Market Trends of Car Insurance Industry
Rising Number of Road Accidents in America Region
United States, Georgia, and Chile are among the American countries with the largest number of car accidents and the fatalities associated with them. As the price of cars is observed, a continuous increase cost of damage, even in minor car accidents, is becoming expensive, resulting in an increasing number of car owners opting for insurance to prevent unseen losses. Speeding, drunk driving, and distraction have emerged as some of the major reasons for car accidents, and they have increased human fatalities as well. Considering these events, car insurance is coming up with various types of insurance products covering car damage, hospitalization and treatment of third parties, personal accident cover, and others, with an expanding market for car insurance providers.
Rising Digital Innovation
With a rising penetration of digital technologies in the insurance market, car insurance products have also increased their online presence with which an increasing number of users can claim, purchase, and renew their insurance through the online channels of the insurance providers. For example, in the United Kingdom, the share of motor insurance premiums written online is observing a continuous rise, existing at more than 60% and driving digital insurance in the car segment. In addition, telematics and usage-based insurance have created a new revolution in the car insurance market, resulting in insurance companies calculating the insurance premium based on the driving habits of the user. As the market size of Insurance technology is expanding globally innovations in digital cash insurance products are expected to increase over the period.
