Two-Wheeler Insurance Market Size, Analysis by Regional Demand and Future Trends Forecast | GEICO, Dairyland

Two-Wheeler Insurance Market by Policy Type, Distribution Channel, and Vehicle Age : Global Opportunity Analysis and Industry Forecast, 2021-2030.

PORTLAND, OR, UNITES STATES, August 11, 2023/EINPresswire.com/ -- Two-wheeler insurance is an insurance policy for two-wheelers, trucks, motorcycles, and other road vehicles that protects customers against financial loss in the event of an accident or theft of vehicles and provides property coverage, liability coverage, and medical coverage. Furthermore, two-wheeler insurance is one of the largest revenue sources in the general insurance industry and accounts more than 35% in overall insurance premium collection. Furthermore, the key factor that drives the two-wheeler insurance market growth includes rise in number of accidents, implementation of stringent government regulations for the adoption of two-wheeler insurance and increase in two-wheeler sales globally due to surge in per capita income of consumers are the major factors that drive the global two-wheeler insurance market growth.

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The global two-wheeler insurance market size was valued at $91.6 billion in 2020, and is projected to reach $171.88 billion by 2030, registering a CAGR of 6.8% from 2021 to 2030.

comprehensive insurance segment in two-wheeler insurance market share is expected to experience significant growth in the coming years, owing to increasing cost of repairs and premium vehicles.

Moreover, adoption of autonomous vehicles hampers the growth of the market. Furthermore, implementation of technologies in existing products and service lines and rise in demand of third-party liability coverage in emerging economies are expected to provide lucrative opportunity for the market expansion during the forecast period.

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On the basis of vehicle age, the new vehicle segment contributed for a major share in 2020, owing to government regulations stating it compulsory for new vehicles to have insurance of five-year coverage.

However, the used vehicle segment is expected to witness fastest growth during the upcoming years, owing to increase in demand for secondhand vehicles and second hand 2-wheeler dealers in developing nations.

Region wise, the two-wheeler insurance market size was dominated by North America in 2020, and is expected to retain its position during the forecast period. This is attributed to number of factors such as penetration of two-wheelers and improvement in economy. In addition, presence of growing number of digital two-wheeler insurance vendors across the U.S. and Canada is expected to provide lucrative opportunities for the market. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to wide presence of reinsurance providers, which are turning toward digital two-wheeler insurance solutions to efficiently manage their policy renewal processes in China and India.

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In the wake of the COVID-19 virus outbreak in December 2019, the disease has spread to almost 180+ countries around the globe with the World Health Organization declaring it a public health emergency. The global pandemic has already starting adversely affecting the 2-wheeler insurance market. Owing to lockdown, countries across the world have imposed travel ban, which has resulted in a greater number of people reduce in travel but increase in driving speed. For instance, Triple-I in 2020, insurers will return $14 billion to customers because of the dramatic decrease in driving. In addition, there is evidence that drivers are still going faster than they did, particularly at rush hours. That’s why mileage driven this year is down by 12%, but traffic fatalities are up 4%. However, the driving frequency patterns is expected to return to the normal, but fast driving is expected to keep claiming severity high, putting upward pressure on rates. This has resulted in rise in demand for higher and better liability premiums.

Key Findings Of The Study

By policy type, the third-party liability insurance segment accounted for the largest two-wheeler insurance market share in 2020.
Region wise, North America generated highest revenue in 2020.
Depending on vehicle type, the new vehicle segment generated the highest revenue in 2020.

Key players operating in the global two-wheeler insurance industry include STATE FARM MUTUAL AUTOMOBILE INSURANCE, GEICO, ALLSTATE INSURANCE COMPANY, Bajaj Allianz General Insurance, Farmers, Dairyland, Liberty General Insurance Ltd., ACKO General Insurance Limited, Progressive Casualty Insurance Company, and USAA. These companies have adopted several strategies such as product launches, partnerships, collaborations, mergers & acquisitions, and joint ventures to strengthen their foothold in the global two-wheeler insurance market.

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