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ASEAN Automotive Insurance Market, By Risk Cover, By Policy Term, By Vehicle Application, By Distribution Channel, By Vehicle Ownership By End-User, By Vehicle Type, By Region, Estimation & Forecast, 2017 - 2027

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    Report

  • 196 Pages
  • August 2021
  • Region: Asia Pacific
  • Astute Analytica
  • ID: 5438449

Asean Automotive Insurance Market is Forecasted to Grow at a CAGR of 5.6% During the Forecast Period 2017-2027

The ASEAN automotive insurance market held a market value of USD 11,914.6 Million in 2020 and is forecasted to reach USD 17,166.5 Million by the year 2027. The market is anticipated to register a CAGR of 5.6% during the projected period.



Automotive insurances is basically a contract between an insurance company and the owner of any vehicle. The market is expected to grow owing to the factors such as the growing disposable income and rising awareness among vehicle end users. Moreover, rising number of accidents is also estimated to fuel the market growth.

Despite the driving factors, increasing prices of automotive insurances are expected to hinder the market growth. During the COVID-19 pandemic, sales of vehicles reduces, which also reduced the adoption of automotive insurance, hence negatively impacting the market growth.

Growth Influencers


Growing disposable income and rise in awareness among vehicle end users

Increasing disposable income is resulting in the rising adoption of cars, which is leading to the rising adoption of automotive insurance. According to CEIC Data, in December 2019, annual household income per capita reached USD 5,761,586 unit from USD 4,820,581 unit in December 2016. Also, according to Driven Communications Sdn Bhd, as of 2019, number of vehicle registrations in Malaysia was 31.2 million. Therefore, growing disposable income and rising awareness among vehicle end users is expected to boost the market growth.

Rising number of accidents


Rising number of accidents is leading to increasing need for adoption of insurances. According to the Budget Direct Insurance, in 2018, the number of road accidents involving injuries in Singapore was 7,690. As per the same source, in 2017, the number of car insurance claims increased by 11.8%, since its previous years. Hence, rising number of road accidents is leading to the adoption of automotive insurance.

Segments Overview:


The ASEAN automotive insurance market is segmented based on risk cover, policy term, vehicle application, distribution channel, vehicle ownership, end user, and vehicle type.

By Risk Cover

  • Liability Vehicle Application
  • Collision Vehicle Application
  • Personal Injury Vehicle Application
  • Uninsured Motorist Vehicle Application
  • Comprehensive Vehicle Application
  • Add ons
  • Road side assistance
  • Engine replacement
  • Nil Depreciation

The liability vehicle application segment held the largest market share of around 38% owing to its growing adoption in the market. Within, the add-ons segment is anticipated to witness the fastest growth rate of 7.4% during the forecast period.

By Policy Term

  • One Year
  • Three Year
  • 5 Year
  • More Than 5 Year

The one year segment is estimated to hold the largest market share owing to the increasing demand for one year policies in the developing nations. The 3 year and 5 year segment are also expected to grow at significant rates.

By Vehicle Application

  • Personal
  • 2 wheelers
  • 4 Wheelers
  • Commercial
  • Passenger
  • Heavy Vehicles
  • Off road Vehicles

The personal segment is expected to hold the largest market share of about 65% due to increasing adoption of personal-use cars. The off-road vehicle segment is estimated to witness the fastest growth rate of 6.7% and within the commercial segment, the passenger vehicles segment is anticipated to grow at a CAGR of 4.3%.

By Distribution Channel

  • Direct
  • Agency
  • Bank
  • Brokers and Insurance Marketplaces

The brokers and insurance marketplaces segment is expected to witness the fastest growth rate owing to the high number of insurances bought in the ASEAN countries through brokers and insurance marketplaces owing to the convenience and ease they offer.

By Vehicle Ownership

  • New Vehicles
  • Used Vehicles

The used vehicles segment is expected to account for the largest market share owing to the risks they come with, which leads to growing adoption of insurances for these vehicles.

