Automotive Insurance Broking & Risk Management Market Size is predicted to expand at a 9.56% CAGR during the forecast period for 2024-2031.
Automotive insurance broking & risk management represents the act of engaging as an arbitrator regarding automobile insurance companies and consumers. This entails assessing variables like driving habits, car upkeep, and surrounding circumstances to reduce the risk of collisions or property damage. Insurance specialists assist clients in lowering their vulnerability to monetary dangers and improving general safety by putting into practice efficient risk management techniques.
Automotive insurance broking and risk management are experiencing rapid growth due to an increase in drivers and technological advancements. Insurers are improving customer satisfaction and retention by offering customized insurance and making use of monitors and data. Recent regulatory modifications and a heightened awareness of the importance of risk management are further factors motivating individuals and businesses to search for total insurance services. These variables combined propel the sector forward and present multiple possibilities for growth and innovation.
However, the fierce rivalry between insurance companies is a significant hurdle in the market. Straight individual insurance decision-making made outside the use of a middleman is the main obstacle for companies in the global market. Numerous variables, including ignorance of the advantages of brokers, mistrust of intermediaries, the increase in overall expenses when insurance brokers are involved, and numerous other business-related or private reasons, may be to blame for instability. To raise consciousness, however, the competitors in the global industry have made significant investments in comprehensive marketing campaigns.
The automotive insurance broking & risk management market is segmented based on type, application, end-user, distribution channel, and service type. Based on type, the market is segmented into personal insurance and commercial insurance. By application, the market is segmented into individual vehicles and fleet vehicles. By end-users, the market is segmented into insurance companies and brokerage firms. By distribution channel segment, the market is segmented into direct sales, online platforms, and brokers. By service type, the market is segmented into risk assessment, claims management, and policy administration.
The insurance companies' automotive insurance broking and risk management market is expected to hold a major global market share in 2023. Insurance firms are essential because they create and provide a variety of insurance policies that are suited to the demands of various automobile proprietors. Their strategies and products have a direct bearing on the industry's development and evolution.
Online platforms of automotive insurance broking and risk management because they make it simple for customers to obtain a wide range of insurance products. These platforms have completely changed the insurance industry. These platforms make it possible to compare products quickly, which helps with decision-making and streamlines the entire buying process, especially in countries like the US, Germany, the UK, China, and India.
The North American automotive insurance broking & risk management market is predicted to report the highest market share in revenue in the near future. This can be attributed to the benefits of high automobile ownership and widely recognized insurance systems. In order to satisfy the varied needs of their customers, these regions concentrate on sophisticated risk reduction techniques and all-inclusive protection choices. In addition, Asia Pacific is likely to grow rapidly in the global automotive insurance broking & risk management market due to growing demand for automobiles and rising recognition of the value of insurance coverage. In order to take advantage of these new prospects, dealers and companies are creating creative solutions that are suited to regional needs and legal frameworks.
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Report Attribute |
Specifications |
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Growth Rate CAGR |
CAGR of 9.56% from 2024 to 2031 |
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Quantitative Units |
Representation of revenue in US$ Bn and CAGR from 2024 to 2031 |
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Historic Year |
2019 to 2023 |
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Forecast Year |
2024-2031 |
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Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
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Segments Covered |
By Type, Application, End-User, Distribution Channel, And Service Type |
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Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South East Asia; South Korea |
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Competitive Landscape |
Allianz, AXA, Berkshire Hathaway, Chubb, Cigna, Cleveland Insurance, Travelers, Zurich Insurance Group, MetLife, The Hartford, Munich Re, AIG (American International Group), Prudential, Liberty Mutual, Generali, Aviva, State Farm, Nationwide, Hiscox, Marsh & McLennan, Aon, Willis Towers Watson, CNA Financial, Sompo International, and Admiral Group. |
