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Automobile Insurance in the US: Market Research Report

Market Research • Market Size • Industry Statistics • Industry Analysis • Industry Trends

Automobile Insurance Market Research Report | Advisory & Financial Services | Specialist Insurance Lines | Jan 2014

Road to recovery: Providers will benefit from more car purchases and higher interest rates

IBISWorld’s Automobile Insurance market research report can be used to help you: understand market size and growth potential; major companies; draft business plans and pitch books; and conduct benchmarking and SWOT analysis. Our industry analysis highlights macro industry trends in the overall sector and micro trends faced by companies that do business in the industry. The industry report also provides key industry statistics and 5-year forecasts to anticipate future industry prospects so you can decide with confidence.

Report Snapshot
Market Share of Companies
Allstate Insurance Company Allstate Insurance Company market share
Farmers Insurance Group Farmers Insurance Group market share
Geico Geico market share
Progressive Progressive market share
State Farm State Farm market share
Industry Statistics & Market Size
Revenue
$199bn
Annual Growth 09-14
2.3%
Annual Growth 14-19
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Profit
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Employment
254,560
Businesses
1,992
Industry Analysis & Industry Trends

The number of cars registered indicates industry demand for individual automotive insurance; therefore, an increase in car purchases will necessarily benefit automobile insurance providers. An increase in interest rates and renewed investment activity will also facilitate industry growth over the next five years. While discount retailers such as Geico and Progressive are expected to continue growing, pricing competition is set to cool as the economy slowly improves.... purchase to read more

Industry Report - Industry Investment Chapter

The Automobile Insurance industry operates with a low level of capital intensity. IBISWorld estimates that for every $1.00 spent on wages, the industry will allocate $0.12 to capital investment. The industry's level of capital intensity has increased slightly over the five-year period, as the industry allocated $0.11 in capital expenditure per dollar in wages in 2009. Insurance companies require minimal capital investments to continue operating, particularly with respect to the size and the substantial amount of revenue that the industry derives. Information technology is required to track policies, payments and claims, while systems are needed to model insurance risk... purchase to read more

 


Industry ProductsRelated ReportsTable of Contents

What is the Automobile Insurance Industry?

This industry underwrites (i.e. assuming the risk and assigning premiums) auto insurance policies. Car insurance provides financial protection against physical damage to automobiles and bodily injuries resulting from traffic collisions. Automobile insurance can also protect against resulting liability.

Industry Products
Personal liability insurancePersonal collision insurancePersonal comprehensive coverageCommercial vehicle insurance
 
Industry Activities
Directly underwriting liability insuranceDirectly underwriting collision insuranceDirectly underwriting comprehensive insuranceDirectly underwriting commercial vehicle insurance


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