The Motor Vehicle Insurance market in Eastern Asia is experiencing significant growth and evolution. Customer preferences in the region are shifting towards comprehensive coverage that not only protects against accidents but also includes additional benefits such as roadside assistance and coverage for natural disasters. In Japan, there is a noticeable trend towards usage-based insurance, where premiums are based on individual driving behavior and mileage. This personalized approach is gaining popularity as customers seek more control over their insurance costs. In South Korea, the market is seeing a rise in demand for eco-friendly car insurance options, reflecting the growing environmental consciousness among consumers. Policies that offer incentives for owning electric or hybrid vehicles are becoming increasingly popular. Local special circumstances in China include the government's efforts to promote the adoption of electric vehicles. As the country aims to reduce emissions and combat pollution, there is a growing emphasis on insurance products tailored to the needs of electric car owners. In Taiwan, the market is influenced by the island's unique geography, which makes it prone to natural disasters such as typhoons. This has led to an increased demand for insurance coverage that specifically addresses the risks associated with extreme weather events. Underlying macroeconomic factors, such as overall economic growth and disposable income levels, play a significant role in the development of the Motor Vehicle Insurance market in Eastern Asia. As the region continues to experience economic prosperity, more individuals are purchasing vehicles and seeking comprehensive insurance coverage to protect their assets. Additionally, regulatory changes and advancements in technology are shaping the market landscape and driving innovation in insurance products and services.
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.
Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)