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Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
Chapter 1. Methodology and Scope
1.1. Research Methodology
1.2. Research Scope & Assumptions
Chapter 2. Executive Summary
Chapter 3. Global Automotive Insurance Broking & Risk Management Market Snapshot
Chapter 4. Global Automotive Insurance Broking & Risk Management Market Variables, Trends & Scope
4.1. Market Segmentation & Scope
4.2. Drivers
4.3. Challenges
4.4. Trends
4.5. Investment and Funding Analysis
4.6. Industry Analysis – Porter’s Five Forces Analysis
4.7. Competitive Landscape & Market Share Analysis
4.8. Impact of Covid-19 Analysis
Chapter 5. Market Segmentation 1: by Type Estimates & Trend Analysis
5.1. by Type & Market Share, 2019 & 2031
5.2. Market Size (Value (US$ Mn)) & Forecasts and Trend Analyses, 2019 to 2031 for the following by Type:
5.2.1. Personal Insurance
5.2.2. Commercial Insurance
Chapter 6. Market Segmentation 2: by Application Estimates & Trend Analysis
6.1. by Application & Market Share, 2019 & 2031
6.2. Market Size (Value (US$ Mn)) & Forecasts and Trend Analyses, 2019 to 2031 for the following by Application:
6.2.1. Individual Vehicles
6.2.2. Fleet Vehicles
Chapter 7. Market Segmentation 3: by End-User Estimates & Trend Analysis
7.1. by End-User & Market Share, 2019 & 2031
7.2. Market Size (Value (US$ Mn)) & Forecasts and Trend Analyses, 2019 to 2031 for the following by End-User:
7.2.1. Insurance Companies
7.2.2. Brokerage Firms
Chapter 8. Market Segmentation 4: by Distribution Channel Estimates & Trend Analysis
8.1. by Distribution Channel & Market Share, 2019 & 2031
8.2. Market Size (Value (US$ Mn)) & Forecasts and Trend Analyses, 2019 to 2031 for the following by Distribution Channel:
8.2.1. Direct Sales
8.2.2. Online Platforms
8.2.3. Brokers
Chapter 9. Market Segmentation 4: by Service Type Estimates & Trend Analysis
9.1. by Service Type & Market Share, 2019 & 2031
9.2. Market Size (Value (US$ Mn)) & Forecasts and Trend Analyses, 2019 to 2031 for the following by Service Type:
9.2.1. Risk Assessment
9.2.2. Claims Management
9.2.3. Policy Administration
Chapter 10. Automotive Insurance Broking & Risk Management Market Segmentation 5: Regional Estimates & Trend Analysis
10.1. North America
10.1.1. North America Automotive Insurance Broking & Risk Management Market Revenue (US$ Million) Estimates and Forecasts by Type, 2023-2031
10.1.2. North America Automotive Insurance Broking & Risk Management Market Revenue (US$ Million) Estimates and Forecasts by Application, 2023-2031
10.1.3. North America Automotive Insurance Broking & Risk Management Market Revenue (US$ Million) Estimates and Forecasts by End-User, 2023-2031
10.1.4. North America Automotive Insurance Broking & Risk Management Market Revenue (US$ Million) Estimates and Forecasts by Distribution Channel, 2023-2031
10.1.5. North America Automotive Insurance Broking & Risk Management Market Revenue (US$ Million) Estimates and Forecasts by Service Type, 2023-2031
10.1.6. North America Automotive Insurance Broking & Risk Management Market Revenue (US$ Million) Estimates and Forecasts by country, 2023-2031
10.2. Europe
10.2.1. Europe Automotive Insurance Broking & Risk Management Market Revenue (US$ Million) Estimates and Forecasts by Type, 2023-2031
10.2.2. Europe Automotive Insurance Broking & Risk Management Market Revenue (US$ Million) Estimates and Forecasts by Application, 2023-2031
10.2.3. Europe Automotive Insurance Broking & Risk Management Market Revenue (US$ Million) Estimates and Forecasts by End-User, 2023-2031
10.2.4. Europe Automotive Insurance Broking & Risk Management Market Revenue (US$ Million) Estimates and Forecasts by Distribution Channel, 2023-2031
10.2.5. Europe Automotive Insurance Broking & Risk Management Market Revenue (US$ Million) Estimates and Forecasts by Service Type, 2023-2031
10.2.6. Europe Automotive Insurance Broking & Risk Management Market Revenue (US$ Million) Estimates and Forecasts by country, 2023-2031
10.3. Asia Pacific
10.3.1. Asia Pacific Automotive Insurance Broking & Risk Management Market Revenue (US$ Million) Estimates and Forecasts by Type, 2023-2031
10.3.2. Asia Pacific Automotive Insurance Broking & Risk Management Market Revenue (US$ Million) Estimates and Forecasts by Application, 2023-2031
10.3.3. Asia-Pacific Automotive Insurance Broking & Risk Management Market Revenue (US$ Million) Estimates and Forecasts by End-User, 2023-2031
10.3.4. Asia-Pacific Automotive Insurance Broking & Risk Management Market Revenue (US$ Million) Estimates and Forecasts by Distribution Channel, 2023-2031
10.3.5. Asia-Pacific Automotive Insurance Broking & Risk Management Market Revenue (US$ Million) Estimates and Forecasts by Service Type, 2023-2031
10.3.6. Asia Pacific Automotive Insurance Broking & Risk Management Market Revenue (US$ Million) Estimates and Forecasts by country, 2023-2031
10.4. Latin America
10.4.1. Latin America Automotive Insurance Broking & Risk Management Market Revenue (US$ Million) Estimates and Forecasts by Type, 2023-2031
