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Africa Automotive Insurance Market

Africa Automotive Insurance Market

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

  • Published Date: January 2023
  • Report ID: BWC22627
  • Available Format: PDF
  • Page: 240

Report Overview

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.

Africa Automotive Insurance Market - Industry Trends & Forecast Report, 2029

Africa automotive insurance market size is expected to expand at a CAGR of 9.10% during the forecast period between 2023 and 2029. One of the key factors driving the Africa automotive insurance industry is the increased demand for personal vehicles across the nation is expanding the Africa automotive insurance market. The industrialization of many developed and developing countries has increased citizens' disposable incomes, which has increased their purchasing power and boosted the sales of cars. Since people spend money on their cars for maintenance, they are also motivated by a desire to protect them from accidents or theft, which drives up demand for auto insurance and supports the expansion of the market.

Africa Automotive Insurance Market- Overview

Automobile insurance, also referred to as vehicle insurance or motor insurance, is a legal agreement between the owner of the vehicle, referred to as the insured, and the insurance company, referred to as the insurer, which guards the insured against monetary losses in the event of an accident or vehicle theft. Cars, trucks, motorcycles, and other commercial vehicles are all covered by vehicle insurance. Its main goal is to provide financial protection against physical harm and property damage brought on by traffic collisions as well as a potential liability. Vehicle insurance may also offer financial protection against theft and damage to vehicles brought on by events other than vehicle collisions, such as keying, natural disasters, and collisions with nearby structures.

Growth Drivers

Introduction of latest technology

The emergence of innovative technologies like artificial intelligence (AI) and the Internet of Things (IoT) has changed traditional auto insurance policies to usage-based policies. Vehicles are equipped with sensors that use these innovative technologies to track the driver's habits and driving style. The insurance company receives this information and alters the insurance premium following it. The global automotive insurance market is being stimulated by these new telematics-based insurance policies, which are rapidly gaining popularity.

Restraints

Decrease in vehicle ownership

The use of vehicles and the number of vehicle owners are declining as shared mobility becomes more prevalent. The market for auto insurance is being hampered by the decline in vehicle ownership.

Impact of COVID-19 on Africa Automotive Insurance Market

The recent outbreak of the COVID-19 pandemic harmed the automotive industry and its supply chains. Government regulations required automakers to temporarily close their facilities to stop the spread of coronavirus infection, hampered vehicle sales, and reduced demand in the automotive insurance market. However, the automotive industry is expected to regain momentum in the coming years as businesses restart operations and governments lift restrictions and announce various relief packages. This is expected to fuel the automotive insurance market.

Africa Automotive Insurance Market

Segmental Coverage

Africa Automotive Insurance Market - By Vehicle Type

Africa automotive insurance market is divided into Passenger cars, Light Commercial Vehicles (LCV), Heavy Commercial Vehicles (HCV). Over the following few years, the passenger cars market segment is expected to experience significant growth. The primary drivers in the passenger segment are an increase in consumer demand for personal vehicles, rising disposable income, and an increase in the risk of auto theft and robbery. In addition, the market for vehicle insurance will see an increase in demand due to a significant change in passenger vehicle production and sales.

Africa Automotive Insurance Market

Africa Automotive Insurance Market - By Insurance Type

On basis of insurance type, Africa automotive insurance market is divided into Third-party, Comprehensive, Third-party theft and Fire, and other segments. The third-party liability segment is expected to dominate the market in terms of coverage. Third-party insurance is a policy of insurance purchased by the insured (first party) from the insurance provider (second party) to protect against third-party claims (third party). Third-party insurance coverage is expanding because of massive investments by various companies in the insurance industry. It will also have the highest significant growth during the forecast timeframe due to rising demand.

Africa Automotive Insurance Market – By Distribution Channel

On basis of distribution channel, Africa automotive insurance market is divided into Insurance Agents/Brokers, Direct Response, Banks, and other segments. In the coming years, the direct response segment is expected to hold significant market shares. It significantly contributes to economic growth by acting as a go-between for insurers and policyholders. It offers technical and professional insurance product information as well as advice. They work closely with their customers to meet their customers' vehicle insurance needs, increasing segment demand.

Africa Automotive Insurance Market – By Country

Geographically, Africa automotive insurance market covers major countries in the region: Algeria, Egypt, Ethiopia, Ghana, Kenya, Nigeria, South Africa, Tanzania, Uganda, and Rest of Africa.

Competitive Landscape

Competition in Africa automotive insurance market is intense. Major companies in the 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. The key strategies used by these market leaders are new product launches, mergers & acquisitions, and alliances. To grow their market share, these companies are also focusing on investing in innovations, collaborations, and expansions.

Scope of the Report

Attributes

Details

Years Considered

Historical Data – 2019–2022

Base Year – 2022

Estimated Year – 2023

Forecast Period – 2023–2029

Facts Covered

Revenue in USD Million

Market Coverage

Algeria, Egypt, Ethiopia, Ghana, Kenya, Nigeria, South Africa, Tanzania, Uganda, Rest of Africa 

Product/ Service Segmentation

Vehicle Type, Insurance Type, Distribution Channel, Country 

Key Players

Allstate, Geico, Progressive, USAA insurance, Nationwide, American family, Santam, Old Mutual, Momentum, King Price, Discovery, Dial Direct Car Insurance, AA Insurance, Hollard, AIG, Iwyze

 

