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
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
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
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
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.
Browse Detailed Summary of Research Report: https://www.astuteanalytica.com/industry-report/asean-automotive-insurance-market
The prominent companies in the
State Farm Mutual Motor Insurance’
Other prominent players
By Risk Coverage
Personal Injury Cover
Uninsured motorist coverage
o Roadside assistance
o Engine replacement
o No Depreciation
According to Coverage Term
More than 5 years
Through distribution channel
Brokerage and Insurance Markets
By Vehicle Type
Per vehicle application
o 2 Wheelers
o 4 Cyclists
o Heavy vehicles
By Vehicle Ownership
By end user
o Retail trade
o Energy & Mining
According to Region
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