By End User

  • Individuals
  • Businesses
  • Enterprise
  • Logistics
  • Retail
  • Education
  • Energy & Mining
  • Construction
  • Others

The individuals segment is anticipated to account for the largest market share and is also expected to grow at the fastest growth rate of 5.9% over the projected period. Within the businesses segment, the logistics segment is expected to surpass a market size of about USD 1,346.5 million.

By Vehicle Type

  • ICE Vehicle
  • Petrol
  • Diesel
  • Other (gas)
  • Electric Vehicles
  • Hybrid

The ICE vehicles segment is estimated to hold the largest market share owing to the high number of petrol, diesel, and gas fuelled vehicles available in the region. The electric vehicles segment is anticipated to grow at the fastest rate owing to rapidly increasing adoption of electric vehicles.

Regional Overview


Based on region, the ASEAN automotive insurance market is divided into Malaysia, Singapore, Thailand, Vietnam, and Indonesia.

Thailand is anticipated to account for the largest market share of around 35% owing to the growing disposable income in the region and high adoption of cars. Vietnam is expected to witness the fastest growth rate of around 8.8% during the forecast period.

Competitive Landscape


Major players operating in the ASEAN automotive insurance market include Admiral Group Plc, AIG (American International Group, Inc.), Allianz, Allstate Insurance Company, AVIVA Ltd., Berkshire Hathaway Inc., China Pacific Insurance Co., Chubb Group, People's Insurance Company of China, Ping An Insurance (Group) Company of China, Ltd., State Farm Mutual Automobile Insurance, TokioMarine Group, and other prominent players. The major 5 players in the market are expected to account for an approximate market share of 36%. These market players are involved in mergers & acquisitions, collaborations, and new product launches to strengthen their market presence.

The ASEAN automotive insurance market report provides insights on the below pointers:

  • Market Penetration: Provides comprehensive information on the market offered by the prominent players
  • Market Development: The report offers detailed information about lucrative emerging markets and analyzes penetration across mature segments of the markets
  • Market Diversification: Provides in-depth information about untapped geographies, recent developments, and investments
  • Competitive Landscape Assessment: Mergers & acquisitions, certifications, product launches in the ASEAN automotive insurance market have been provided in this research report. In addition, the report also emphasizes the SWOT analysis of the leading players.
  • Product Development & Innovation: The report provides intelligent insights on future technologies, R&D activities, and breakthrough product developments

The ASEAN automotive insurance market report answers questions such as:

  • What is the market size and forecast of the ASEAN automotive insurance Market?
  • What are the inhibiting factors and impact of COVID-19 on the ASEAN automotive insurance Market during the assessment period?
  • Which are the products/segments/applications/areas to invest in over the assessment period in the ASEAN automotive insurance Market?
  • What is the competitive strategic window for opportunities in the ASEAN automotive insurance Market?
  • What are the technology trends and regulatory frameworks in the ASEAN automotive insurance Market?
  • What is the market share of the leading players in the ASEAN automotive insurance Market?
  • What modes and strategic moves are considered favorable for entering the ASEAN automotive insurance Market?
Frequently Asked Questions about the ASEAN Automotive Insurance Market

What is the estimated value of the ASEAN Automotive Insurance Market?

The ASEAN Automotive Insurance Market was estimated to be valued at $11914.6 Million in 2020.

What is the growth rate of the ASEAN Automotive Insurance Market?

The growth rate of the ASEAN Automotive Insurance Market is 5.4%, with an estimated value of $17166.5 Million by 2027.

What is the forecasted size of the ASEAN Automotive Insurance Market?

The ASEAN Automotive Insurance Market is estimated to be worth $17166.5 Million by 2027.

Who are the key companies in the ASEAN Automotive Insurance Market?

Key companies in the ASEAN Automotive Insurance Market include Admiral Group Plc, AIG (American International Group, Inc.), Allianz, Allstate Insurance Company, AVIVA Ltd., Berkshire Hathaway Inc., China Pacific Insurance Co., Chubb Group, People's Insurance Company of China and Ping An Insurance (Gr.

