ASEAN Automotive Insurance Market to Hit US$ 17,166.5 Million by 2027 – Astute Analytica – InsuranceNewsNet

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Additionally, as cars become more digital and connected, maintenance costs have increased, making insurance a competitive alternative. Customers can now use their negotiating power to obtain the best insurance policies for their cars with appropriate risk coverage thanks to the introduction of numerous providers in the market. The demand for car insurance among consumers is also increasing with the growth of EVs and insurance markets. The ASEAN auto insurance market is expected to develop at a healthy pace during the forecast period as vehicle ownership rates increase and used car sales increase.

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Increased car ownership is the result of rising disposable income, and rising car ownership is the result of rising car insurance usage. According to CEIC Data, the annual household income per capita has increased from US$ 4,820,581 in December 2016 on US$5,761,586 in December 2019. In addition, according to Driven Communications Sdn Bhdthere were 31.2 million registered vehicles in it Malaysia in 2019. Therefore, high disposable income and increasing consumer awareness are expected to stimulate market expansion for vehicles.

Segmentation Summary

In 2021, on the basis of risk coverage, the liability vehicle application segment gained a market share of around 38% due to its increasing acceptance in the market. On the other hand, the add-on segment will show an annual growth rate of 7.4% from 2022 to 2027.

In 2021, based on coverage conditions, the one-year segment dominated ASEAN auto insurance industry due to the increasing need for one-year guidelines in emerging countries. However, the three-year and five-year segments will grow at a compound annual growth rate over the analysis years.

In 2021, based on vehicle application, the personal segment gained the maximum share of 65% due to the increasing availability of cars for personal use. On the other hand, the off-road vehicle segment is likely to show the highest rate of 6.7%. Moreover, the passenger vehicle segment in the commercial segment is likely to have an annual growth rate of 4.3% during the projection period.

In 2021, based on distribution channels, the brokerage and insurance marketplace segment held the maximum market share and will register the highest CAGR over the forecast period. This is due to the increasing number of insurances recognized in the countries via brokers and insurance marketplaces due to the convenience and relief they provide.

In 2021, on the basis of vehicle ownership, the used vehicle segment held a significant market share due to the risks it poses, leading to increased adoption of vehicle insurance.

In 2021, on the basis of end user, the individual segment has a leading position in the ASEAN auto insurance industry and is likely to grow at the highest annual growth rate of 5.9% during the forecast period. On the other hand, in the business segment, the logistics segment will reach a valuation of US$1,346.5 million by 2027.

In 2021, on the basis of vehicle type, the ICE vehicle segment accounted for a significant share of the industry due to the increased number of gas, petrol and diesel powered vehicles available in the region. However, the electric vehicle segment will rise at the highest CAGR due to the increasing availability of electric vehicles.

Region summary

In 2021, Thailand dominates the ASEAN car insurance market with a share of 35%, despite a slight reduction over the projection period. Malaysia and Singapore are the second largest markets for car insurance after Thailand. Given that it accounts for more than 50% of the non-life insurance market Thailand, the vehicle insurance sector is expanding rapidly. Overall, the ASEAN insurance market shows that gross premiums have increased in the life, non-life or both segments in the majority of the member states. This expansion may be the result of better economic conditions, which encourage people to buy insurance. Motor vehicle insurance rates are often a good indicator of nonlife insurance companies’ economic performance, as well as overall trends in the nonlife sector.

Browse Detailed Summary of Research Report: https://www.astuteanalytica.com/industry-report/asean-automotive-insurance-market

Leading competitors

The prominent companies in the ASEAN car insurance market is:
Allstate Insurance Company
State Farm Mutual Motor Insurance’ Tokyo Marine Group
China Pacific Insurance Co.
Allianz
Chubb Group
AVIVA Ltd.
Admiral Group Plc
People’s Insurance company of China
AIG
Berkshire Hathaway Inc.
Ping An Insurance Company of China, Ltd.
Other prominent players

Segmentation breakdown

The ASEAN auto insurance market segmentation focuses on Risk Coverage, Coverage Term, Distribution Channel, Vehicle Type, Vehicle Application, Vehicle Ownership, End User and Region.

By Risk Coverage
Collision coverage
Comprehensive coverage
Liability coverage
Personal Injury Cover
Uninsured motorist coverage
Additions
o Roadside assistance
o Engine replacement
o No Depreciation

According to Coverage Term
One year
3 years
5 years
More than 5 years

Through distribution channel
Agency
Bank
Brokerage and Insurance Markets
Direct
Other

By Vehicle Type
ICE Vehicles
Petrol
o Diesel
o Others
Electric vehicles
Hybrid

Per vehicle application
Personal
o 2 Wheelers
o 4 Cyclists
Commercially
o Passenger
o Heavy vehicles
Off-road vehicles

By Vehicle Ownership
New vehicles
Used vehicles

By end user
Individuals
businesses
o Enterprise
o Logistics
o Retail trade
o Education
o Energy & Mining
o Construction
o Others

According to Region
Indonesia
Malaysia
Philippines
Singapore
Thailand
Vietnam
Rest of ASEAN

Asking for customization: https://www.astuteanalytica.com/ask-for-customization/asean-automotive-insurance-market

About Astute Analytica
Astute Analytica is a global analytics and consulting company that has built a solid reputation in a short period of time, thanks to the tangible results we have delivered to our clients. We pride ourselves on generating unmatched, in-depth and incredibly accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat customers from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all over the world. They are able to take well-calibrated decisions and capitalize on highly profitable opportunities while overcoming tough challenges, all because we analyze the complex business environment, segment-wise existing and emerging opportunities, technology formations, growth estimates and even the available strategic choices for them. . In short, a complete package. All this is possible because we have a highly qualified, skilled and experienced team of professionals consisting of business analysts, economists, consultants and technology experts. In our list of priorities, you-our patron-come to the top. You can be sure of the best cost-effective, value-added package from us, should you decide to engage with us.

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