Fintech PR
Auto Insurance Market to Reach $2274.8 Billion, Globally, by 2032 at 10.8% CAGR: Allied Market Research
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.
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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  |
|
Forecast Period |
2024–2032 |
|
Base Year |
2023 |
|
Market Size in 2023 |
$923.4 billion |
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Market Size in 2032 |
$2, 274.8 billion |
|
CAGR |
10.8 % |
|
No. of Pages in Report |
350 |
|
Segments Covered |
Coverage, Distribution Channel, Vehicle Age, Application, and Region |
|
Drivers |
|
|
Opportunities |
|
|
Restraint |
|
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.
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: –
- 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.
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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.
Contact:
David Correa
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Delaware 19801 USA.
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Fintech PR
Nium Expands Across Australia and New Zealand, Driven by Increased Adoption from Financial Institutions and Spend Management Platforms
Spend management platform, RedOwl, joins as latest partner;
Nium has seen monthly payment volume grow by 3X over the last twelve months, in the Oceania region
SYDNEY, Sept. 17, 2024 /PRNewswire/ — Nium, the global leader in real-time cross-border payments, today announced that its monthly payment volume grew by 3X in Oceania, over the last year. This growth has been driven by a surge in adoption from financial institutions and spend management platforms, with AI platform, RedOwl, being the latest partner to join the Nium network. RedOwl’s immediate goal is to bring AI to corporate cards, joining spend management category leaders Weel and Budgetly, who have turned to Nium for white-label card issuing and cross-border payouts.
RedOwl is bringing the power of AI into payment rails, championing intelligence and real-time decision making when it comes to card related payments. “We chose Nium because of their unparalleled infrastructure and expertise in powering modern payments. Their solutions allow us to enter the market faster and deliver greater value to our customers,” said Jitto Arulampalam, Co-founder and CEO at RedOwl.
Budgetly has been a Nium customer since 2020. The company tapped Nium to provide more convenience and control to its SME clientele through the provision of pre-paid cards for expense management processes. “Partnering with Nium has been a game-changer for Budgetly,” said Simon Lenoir, CEO and Founding Director at Budgetly. “Through Nium, we recently launched our international bill payment solution, offering our customers the ability to make payments effortlessly via one portal. This partnership has allowed us to scale rapidly and offer seamless experiences for our customers.”
“The spend management industry is booming in Australia, with businesses increasingly turning to Nium for its white-label card issuing and cross-border payment solutions,” said Anupam Pahuja, EVP and GM for APAC, Middle East, and Africa at Nium. “Our platform solves complex payment problems across a wide range of verticals, including travel, payroll, insurance, and e-commerce. Our card issuance solution has already issued over 75 million cards globally, supporting major global brands. This, along with Nium’s extensive geographical coverage and B2B infrastructure focus, positions the company as a critical enabler for businesses looking to scale in Australia, New Zealand, and beyond.”
In addition to its success in Australia, Nium recently achieved another critical milestone by registering as a Financial Service Provider in New Zealand. This pivotal step marks the company’s entry into the dynamic financial landscape of New Zealand, allowing it to extend its comprehensive suite of financial solutions to local businesses. Nium expects that its offerings will range from virtual accounts and global payouts to debit and prepaid cards, enabling businesses to streamline operations and improve their financial efficiency.
“Becoming a registered Financial Service Provider in New Zealand reaffirms our commitment to delivering innovative financial solutions globally,” continued Pahuja. “Our presence in New Zealand, alongside our established operations in Australia, positions us as a key player in the region’s financial ecosystem, empowering businesses to thrive through our technology.”
Since its founding ten years ago, Nium has raised over $300 million USD (up to Series E). In October 2023, Nium celebrated its Centaur status, reaching $100 million USD in aggregate net revenue — a milestone achieved by only 1% of startups globally. This achievement underscores Niums rapid growth and leadership in enabling seamless global financial services for businesses.
