Latin America Vehicle Insurance Market Projected to grow at a CAGR of 4% during 2018-2025

Dallas United States - June 15, 2018 /MarketersMEDIA/ —

The Latin America vehicle insurance market size was assessed at USD 64.18 billion in 2017 and is anticipated to grow at a CAGR of 4% over the forecast period between 2018 and 2025

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Key industry insights
• The growth of the automobile industry has been one of the primary factors driving the Latin America vehicle insurance market
• Rise in globalization, growth in tourism, self-dependency, poor transportation modes and increasing trade practices have further supplemented the overall automobile industry.
• Advent of smart cars and autonomous technology leading to 90% reduction in frequency of accidents are some factors which are likely to disrupt the demand for the product
• Growing population, rising disposable income, and improving infrastructure has resulted in stimulating the production and sales of passenger cars in this region. Increasing trade activities across countries and regions coupled with rising e-commerce sales have resulted in driving the sales of fleets. The need for insurance to cover the cost of vehicles as well as goods is expected to drive the trend for coverages among consumers in the region.
• Changing dynamics of the Latin American commercial vehicle (CV) industry including better & newer products, entry of global players and implementation of emission norms & other regulations over the past few years have made this region one of the biggest vehicle insurance market in the world
• Passenger cars dominated the Latin America vehicle insurance market and is expected to continue its dominance over the years to come. Increasing car ownership, adoption of flex fuel cars powered through gasoline or ethanol and national investments and fiscal incentives offered by Brazilian Governments provides robust growth to vehicle insurance market in this region.
• Third-party insurance is growing at a rapid pace across Latin America as it has been enforced by regional governments as a solution to grow awareness and protect insured from unforeseen mishaps
• Several large and established players operate individually in the Latin American vehicle insurance industry including Allianz, Sul America, Zurich, Met Life, and Porto Seguro S.A., Liberty Mutual Insurance Company.
• In January 2016, Liberty Mutual Insurance and Subaru launched Liberty Mutual Right Track in-vehicle application with Subaru of America, Inc. to provide real time driving feedback to drivers and offering tips for safe driving. The Right Track in-vehicle app provides real-time driving assessment, drivers behavior and coaching drivers based on their actual driving behavior.

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Reasons for the study
• The purpose of the study is to give an exhaustive outlook of the Latin America vehicle insurance market
• We have been following the overall insurance industry and its segments, especially the vehicle insurance sector. This sector has been gaining tremendous traction as a solution to vehicle protection. This picture holds true specifically in Latin America where the market is still relatively untapped and has tremendous growth potential in tandem with the increase in automobile sales.
• Macroeconomic factors including disposable incomes, rising trade activities, and improving infrastructure has resulted in driving the sales of passenger cars, commercial vehicles, and two wheelers
• While conducting research on the overall insurance on a regional and country level, we noticed that the number of reforms mandating insurance has increased which is likely to create avenues for market growth

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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

The report has analyzed several players in the market, some of which include
• Allianz
• Metropolitan Life Insurance Company
• Porto Seguro S.A.
• Bradesco Seguros
• Itau Unibanco
• MAPFRE
• Others

What does the report include?
• Market defining factors such as drivers, restraints, and opportunities have been discussed in the study. It also covers the value chain from product management to the end-users noting trends of integration.
• A separate section in the study addresses the company share analysis
• The study analyses the market using various tools including Porter’s Five Forces Analysis
• Various premium types of the vehicle insurance have been analyzed in-depth
• Profiles of key companies have been provided in the report along with the competitive strategies implemented by these players

Who should buy this report?

This study is suitable for industry participants and stakeholders in the non-life insurance industry, who want an in-depth insight into the movement of the vehicle insurance market. The report will benefit:

• Executives of insurance companies as well as third party vendors that are engaged in the policy distribution to make strategic investments decisions
• Managers within financial institutions looking to publish recent and forecasted statistics pertaining to vehicle insurance premiums
• Venture capitalist looking into investing capital into vehicle insurance companies
• Regulatory bodies and financial organizations looking for innovative solutions for their unforeseen motor accidents
• Decision makers across various government and non-government panels who are looking for solutions or planning on increasing road accidents
• Analysts, researchers, educators, strategy managers, and academic institutions looking for insights into the market to determine future strategies

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