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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