Automobile Insurance in the US - Industry Market Research Report

Automobile Insurance in the US - Industry Market Research Report

Automobile Insurance in the US

The Automobile Insurance industry provides individuals and businesses with various lines of insurance needed to operate an automobile legally and invests a portion of underwritten premiums in financial instruments. The industry has experienced rising premium prices as operators have contended with higher claims volumes because of renewed traffic activity and higher costs to repair or replace a vehicle. Despite premium growth during most of the period, dropping consumer confidence and investment income in 2020 because of the pandemic pressured insurance providers. Overall, revenue has been falling at a CAGR of 0.6% over the past five years, reaching an estimated $353.3 billion in 2023. This includes an expected 1.3% increase in 2023. Profit will remain high, but is expected to fall to 11.6% of revenue in 2023, from 11.9% in 2018.

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 incidents. Automobile insurance can also protect against resulting liability.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.