Africa Automotive Insurance Market
Africa Automotive Insurance Market to Expand at 9.10% CAGR during 2023–2029
Published | 01 January 2023
Africa automotive insurance market is flourishing owing to increasing awareness about the importance of insurance among end users, launch of innovative technologies and products, availability of third-party insurance providers, rise in on-demand transportation, and the shifting of liability to manufacturers.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, expects Africa automotive insurance market size to grow at a CAGR of 9.1% during the forecast period between 2023 and 2029. The increasing demand for personal vehicles across the country is expanding the Africa automotive insurance market. Many developed and developing countries' industrialization has increased citizens' disposable incomes, which has increased their purchasing power and boosted car sales. People who spend money on their cars for maintenance are also motivated by a desire to protect them from accidents or theft, which increases demand for auto insurance and supports market growth.
Africa Automotive Insurance Market – Overview
Automobile insurance is a contract between the owner of the car—referred to as the insured—and the insurance provider—referred to as the insurer—that protects the insured from financial losses in the event of an accident or car theft. Automobile insurance is also known as vehicle insurance or motor insurance. Vehicle insurance covers all types of vehicles, including cars, trucks, motorcycles, and other commercial vehicles. Its main objective is to offer financial protection against potential liability as well as the physical harm and property damage caused by traffic collisions. In addition to providing financial security against collisions, keying, natural disasters, and collisions with nearby structures, vehicle insurance may also provide coverage against theft and damage to vehicles.
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Opportunity: Introduction of cutting-edge technologies
With the advent of innovative technologies, such as artificial intelligence (AI) and the Internet of Things (IoT), traditional auto insurance policies have given way to usage-based policies. Sensors in vehicles use these cutting-edge technologies to track the driver's habits and driving style. When the insurance company receives this information, it adjusts the insurance premium accordingly. These new telematics-based insurance policies, which are rapidly gaining popularity, are stimulating the global automotive insurance market.
Impact of COVID-19 on Africa Automotive Insurance Market
The recent COVID-19 pandemic outbreak affected the automotive sector and its supply chains. Government regulations hindered vehicle sales and decreased demand in the automotive insurance market by requiring automakers to temporarily close their facilities to stop the spread of coronavirus infection. However, it is anticipated that the automotive industry will pick up steam in the upcoming years as businesses begin to operate again and governments impose various relief measures and lift restrictions. The market for auto insurance is anticipated to be stimulated by this.
Africa Automotive Insurance Market – By Insurance Type
The African automotive insurance market is classified into three segments: third-party, comprehensive, third-party theft and fire, and others. In terms of coverage, the third-party liability is expected to dominate the market. Third-party insurance is a policy of insurance that the insured (first party) purchases from the insurance provider (second party) to protect against third-party claims (third party). Third-party insurance coverage is growing because of massive investments by various insurance companies. Due to rising demand, it will also have the highest significant growth during the forecast timeframe.
Africa automotive insurance market is fiercely competitive. Prominent players in Africa health insurance market include Allstate, Geico, Progressive, USAA insurance, Nationwide, American Family, Santam, Old Mutual, Momentum, King Price, Discovery, Dial Direct Car Insurance, AA Insurance, Hollard, AIG, and Iwyze. These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in Africa automotive insurance market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Africa Automotive Insurance Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Africa Automotive Insurance Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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- Africa Automotive Insurance Market - By Vehicle Type (Passenger cars, Light Commercial Vehicles (LCV), Heavy Commercial Vehicles (HCV)); By Insurance Type (Third-party, Comprehensive, Third-party theft and Fire, Others); By Distribution Channel (Insurance Agents/Brokers, Direct Response, Banks, Others); By Country (Algeria, Egypt, Ethiopia, Ghana, Kenya, Nigeria, South Africa, Tanzania, Uganda, and Rest of Africa), Trend Analysis, Competitive Landscape & Forecast, 2019–2029
Publish Date: January 2023
Increasing consumer awareness, the development of novel products and technologies, availability of third-party insurance companies, the growth of on-demand transportation, and the shifting of manufacturer liability could boost the growth of Africa Automotive Insurance during the forecast period between 2023 and 2029.
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