Global Motor Vehicle Insurance Market 2016-2020 - Key Growth Driver is Mandate to Buy Insurance Policies - Market Reports Center
According to the report, a key growth driver is the mandate to buy insurance policies. A motor vehicle insurance covers any financial risk that can crop up while driving the vehicle. In other words, an insurance company will cover losses arising from theft, damages, or accidents if such incidents are covered under the policy. In India, the Motor Vehicles Act specifies that all vehicles should have an insurance policy, or a third party liability cover. A third party insurance policy will cover the financial losses incurred in case of an accident, and may or may not cover the losses arising from damages sustained by the owner's car.
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Further, the report states that one challenge that could restrict market growth is the risk variables in the underwriting process.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors in the report global miscellaneous motor vehicle insurance market
Key vendors
Allianz
AIG
Allstate Insurance
Berkshire Hathaway
Peoples Insurance Company of China
Ping An Insurance
Other prominent vendors
AXA
Munich Re
Zurich
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Market driver
Mandate to buy insurance
For a full, detailed list, view our report
Market challenge
Fraudulent motor vehicle claims
For a full, detailed list, view our report
Market trend
Implementation of advanced analytics tools to reduce fraudulent claims
For a full, detailed list, view our report
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