About Nium
Nium, the global leader in real-time, cross-border payments, was founded on the mission to deliver the global payments infrastructure of tomorrow, today. With the onset of the global economy, its payments infrastructure is shaping how banks, fintechs, and businesses everywhere collect, convert, and disburse funds instantly across borders. Its payout network supports 100 currencies and spans 220+ markets, 100 of which in real-time. Funds can be disbursed to accounts, wallets, and cards and collected locally in 40 markets. Nium’s growing card issuance business is already available in 34 countries. Nium holds regulatory licenses and authorizations in more than 40 countries, enabling seamless onboarding, rapid integration, and compliance – independent of geography. The company is co-headquartered in San Francisco and Singapore.
Media contacts:
Anjali DMello,
+6591812542,
[email protected]
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View original content:https://www.prnewswire.co.uk/news-releases/nium-expands-across-australia-and-new-zealand-driven-by-increased-adoption-from-financial-institutions-and-spend-management-platforms-302250573.html
ANAHEIM, Calif., Sept. 17, 2024 /PRNewswire/ — Fractal EMS Inc. (“Fractal”), a leading provider of advanced solar and storage controls, has announced a groundbreaking partnership with Gold Electronic Equipment Inc. (“Gold”), a leading high-tech company specializing in R&D, active balancing technology and manufacturing of the battery management system (BMS). A signing ceremony and celebration was held on September 9th at the RE+ clean energy conference in Anaheim, California. The new partnership will provide a cybersecure American BMS to customers worldwide (“Fractal BMS”).
The Fractal BMS provides a 3-level BMS architecture (module, rack and system). The design of the Fractal BMS has been finalized, featuring an American-sourced chip, printed circuit board assembly (PCBA), and cybersecurity, ensuring compliance with U.S. policies for sourcing and critical infrastructure protection. The Fractal BMS has the option to provide active cell balancing to maximize each battery cell’s useful capacity and life.
“Other companies proposing an American BMS have not addressed the cybersecurity concerns of the BMS. Some companies are licensing a foreign BMS or only providing a top-level device, neither of which cure cybersecurity threats and vulnerabilities. We are thrilled to collaborate with Gold to bring this advanced American BMS to the market. This partnership underscores our commitment to innovation, security, and supporting American technology,” said Daniel Crotzer, CEO at Fractal EMS.
Fractal BMS is scheduled for UL testing in late October 2024 and aims to become the gold standard for BESS deployments to mitigate risks associated with Foreign Entities of Concern (FEOC) and known cyber vulnerabilities in programmable devices. The American BMS will be available to battery manufacturers globally, offering a reliable and secure solution for battery management needs.
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NEW YORK, Sept. 17, 2024 /PRNewswire/ — Ascenda, the global premium rewards network, today announced it has expanded its rewards network in order to enable fintech and banking clients’ customers to redeem their reward points in partnership with Uber. These credits will appear in users’ Uber wallets, and can be applied towards the cost of any of their products.
Uber is available in over 70 countries and powers over 30 million rideshares each day. With a global presence, the ability for millions of customers to earn Uber credits aims to deliver more engagement across Uber Rides, Uber Eats, and any other Uber offering in respective local markets.
“We’re committed to adding value for our users, with ease and flexibility at the forefront of our customer experience,” said Jenna Brown, Head of Uber for Business UK. “Our partnership with Ascenda will help us deliver this value to Uber users worldwide.”
“We’re building the most comprehensive consumer engagement ecosystem in the market,” said Josh Berwitz, CCO of Ascenda. “This exciting partnership with Uber enables us to bring tangible rewards and redemption experiences at scale, delivering compelling value and stronger relationships between our financial service clients, our rewards partners, and consumers.”
About Ascenda
Ascenda powers the growth of financial service brands and merchants globally with premium rewards propositions that accelerate customer acquisition, increase usage, and drive retention. Its best-in-class customer engagement platform is simple to deploy and powered by a unique global network of premium content that unlocks exceptional end-user value.
For more information, please visit ascenda.com.
About Uber
Uber’s mission is to create opportunity through movement. We started in 2010 to solve a simple problem: how do you get access to a ride at the touch of a button? More than 49 billion trips later, we’re building products to get people closer to where they want to be. By changing how people, food, and things move through cities, Uber is a platform that opens up the world to new possibilities.
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View original content:https://www.prnewswire.co.uk/news-releases/ascenda-partners-with-uber-for-first-of-a-kind-points-redemption-for-consumers-worldwide-302250605.html
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