Vehicle insurance is designed to cover threat of financial liability. Moreover, vehicle insurance is drafted to cover loss of an automobile that the vehicle’s owner may face after his or her vehicle is involved in an accident or a collision resulting in physical damages. It is compulsory for all motor vehicles in Asia-Pacific region to get an insurance policy against third party liability before the vehicle come on road. For the reason of insurance, automobiles are tabulated into three main categories which includes private cars, motor scooters and motor cycles, and commercial vehicles which further includes goods carrying vehicles and passenger carrying vehicles such as taxis, buses and motorized rickshaws. The insurance premium that an automobile owner pays is generally determined by several factors including gender and age of driver, type of vehicle, vehicle owners driving history and the location where the automobile will be primarily driven. Further down, in some countries like China and India, it is illegal to drive a motor vehicle not having a liability insurance coverage. The third-party vehicle insurance is a compulsory policy issued by insurance company as a segment of public liability prevention to protect general public from any kind of accident that take place on the road. Additionally, rising cases of accidents in some developing countries also makes the vehicle insurance market more demanding in Asia-Pacific region.
The vehicle insurance policy provides major benefits to the end-users. Some of the benefits includes choice of workshops, free 24-hour roadside assistance & towing, personal accident coverage, and others. Rising number of automobile sales in countries present in Asia-Pacific, has primarily led to the growth of vehicle insurance market. Moreover, stringent government rule to buy insurance policy while buying a new vehicle, creates a huge opportunity for Asia-Pacific vehicle insurance market. Additionally, huge number of insurance provider present in this region and their ability to provide right operations and strategies to their customers at the right time makes the market more demanding. Moreover, rapidly enlarging middle class and greater number of car owners in countries like Thailand, Indonesia, Malaysia and Singapore is expected to boost the Asia-Pacific vehicle insurance market over the next eight years.
The Asia-Pacific vehicle insurance market in report is segmented by premiums which includes commercial insurance premiums and personal insurance premiums.The Asia-Pacific vehicle insurance market has been moreover segmented by country wise which includes India, China, Japan and Rest of Asia-Pacific.
In addition to this, growing disposable income of people in developing economies also shows a promising growth rate of automobiles which in result will propel the growth of vehicle insurance market. Further down, advertisement and hoardings presented by the leading auto insurance industries about the benefits of insurance further makes the market demanding in Asia-Pacific region during the projection period.
Some of the major players in the Asia-Pacific vehicle insurance marketincludePing An Insurance, People’s Insurance Company of China, The Toa Reinsurance Company, Limited, Tata AIG General Insurance Co. Ltd. and few others.
Asia-Pacific Vehicle Insurance Market: By Premiums
Asia-Pacific Vehicle Insurance Market: By Vehicle
Asia-Pacific Vehicle Insurance Market: By Country