PORTLAND, Oregon, Dec 16, 2021 (GLOBE NEWSWIRE) – According to the report published by Allied Market Research, Vehicle liability insurance market Pegged at $297.00 billion in 2020, it is expected to reach $667.75 billion by 2030, at a compound annual growth rate of 7.8% from 2021 to 2030.
The rise in the number of road accidents, strict government rules around liability payment, and the low cost of vehicle liability insurance are driving the global vehicle liability insurance market. However, the lack of awareness and the high number of false claims are hampering the growth of the market. On the contrary, increasing demand for vehicle liability insurance products and services and application of new technologies in products and service lines is expected to open up new opportunities in the future.
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COVID-19 scenario:
- The Covid-19 pandemic has affected the demand for vehicle liability insurance due to higher rates of auto liability premiums and claims payments, increased severity of losses across multiple industry sectors, and continued pressure towards pricing.
- Traffic restrictions imposed by many governments have limited the use of vehicles on the roads, affecting policyholders to request rescues, refunds and lower premiums. This led insurance companies to freeze sales of new auto insurance coverages.
The report segments the global Vehicle Liability Insurance market on the basis of analysis mode, distribution channel, vehicle age, and region. On the basis of situation, the offline segment dominated the market in 2020, contributing nearly three-fifths of the market. However, the online segment is expected to show the highest compound annual growth rate of 10.0% during the forecast period.
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Based on distribution channel, the independent agents/brokers segment captured the largest share in 2020, accounting for nearly two-fifths of the market. However, the direct response segment is estimated to record Highest compound annual growth rate of 9.9% during the forecast period.
The global vehicle liability insurance market is analyzed in several regions such as North America, Europe, Asia Pacific and LAMEA. The market across North America held the lion’s share in 2020, accounting for nearly two-fifths of the market. However, the market across Asia Pacific is expected to depict the highest compound annual growth rate of 10.0% from 2021 to 2030.
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The Global Motor Vehicle Liability Insurance Market includes an in-depth analysis of the major market players such as Allstate, AXA XL, Chubb Limited, Great American and Hiscox Ltd. and Nationwide, Progressive Commercial, State Farm, The Hartford, and The Travelers Indemnity Corporation. These market players have committed to many strategies including partnership, expansion, collaboration, joint ventures, etc. to prove their inclination in the industry.
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Allied Market Research (AMR) is a full-service market research and business consultancy of Allied Analytics LLP headquartered in Portland, Oregon. Allied Market Research provides global organizations as well as medium and small businesses with unparalleled quality of Market Research Reports and Business Intelligence Solutions. AMR has a targeted viewpoint to provide business insights and consultancy to help its clients make strategic business decisions and achieve sustainable growth in their market space.
Pawan Kumar, CEO of Allied Market Research, is leading the organization towards providing high quality data and insights. We are in professional corporate relationships with many companies and this helps us extract market data that helps us create accurate research spreadsheets and assures the utmost accuracy in our market forecasts. All the data presented in the reports published by us are extracted through preliminary interviews with senior officials from the leading companies in the respective field. Our methodology for acquiring secondary data includes in-depth online and offline research and discussions with industry knowledgeable professionals and analysts.
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