The Motor Vehicle Insurance market in EU-27 is witnessing significant developments and trends that are shaping the industry landscape.
Customer preferences: Customers in the EU-27 region are increasingly looking for motor vehicle insurance policies that offer comprehensive coverage at competitive prices. They prioritize insurers that provide quick and efficient claims processing, as well as additional benefits such as roadside assistance and coverage for alternative transportation in case of accidents.
Trends in the market: One prominent trend in the EU-27 Motor Vehicle Insurance market is the growing popularity of usage-based insurance (UBI) policies. Insurers are leveraging telematics technology to offer personalized premiums based on individual driving behavior, leading to more accurate risk assessment and pricing. Additionally, there is a rising demand for green vehicle insurance, reflecting the shift towards sustainability in the automotive industry.
Local special circumstances: In countries like Germany and France, where there is a strong automotive manufacturing presence, insurers are partnering with car manufacturers to offer bundled insurance packages at the point of sale. This trend not only enhances customer convenience but also allows insurers to tap into a wider customer base. Moreover, in countries with high rates of vehicle theft, such as Italy and Spain, there is a growing emphasis on anti-theft devices and comprehensive coverage options.
Underlying macroeconomic factors: The overall economic stability and disposable income levels in the EU-27 region play a crucial role in shaping the Motor Vehicle Insurance market. As the economy continues to recover from the impact of the global pandemic, there is a gradual increase in vehicle sales and registrations, driving the demand for insurance products. Additionally, regulatory changes and initiatives promoting road safety and insurance penetration are influencing market growth and competitiveness across EU member states.
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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