The demand for vehicle insurance has been growing significantly, as a consequence of the increasing number of road casualties leading to physical damage to automobiles and bodily injuries.
Dallas, United States - December 15, 2021 /MarketersMedia/ —
The Latin America vehicle insurance market size is estimated to witness a 4.0% CAGR over the forecast period due to the rapid expansion of the global automobile industry. Vehicle insurance is a service that provides financial protection to the insured against physical damage or bodily damage caused due to fires, collisions and against liability that could result from vehicle incidents. Owing to benefits such as protection against financial & legal liabilities, comprehensive coverage, add-ons, security, cashless-garage network, vehicle insurance is experiencing rapid adoption thus fostering progress in Latin America Vehicle Insurance Market.
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Increasing vehicle demand in Latin America, car insurers providing most benefits at competitive rate, and growing awareness for motor insurance bringing uninsured vehicles in insurance ambit have boosted the Latin America Vehicle Insurance Market. Strong macro-economic factors and rigid financial ecosystem are making Latin America a great hotspot for Vehicle Insurance driving the Latin America Vehicle Insurance Market.
However, Latin America Vehicle Insurance Market grappled with challenges may hamper market growth. Most importantly, the pandemic has strongly impacted Latin America Vehicle Insurance Market leading to complex economic crisis of the insurance groups operating in Latin America Vehicle Insurance Market. However, the crisis led to boost in second-hand car market projecting a double digit growth in Latin America Vehicle Insurance Market. Also, the M&A operations, increasing demand for car insurance to protect against further expenses, stringent government rules, the growing awareness for motor insurance, and insurance groups providing advanced and customized coverage to vehicles are majorly driving the Latin America Vehicle Insurance Market.
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The major players and different insurance groups operating in Latin America Vehicle Insurance Market are BRASILPREV1, BRADESCO, ZURICH, MAPFRE, CNP ASSURANCES, METLIFE, INNOVACARE, PORTO SEGURO, ALLIANZ, BBVA, ITAÚ, AXA, CHUBB, BANORTE, TALANX, QUÁLITAS, LIBERTY MUTUA, NEW YORK LIFE, SANCOR, BANAMEX, and TOKIO MARINE among others. These insurance groups have recorded maximum premiums in multiple segments. These insurance providers dominate the Latin America Vehicle Insurance Market as they offer customized and full-coverage insurance policies to fit the clients’ needs. These companies have multinational programs and activities that have helped to gain more customers. The companies have their presence throughout Latin America Vehicle Insurance Market doing business in over 100 countries across five continents. These companies offer a wide range of solutions to their customers worldwide contributing majorly in Latin America Vehicle Insurance Market.
Latin America Vehicle Insurance Market is classified different segments. The type segment ifs further classified into comprehensive insurance, third party insurance, and others. Among these, the comprehensive insurance held the largest market share of Latin America Vehicle Insurance Market and is poised for substantial market growth in forecast span 2021-2028 owing to several advantages. A comprehensive car insurance protects the car from unfortunate damages and losses from accidents, collisions, fires etc thereby saving expenses and offer highest level of car security. Furthermore, comprehensive car insurance also covers legal and financial hurdles, provides compensation in case of death or disability, protects car against theft and many other benefits driving Latin America Vehicle Insurance Market. Mexico and Brazil are the leading markets in the Latin America vehicle insurance market. Insurance cover offered at competitive rate, and growing awareness for motor insurance bringing uninsured vehicles in insurance ambit, and high disposable incomes are driving growth of Brazil and Mexico in Latin America Vehicle Insurance Market.
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Key segments of the Latin America vehicle insurance market
Type Overview, 2015-2025 (USD Million)
Comprehensive Insurance
Third Party Insurance
Others
Vehicle Type Overview, 2015-2025 (USD Million)
Passenger Cars
Commercial Vehicles
Two Wheelers
Country Overview, 2015-2025 (USD Million)
Brazil
Venezuela
Argentina
Mexico
Colombia
Rest of Latin America
Table Of Contents:
1. Research Methodology
2. Executive Summary
3. Market Outlook
4. Type Overview
5. Vehicle Type Overview
6. Regional OverviewLatin America vehicle insurance market share, by country, 2017 & 2025
7. Industry Structure
8. Company Profiles
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Adroit Market Research is an India-based business analytics and consulting company incorporated in 2018. Our target audience is a wide range of corporations, manufacturing companies, product/technology development institutions and industry associations that require understanding of a market’s size, key trends, participants and future outlook of an industry. We intend to become our clients’ knowledge partner and provide them with valuable market insights to help create opportunities that increase their revenues. We follow a code– Explore, Learn and Transform. At our core, we are curious people who love to identify and understand industry patterns, create an insightful study around our findings and churn out money-making roadmaps.
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Organization: Adroit Market Research
Website: https://www.adroitmarketresearch.com/industry-reports/latin-america-vehicle-insurance-market
Source: MarketersMedia
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