Automotive Insurance Market

Automotive insurance is a contract between vehicle owner and the insurance company that protects vehicle owner against financial loss in the event of an accident or theft. In exchange for owner’s paying a premium, the insurance company agrees to pay losses as outlined in your policy. Government policies and mandates of vehicle insurance across various countries, increasing number of vehicle sales are some of factors that are helping the automotive insurance market to grow. Usage-based insurance (UBI) is a type of auto insurance, in which the insurer can measure how far a vehicle is driven, where it’s driven, and how it’s driven. It uses telematics technology to gather the data.

Major players in the automotive insurance space are Allianz SE, PICC, Zurich AG, State Farm, Assicurazioni Generali, etc. The overall market of automotive insurance is fragmented and dominated by large players. These companies are offering customized solutions to its customers to stay competitive in the market and retain their existing customers. These companies have better opportunities in the emerging markets like India, Brazil where the vehicle production is increasing at a significant rate.