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Auto Insurance Market to Reach $2274.8 Billion, Globally, by 2032 at 10.8% CAGR: Allied Market Research

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The global auto insurance market is experiencing growth due to rise in number of accidents, implementation of stringent government regulations for the adoption of auto insurance and increase in automobile sales globally.

WILMINGTON, Del., Aug. 21, 2024 /PRNewswire/ — Allied Market Research published a report, titled, Auto Insurance Market by Coverage (Third Party Liability Coverage and Collision/Comprehensive/Other Optional Coverages), Distribution Channel (Insurance Agents/Brokers, Direct Response, Banks and Others), Vehicle Age (New Vehicles and Used Vehicles), and Application (Personal and Commercial): Global Opportunity Analysis and Industry Forecast, 2024-2032″. According to the report, the auto insurance market was valued at $923.4 billion in 2023, and is estimated to reach $2, 274.8 billion by 2032, growing at a CAGR of 10.8% from 2024 to 2032.

Get Your Sample Report & TOC Today: https://www.alliedmarketresearch.com/request-sample/2450

(We are providing report as per your research requirement, including the Latest Industry Insight’s Evolution, Potential and COVID-19 Impact Analysis)

178 – Tables
60 – Charts
350 – Pages

Prime determinants of growth  

The global auto insurance market is experiencing growth due to rise in the number of accidents, the implementation of stringent government regulations for the adoption of auto insurance, and increase in automobile sales. However, adoption of autonomous vehicles acts as a restraint for the auto insurance market. In addition, the implementation of technologies in existing products and service lines and the rise in demand for third-party liability coverage in emerging economies are projected to provide ample opportunities for the market development during the forecast period.  

Report coverage & details:  

Report Coverage

Details 

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Forecast Period 

2024–2032 

Base Year 

2023

Market Size in 2023  

$923.4 billion

Market Size in 2032  

$2, 274.8 billion 

CAGR 

10.8 %

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No. of Pages in Report  

350

Segments Covered 

Coverage, Distribution Channel, Vehicle Age, Application, and Region

Drivers  

  • Rise in a number of accidents
  • Implementation of stringent government regulations for the adoption of auto insurance
  • Increase in automobile sales globally 

Opportunities  

  • Implementation of technologies in existing products and service lines
  • Rise in demand for third-party liability coverage in emerging economies 

Restraint 

  • Adoption of autonomous vehicles 

Purchase This Comprehensive 350-Page Report (PDF with Insights, Charts, Tables, and Figures) @  https://bit.ly/3SYpmzw

The third-party liability coverage segment held the highest market share in 2023.

Based on coverage, the third-party liability coverage segment held the highest market share in 2023. Third-party coverage in motor insurance protects against claims of losses and damages sustained by uninsured drivers who are not covered by the insurance policy. 

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The direct response segment held the highest market share in 2023.

Based on distribution channel, the direct response segment held the highest market share in 2023. Direct response refers to selling insurance directly to consumers by telephone, television, direct mail, or other channels. In addition, vehicle insurance businesses look into new distribution methods, concentrate on growing their consumers, and aim to maximize their investment potential. 

The new vehicle segment held the highest market share in 2023.

Based on vehicle age, the new vehicle segment held the highest market share in 2023. Consumers are increasingly inclined towards new vehicles that offer the latest technology, safety features, and fuel efficiency. Advances in automotive technology, such as electric vehicles (EVs), autonomous driving capabilities, and enhanced connectivity, make new vehicles highly demandable to buyers. 

The personal segment held the highest market share in 2023. 

Based on application, the personal segment held the highest market share in 2023. A motor vehicle classified as a personal vehicle seat no more than eight people, including the driver. These cars have witnessed significant market growth due to their high-cost effectiveness, improved comfort, and higher durability. 

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North America held the highest market share in 2023.

Based on region, North America held the highest market share in terms of revenue in 2023 and is expected to remain dominant throughout the forecast period. The major factors that drive the growth of the market in this region include the presence of key players and rise in purchase of cars in countries, such as the U.S. and Canada. 

Players: –  

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  • Berkshire Hathaway Inc.
  • Admiral Group Plc
  • People’s Insurance Company of China
  • Allstate Insurance Company
  • CHINA PACIFIC INSURANCE CO.
  • Tokio Marine Group
  • Ping An Insurance (Group) Company of China, Ltd.
  • Automobile Insurance
  • Allianz
  • State Farm Mutual

The report provides a detailed analysis of these key players in the global auto insurance market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.  

