Report Synopsis 

ASEAN auto insurance market is forecast to see a rise in market size to more than US$ 17,166.5 Million by 2027, registering a CAGR of 5.6% over the 6 years forecast term. ASEAN automotive insurance market is analyzed for the period 2017 to 2027, wherein 2017-2020 is the historic data, 2021 is considered as the base year and 2022-2027 are forecast values. The market size here refers to gross written premiums (GWP)  by the insurance providers. The growth over the forecast period reflects industry recovery from the Covid-19 pandemic and the subsequent growth trend. The report presents analysis detailed across 19 elucidated chapters totaling 265 pages, with 67 extensive data tables and 135 figures. The report on the ASEAN market for auto insurance provides a detailed analysis of market opportunities, market dynamics, and industry competitive structure. 

Automotive insurance or auto insurance is the insurance of motor vehicles (automobiles) against the risk of damage from events those insured. With the rise in the number of motor vehicles on road, accidents have become frequent and may cost a hefty amount to vehicle owners, if not covered under the suitable auto insurance policy. Growing technology complexities of the vehicles have also added to the cost of components which might require a replacement of an upgrade. 

Report Scope 

The report provides an in-depth and comprehensive analysis of market opportunities in motor insurance across ASEAN countries. The following countries have been extensively analyzed – Malaysia, Thailand, Singapore, Vietnam, Indonesia, Philippines, and the Rest of ASEAN – for growth opportunities in the ASEAN automotive insurance market. The report identifies Thailand as the largest market while the Philippines is the market with the highest CAGR. Malaysia is forecast to see a growth rate below the regional CAGR of 5.6%.

The report includes ASEAN automotive insurance market analysis on basis of the following parameters – Risk Cover, Policy Term, Distribution Channel, and Coverage Term. The additional parameters considered for analyzing the market include – Vehicle type, End-users, Vehicle Ownership, and Vehicle Application. In all report segments market for 41 sub-segments, providing readers with exclusive growth trend for each sub-segment. Considering the growing traction of Electric vehicles, the same has been considered as an exclusive segment for market opportunity analysis. Across ASEAN, it is observed that EV vehicles would see a healthy growth of 6.6% over the forecast term, with market size growing by more than 53%.

Considering the trend of customers opting for add-ons on their policies, the report includes analysis for popular add-ons, viz. road-side assistance, engine replacement, and Nil depreciation. Report scope also includes analyses of automotive insurance for off-highway vehicles, covered under section by Vehicle application. Analysis of the 2-wheeler automotive insurance market is also covered in the report.

The other segments analyzed in the report are shown in the image below. For analysis on any specific segments or customization to segments mentioned, Ask for a sample.

Report Glimpse 

Due to the rising number of vehicles on roads and an equally higher number of accidents, the market has seen a rise in penetration of auto insurance across both commercial/ businesses and individual segments. This trend is further strengthened by support from a favorable regulatory environment. Moreover, with vehicles getting more digital and connected, the cost of maintenance has seen a rise, making insurance a viable alternative. The entry of multiple players in the market has allowed customers to leverage their bargaining power and get the best of insurance deals for their vehicles with apt risk cover being taken. Growth in EV vehicles and insurance marketplaces is further expected to drive demand for motor insurance among the customers. Increase in vehicle ownership rate, with used cars sales seeing a surge, ASEAN automotive insurance market is poised to see a healthy growth rate over the forecast period.

Competition Landscape

The competition landscape section of the report covers descriptive profiles of 12 prominent players and readers can request for revising the list or including additional players, as per their research requirements. Details covered for these players include – Business description, company financials, and claims, key details, strategy outlook, list of products, recent developments. The players profiled in the report include the following - AVIVA Ltd., Berkshire Hathaway Inc., China Pacific Insurance Co., Chubb Group, People's Insurance Company of China, Ping An Insurance (Group) Company of China, Ltd., State Farm Mutual Automobile Insurance’ Tokio Marine Group, Admiral Group Plc, AIG (American International Group, Inc.), Allianz, and Allstate Insurance Company.

Segmentation Overview of the ASEAN Automotive Insurance Market

By Risk Coverage

• Collision Coverage
• Comprehensive Coverage
• Liability Coverage
• Personal Injury Coverage
• Uninsured Motorist Coverage
• Add-ons
  • Road-side assistance
  • Engine replacement
  • Nil Depreciation

By Coverage Term

• One year
• 3 Years
• 5 Years
• More than 5 years

By Distribution Channel

• Agency
• Bank
• Brokers and Insurance Marketplaces
• Direct
• Others

By Vehicle Type

• ICE Vehicles
  • Petrol
  • Diesel
  • Other
• Electric Vehicles
• Hybrid

By Vehicle Application

• Personal
  • 2 Wheelers
  • 4 Wheelers
• Commercial
  • Passenger
  • Heavy Vehicles
• Off-road Vehicles

By Vehicle Ownership

• New Vehicles
• Used Vehicles

By End-user

• Individuals
• Businesses
  • Enterprise
  • Logistics
  • Retail
  • Education
  • Energy & Mining
  • Construction
  • Others

By Region

• Indonesia
• Malaysia
• Philippines
• Singapore
• Thailand
• Vietnam
• Rest of ASEAN