Global Motor Vehicle Insurance Market to Grow at 5.91% CAGR 2016-2020, Driven by Increasing Legal Obligations to Buy Insurance
With the implementation of advanced analytics tools reducing fraudulent claims, the global motor vehicle insurance market is forecast to grow at a CAGR of 5.91% during the period 2016-2020.
ALBANY, New York, July, 17, 2016 – In recent years, there has been a rise in the demand for energy-efficient, fuel-efficient, and luxurious vehicles. In the last five years, cars have also incorporated a wide variety of advanced devices. Compact motor vehicles with high-tech safety elements, data tracking technology, and other innovations have become the trend in today’s auto industry. Naturally, along with advanced technology, people also look to buy reliable and comprehensive insurance cover. As most advanced motor vehicles are optimized for comfort, mobility, and safety, the demand for new vehicles is expected to increase. This is predicted to propel the global motor vehicle insurance market, states a report recently added to its database by Market Research Hub.
The report, titled ‘Global Motor Vehicle Insurance Market 2016-2020,’ states that the global motor vehicle insurance market is projected to exhibit a 5.91% CAGR from 2016 to 2020. The market will primarily benefit from the initiation and stringent enforcement of mandates to buy an insurance policy, state the analysts. However, the global motor vehicle insurance market is expected to be hampered by the negative public perception caused by fraudulent insurance claims offered by a few local insurance service providers. Leading players are currently concentrating on adopting advanced analytical tools to offer genuine insurance policies. This is expected to hold back the sales of fraudulent motor vehicle insurance policies.
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The report highlights key trends in the global motor vehicle insurance market along with the recent developments. One of these is the demand for fully automatic motor vehicles, which is expected to increase steadily in the coming years. Leading players are focusing on introducing driverless cars across developed regions and have already entered the U.S market. Changing lifestyles and the increasing purchasing power of consumers is expected to propel the demand for luxury motor vehicles. This is expected to be the major reason for the growth of the global motor vehicle insurance market, predict the authors of the report.
According to the findings of the report, modern vehicles being built to maximize comfort and safety is expected to reduce motor vehicle insurance premiums. With a growing number of luxury vehicles being purchased, insurance policy providers get a chance to offer new insurance policies.
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To provide a detailed study, the report’s authors have segmented the global motor vehicle insurance market on the basis of region and end user. Based on end user, the global motor vehicle insurance market is classified into commercial insurance premiums and personal insurance premiums. Leading players are currently operating across various regions such as the Americas, Europe, the Middle East and Africa, and Asia Pacific. Allianz, AIG, Allstate Insurance, Berkshire Hathaway, Peoples Insurance Company of China, Ping An Insurance, AXA, Munich Re, and Zurich are some of the key companies operating in the global motor vehicle insurance market.
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