Table of Contents

Chapter 1. Research Framework
1.1. Research Objective
1.2. Product Overview
1.3. Market Segmentation
Chapter 2. Research Methodology
2.1. Qualitative Research
2.1.1. Primary & Secondary Sources
2.2. Quantitative Research
2.2.1. Primary & Secondary Sources
2.3. Breakdown of Primary Research Respondents, By Region
2.4. Assumption for the Study
2.5. Market Size Estimation
2.6. Data Triangulation
Chapter 3. Executive Summary: ASEAN Automotive Insurance Market
Chapter 4. ASEAN Automotive Insurance Market Overview
4.1. Industry Value Chain Analysis
4.2. Industry Outlook
4.3. PESTLE Analysis
4.4. Porter's Five Forces Analysis
4.4.1. Bargaining Power of Suppliers
4.4.2. Bargaining Power of Buyers
4.4.3. Threat of Substitutes
4.4.4. Threat of New Entrants
4.4.5. Degree of Competition
4.5. Market Dynamics and Trends
4.5.1. Growth Drivers
4.5.2. Restraints
4.5.3. Challenges
4.5.4. Key Trends
4.6. Covid-19 Impact Assessment on Market Growth Trend
4.7. Market Growth and Outlook
4.7.1. Market Revenue (GWP) Estimates and Forecast (US$ Mn), 2017 – 2027
4.7.2. Price Trend Analysis
4.8. Competition Dashboard
4.8.1. Market Concentration Rate
4.8.2. Company Market Share Analysis (Value %), 2020
4.8.3. Competitor Mapping
Chapter 5. ASEAN Automotive Insurance Market Analysis, By Vehicle Application
5.1. Key Insights
5.2. Market Size and Forecast, 2017 – 2027 (US$ Mn)
5.2.1. Personal
5.2.1.1. 2 Wheelers
5.2.1.2. 4 Wheelers
5.2.2. Commercial
5.2.2.1. Passenger
5.2.2.2. Heavy Vehicles
5.2.3. Off-road Vehicles
Chapter 6. ASEAN Automotive Insurance Market Analysis, By Vehicle Ownership
6.1. Key Insights
6.2. Market Size and Forecast, 2017 – 2027 (US$ Mn)
6.2.1. New Vehicles
6.2.2. Used Vehicles
Chapter 7. ASEAN Automotive Insurance Market Analysis, By End-user
7.1. Key Insights
7.2. Market Size and Forecast, 2017 – 2027 (US$ Mn)
7.2.1. Individuals
7.2.2. Businesses
7.2.2.1. Enterprise
7.2.2.2. Logistics
7.2.2.3. Retail
7.2.2.4. Education
7.2.2.5. Energy & Mining
7.2.2.6. Construction
7.2.2.7. Others
Chapter 8. ASEAN Automotive Insurance Market Analysis, By Risk Cover
8.1. Key Insights
8.2. Market Size and Forecast, 2017 – 2027 (US$ Mn)
8.2.1. Liability Coverage
8.2.2. Collision Coverage
8.2.3. Personal Injury Coverage
8.2.4. Uninsured Motorist Coverage
8.2.5. Comprehensive Coverage
8.2.6. Add-ons
8.2.6.1. Road-side assistance
8.2.6.2. Engine replacement
8.2.6.3. Nil Depreciation
Chapter 9. ASEAN Automotive Insurance Market Analysis, By Coverage Term
9.1. Key Insights
9.2. Market Size and Forecast, 2017 – 2027 (US$ Mn)
9.2.1. One year
9.2.2. 3 Years
9.2.3. 5 Years
9.2.4. More than 5 years
Chapter 10. ASEAN Automotive Insurance Market Analysis, By Distribution Channel
10.1.Key Insights
10.2.Market Size and Forecast, 2017 – 2027 (US$ Mn)
10.2.1. Direct
10.2.2. Agency
10.2.3. Bank
10.2.4. Brokers and Insurance Marketplaces
10.2.5. Others
Chapter 11. ASEAN Automotive Insurance Market Analysis, By Vehicle Type
11.1.Key Insights
11.2.Market Size and Forecast, 2017 – 2027 (US$ Mn)
