DUBLIN, January 17, 2022--(BUSINESS WIRE)--The "Commercial Auto Insurance Market By Distribution Channel, Coverage Type, and Vehicle Type: Global Opportunity Analysis and Industry Forecast, 2021-2030" report has been added to ResearchAndMarkets.com's offering.
Commercial auto insurance is a policy of physical damage and liability coverage for amounts, situations, and usage not covered by a personal auto insurance policy. In addition, it provides a variety of coverage for cars, trucks, vans and other vehicles used for business purposes.
Generally, large fleets and small businesses usually prefers two major coverage such as physical damage insurance and liability insurance coverage. Bodily injury liability, property damage liability, combined single limit (CSL), medical payments, no-fault or personal injury, uninsured motorist, comprehensive physical damage, and collision are some of the major commercial auto insurance coverage in the market.
There is an increase in number of road accidents and commercial auto insurance provides financial security in the form of medical injury or any other damages to the vehicle owner, which promotes the market growth. In addition, increased usage of commercial vehicles and stringent government guidelines regarding commercial auto insurance drives the market growth. These factors notably contribute toward the growth of the global commercial auto insurance market.
However, as commercial vehicles are large in size & incur expensive maintenance, insurance premiums for these vehicles are usually higher which hamper the market growth. On the contrary, rise in number of technological advancements which helps insurers to accommodate distribution platforms in this existing business model to enhance productivity for providing commercial auto insurance coverage seamlessly at the point-of-purchase. In addition, surge in adoption of commercial auto insurance across emerging economies and rapid digitalization in insurance sector are expected to provide lucrative opportunities for the market growth in the coming years.
The commercial auto insurance market is segmented into distribution channel, coverage type, vehicle type, and region. By distribution channel, the market is segmented into brokers & agents, direct response, banks, and others. By coverage type, it is bifurcated into third party liability coverage and collision/comprehensive/optional coverage. Vehicle type covered in the study include light goods vehicle and heavy goods vehicle. The light goods vehicle segment is further segregated into new vehicles and used vehicles. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The study provides in-depth analysis of the global commercial auto insurance market along with the current trends and future estimations to illustrate the imminent investment pockets.
Information about key drivers, restrains, & opportunities and their impact analysis on the global commercial auto insurance market size are provided in the report.
Porter's five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
The quantitative analysis of the global commercial auto insurance market from 2021 to 2030 is provided to determine the market potential.
Stringent government guidelines regarding commercial auto insurance
Increasing number of road accidents
Increased usage of commercial vehicles
Expensive commercial auto insurance policies
Implementation of technology in the field of commercial auto insurance
Key Market Segments
By Distribution Channel
Brokers & Agents
By Coverage Type
Third Party Liability Coverage
By Vehicle Type
Light Goods Vehicle
Heavy Goods Vehicle
Rest of Europe
Rest of Asia-Pacific
Key Market Players
American International Group Inc.
Berkshire Hathaway Inc.
Liberty Mutual Insurance Company
Willis Towers Watson
For more information about this report visit https://www.researchandmarkets.com/r/qa11te
View source version on businesswire.com: https://www.businesswire.com/news/home/20220117005217/en/
Laura Wood, Senior Press Manager
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