Motor Insurance Market Trends and Analysis by Region, Line of Business, Competitive Landscape and Forecast to 2028
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Motor Insurance Market Report Overview
The estimated written premium of the motor insurance industry was $937.1 billion in 2024. The market will achieve a CAGR of more than 6% during 2025-2029. The motor insurance market research report provides in-depth market analysis, information, and insights into the global and regional motor insurance industry. It provides a detailed outlook and values for key performance indicators such as written premiums and claims during the review and forecast period.
Motor Insurance Market Outlook, 2024-2029 ($ Billion)
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The report gives a comprehensive overview of the global and regional motor insurance industry, key lines of business, key trends, drivers, challenges, regulatory overview, developments in the industry, and insights into key technological developments impacting the market. The report provides a detailed analysis of the competitive landscape, overview, and comparative analysis of leading companies and top insurance markets’ premium and profitability trends for every region. It also gives insurers access to information on motor insurance dynamics in the country.
| Market Size (2024) | $937.1 billion |
| CAGR (2025-2029) | >6% |
| Forecast Period | 2025-2029 |
| Historical Period | 2020-2024 |
| Key Lines of Business | · Motor Hull
· Motor Third-Party Liability (MTPL) |
| Key Regions | · Asia-Pacific
· Europe · Middle East and Africa · North America · South and Central America |
| Key Distribution Channels | · Direct From Insurer
· Bank · Insurance Broker · Online Aggregator · Financial Advisor |
| Leading Insurers | · The Progressive Corporation
· State Farm · PICC · Berkshire Hathaway · Ping An |
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Motor Insurance Market Trends
A few key trends in the motor insurance market are sustainable mobility, autonomous vehicles (AV), innovation initiatives, and others.
- Sustainable mobility: Most countries have target dates when the sale of new petrol or diesel cars will no longer be permitted. This is normally between 2030 and 2035. This will force EVs into the mainstream, driving a significant shift in the motor insurance market.
- Innovation initiatives: In November 2024, fintech firm CRED partnered with ACKO General Insurance to offer motor insurance to CRED customers via a dynamic pricing model in India. This system rewards customers with higher credit scores by offering them lower insurance premiums. Specifically, CRED customers with credit scores above 750 are eligible for reduced premiums on motor insurance.
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Motor Insurance Market Segmentation by Lines of Business
Motor third-party liability (MTPL) insurance was the leading motor insurance LOB in 2024
Motor hull and motor third-party liability (MTPL) are among the key motor insurance lines of business (LOB). Supportive regulatory policies aimed at expanding the scope of mandatory insurance will facilitate MTPL growth, particularly in emerging markets. For instance, Indonesia plans to implement compulsory third-party motor insurance starting in January 2025, which will be a significant growth catalyst for the country’s motor insurance line.
Motor Insurance Market Analysis by Lines of Business, 2024 (%)
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Motor Insurance Market Segmentation by Regions
North America is the leading region in the motor insurance market in 2024
The key regions where motor insurance is available are North America, Asia-Pacific, Europe, the Middle East and Africa, and South and Central America. A mature insurance landscape and stringent regulations characterize the North American motor insurance market. Both the US and Canada boast high rates of car ownership and well-established insurance infrastructures, which contribute to the robustness of the market in this region.
Motor Insurance Market Analysis by Regions, 2024 (%)
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Motor Insurance Market Segmentation by Distribution Channels
The key channels used in the motor insurance market are direct from insurers, banks, insurance brokers, online aggregators, and financial advisors. The direct channel dominated the motor insurance industry in the US in 2024. Additionally, the direct and broker channels played a pivotal role in the e-scooter insurance line across the US, Canada, and Mexico.
