ASEAN Automotive Insurance Market Size Is Projected to Reach USD 17 Billion by 2027 | Exclusive Study by Astute Analytica

April 14 21:36 2021
ASEAN Automotive Insurance Market Size Is Projected to Reach USD 17 Billion by 2027 | Exclusive Study by Astute Analytica
Telematics technology with artificial intelligence (AI) is at the forefront of the market seeking new heights, creating a socioeconomic uplift for both consumers and insurance firms.

Automotive insurance has expanded rapidly in the emerging markets, mature markets recorded stagnated premium growth with slightly slow growth but is expected to outperform, however, the outlook for advanced economies is improving and is anticipated to pick up with economic growth over the forecast period. The emerging market in developing economies is supported by the growth of the ASEAN automotive insurance market. As per the research report published by Astute Analytica, the ASEAN automotive insurance market is witnessing growth at a CAGR of 44% during the forecast period 2021-2027.

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The growth of the ASEAN market is supported by the increasing number of vehicle ownership along with an increase in the number of road accidents. However, an uneven level of transparency and negative customer delight during claim settlement are some major factors hindering the growth of the ASEAN automotive insurance market.

Growing fintech investment acting as a key trend for the ASEAN marketplace; Fintech firms in Vietnam raised USD 410 million between January and September 2020. Approx. 70% of operational fintech companies based in Vietnam are startups that are funded by foreign investors from developed countries, showing the strong potential for positive growth in the future period. While the leading position hold by Singapore as the Fintech investment leader in the region. The country has recorded about 51% of investment focused on fintech in South-East Asia, with only a 2% decline as compared to fintech-focused investment in 2018.

Snapshot of the ASEAN Automotive Insurance Market

The ASEAN automotive insurance market, geographically, has been divided into Malaysia, Thailand, Singapore, Vietnam, Indonesia, Philippines, and the Rest of ASEAN – As per the analytical study, Thailand holds the major share in the ASEAN automotive insurance market followed by Malaysia and Singapore. While Vietnam is estimated to grow with the highest CAGR over the forecast period followed by the Philippines and Indonesia. Moreover, Vietnam and Philippines are the emerging markets in the ASEAN automotive insurance market as these countries have huge growth opportunities in the upcoming years.

The report provides an in-depth segment analysis of the ASEAN automotive insurance market, offering valuable insights at macro and micro levels. Analysis of major countries, which hold growth opportunities or account for significant share has also been included as part of the geographic analysis of the ASEAN automotive insurance industry.

Indonesia automotive insurance market shows significant shareholding in one-year coverage terms in 2020 and 2027. The other coverage terms such as three years, five years, and more than five years are distributed in the remaining quarter share in the study period.

Liability coverage, collision coverage, personal injury coverage, uninsured motorist coverage, comprehensive coverage, and add-ons are some major segments of the ASEAN automotive insurance market. The liability coverage segment holds the highest market share and is anticipated to grow by the end of the year 2027 with a slight growth rate as compared to the year 2020.

The changingnature of the insurance industry includes auto coverage automatically while purchasing and allow manufacturers to operate as a distribution platform. Apart from the individual entity, businesses are gaining a grip hold in the market share of the ASEAN automobile insurance industry, with energy and mining gaining the highest growth rate at a CAGR of around 6% during the forecast period 2021-2027.

ASEAN Automotive Insurance Market – What competitors are doing?

Some major key players offering automotive insurance in the ASEAN marketplace are Admiral Group Plc, AIG (American International Group, Inc.), Allianz, Allstate Insurance Company, 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 and Tokio Marine Group. New market entrants are taking up challenges to transform the mechanism of the general insurance industry.

Changing Dynamics of the Automotive Insurance Market with Inception of Autonomous Vehicles Market

The convergence of consumer and automotive technologies along with the rise of mobility services could transform the way of driving and commute and in turn can bring change to the amount, purchase, and category of automobile insurance. The rapid transformation of the autonomous vehicle industry is creating a strong skepticism across the automotive insurance market. Advanced driver assisted systems (ADAS) and Self-driving cars– sensors that help drivers to know about difficult to see things, such as blind-spot alerts and backup cameras– could change the ownership of insurance policies.

The research study compiled by Astute Analytica covers more interesting market trends and dynamics that are impacting the overall growth of the ASEAN automotive insurance market. Get a sneak peek through the sample copy

Segmentation Overview of the ASEAN Automotive Insurance Market

By Risk Coverage [Liability Coverage, Collision Coverage, Personal Injury Coverage, Uninsured Motorist Coverage, Comprehensive Coverage, Add-ons (Road-side assistance, Engine replacementNil Depreciation)]

By Coverage Term (One year, Three Years, Five Years, More than Five years)

By Distribution Channel (Direct, Agency, Bank, Brokers and Insurance Marketplaces, Others)

By Vehicle Type [ICE Vehicles, Petrol, Diesel, Others (Electric Vehicles, Hybrid)]

By Vehicle Application [Personal (Two Wheelers, Four 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)

Have Any Query Or Specific Requirement? Feel Free to Ask Our Industry Experts at: https://www.astuteanalytica.com/industry-report/asean-automotive-insurance-market

Table of Contents

Chapter 1: Research Framework

Chapter 2: Research Methodology

Chapter 3: Executive Summary- ASEAN Automotive Insurance Market

Chapter 4: ASEAN Automotive Insurance Market Overview

Chapter 5: ASEAN Automotive Insurance Market by Application

Chapter 6: ASEAN Automotive Insurance Market by Vehicle Ownership

Chapter 7: ASEAN Automotive Insurance Market by End-User

Chapter 8: ASEAN Automotive Insurance Market by Risk Coverage

Chapter 9: ASEAN Automotive Insurance Market by Coverage Term

Chapter 10: ASEAN Automotive Insurance Market by Distribution Channel

Chapter 11: ASEAN Automotive Insurance Market by Vehicle Type

Chapter 12: ASEAN Automotive Insurance Market by Region

Chapter 13: Indonesia ASEAN Automotive Insurance Market Analysis

Chapter 14: Malaysia ASEAN Automotive Insurance Market Analysis

Chapter 15: Philippines ASEAN Automotive Insurance Market Analysis

Chapter 16: Singapore ASEAN Automotive Insurance Market Analysis

Chapter 17: Thailand ASEAN Automotive Insurance Market Analysis

Chapter 18: Veitnam ASEAN Automotive Insurance Market Analysis

Toc Continue……

 

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