Motor Vehicle Insurance - Iraq | Statista Market Forecast

The Motor Vehicle Insurance market market in Iraq is projected to reach a market size (gross written premium) of US$1.26bn in 2024.
The average spending per capita in the Motor Vehicle Insurance market market in Iraq is expected to amount to US$27.01 in 2024.
Over the period of 2024-2029, the gross written premium in Iraq is forecasted to have an annual growth rate (CAGR 2024-2029) of 0.97%, resulting in a market volume of US$1.32bn by 2029.
In global comparison, the United States is expected to generate the highest gross written premium of US$341.6bn in 2024.
Despite the challenges faced by the Iraqi motor vehicle insurance market, there is a growing demand for comprehensive coverage due to increasing vehicle ownership and the need for financial protection.

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.

Insurance of land motor vehicles

Accident insurance
Insurance for aerial vehicles
Insurance for watercraft
insurance for spacecraft
All other insurance types, such as life insurance and health insurance
Reinsurance

The Motor Vehicle Insurance market in Iraq has been showing steady growth and development in recent years. Customer preferences in the Motor Vehicle Insurance market in Iraq are shifting towards comprehensive coverage options that provide a wide range of benefits and protections. Customers are increasingly looking for policies that not only cover damages to their vehicles but also offer additional services such as roadside assistance and quick claims processing. Trends in the market indicate a growing awareness among Iraqi drivers about the importance of having motor vehicle insurance. As more people recognize the benefits of being insured, the demand for insurance policies is on the rise. Additionally, insurance companies are introducing innovative products tailored to the needs of the local market, further fueling this growth. Local special circumstances in Iraq, such as an increase in the number of vehicles on the road due to economic development and urbanization, are contributing to the expansion of the Motor Vehicle Insurance market. With more cars on the streets, the need for insurance coverage has become paramount, driving the market forward. Underlying macroeconomic factors, including a stable economy and government initiatives to promote financial security, are also playing a role in the growth of the Motor Vehicle Insurance market in Iraq. As the overall economic conditions in the country improve, more people are able to afford insurance policies, leading to a larger customer base for insurance providers. Additionally, government efforts to enforce mandatory insurance requirements are further boosting the market.

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.

This report presents a comprehensive analysis and additional information on the Financial market, in a PDF format.

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.