US Motor Insurance Market Analysis by Distribution Channels, 2024 (%)
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Motor Insurance Market - Competitive Landscape
The Progressive Corporation maintained its leading position with the highest market share in 2022
A few of the key insurers in the motor insurance market are:
- The Progressive Corporation
- State Farm
- PICC
- Berkshire Hathaway
- Ping An
In January 2024, the Progressive Corporation rebranded its commercial lines coverage from Protective Insurance to Progressive Fleet & Specialty Programs. The new name highlights Progressive’s proficiency in the large fleet space and its specialized insurance programs tailored for the transportation and delivery sectors.
Motor Insurance Market Analysis by Insurers, 2022 (%)
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Motor Insurance Market – Latest Developments
- In September 2024, Australian insurtech startup Fuse Fleet launched an insurance-driven environmental, social, and governance (ESG) reporting tool for fleets in partnership with Sweden-based data analytics company Greater Than. Leveraging AI, this tool enables fleet operators to monitor and report their ESG impacts, addressing Australia’s upcoming regulatory mandates for sustainability reporting.
- In June 2024, Aon launched a new platform to help motor fleet operators identify risk within their fleet. Called Fleet Risk Intelligence, the platform provides insights to fleet operators and drivers via analysis based on datasets. The platform will also use vehicle telematics such as GPS, acceleration, and speed, as well as real-time weather patterns and contextual road data to build proprietary models.
Segments Covered in the Report
Motor Insurance Lines of Business Outlook (Value, $ Billion, 2020-2029)
- Motor Hull
- Motor Third-Party Liability (MTPL)
Motor Insurance Regional Outlook (Value, $ Billion, 2020-2029)
- Asia-Pacific
- Europe
- Middle East and Africa
- North America
- South and Central America
Motor Insurance Distribution Channel Outlook (Value, $ Billion, 2020-2029)
- Direct From Insurer
- Bank
- Insurance Broker
- Online Aggregator
- Financial Advisor
Scope
This report provides:
- A comprehensive analysis of the global motor insurance industry.
- Historical values for the global and regional motor insurance industry for the report’s review period and projected figures for the forecast period.
- A detailed analysis of the regional motor insurance industry and market forecasts to 2027.
- Key market trends in the global motor insurance industry.
- Rankings, premiums, and market share of top global and regional motor insurers and analyzes the competitive landscape.
Key Highlights
The report provides:
- Key insights and dynamics of the motor insurance industry.
- Insights on key market trends in the motor insurance industry.
- Insights on key growth and profitability challenges in the motor insurance industry.
- Comparative analysis of leading motor insurance providers.
- In-depth analysis of regional markets.
- Insight on the future growth trend and market outlook.
Reasons to Buy
- Make strategic business decisions using in-depth historic and forecast market data related to the global and regional motor insurance industry.
- In-depth market analysis, information, and insights into the global motor insurance industry.
- In-depth analysis of the competitive landscape and top 20 regional markets.
- Understand the key dynamics, trends, and growth opportunities in the global and regional motor insurance industry.
- Identify key regulatory developments impacting market growth.
- Identify growth opportunities in key regional markets.
Progressive
PICC
Berkshire Hathaway
Ping An
Tokio Marine
China Pacific
Sompo
China Life
Samsung Fire & Marine
Hyundai Marine & Fire
DB Insurance
AXA
Table of Contents
Frequently asked questions
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What was the motor insurance market written premium in 2024?
The written premium of the motor insurance market was $937.1 billion in 2024.
-
What will the growth rate of the motor insurance market be during the forecast period?
The motor insurance market is expected to achieve a CAGR of more than 6% during 2025-2029.
-
Which line of business dominated the motor insurance market in 2024?
Motor third-party liability (MTPL) insurance was the leading motor insurance line of business in 2024.
-
Which was the leading region in the motor insurance market in 2024?
North America was the leading region in the motor insurance market in 2024.
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Who are the major insurers operating in the motor insurance market?
A few of the key insurers in the motor insurance market are The Progressive Corporation, State Farm, PICC, Berkshire Hathaway, Ping An, and others.
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Sample Report
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