU countries are also contributing to the development of the Motor Vehicle Insurance market. As disposable incomes rise, more individuals are purchasing vehicles, thereby expanding the potential customer base for insurance providers. Moreover, the overall economic growth in the region is boosting consumer confidence and willingness to invest in insurance products for added financial security.

    Methodology

    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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    Key Market Indicators

    Notes: Based on data from IMF, World Bank, UN and Eurostat

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Explore more high-quality data on related topic

    Motor insurance in the U.S. - statistics & facts

    As the population of the United States grows, so too does the number of drivers on the road and thus the customer base for motor insurance. In 2022, there were over 280 million registered vehicles on the roads in the United States. Of those millions of registered vehicles, each year there are also millions of vehicle crashes. Road traffic fatalities in the U.S. peaked in 2021. So while many individuals feel secure in their vehicles, the statistics indicate the importance of automobile insurance and in most cases, auto insurance is required by law. Auto insurance is important because it not only covers any physical damage that may occur in an accident, but also any damage or injury that might be caused because of a vehicular accident or which may be done upon oneself or one’s vehicle by another vehicle or accident – a falling tree for example.
    More data on the topic

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