ASEAN Automotive Insurance Market is expected to Double Its Size by Upcoming Years 2027
Author : kumar shrey | Published On : 22 Dec 2023
Astute Analytica recently released a new research report that delves into the global ASEAN Automotive Insurance market. With the ever-changing landscape of customer needs and technological advancements, industry participants must understand the dynamics of this market.
ASEAN auto insurance market is forecast to see a rise in market size to more than US$ 17,165 Million by 2027, registering a CAGR of 5.6% over the 6 years forecast term. ASEAN automotive insurance market is analyzed for the period 2017 to 2027, wherein 2017–2020 is the historic data, 2021 is considered as the base year and 2022–2027 are forecast values.
The market size here refers to gross written premiums (GWP) by the insurance providers. The growth over the forecast period reflects industry recovery from the Covid-19 pandemic and the subsequent growth trend. The report presents analysis detailed across 19 elucidated chapters totaling 265 pages, with 67 extensive data tables and 135 figures. The report on the ASEAN market for auto insurance provides a detailed analysis of market opportunities, market dynamics, and industry competitive structure.
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Market Overview
The report begins by providing a comprehensive overview of the ASEAN Automotive Insurance market, including its definition, classification, and extensive scope. It aims to facilitate a deep understanding of the market by explaining important industry terms and concepts.
Apart from this, the report explores the factors driving the growth of the ASEAN Automotive Insurance industry in detail. It highlights the complex nature of the market and examines various elements that contribute to its expansion.
About the ASEAN Automotive Insurance Market
Automotive insurance or auto insurance is the insurance of motor vehicles (automobiles) against the risk of damage from events those insured. With the rise in the number of motor vehicles on road, accidents have become frequent and may cost a hefty amount to vehicle owners, if not covered under the suitable auto insurance policy. Growing technology complexities of the vehicles have also added to the cost of components which might require a replacement of an upgrade.
Unleashing Fierce Ingenuity to Navigate the Competitive Landscape
With meticulous precision, it dissects the strategies, maneuvers, and calculated moves of the industry’s major players, shedding light on their profound impact on the sector’s landscape. By delving into the dynamic dynamics of this cutthroat market and unraveling the cunning tactics employed by these corporate behemoths, stakeholders are bestowed with invaluable insights that can shape their own strategic battles.
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List of Prominent Players Profiled
The competition landscape section of the report covers descriptive profiles of 12 prominent players and readers can request for revising the list or including additional players, as per their research requirements. Details covered for these players include — Business description, company financials, and claims, key details, strategy outlook, list of products, recent developments. The players profiled in the report include the following — AVIVA Ltd., Berkshire Hathaway Inc., China Pacific Insurance Co., Chubb Group, People’s Insurance Company of China, Ping An Insurance (Group) Company of China, Ltd., State Farm Mutual Automobile Insurance’ Tokio Marine Group, Admiral Group Plc, AIG (American International Group, Inc.), Allianz, and Allstate Insurance Company.
Unveiling the Dominated Realm — A Geographical Expedition
The report offers a comprehensive regional analysis of the ASEAN Automotive Insurance market. It recognizes that regional differences significantly influence market dynamics and emphasizes the importance of understanding nuances in each region. The report explores the performance of the market in North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa, providing stakeholders with valuable insights.
Decoding the Segmentation Analysis
The report promises to provide a comprehensive view of different market segments. It acknowledges that the market is not a single entity but a combination of multiple sectors. The report offers information on the sizes, potential growth paths, and major trends within these segments. This enables stakeholders to develop specific strategies and make efficient use of resources.
By Risk Coverage
- Collision Coverage
- Comprehensive Coverage
- Liability Coverage
- Personal Injury Coverage
- Uninsured Motorist Coverage
- Add-ons
- Road-side assistance
- Engine replacement
- Nil Depreciation
By Coverage Term
- One year
- 3 Years
- 5 Years
- More than 5 years
By Distribution Channel
- Agency
- Bank
- Brokers and Insurance Marketplaces
- Direct
- Others
By Vehicle Type
- ICE Vehicles
- Petrol
- Diesel
- Other
- Electric Vehicles
- Hybrid
By Vehicle Application
- Personal
- 2 Wheelers
- 4 Wheelers
- Commercial
- Passenger
- Heavy Vehicles
- Off-road Vehicles
By Vehicle Ownership
- New Vehicles
- Used Vehicles
By End-user
- Individuals
- Businesses
- Enterprise
- Logistics
- Retail
- Education
- Energy & Mining
- Construction
- Others
By Region
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of ASEAN
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Conclusion
In summary, Astute Analytica’s research report provides a detailed analysis of the global ASEAN Automotive Insurance market. It equips industry participants with valuable insights into market dynamics, competitive strategies, regional variations, and segmentation trends. This information empowers stakeholders to make informed decisions and adapt to the evolving landscape of the market.
About Astute Analytica:
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They are able to make well-calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyze for them the complex business environment, segment-wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron-come at the top. You can be sure of the best cost-effective, value-added package from us, should you decide to engage with us.
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