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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 | Feb 2015

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

IBISWorld’s Automobile Insurance market research report provides the latest industry statistics and industry trends, allowing you to identify the products and customers driving revenue growth and profitability. The industry report identifies the leading companies and offers strategic industry analysis of the key factors influencing the market.

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
Zurich Financial Services Group Zurich Financial Services Group market share
Industry Statistics & Market Size
Revenue
$220bn
Annual Growth 10-15
1.9%
Annual Growth 15-20
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Profit
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Employment
277,383
Businesses
1,958
Industry Analysis & Industry Trends

Over the five years to 2020, revenue for the Automobile Insurance industry is forecast to increase as continued improvements in the macroeconomic landscape 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 Locations Chapter

The Automobile Insurance industry is concentrated in the Southeast, Great Lakes and Mid-Atlantic regions. The distribution of industry establishments closely follows domestic population trends, particularly urbanization trends. Providers charge higher premiums in locations where there are more cars on the road, largely because this increases the likelihood of accidents. Auto insurance is also more expensive in urban regions because of the higher probability of theft or vandalism. For consumers, the most expensive cities to insure a car include Detroit, MI; Philadelphia, PA; and New Orleans, LA.

The Southeast region accounts for the largest share of industry establishments, estimated at 26.4% of the total, while also accounting for the highest portion of the total US population... 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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