Motor Vehicle Insurance - Israel | Statista Market Forecast

The Motor Vehicle Insurance market market in Israel is expected to witness significant growth in the coming years.
According to projections, the market size, measured by gross written premium, is projected to reach US$4.90bn by 2024.
Additionally, it is estimated that the average spending per capita in the Motor Vehicle Insurance market market will amount to US$526.10 in 2024.
Furthermore, the market is expected to continue its growth trajectory, with a compound annual growth rate (CAGR) of 3.59% between 2024 and 2029.
This growth is anticipated to result in a market volume of US$5.84bn by 2029.
When comparing the Motor Vehicle Insurance market market globally, it is worth noting that the United States is expected to generate the highest gross written premium, reaching a staggering US$341.6bn in 2024.
This highlights the significant market size and potential of the United States in the Motor Vehicle Insurance market segment.
Overall, the Motor Vehicle Insurance market market in Israel is projected to experience substantial growth in the coming years, contributing to the country's overall insurance industry.
In Israel, there is a growing trend of motor vehicle insurance companies offering personalized coverage options tailored to the unique driving habits and risks of Israeli drivers.

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 Israel has been experiencing significant growth and development in recent years. Customer preferences in the Motor Vehicle Insurance market in Israel are shifting towards more personalized and flexible insurance options. Customers are increasingly looking for tailored insurance plans that suit their individual needs and driving habits. This trend is in line with global market preferences, where customers are seeking more control and customization in their insurance coverage. Trends in the Motor Vehicle Insurance market in Israel indicate a rise in the adoption of telematics technology. Insurers are leveraging telematics devices to collect data on driving behavior, allowing them to offer usage-based insurance plans. This trend is driven by the growing demand for more accurate risk assessment and pricing in the market. Additionally, there is a noticeable increase in the popularity of online insurance platforms, making it more convenient for customers to compare policies and make purchases digitally. Local special circumstances in Israel, such as the high rate of road accidents and vehicle theft, are influencing the Motor Vehicle Insurance market. The country's unique geopolitical situation and security concerns also play a role in shaping insurance products and pricing. Insurers in Israel are adapting their offerings to address these specific risks and challenges faced by drivers in the region. Underlying macroeconomic factors, including the overall economic stability and regulatory environment in Israel, are supporting the growth of the Motor Vehicle Insurance market. As the economy continues to expand, there is a growing middle class with disposable income to spend on insurance products. Additionally, government regulations aimed at improving road safety and insurance coverage are driving market development and innovation in the sector.

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.