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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 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
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 SWOT Analysis Chapter

The Automobile Insurance industry is in the mature stage of its economic life cycle; this stage is characterized by relatively few changes in product lines, stable major markets and intensified merger and acquisition activity. Industry value added (IVA), which measures an industry's contribution to the overall economy, is expected to increase at an annualized rate of 2.9% during the 10 years to 2019. In contrast, US GDP is projected to grow at an annualized rate of 2.7% during the same period. Typically, an industry is considered to be in the mature phase of its life cycle when growth in IVA trends with GDP growth over a 10-year period.

The industry offers a range of automobile coverage options, including liability, collision and comprehensive insurance products... 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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