The motorbike insurance market size is projected to reach over USD 95.40 million by the end of 2032, with a Compound Annual Growth Rate (CAGR) of 4.50% between 2023 and 2032. Several factors are contributing to the growth of the global motorbike insurance market, including an increase in accidents, strict government regulations mandating vehicle insurance, and rising automotive sales worldwide.
Market Dynamics: The global non-life insurance industry places significant emphasis on motor insurance. The growth in the gross premium written for global non-life insurance is primarily driven by the growth in gross premium written from motor vehicle insurance. Given that insurers collect substantial premiums from motor vehicle insurance, growth in this sector often plays a pivotal role in explaining overall developments in the non-life insurance sector. Several countries highlight this line of business as a key driver of non-life sector growth.
The COVID-19 pandemic initially led to a pause in motorbike insurance sales due to transportation and travel limitations. However, the relaxation of lockdown restrictions by governments led to increased motorcycle sales and, consequently, the purchase of insurance policies. The recovery of two-wheeler sales in rural and semi-urban areas is expected to boost market demand, and government support for economic recovery has also influenced consumer sentiment during the pandemic.
Motorbike Insurance Market Key Players: Key players in the motorbike insurance market include:
- GEICO
- Farmers Insurance
- Allstate
- Aviva
- PingAn
- Assicurazioni Generali
- Cardinal Health
- State Farm Insurance
- Dai-ichi Mutual Life Insurance
- Munich Re Group
- Zurich Financial Services
- Prudential
Motorbike Insurance Market Regional Analysis: Usage-based insurance (UBI), also known as pay-as-you-drive, is gaining traction in the motorbike insurance market. This type of insurance allows insurers to track how, where, and how much a vehicle is driven using telematics technology, which can be pre-installed in a vehicle’s network or accessed via a plug-in device or mobile application. Insurers use data on drivers’ behavior and vehicle usage to determine insurance premiums for specific policies.
In developed countries such as the United Kingdom, the United States, Japan, Germany, and Australia, online purchasing of vehicle insurance is becoming increasingly popular. The majority of customers in these regions prefer to buy vehicle insurance online due to the highest number of internet users and advancements in web technologies.
Motorbike Insurance Industry News: The global motorbike insurance market features a highly segmented market share with numerous competitors in the industry. Companies are focusing on offering customized solutions to attract more consumers and expand their product lines. Large insurance companies are also seeking collaboration with innovative startups to access new market opportunities.
Motorbike Insurance Market Segmentation: By Policy Type, the motorbike insurance market is segmented into:
- Liability Insurance
- Comprehensive And Collision Insurance
- Medical Payments Insurance
- Others
By Application, it is divided into:
- Personal
- Commercial