11.2.1. ICE Vehicles
11.2.1.1. Petrol
11.2.1.2. Diesel
11.2.1.3. Other
11.2.2. Electric Vehicles
11.2.3. Hybrid
Chapter 12. ASEAN Automotive Insurance Market Analysis, By Region
12.1.Key Insights
12.2.Market Size and Forecast, 2017 – 2027 (US$ Mn)
12.2.1. Indonesia
12.2.2. Malaysia
12.2.3. Philippines
12.2.4. Singapore
12.2.5. Thailand
12.2.6. Vietnam
12.2.7. Rest of ASEAN
Chapter 13. Indonesia Automotive Insurance Market Analysis
13.1.Key Insights
13.2.Market Size and Forecast, 2017 – 2027 (US$ Mn)
13.2.1. By Risk Cover
13.2.2. By Policy Term
13.2.3. By Distribution Channel
13.2.4. By Vehicle Type
13.2.5. By Vehicle Application
13.2.6. By Vehicle Ownership
13.2.7. By End-user
Chapter 14. Malaysia Automotive Insurance Market Analysis
14.1.Key Insights
14.2.Market Size and Forecast, 2017 – 2027 (US$ Mn)
14.2.1. By Risk Cover
14.2.2. By Policy Term
14.2.3. By Distribution Channel
14.2.4. By Vehicle Type
14.2.5. By Vehicle Application
14.2.6. By Vehicle Ownership
14.2.7. By End-user
Chapter 15. Philippines Automotive Insurance Market Analysis
15.1.Key Insights
15.2.Market Size and Forecast, 2017 – 2027 (US$ Mn)
15.2.1. By Risk Cover
15.2.2. By Policy Term
15.2.3. By Distribution Channel
15.2.4. By Vehicle Type
15.2.5. By Vehicle Application
15.2.6. By Vehicle Ownership
15.2.7. By End-user
Chapter 16. Singapore Automotive Insurance Market Analysis
16.1.Key Insights
16.2.Market Size and Forecast, 2017 – 2027 (US$ Mn)
16.2.1. By Risk Cover
16.2.2. By Policy Term
16.2.3. By Distribution Channel
16.2.4. By Vehicle Type
16.2.5. By Vehicle Application
16.2.6. By Vehicle Ownership
16.2.7. By End-user
Chapter 17. Thailand Automotive Insurance Market Analysis
17.1.Key Insights
17.2.Market Size and Forecast, 2017 – 2027 (US$ Mn)
17.2.1. By Risk Cover
17.2.2. By Policy Term
17.2.3. By Distribution Channel
17.2.4. By Vehicle Type
17.2.5. By Vehicle Application
17.2.6. By Vehicle Ownership
17.2.7. By End-user
Chapter 18. Vietnam Automotive Insurance Market Analysis
18.1.Key Insights
18.2.Market Size and Forecast, 2017 – 2027 (US$ Mn)
18.2.1. By Risk Cover
18.2.2. By Policy Term
18.2.3. By Distribution Channel
18.2.4. By Vehicle Type
18.2.5. By Vehicle Application
18.2.6. By Vehicle Ownership
18.2.7. By End-user
Chapter 19. Company Profile
19.1.Admiral Group Plc
19.2.AIG (American International Group, Inc.)
19.3.Allianz
19.4.Allstate Insurance Company
19.5.AVIVA Ltd.
19.6.Berkshire Hathaway Inc.
19.7.China Pacific Insurance Co.
19.8.Chubb Group
19.9.People's Insurance Company of China
19.10. Ping An Insurance (Group) Company of China, Ltd.
19.11. State Farm Mutual Automobile Insurance
19.12. Tokio Marine Group

Companies Mentioned

A selection of companies mentioned in this report includes:

  • Admiral Group Plc
  • AIG (American International Group, Inc.)
  • Allianz
  • Allstate Insurance Company
  • AVIVA Ltd.
  • Berkshire Hathaway Inc.
  • China Pacific Insurance Co.
  • Chubb Group
  • People's Insurance Company of China
  • Ping An Insurance (Gr