10.4.2. Latin America Automotive Insurance Broking & Risk Management Market Revenue (US$ Million) Estimates and Forecasts by Application, 2023-2031
10.4.3. Latin America Automotive Insurance Broking & Risk Management Market Revenue (US$ Million) Estimates and Forecasts by End-User, 2023-2031
10.4.4. Latin America Automotive Insurance Broking & Risk Management Market Revenue (US$ Million) Estimates and Forecasts by Distribution Channel, 2023-2031
10.4.5. Latin America Automotive Insurance Broking & Risk Management Market Revenue (US$ Million) Estimates and Forecasts by Service Type, 2023-2031
10.4.6. Latin America Automotive Insurance Broking & Risk Management Market Revenue (US$ Million) Estimates and Forecasts by country, 2023-2031
10.5. Middle East & Africa
10.5.1. Middle East & Africa Automotive Insurance Broking & Risk Management Market Revenue (US$ Million) Estimates and Forecasts by Type, 2023-2031
10.5.2. Middle East & Africa Automotive Insurance Broking & Risk Management Market Revenue (US$ Million) Estimates and Forecasts by Application, 2023-2031
10.5.3. Middle East & Africa Automotive Insurance Broking & Risk Management Market Revenue (US$ Million) Estimates and Forecasts by End-User, 2023-2031
10.5.4. Middle East & Africa Automotive Insurance Broking & Risk Management Market Revenue (US$ Million) Estimates and Forecasts by Distribution Channel, 2023-2031
10.5.5. Middle East & Africa Automotive Insurance Broking & Risk Management Market Revenue (US$ Million) Estimates and Forecasts by Service Type, 2023-2031
10.5.6. Middle East & Africa Automotive Insurance Broking & Risk Management Market Revenue (US$ Million) Estimates and Forecasts by country, 2023-2031
Chapter 11. Competitive Landscape
11.1. Major Mergers and Acquisitions/Strategic Alliances
11.2. Company Profiles
11.2.1. Maxar Space Systems
11.2.2. Northrop Grumman
11.2.3. Allianz
11.2.4. AXA
11.2.5. Berkshire Hathaway
11.2.6. Chubb
11.2.7. Cigna
11.2.8. Cleveland Insurance
11.2.9. Travelers
11.2.10. Zurich Insurance Group
11.2.11. MetLife
11.2.12. The Hartford
11.2.13. Munich Re
11.2.14. AIG (American International Group)
11.2.15. Prudential
11.2.16. Liberty Mutual
11.2.17. Generali
11.2.18. Aviva
11.2.19. State Farm
11.2.20. Nationwide
11.2.21. Hiscox
11.2.22. Marsh & McLennan
11.2.23. Aon
11.2.24. Willis Towers Watson
11.2.25. CNA Financial
11.2.26. Sompo International
11.2.27. Admiral Group
11.2.28. Other Prominent Players
Automotive Insurance Broking & Risk Management Market By Type-
Automotive Insurance Broking & Risk Management Market By Application-
Automotive Insurance Broking & Risk Management Market By End-User-
Automotive Insurance Broking & Risk Management Market By Distribution Channel-
Automotive Insurance Broking & Risk Management Market By Service Type-
Automotive Insurance Broking & Risk Management Market By Region-
North America-
Europe-
Asia-Pacific-
Latin America-
Middle East & Africa-
InsightAce Analytic follows a standard and comprehensive market research methodology focused on offering the most accurate and precise market insights. The methods followed for all our market research studies include three significant steps – primary research, secondary research, and data modeling and analysis - to derive the current market size and forecast it over the forecast period. In this study, these three steps were used iteratively to generate valid data points (minimum deviation), which were cross-validated through multiple approaches mentioned below in the data modeling section.
Through secondary research methods, information on the market under study, its peer, and the parent market was collected. This information was then entered into data models. The resulted data points and insights were then validated by primary participants.
Based on additional insights from these primary participants, more directional efforts were put into doing secondary research and optimize data models. This process was repeated till all data models used in the study produced similar results (with minimum deviation). This way, this iterative process was able to generate the most accurate market numbers and qualitative insights.
Secondary research
The secondary research sources that are typically mentioned to include, but are not limited to:
The paid sources for secondary research like Factiva, OneSource, Hoovers, and Statista
Primary Research:
Primary research involves telephonic interviews, e-mail interactions, as well as face-to-face interviews for each market, category, segment, and subsegment across geographies
The contributors who typically take part in such a course include, but are not limited to:
Data Modeling and Analysis:
In the iterative process (mentioned above), data models received inputs from primary as well as secondary sources. But analysts working on these models were the key. They used their extensive knowledge and experience about industry and topic to make changes and fine-tuning these models as per the product/service under study.
The standard data models used while studying this market were the top-down and bottom-up approaches and the company shares analysis model. However, other methods were also used along with these – which were specific to the industry and product/service under study.
