DUBLIN, March 11, 2022–(BUSINESS WIRE)–The “United States Motor Insurance Market – Growth, Trends, COVID-19 Impact, and Forecasts (2022 – 2027)” report has been added to ResearchAndMarkets.com’s offering.
The United States Motor Insurance Market is estimated to grow at a CAGR of approximately 3% during the forecast period.
The United States insurance industry’s net premiums in 2018 amounted to USD 1.22 trillion, with premiums paid by non-life insurers accounting for 51%, and premiums for life insurers accounting for 49%.
The overall net premium written for non-life was USD 618 Billion in 2018. The auto sector is facing significant change as the autonomous vehicle (AV) revolution likely brings a fundamental shift from personal ownership to shared mobility.
This dramatic reshaping of the auto industry is bound to have far-reaching effects on other sectors as well including insurance, urban planning and infrastructure, and supply chain management. In order to manage the low-growth, low-profit, non-life insurers have focused on innovation and disruption, demonstrating a strong interest in new technological developments, including telematics, the Internet of Things (IoT) and blockchain.
Key Market Trends
Increase in Motor vehicles registration:
At about 17.2 million new light-vehicle registrations in 2018, the United States is one of the biggest car markets in the world based on the number of new light-vehicle registrations. Nevertheless, fewer than three million vehicles were…
