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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 | Aug 2016

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

IBISWorld’s Automobile Insurance market research report offers insightful industry analysis and research into the market at the national level. IBISWorld’s in-depth industry market research is presented in a logical and consistent format. The industry report contains key industry statistics, market size, industry trends, and growth and profit forecasts for a 5-year outlook period.

Report Snapshot
Market Share of Companies
Allstate Insurance Company Allstate Insurance Company market share
Berkshire Hathaway Inc. Berkshire Hathaway Inc. market share
Progressive Progressive market share
State Farm State Farm market share
Industry Statistics & Market Size
Revenue
$228bn
Annual Growth 11-16
2.8%
Annual Growth 16-21
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Profit
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Employment
224,705
Businesses
1,234
Industry Analysis & Industry Trends

An intensified focus on financial positions and net premium growth for liability insurance products have aided the Automobile Insurance industry over the five years to 2016. Over the five years to 2021, industry revenue is forecast to increase due to continued improvements in the macroeconomic landscape, which are anticipated to benefit investment conditions for auto insurers. Given that the majority of auto insurer assets are invested in bonds, forecast increases in interest rates will likely boost investment gains. Despite this trend, consolidation in the industry is expected to continue, with larger operators viewing strategic acquisitions as a lucrative method to expand their share of the market.... purchase to read more

Industry Report - Industry Analysis Chapter

The performance of the Automobile Insurance industry over the five years to 2016 was aided by a hardening insurance market in the latter half of the period and growth in net premiums written for each of the industry’s product lines, particularly its liability insurance offerings. During a hard market, insurers focus on shoring up their financial positions and, in doing so, increase premium rates. However, price competition remains a crucial basis of competition within the industry, with the dichotomy of traditional and online-focused discount insurers becoming increasingly important. Moreover, this competitive industry continues to follow the broader insurance sector’s consolidation trends, as auto insurers make strategic acquisitions to grow market share... purchase to read more

 


Industry ProductsRelated ReportsTable of Contents

What is the Automobile Insurance Industry?

This industry underwrites, or assumes the risk and assigns premiums for, 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/comprehensive insuranceCommercial liability insuranceCommercial collision/comprehensive insurance
 
Industry Activities
Directly underwriting private passenger liability insuranceDirectly underwriting private passenger collision/comprehensive insuranceDirectly underwriting commercial liability insuranceDirectly underwriting commercial collision/comprehensive insurance


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