Pune, March 16, 2021 (GLOBE NEWSWIRE) — Global Motorcycle Insurance Market Overview
Motorcycle insurance protects the rider against any damages incurred by the bike and provides ample monetary compensation. It also covers damages caused to others and their property when the owner is at fault. The global motorcycle insurance market is bound to reach an astounding value of USD 900 billion by 2026, according to the latest report by Market Research Future (MRFR). It is poised to register 5% CAGR over the forecast period (2020-2026).
The high production of motorcycles as well convenience for personal mobility can act as catalysts for motorcycle insurance. Commercialization of luxurious motorcycles as well as establishment of branches of premium brands can bode well for the market. Moreover, the affordability of motorcycles can appeal customers and persuade them towards insurance. Road safety campaigns created by insurance companies for creating awareness among riders coupled with governments encouraging insurance schemes can work favorably for the market.
But high costs of premiums can hamper market growth.
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The COVID-19 pandemic had stalled sales of insurance policies covering motorcycles owing to restrictions on movement and travel. But the ease of lockdown restrictions by countries revived sales of motorcycles and subsequently of their policies. Recovery of sales of two-wheelers in rural and semi-urban areas can bolster the market demand significantly. Government sops that aid in recovery of the economy has also influenced customer sentiment during the pandemic.
Digitalization of insurance services is likely to engulf the global motorcycle insurance market. This is in response to increasing reliance on mobile applications and websites for insurance information by customers. Presence of price comparison websites and insurance aggregators can highly disrupt the market. Use of automation for lowering the price of underwriting skills can influence the leading market players in adopting it. Artificial intelligence and data analytics can be used for recalculating risks of vehicles. Digital technology can cater to immediate demand of customers with precise and tailored requirements in their insurance policy. It can allow customers to name their insurance premium that fits according to their budget. Capital investment in the insurance sector as evident by the rise of insurancetech may bolster the global motorcycle insurance market. Leading companies are relying on internet searches and insightful data for remodeling their core operations and competing with newcomers.
Based on policy type, the global market is segmented into medical payments insurance, liability insurance, comprehensive and collision insurance, and others. The comprehensive and collision insurance policy type segment is anticipated to grow at a significant pace during the forecast period owing to higher coverage. Damages to own vehicle and other risks like theft are covered by the policy and can see huge number of takers.
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Based on application, the global motorcycle insurance market is segmented into personal and commercial. The personal insurance application segment is anticipated to grow at a significant pace owing to the increasing demand for two-wheelers. This is attributed to preference for personal mobility by customers as well as awareness of motorcycle insurance policies. Moreover, reliable claims as well as digital portals for paying premiums are expected to drive the segment growth. On the flip side, the commercial application can capture a significant share of the market in the coming years. Rise of ride hailing mobile applications and use of commercial fleets of motorcycles for delivery of food and other products can drive the market demand. Motorcycle rental agencies are also likely to opt for the service as domestic tourism witnesses an uptick.
The motorcycle insurance market covers regions of North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
North America is pegged to be the leading region in revenue for the global market owing to presence of various insurance providers and introduction of new bike models. Mandatory procurement of insurance by riders in the U.S. and Canada is expected to drive the market demand significantly. Establishment of podcasts for creating awareness among riders is likely to facilitate market growth. Lower-tier licenses for motorcycles are finding increased interest among customers as affordable single and twin cylinder vehicles become available.
APAC is anticipated to be one of the biggest markets for motorcycle insurance owing to people’s preference for bikes and mopeds for transportation and daily commute. Large number of motorcycles sold annually is one of the prime drivers of the market’s expansion in the region. Insurance companies can invest in creating a brand image for retaining customers in the long run. Australia, India, and China are key areas likely to showcase huge growth for the market.
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The motorcycle insurance market is likely to be competitive as loans become cheaper and personal mobility becomes the preference as averse to public transportation. Competitors in the market differentiate their product through larger coverage costs, low annual premiums, and customer service. But entry of players such as Amazon, Facebook, and Google can make the incumbents wary. Mergers, acquisitions, and partnerships are major strategies of players looking to sustain their position. For instance, Allstate Corporation had acquired National General Holdings Corp. in 2020. The merger will increase the number of independent agents under its payroll and increase its strength considerably.
Key players involved in the market are Cardinal Health, Prudential, GEICO, Aviva, Munich Re Group, Dai-ichi Mutual Life Insurance, Allianz, State Farm Insurance, PingAn, AXA, Zurich Financial Services, CPIC, Assicurazioni Generali, Allstate, and Farmers Insurance.
Plymouth Rock Insurance has launched motorcycle insurance for its customers in states of New Jersey and Pennsylvania. Its quoting process on its website gives an accurate estimate based on the customer’s choice.
Personal Liability Damages to Drive Global Motorcycle Insurance / Two wheeler Insurance /Bike Insurance Market
The global motorcycle insurance market is driven by high sales of motorcycles in urban and rural regions. Insurance providers are offering low premiums and launching new policies for protecting riders and their vehicles in case of collisions. Damages occurred during accidents are being covered all state and private insurance policies. Road safety campaigns and mandatory insurance policies in certain countries are likely to influence worldwide sales.
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