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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

The Automobile Insurance market research report provides key industry analysis and industry statistics, measures market size, analyzes current and future industry trends and shows market share for the industry’s largest companies. IBISWorld publishes the largest collection of industry reports so you can see an industry’s supply chain, economic drivers and key buyers and markets.

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 Analysis Chapter

The performance of the Automobile Insurance industry over the five years to 2014 was aided by a hardening insurance market in the latter half of the period and growth in net premiums written for each of its 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 in order to gain market share... 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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