Market Trends of Global Two-Wheeler/Motorcycles Insurance Industry
Online Sales of Insurance Policies are Driving the Market Growth
Online insurance sales on various platforms have been boosting the overall sales of two-wheeler insurance policies. Internet penetration has been growing across all developing economies, such as India. This increases the number of people buying insurance policies online in developing countries. In developed economies, like the United Kingdom, the United States, Japan, Germany, and Australia, most people prefer to buy motor insurance online rather than in person. More people are becoming increasingly comfortable with online transactions, such as purchasing online insurance for two-wheelers. Furthermore, the pandemic has also pushed businesses across sectors to change how they operate, and the insurance industry is no exception. The COVID-19 pandemic forced insurance companies to depend heavily on their digital architecture, from selling new policies to settling claims.
Sales of Electric Two-Wheelers are Driving the Market
It is a legal requirement for an owner to have an insurance policy as it is a mandatory norm to operate a vehicle. In many developing economies, such as India, sales of electric two-wheelers are increasing. This gives rise to the need for insurance policies with various extra covers, such as battery covers for electric vehicles. In recent years, more than 250 thousand electric two-wheelers have been sold.
