Lucintel Estimates Global Motor Vehicle Insurance Industry to Reach $649 Billion by 2017

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Lucintel Estimates Global Motor Vehicle Insurance Industry to Reach $649 Billion by 2017

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The motor vehicle insurance witnessed the highest growth during 2006-2011 and is likely to maintain the growth momentum during 2012-2017. The gross premium of global motor vehicle insurance industry reached an estimated $559 billion in 2011 and is forecast to reach approximate $649 billion by 2017 with 2.5% CAGR over the next five years.

Lucintel, a leading global management consulting and market research firm, has analyzed the global motor vehicle insurance industry and offers its findings in a comprehensive research report, “Global Motor Vehicle Insurance Industry 2012-2017: Trend, Profit, and Forecast Analysis."

The motor vehicle insurance industry consists of segments such as personal and commercial motor vehicle insurances.The report focuses on North America, Europe, Asia Pacific, and Rest of the World. Currently, North America dominates the industry. During 2006-2011, ROW saw the highest growth in the industry and it is likely to experience the sameover 2012-2017.

Lucintel researchindicates that demographic conditions coupled with interest rate fluctuation and governmental regulations considerably influence the industry dynamics.Despite the rocky pitch created by frequent volatility in crude oil and fraudulent motor vehicle claims,increasing per capita income and increase in automobile sales are some of the key growth boosters of the industry.
Commercial motor vehicle insurance saw the highest growth during 2006-2011 and is expected to retain the same position over the forecast period.Lucintel regards some of the following emerging trends that can be witnessed in the industry: 1)use of advanced analytics tools to reduce fraudulent claims and 2) leveraging social media channels to increase market penetration.Population growth and increasing auto sales are some of the expected industry boosters.

This Lucintel research report provides insights into the recent industry scope and overview, global macroeconomic overview, annual industry trend, emerging trends, industry forecasts, future opportunities, hazards, and the profitability analysis of the major industry players.

The data and analysis found in this report can be utilized for a variety of functional business reasons, includingbusiness development, strategic planning, determination of market size and trends, competitive analysis, investment decisions, and joint product development.

For a detailed table of contents and pricing information on these timely, insightful reports, contact Lucintel at +1-972-636-5056 or via email at helpdesk(at)lucintel.com. Lucintel provides cutting-edge decision support services that facilitate critical decisions with greater speed, insight, and cost efficiency.

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Steve Parker
Lucintel
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