UNITED STATES – The global motor vehicle liability insurance market revenue was US$ 320 billion in 2021. The global motor vehicle liability insurance market revenue is forecast to reach US$ 667.75 billion by 2030, growing at a compound annual growth rate (CAGR) of 8% during the forecast period from 2022 to 2030.
Motor Vehicle Liability Insurance Market Status, Trends and COVID-19 Impact Report 2021, Covid 19 Outbreak Impact research report added by Quadintel, is an in-depth analysis of market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends, and strategies for this market. It traces the market’s historic and forecast market growth by geography. It places the market within the context of the wider Motor Vehicle Liability Insurance Market , and compares it with other markets., market definition, regional market opportunity, sales and revenue by region, manufacturing cost analysis, Industrial Chain, market effect factors analysis, Digital Evidence Management market size forecast, market data & Graphs and Statistics, Tables, Bar &Pie Charts, and many more for business intelligence. Get complete Report (Including Full TOC, 100+ Tables & Figures, and Chart). – In-depth Analysis Pre & Post COVID-19 Market Outbreak Impact Analysis & Situation by Region
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In general, most countries require that all cars have liability insurance. The insurance typically comes in the car insurance policy. In addition to motor vehicle liability insurance, drivers may also opt to purchase comprehensive insurance. Additionally, a life insurance policy covers the insured person’s legal liability in the event of death or disability to a third party and any losses or damages suffered by a third party. Thus, protecting the drivers from criminal prosecution in the event of unintentional accidents.
Factors Influencing Market Growth
Liability insurance policies for motor vehicles are comparatively affordable and provide legal liability protection to the insured. It positively impacts the growth of the global market.
Stringent government regulations regarding liability insurance are boosting market growth worldwide.
There are various factors that may slow down the growth of the global market, such as a rise in false claims and an increase in social inflations.
The technological advancements in big data, advanced analytics, and artificial intelligence will present lucrative opportunities for the global market during the forecast period.
Impact Analysis of COVID-19
COVID-19 has negatively affected the growth of the global motor vehicle liability insurance market. Travel restrictions in several countries have reduced the number of kilometers and usage of vehicles on the road, which leads policyholders to seek out bailouts, reduced premiums, and refunds. As a result, insurers have frozen sales of new coverages for auto insurance.
Many states also require drivers to obtain motor vehicle liability insurance. Despite travel restrictions and fear of infection, car sales have declined to more than 50%, indicating a significant drop in auto insurance policies. It presents a challenge to auto insurance providers. In the pandemic situation, key players are introducing new strategies in order to improve the customer experience and increase their market share.
North America dominated the motor vehicle liability insurance market in 2020 and is forecast to grow at the highest rate during the forecast period. In economically developing countries like the U.S. and Canada, a large population uses motor vehicles, boosting the market growth. In addition, the government’s investment in the development of roads and runways in this region is forecast to increase the regional market growth.
During the forecast period, Asia-Pacific is forecast to grow significantly. As a result of the increasing number of accidents caused by fast cars in developing nations in Asia-Pacific, such as China and India.
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The leading prominent companies profiled in the global motor vehicle liability insurance market are:
Nationwide Mutual Insurance Company
State Farm Insurance
The Hartford Financial Services Group, Incorporated
The Travelers Indemnity Company
Other Prominent Players
Scope of the Report
The global motor vehicle liability insurance market segmentation focuses on Mode, Distribution Channel, Vehicle Age, Application, and Region.
Segmentation based on Mode
Segmentation based on Distribution Channel
Segmentation based on Vehicle Age
Segmentation based on Application
Segmentation based on Region
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Rest of Western Europe
Rest of Eastern Europe
Australia & New Zealand
Rest of Asia Pacific
Middle East & Africa (MEA)
Rest of MEA
Rest of South America
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Key Questions Answered in the Market Report
• How did the COVID-19 pandemic impact the adoption of by various pharmaceutical and life sciences companies?
• What is the outlook for the impact market during the forecast period 2021-2030?
• What are the key trends influencing the impact market? How will they influence the market in short-, mid-, and long-term duration?
• What is the end user perception toward?
• How is the patent landscape for pharmaceutical quality? Which country/cluster witnessed the highest patent filing from January 2014-June 2021?
• What are the key factors impacting the impact market? What will be their impact in short-, mid-, and long-term duration?
• What are the key opportunities areas in the impact market? What is their potential in short-, mid-, and long-term duration?
• What are the key strategies adopted by companies in the impact market?
• What are the key application areas of the impact market? Which application is expected to hold the highest growth potential during the forecast period 2021-2030?
• What is the preferred deployment model for the impact? What is the growth potential of various deployment models present in the market?
• Who are the key end users of pharmaceutical quality? What is their respective share in the impact market?
• Which regional market is expected to hold the highest growth potential in the impact market during the forecast period 2021-2030?
• Which are the key players in the impact market?
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