Latin America Vehicle Insurance market was valued at $ 64.20 B in 2017. The demand for vehicle insurance is growing rapidly, due to increase in road accidents leading to fatal physical injuries and damage to automobiles.
The Latin America Vehicle Insurance Market is divided into third party insurance, comprehensive insurance and others. Government of Colombia has accepted the schemes of third party insurance which is beneficial in case of body injury to third-person from motor vehicles. The third party insurance segment is expected to scale up the market over the forecast period. Third party thefts and fire is excluded in case of any risk to vehicle or damage to property. However, third party insurance includes legal liability to third parties whose property is damaged and are into severe injury.
Latin America Vehicle Insurance is developing to match the trends of the market. The two-wheelers segment was accounted to $ 8.9 Billion in 2017 and is expected to rise with the fastest CAGR in the coming years. This growth is majorly noticed due to the growth in the annual income of middle class population leading to high expenses over convenient transportation. Rise in per capita income is the major factor which drives the growth of the two-wheeler segment in the evolving market of Latin America.
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The rise in number of new customers has led to the development of products like micro insurance in Brazil. The launch of Real Plan has attracted much of the population of Brazil into the consumer market. However, to upsurge the insurance market, it is necessary to create high quality solutions and represent the social universe of the customers.
In 2017, passenger cars type dominated the Latin America Vehicle Insurance Market and is estimated to maintain it in the coming years. Increase in disposable income, infrastructure enhancement and population explosion have increased the sales and production of passenger cars in Latin America. Demand from export countries and increase in gross domestic products, rise in urbanization and launch of low-cost car models & electric vehicles are some of the factors which supports the sales of passenger cars in Latin America.
An important factor affecting commercial vehicle sector is need for fuel-efficient vehicles. Improving infrastructure of road, regulatory policies and rapid urbanization will encourage the manufacturers of original equipment and buyers of commercial vehicle.
Regional Overview:
Geographically, the regions involved in the Latin America Vehicle Insurance market are Argentina, Brazil, Chile, Colombia, Mexico, Peru and Uruguay. Mexico’s tax incentives, reasonable income tax structure and promotion of retirement savings are the main factors in the growth of industry. Mexico is leading the growth of Latin America Vehicle Insurance Market.
Key Players:
Companies which are contributing in the Latin America Vehicle Insurance Market are Metropolitan Life Insurance Company, Bradesco Seguros, Allianz, Porto Seguro S.A., MAPFRE, Itau Unibanco and many more.
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Key segments of the Latin America vehicle insurance market
Type Overview, 2015 – 2025 (USD Million)
- Comprehensive Insurance
- Third Party Insurance
- Others
Vehicle Type Overview, 2015 – 2025 (USD Million)
- Passenger Cars
- Commercial Vehicles
- Two Wheelers
Country Overview, 2015 – 2025 (USD Million)
- Brazil
- Venezuela
- Argentina
- Mexico
- Colombia
- Rest of Latin America
Table of Content
1. Research Methodology
- Research approach
- Scope, definition, and assumptions
- Data sources
2. Executive Summary
3. Market Outlook
- Introduction
- Key trends
- Market drivers
- Market restraints
- Market opportunities
- Value chain analysis
- Porter’s Five Forces’ analysis
4. Type Overview
- Latin America vehicle insurance market share, by premium type, 2017 & 2025
- Comprehensive Insurance Premium
- Market size and projections, 2015 - 2025
- Third Party Insurance Premiums
- Market size and projections, 2015 - 2025
- Others
- Market size and projections, 2015 – 2025
5. Vehicle Type Overview
- Latin America vehicle insurance market share, by vehicle type, 2017 & 2025
- Passenger Cars
- Market size and projections, 2015 - 2025
- Commercial Vehicles
- Market size and projections, 2015 - 2025
- Two Wheelers
- Market size and projections, 2015 – 2025
6. Regional OverviewLatin America vehicle insurance market share, by country, 2017 & 2025
7. Industry Structure
- Company market share, 2017
- Competitive strategies
8. Company ProfilesAllianz
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