motorbike insurance is expected to outstretch USD 95.40 Million by the end of 2032, with a growth rate of 4.50% CAGR between 2023 and 2032.
The increase in the frequency of
accidents, the implementation of strict government regulations requiring
vehicle insurance, and the increase in automotive sales worldwide are driving
the global auto insurance market's expansion.
The non-life insurance industry is
concentrated on motor insurance. The gross premium written for global non-life
insurance is growing, with the growth in gross premium written from motor
vehicle insurance being the primary driver. Because insurers collect the most
premiums in motor vehicle insurance, growth in this sector is frequently
important in explaining overall developments in the non-life sector. This line
of business has been highlighted as a key driver of non-life sector development
in several nations.
Due to transportation and travel
limitations caused by the COVID-19 epidemic, sales of motorbike insurance
coverage were paused. However, governments' relaxation of lockdown restrictions
increased motorcycle sales and, as a result, their policies. The recovery of
two-wheeler sales in rural and semi-urban regions can increase market demand.
Government assistance for economic recovery has also affected customer opinion
during the epidemic.
Motorcycle Insurance Market Key
Players
- GEICO
- Farmers
Insurance
- Allstate
- Aviva
- PingAn
- Assicurazioni
Generali
- Cardinal
Health
- State
Farm Insurance
- Dai-ichi
Mutual Life Insurance
- Munich
Re Group
- Zurich
Financial Services and Prudential
Motorcycle Insurance Market
Regional Analysis:
Usage-based insurance (UBI), sometimes
known as compensation, pay-as-you-drive, or pay-as-you-go, is a kind of auto
insurance in which the insurer may track how far, where, and how a vehicle is
driven. UBI is often driven by telematics technology pre-installed in a
vehicle's network or accessible via a plug-in device/mobile application.
Telematics devices give insurers a wide range of data, such as braking and
acceleration, to monitor drivers' behaviour and vehicle usage. The insurers
determine the insurance premium for that specific policy based on the data
collected.
In industrialized countries such as the
United Kingdom, the United States, Japan, Germany, and Australia, most
individuals prefer to purchase vehicle insurance online rather than over the
phone or in person. With the highest number of internet users and the
advancement of web technologies, online sales of vehicle insurance are becoming
increasingly common in developed economies. According to Report, UK customers
are most likely to prefer the online channel for vehicle insurance. In the
United Kingdom, 81 per cent of respondents chose the online channel to purchase
car insurance, followed by Australia, where 60 per cent preferred the online
channel, and Japan, where 53 per cent preferred the online channel.
Motorcycle Insurance Industrial
News:
The research examines the top participants in the
global motorbike insurance market. With many
competitors participating in the industry analyzed, the market is extremely
segmented in market share. Companies have shifted their attention to delivering
customized solutions to attract more consumers and expand their product line.
Large insurance companies are looking to collaborate with rising innovative
startups to get access to new market opportunities.
Motorbike Insurance Market Segmentation:
By Policy Type
- Liability
Insurance
- Comprehensive
And Collision Insurance
- Medical
Payments Insurance
- Others
By Application
- Personal
- Commercial
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