Recent Industry Development:  

  • In June 2024, OpenRoad Insurance partnered with Majesco, to provide a modernized digital experience for OpenRoad’s clients and agent partners. The partnership aims to launch OpenRoad across selected U.S. states, offering a new choice for classic and modern collector vehicle policyholders.
  • In March 2024, Cheche Group Inc. partnered with Beijing Houji Insurance Brokerage Co., Ltd. to broaden its partner network with leaders in the new energy vehicle (“NEV”) industry.

Get More Information Before Buying: https://www.alliedmarketresearch.com/purchase-enquiry/2450

Key Benefits For Stakeholders

  • This report provides a quantitative analysis of the auto insurance market forecast segments, current trends, estimations, and dynamics of the market analysis to identify the prevailing market opportunities.
  • The market research is offered along with information related to key drivers, restraints, and opportunities.
  • Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
  • In-depth analysis of the auto insurance market outlook segmentation assists to determine the prevailing market opportunities.
  • Major countries in each region are mapped according to their revenue contribution to the global auto insurance market opportunity statistics.
  • Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
  • The report includes the analysis of the regional as well as global auto insurance market trends, key players, market segments, application areas, and market growth strategies.

Auto Insurance Market Key Segments:

By Coverage

  • Third Party Liability Coverage
  • Collision/Comprehensive/Other Optional Coverages

By Distribution Channel

  • Insurance Agents/Brokers
  • Direct Response
  • Banks
  • Others

By Vehicle Age

  • New Vehicles
  • Used Vehicles

By Application

  • Personal
  • Commercial

By Region

  • North America (U.S., Canada)
  • Europe (France, Germany, Italy, Spain, UK, Rest of Europe)
  • Asia-Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific)
  • Latin America (Brazil, Argentina, Colombia, Rest of Latin America)
  • MEA (Saudi Arabia, South Africa, UAE, Rest of MEA)

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About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports Insights” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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DAZN ADVANCES GLOBAL EXPANSION WITH ACQUISITION OF FOXTEL, A LEADING AUSTRALIAN SPORTS AND ENTERTAINMENT MEDIA GROUP

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  • Milestone deal for DAZN’s position as the global home of sport.
  • This acquisition establishes DAZN’s sports platform in Australia, one of the world’s most attractive sports markets.
  • Foxtel Group will leverage DAZN’s global reach, industry-leading technology and extensive content portfolio to further enhance the viewing experience for Australian sports fans.

LONDON, NEW YORK, and SYDNEY, Dec. 22, 2024 /PRNewswire/ — DAZN, a world-leading sports entertainment platform, has today announced an agreement to acquire Foxtel Group (‘Foxtel’) from its majority shareholder News Corp and minority shareholder Telstra at an enterprise value of US$2.2 billion, subject to regulatory approval.

The acquisition establishes DAZN as a leader in sports entertainment in Australia – a highly attractive sports market – while also expanding DAZN’s global footprint and enhancing the group’s standing as the global home of sport. The addition of Foxtel to DAZN brings the Group’s pro-forma revenues towards US$6 billion and provides the additional content, expertise, and expansion opportunities to accelerate DAZN’s growth trajectory.

Foxtel is one of Australia’s leading media companies, with 4.7 million subscribers, who will benefit from DAZN’s extensive portfolio of sports content, platform technology, and global reach.

From its beginnings as Australia’s original pay-TV innovator, Foxtel has evolved to become a digital and streaming leader in sports and entertainment and the proposed transaction positions Foxtel for continued expansion as a digital-first, streaming-focused business. Foxtel will maintain its local character, led by the CEO, Patrick Delany, and his world-class management team.

DAZN, a sports streaming platform with a truly global reach, is committed to growing the global audience for domestic Australian sports across the 200 territories in which it is available.

Under the terms of the transaction, News Corp and Telstra will become minority shareholders in DAZN, enabling them to retain an interest in Foxtel.

Shay Segev, Chief Executive Officer of DAZN, said: “Australians watch more sport than any other country in the world, which makes this deal an incredibly exciting opportunity for DAZN to enter a key market, marking another step in our long-term strategy to become the global home of sport. Foxtel is a successful business that has undergone a remarkable digital transformation in recent years, and we are confident that our global reach and relentless pursuit of innovation will continue to drive the business forward and ensure long-term success.

