Asia-Pacific Car Insurance Market Trends

China exists as the Asia-Pacific country with the largest car sales volume; passenger car sales in the country were at more than 23 Million last year, which was significantly higher in comparison to other Asia-Pacific countries of India, Japan, and South Korea. These rising car sales volumes are resulting in increasing car insurance premiums for the insurance providers with a rising business opportunity. Sedans and SUVs are among the car segments in China, with a sales volume share of more than 80% in passenger cars, leading to insurance providers especially focusing on these segments. Vehicle standards, Speeding, drunk driving, and road infrastructure quality are among the major causes of car accidents in China, and to insure themselves from these emerging risks, car owners are opting for car insurance where they can claim for losses in case of an accident. With its comprehensive motor reform last year, china observed a steep decline in its car insurance premium rates making the car insurance product more affordable among car owners.