Commercial Vehicle Insurance Market Report 2026

The commercial vehicle insurance market size has grown strongly in recent years. It will grow from $151.98 billion in 2025 to $162.94 billion in 2026 at a compound annual growth rate (CAGR) of 7.2%. The growth in the historic period can be attributed to expansion of commercial vehicle fleets, rising road freight and logistics activity, increasing regulatory insurance mandates, growth of fleet ownership models, adoption of standardized vehicle insurance products.

The commercial vehicle insurance market size is expected to see strong growth in the next few years. It will grow to $213.11 billion in 2030 at a compound annual growth rate (CAGR) of 6.9%. The growth in the forecast period can be attributed to increasing penetration of electric commercial vehicles, rising adoption of data-driven insurance pricing, growing focus on fleet risk optimization, expansion of digital insurance distribution, increasing demand for flexible commercial vehicle coverage. Major trends in the forecast period include increasing adoption of telematics-based insurance models, rising demand for electric commercial vehicle coverage, expansion of usage-based fleet insurance, growing integration of digital claims management systems, enhanced focus on regulatory compliance.

The growth of transportation services is expected to drive the expansion of the commercial vehicle insurance market. Transportation services involve the organized movement of people or goods via road, rail, air, or water, supporting both personal mobility and commercial logistics. This sector is expanding due to the rapid rise of e-commerce, which has increased the demand for efficient delivery and logistics systems to meet growing consumer expectations. Commercial vehicle insurance plays a crucial role by protecting businesses from financial losses related to accidents, theft, or vehicle damage during the transport of goods or passengers. It ensures business continuity and compliance with legal obligations. For example, in May 2025, the American Public Transportation Association reported that 7.7 billion trips were taken on public transportation in 2024, reflecting a 7% increase from 2023 and a 25% rise compared to 2022. This surge in transportation activity is contributing to the growth of the commercial vehicle insurance market.

Companies in the commercial vehicle insurance sector are introducing innovative products tailored for small businesses to provide accessible and comprehensive coverage. These insurance products are designed specifically for small enterprises that rely on vehicles for daily operations, offering protection against financial losses from accidents, theft, or damage. For example, in January 2025, Budget Direct Insurance, an Australia-based insurer, launched a new commercial vehicle insurance product in Singapore. This offering targets small businesses, contractors, tradespeople, and fleet operators using light goods vehicles such as vans, trucks, and lorries. The policy provides both comprehensive and third-party coverage and includes optional features such as 24-hour roadside assistance, a no-claim discount protector, and the flexibility to choose any workshop for vehicle repairs, allowing customers to tailor coverage to their needs.

In June 2024, Zurich Insurance Group, a Switzerland-based insurance provider, acquired a majority stake in Kotak General Insurance for an undisclosed amount. This acquisition aims to establish a leading general insurance company in India by combining Zurich’s global expertise and international reach with the Kotak Mahindra Group’s in-depth knowledge of the local market, regulatory environment, and customer base. The partnership is expected to broaden product offerings, enhance market penetration, and support growth in India’s dynamic general insurance sector. Kotak General Insurance Ltd. is an India-based provider of various general insurance services, including commercial vehicle liability insurance.

Major companies operating in the commercial vehicle insurance market are Berkshire Hathaway Inc., AXA S.A., Allianz SE, Munich Re, The People's Insurance Company (Group) of China Limited, China Pacific Insurance (Group) Co. Ltd., American International Group Inc., The Progressive Corporation, Tokio Marine Holdings Inc., Talanx Aktiengesellschaft, Zurich Insurance Group Ltd., Chubb Limited, The Travelers Indemnity Company, Sompo Holdings Inc., MAPFRE S.A., The Hartford Financial Services Group Inc., QBE Insurance Group Limited, Auto-Owners Insurance Company, CNA Financial Corporation, Reliance General Insurance Company Limited, AmTrust Financial Services Inc.

North America was the largest region in the commercial vehicle insurance market in 2025. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the commercial vehicle insurance market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the commercial vehicle insurance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The commercial vehicle insurance market includes revenues earned by entities by providing services such as third-party liability coverage, collision and comprehensive insurance, fleet risk management, claims processing, and telematics-based premium assessment. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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