The Motor Vehicle Insurance market in Southern Europe is experiencing notable developments and trends driven by various factors.
Customer preferences: Customers in Southern Europe are increasingly looking for motor vehicle insurance policies that offer comprehensive coverage at competitive prices. They prioritize insurance providers that offer personalized services and quick claims processing. Additionally, there is a growing demand for digital solutions and online platforms for purchasing and managing insurance policies.
Trends in the market: In Italy, the motor vehicle insurance market is seeing a trend towards usage-based insurance, where premiums are based on individual driving behavior. This trend is driven by the desire for more customized insurance plans and the adoption of telematics technology. In Spain, there is a noticeable shift towards eco-friendly insurance options for electric and hybrid vehicles, reflecting the growing awareness of environmental sustainability among consumers.
Local special circumstances: In Greece, the motor vehicle insurance market is influenced by the high incidence of uninsured drivers, leading to higher premiums for insured drivers. This has prompted the government to introduce measures to tackle uninsured driving and improve overall market stability. In Portugal, the market is characterized by a strong presence of bancassurance, where insurance products are sold through banking channels. This distribution model has a significant impact on the motor vehicle insurance landscape in the country.
Underlying macroeconomic factors: The economic recovery in Southern Europe following the financial crisis has contributed to an increase in vehicle sales and registrations, subsequently driving the demand for motor vehicle insurance. As disposable incomes rise and consumer confidence improves, more individuals are purchasing vehicles and seeking insurance coverage. Additionally, regulatory changes and initiatives aimed at enhancing road safety and insurance market transparency are shaping the motor vehicle insurance sector in the region.
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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