Global Compulsory Third Party (CTP) Insurance Market Size study & Forecast, by Insurance Type (Liability Insurance, Physical Damage Insurance), by Application (Automotive, Maritime) and Regional Analysis, 2022-2029

Global Compulsory Third Party (CTP) Insurance Market Size study & Forecast, by Insurance Type (Liability Insurance, Physical Damage Insurance), by Application (Automotive, Maritime) and Regional Analysis, 2022-2029

Global Compulsory Third Party (CTP) Insurance Market is valued at approximately USD XX billion in 2021 and is anticipated to grow with a healthy growth rate of more than XX% over the forecast period 2022-2029. Compulsory third-party insurance (CTP) is a policy bought to guard against third-party loss and damage claims that are not covered by standard insurance. Moreover, it is a type of liability insurance that the insured consumer purchases to protect losses from claims made by a third party. Also, the primary goal of CTP insurance is to safeguard the owner's financial interests from the expense of third-party damage-related costs. The increasing automobile sales worldwide and growing adoption of protection against third-party losses are key factors driving the market growth.

Over the years the adoption of personal vehicles has significantly increased creating strong demand for Global Compulsory Third Party Insurance (CP) Market. For instance – as per International Energy Agency (IEA) estimates – in 2020, globally around 3 million units of electric cars were sold, and this number further reached USD 6.6 million units in 2021. Additionally, in 2021 China accounted for 3.3 million electric cars sold (up around three times from the 2020 sales), followed by Europe with 2.3 million cars sold in 2021 (up from 1.4 million in 2020). Also, increasing number of partnerships, & collaborations from leading market players and favorable initiatives from regulatory authorities would create lucrative growth opportunities for the market over the forecast period. For instance – in December 2022, the Insurance Regulatory and Development Authority of India (Irdai) rolled out a draft on 'Long-Term Motor Products covering both Motor Third Party Insurance and Own Damage Insurance'. The insurance regulator has issued a proposal to permit all general insurers to offer a 3-year insurance policy in respect of private cars and a 5-year for two-wheelers. However, high premium cost of Compulsory Third Party (CTP) Insurance as well as lack of penetration in developing economies impede the market growth throughout the forecast period of 2022-2029.

The key regions considered for the Global Compulsory Third Party (CTP) Insurance Market study include Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America dominated the market in terms of revenue, owing to the presence of leading market players and increasing adoption of personal vehicles in the region. Whereas Asia Pacific is expected to grow with the highest CAGR during the forecast period, owing to factors such as rising number of favorable initiatives from leading market players as well as rising penetration of leading market players in the region.

Major market players included in this report are:
People’s Insurance Company of China
Progressive Corporation
Ping An
AXA
Sompo Japan
Tokyo Marine
Travelers Group
Liberty Mutual Group
Zurich
Aviva

Recent Developments in the Market:
In March 2022, State Auto Group, a super-regional property and casualty insurance holding company with its headquarters in Columbus, Ohio, and approximately 3,400 independent agents distributing personal and small commercial coverages in 33 states, was acquired by Liberty Mutual Insurance. The Global Retail Markets US business unit of Liberty Mutual will receive more than 2,000 State Auto workers.

Global Compulsory Third Party (CTP) Insurance Market Report Scope:

Historical Data 2019-2020-2021
Base Year for Estimation 2021
Forecast period 2022-2029
Report Coverage Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered Insurance Type, Application, Region
Regional Scope North America; Europe; Asia Pacific; Latin America; Rest of the World
Customization Scope Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.

The detailed segments and sub-segment of the market are explained below:

By Insurance Type
Liability Insurance
Physical Damage Insurance

By Application
Automotive
Maritime

By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
RoLA
Rest of the World

Companies Mentioned

People’s Insurance Company of China
Progressive Corporation
Ping An
AXA
Sompo Japan
Tokyo Marine
Travelers Group
Liberty Mutual Group
Zurich
Aviva

Please note:The single user license is non-downloadable and non-printable. Global Site license allows these actions.