US Motor Insurance Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 424.5 Billion |
| Market Size (2029) | USD 627.5 Billion |
| CAGR (2024 - 2029) | 8.13 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
US Motor Insurance Market Analysis
The US Motor Insurance Market size in terms of direct written premiums value is expected to grow from USD 424.5 billion in 2024 to USD 627.5 billion by 2029, at a CAGR of 8.60% during the forecast period (2024-2029).
The non-life insurance segment accounts for approximately 51% of the premiums in the United States insurance industry. The auto sector faces 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, including insurance, urban planning and infrastructure, and supply chain management. 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.
US Motor Insurance 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 manufactured in the United States of the 70.5 million passenger cars manufactured worldwide in 2016. While the United States imports large quantities of vehicles from different countries, such as Japan, Mexico, and Canada, passenger car assembly in the country increased from about 2.2 million units produced in 2009 to just under 4 million units in 2016. Toyota and BMW are the leading carmakers selling imported cars in the United States. This trend is expected to continue as there is an increase in demand for lightweight vehicles.
Fintech adoption in developed economies:
Fintech is transforming the US financial sector is stating the obvious. It is rapidly transforming how people lend, invest, opt for loans, fund start-ups and even buy insurance. American companies have attracted the biggest fintech investments from 2010 – 2016, which indicates a clear need for fintech services in the United States. In 2017, insurance became the second-most popular fintech service. InsurTech companies are leveraging design, technology, and flexible services to make health insurance more appealing to consumers – something that would be beyond the purview of the traditional insurers.
US Motor Insurance Industry Overview
The report covers the major players operating in the US Motor Insurance Market. The market is Consolidates due to the top 5 companies hold more than 50% market share. The mandatory requirement for a vehicle to be insured across the united states, coupled with the estimated increased number of sales of vehicles, is expected to drive the motor insurance market during the forecast period.
US Motor Insurance Market Leaders
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Progressive Corp.
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Travelers Companies Inc.
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Old Republic International Corp.
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Liberty Mutual
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Nationwide Mutual Group
*Disclaimer: Major Players sorted in no particular order
US Motor Insurance Market News
- In January 2024, The Travelers Companies, Inc. finalized its acquisition of Corvus Insurance Holdings, Inc., a top-tier cyber insurance managing general underwriter known for its cutting-edge proprietary technology.
- In August 2023, Zurich Holding Company of America acquired SpearTip, a cyber counterintelligence firm. SpearTip specializes in proactive and responsive services designed to protect clients from cyber threats.
US Motor Insurance Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumption And Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
2.1 Research Framework
2.2 Secondary Research
2.3 Primary Research
2.4 Data Triangulation & Insight Generation
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Industry Attractiveness - Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
4.5 Insights on Different Commercial Vehicle Fleet and their Insurance Coverage Offered
4.6 Insight on Technological Adoption in Motor Insurance Market (Ride Hiring Options, Aftersales, Claims Handling, and other such Developments
4.7 Insights into Premium Variance by Region and Operations Costs
4.8 Insights into Various Government Regulations
4.9 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 By Vehicle Type
5.1.1 Commercial
5.1.1.1 Passenger-Carrying Vehicle Insurance
5.1.1.2 Goods-Carrying Vehicle Insurance
5.1.1.3 Miscellaneous and Special Vehicle Insurance
5.1.2 Personal
5.2 By Policy Coverage
5.2.1 Third-Party Liability
5.2.2 Partial Coverage
5.2.3 Comprehensive Insurance
5.3 By Distribution Channel
5.3.1 Agents
5.3.2 Brokers
5.3.3 Online
5.3.4 Banks
5.3.5 Other Distribution Channels
6. COMPETITIVE LANDSCAPE
6.1 Market Concentration Overview
6.2 Company Profiles of Insurers
6.2.1 Progressive Corp.
6.2.2 Travelers Companies Inc.
6.2.3 Old Republic International Corp.
6.2.4 Liberty Mutual
6.2.5 Nationwide Mutual Group
6.2.6 Berkshire Hathaway Inc.
6.2.7 Zurich Insurance Group
6.2.8 Auto-Owners Insurance Co.*
6.3 Company Profile of Leading Brokers
6.3.1 Marsh & Mc Lennan Company
6.3.2 Arthur J Gallagher & Co.
6.3.3 Hub International
6.3.4 Brown & Brown Inc
6.3.5 Acrisure*
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. ABOUT US
US Motor Insurance Industry Segmentation
Motor insurance is a financial safeguard that protects your vehicles from potential risks. The United States motor insurance market is segmented by vehicle type, policy coverage, and distribution channel. By vehicle type, the market is segmented into commercial and personal. The commercial market is segmented into passenger-carrying vehicle insurance, goods-carrying vehicle insurance, and miscellaneous and special vehicle insurance. By policy coverage, the market is segmented into third-party liability, partial coverage, and comprehensive insurance. By distribution channel, the market is segmented into agents, brokers, online, banks, and other distribution channels. The report offers market size and forecasts in value (USD) for all the above segments.
| By Vehicle Type | |||||
| |||||
| Personal |
| By Policy Coverage | |
| Third-Party Liability | |
| Partial Coverage | |
| Comprehensive Insurance |
| By Distribution Channel | |
| Agents | |
| Brokers | |
| Online | |
| Banks | |
| Other Distribution Channels |
US Motor Insurance Market Research FAQs
How big is the US Motor Insurance Market?
The US Motor Insurance Market size is expected to reach USD 424.5 billion in 2024 and grow at a CAGR of 8.13% to reach USD 627.5 billion by 2029.
What is the current US Motor Insurance Market size?
In 2024, the US Motor Insurance Market size is expected to reach USD 424.5 billion.
Who are the key players in US Motor Insurance Market?
Progressive Corp., Travelers Companies Inc., Old Republic International Corp., Liberty Mutual and Nationwide Mutual Group are the major companies operating in the US Motor Insurance Market.
What years does this US Motor Insurance Market cover, and what was the market size in 2023?
In 2023, the US Motor Insurance Market size was estimated at USD 389.99 billion. The report covers the US Motor Insurance Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the US Motor Insurance Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
US Motor Insurance Industry Report
Statistics for the 2024 US Motor Insurance market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. US Motor Insurance analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