“We are committed to supporting and investing in Foxtel’s television and streaming services, across both sports and entertainment, using our world-leading technology to further enhance the viewing experience for customers. We are also committed to using our global reach to export Australia’s most popular sports to new markets around the world, and we will continue to promote women’s and under-represented sports.

“We’re looking forward to working closely with Patrick Delany and his team, as well as News Corp and Telstra as shareholders in DAZN, to realise our ambitious vision for the future of sport entertainment.”

Siobhan McKenna, the Chairman of Foxtel, said the agreement with DAZN was international recognition of the transformation of Foxtel from an incumbent pay TV operator to a sports and entertainment digital and streaming leader. “Over the last seven years the Foxtel team, with the strong support of News, have achieved an extraordinary turnaround in an intensely competitive environment.”

Foxtel Group CEO, Patrick Delany, said: “Today’s announcement is a natural evolution for the Foxtel Group, having reinvented the company over the past five years as Australia’s most dynamic technology-led streaming company.

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“Kayo and Foxtel provide Australian sports fans with access to the best Australian and international sport and shows, including AFL, NRL and Cricket with 4.7 million subscribers.

“We are excited by DAZN’s commitment to the Australian market. They are experts in the sports media business and can play a significant role in supporting Foxtel as the business grows its streaming capabilities, bringing a bigger and better service to customers across entertainment, news and sport. They are a perfect match for us as we look toward this next era of growth.

“We have been grateful for the support of News Corp while we reimagined the future of Foxtel. In 2019, when we merged Foxtel and Fox Sports we had many people questioning our future.

“After launching Kayo later in 2019 and BINGE in 2020, today we are the largest Australian-based streamer of sport and entertainment, we have stabilised our Foxtel base and launched Hubbl to help consumers find all the streamed content they love all in one place. This wouldn’t have been possible without the support and encouragement of News Corp.”

 

NOTES TO EDITORS

About DAZN

As a world-leading sports entertainment platform, DAZN streams over 90,000 live events annually and is available in more than 200 markets worldwide.

DAZN is the home of European football, women’s football, boxing and MMA, and the NFL internationally. The platform features the biggest sports and leagues from around the world – Bundesliga, Serie A, LALIGA, Ligue 1, Formula 1, NBA, Moto GP, and many more including the 2025 FIFA Club World Cup.

DAZN is transforming the way people enjoy sport. With a single, frictionless platform, sports fans can watch, play, buy, and connect. Live and on-demand sports content, anywhere, in any language, on any device – only on DAZN.

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DAZN partners with leading pay-TV operators, ISPs and Telcos worldwide to maximise sports exposure to a broad audience. Its partners include Deutsche Telekom, Orange, Sky, Movistar, Telenet, Vodafone, and many more.

DAZN is a global, privately-owned company, founded in 2016, with more than 3,000 employees. The Group generated $3.2bn in revenue in 2023, having grown its annual revenues by over 50% on average from 2020 to 2023, through diverse revenue streams comprising subscriptions, advertising, sponsorship, and transactional. For more information on DAZN, our products, people, and performance, visit www.dazngroup.com.

 

About Foxtel

The Foxtel Group is one of Australia’s leading media companies with 4.7 million subscribers. Its businesses include subscription television, streaming, sports production and advertising. The Foxtel Group is owned 65% by News Corp and 35% by Telstra.

The Foxtel Group’s diversified business includes Fox Sports, Australia’s leading sports production company, famous for live sports and shows with the best commentators and personalities. It is also the home of local and global entertainment content and continues to be the partner of choice for the widest range of sports and international content providers based on established, long-term relationships, growing streaming audiences, and position as the largest Australian-based subscription television company.

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President Emmerson Mnangagwa met this week with Zambia’s former Vice President and Special Envoy Enoch Kavindele to discuss SADC’s candidate for the AfDB

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President Mnangagwa, who is SADC Chairperson, reaffirmed his own country’s and SADC’s enthusiastic support for Zambian candidate Sam Maimbo

LUSAKA, Zambia, Dec. 20, 2024 /PRNewswire/ — Special Envoy Kavindele released the following statement following the meeting:

“I am elated to witness the growing success and momentum of Sam Maimbo’s candidacy to become the next President of the African Development Bank. I am filled with gratitude to our friends across both SADC and COMESA for their continued support and good wishes.

Sam has garnered such wide consensus due to his being uniquely qualified to deliver the transformative change and empowerment our continent needs. Sam’s 30 years in development work is defined by driving outcomes, improving processes, and investing in people. The AfDB needs a hands-on leader who is laser focused on delivering results and who is unafraid of making tough decisions in order to best serve our continent. Sam is that leader. Sam has the track record and experience to drastically enhance the pace, scale, and impact of the Bank’s work in service of the people and governments of Africa.

Our region has a proud history of supporting fellow Southern Africans. For example, we all recall Lusaka’s role in hosting the African National Congress’ headquarters during the dark days of Apartheid oppression.

It therefore gives me no pleasure to observe my South African brothers, who have themselves leant on Zambia’s steadfast friendship over many decades, fail to rally behind both SADC and COMESA’s chosen candidate for the AfDB. Africa’s urgent economic development challenges demand transformational leadership at the AfDB, it is all of our responsibility to put forward the best candidate for the job. This is not the time or place for a government to act with narrow self-interest, we all must act in the continent’s and AfDB’s best interest.

I thank Sam Maimbo for his lifelong service to our entire continent, and I am eager to witness his enormous impact as President of the AfDB.”

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Stay Cyber Safe This Holiday Season: Heimdal’s Checklist for Business Security

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LONDON, Dec. 20, 2024 /PRNewswire/ — Heimdal Security shares a practical holiday cybersecurity checklist, offering expert insights to help businesses safeguard against cyber threats this festive season.

With reduced staffing, remote work setups, and a surge in online shopping creating heightened vulnerabilities, this guide offers actionable tips to enhance business security.

Going beyond basic advice, the checklist also highlights the most common holiday scams and features videos showcasing real-life examples of Christmas-themed cyber scams and effective prevention strategies.

Key Tips to Protect Businesses This Holiday Season:

  1. Strengthen endpoints: Ensure devices are updated with antivirus and endpoint protection software; consider Endpoint Detection and Response (EDR) and application whitelisting.
  2. Prepare for phishing spikes: Train staff to identify suspicious emails, enforce robust email filters, and establish protocols for reporting unusual activity.
  3. Secure remote access: Mandate VPN usage, monitor unusual logins, and deactivate inactive accounts temporarily.
  4. Segment and shield networks: Isolate sensitive areas, deploy DNS security and advanced firewalls, and maintain full visibility over network traffic.
  5. Apply timely patches: Regularly update all systems and test patches in a controlled environment to minimize disruptions.
  6. Mitigate supply chain risks: Assess vendors thoroughly and limit their access to essential systems.
  7. Have a response plan ready: Tailor incident protocols for the holidays, create an on-call rotation for the IT team, and enable rapid action against suspicious activity.

Cybercriminals thrive on holiday distractions, but with proactive measures like phishing training, secure endpoints, and network segmentation, businesses can stay ahead of potential threats,” said Alex Panait, System Administrator at Heimdal Security.

Common Holiday Scams That Businesses Should Watch For:

Cybercriminals often tailor their tactics to exploit the festive season. The most common scams include:

  • Spear phishing: Emails disguised as holiday bonuses or event invitations that steal credentials or spread malware.
  • Malicious holiday E-Cards: Festive greetings that contain links deploying ransomware or spyware.
  • Fake E-Commerce sites: Fraudulent websites offering discounts to steal payment information.
  • Insider threats: Distracted or disgruntled employees mishandling or exploiting sensitive data.
  • Corporate travel scams: Fake booking platforms targeting business travelers.
  • Business email compromise (BEC): Fraudulent requests for urgent wire transfers during year-end financial rushes.

For more, read the full article here or watch the video on YouTube to see how these threats unfold and learn actionable prevention strategies.

About Heimdal:
Established in Copenhagen in 2014, Heimdal® empowers CISOs, security teams, and IT administrators to improve their security operations, reduce alert fatigue, and implement proactive measures through a unified command and control platform.

Heimdal’s award-winning cybersecurity solutions span the entire IT estate, addressing challenges from endpoint to network levels, including vulnerability management, privileged access, Zero Trust implementation, and ransomware prevention.

For further press information:

Madalina Popovici
Media Relations Manager
[email protected] 

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