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

  • Rest of Africa

  1. Research Framework
    1. Research Objective
    2. Product Overview
    3. Market Segmentation
  2. Executive Summary
  3. Africa Automotive Insurance Market Insights
    1. Industry Value Chain Analysis
    2. DROC Analysis
      1. Growth Drivers
        1. Mounting awareness among end users
        2. Introduction of innovative technologies and products
        3. The availability of third-party insurance providers
      2. Restraints
        1. Lack of financial resources to integrate the latest technologies
      3. Opportunities
        1. Rise in on-demand transportation and the shifting of liability to manufacturer
        2. Significant changes in automotive industry promoting insurance
        3. Introduction of autonomous technology
      4. Challenges
        1. Dynamic nature of the automotive industry
    3. Technology Advancements/Recent Developments
    4. Regulatory Framework
    5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
  4. Africa Automotive Insurance Market Overview
    1. Market Size & Forecast by Value, 2019–2029
      1. By Value (USD Billion)
    2. Market Share & Forecast
      1. By Vehicle Type
        1. Passenger cars
        2. Light Commercial Vehicles (LCV)
        3. Heavy Commercial Vehicles (HCV)
      2. By Insurance Type
        1. Third-party
        2. Comprehensive
        3. Third-party theft and Fire
        4. Others
      3. By Distribution Channel
        1. Insurance Agents/Brokers
        2. Direct Response
        3. Banks
        4. Others
      4. By Country
        1. Algeria
        2. Egypt
        3. Ethiopia
        4. Ghana
        5. Kenya
        6. Nigeria
        7. South Africa
        8. Tanzania
        9. Uganda
        10. Rest of Africa
  5. Algeria Automotive Insurance Market Overview
    1. Market Size & Forecast by Value, 2019–2029
      1. By Value (USD Billion)
    2. Market Share & Forecast
      1. By Vehicle Type
      2. By Insurance Type
      3. By Distribution Channel
  6. Egypt Automotive Insurance Market Overview
    1. Market Size & Forecast by Value, 2019–2029
      1. By Value (USD Billion)
    2. Market Share & Forecast
      1. By Vehicle Type
      2. By Insurance Type
      3. By Distribution Channel
  7. Ethiopia Automotive Insurance Market Overview
    1. Market Size & Forecast by Value, 2019–2029
      1. By Value (USD Billion)
    2. Market Share & Forecast
      1. By Vehicle Type
      2. By Insurance Type
      3. By Distribution Channel
  8. Ghana Automotive Insurance Market Overview
    1. Market Size & Forecast by Value, 2019–2029
      1. By Value (USD Billion)
    2. Market Share & Forecast
      1. By Vehicle Type
      2. By Insurance Type
      3. By Distribution Channel
  9. Kenya Automotive Insurance Market Overview
    1. Market Size & Forecast by Value, 2019–2029
      1. By Value (USD Billion)
    2. Market Share & Forecast
      1. By Vehicle Type
      2. By Insurance Type
      3. By Distribution Channel
  10. Nigeria Automotive Insurance Market Overview
    1. Market Size & Forecast by Value, 2019–2029
      1. By Value (USD Billion)
    2. Market Share & Forecast
      1. By Vehicle Type
      2. By Insurance Type
      3. By Distribution Channel
  11. South Africa Automotive Insurance Market Overview
    1. Market Size & Forecast by Value, 2019–2029
      1. By Value (USD Billion)
    2. Market Share & Forecast
      1. By Vehicle Type
      2. By Insurance Type
      3. By Distribution Channel
  12. Tanzania Automotive Insurance Market Overview
    1. Market Size & Forecast by Value, 2019–2029
      1. By Value (USD Billion)
    2. Market Share & Forecast
      1. By Vehicle Type
      2. By Insurance Type
      3. By Distribution Channel
  13. Uganda Automotive Insurance Market Overview
    1. Market Size & Forecast by Value, 2019–2029
      1. By Value (USD Billion)
    2. Market Share & Forecast
      1. By Vehicle Type
      2. By Insurance Type
      3. By Distribution Channel
  14. Rest of Africa Automotive Insurance Market Overview
    1. Market Size & Forecast by Value, 2019–2029
      1. By Value (USD Billion)
    2. Market Share & Forecast
      1. By Vehicle Type
      2. By Insurance Type
      3. By Distribution Channel
  15. Competitive Landscape
    1. List of Key Players and Their Offerings
    2. Market Share Analysis, 2022
    3. Competitive Benchmarking, By Operating Parameters
    4. Key Strategic Development (Mergers, Acquisitions, Partnerships, etc.)
  16. Impact of Covid-19 on Africa Automotive Insurance Market
  17. Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook)
    1. Allstate
    2. Geico
    3. Progressive
    4. USAA insurance
    5. Nationwide
    6. American Family
    7. Santam
    8. Old Mutual
    9. Momentum
    10. King Price
    11. Discovery
    12. Dial Direct Car Insurance
    13. AA Insurance
    14. Hollard
    15. AIG
    16. Iwyze
    17. Other Prominent Players
  18. Key Strategic Recommendations
  19. Research Methodology
    1. Qualitative Research
      1. Primary & Secondary Research
    2. Quantitative Research
    3. Market Breakdown & Data Triangulation
      1. Secondary Research
      2. Primary Research
    4. Breakdown of Primary Research Respondents, By Region
    5. Assumption & Limitation

 

*Financial information in case of non-listed companies will be provided as per availability

**The segmentation and the companies are subjected to modifications based on in-depth secondary for the final deliverable

 

 

List of Figures

Figure 1     Africa Automotive Insurance Market Segmentation

Figure 2     Africa Automotive Insurance Market Value Chain Analysis

Figure 3     Company Market Share Analysis, 2022

Figure 4     Africa Automotive Insurance Market Size, By Value (USD Billion), 2019–2029

Figure 5     Africa Automotive Insurance Market Share, By Vehicle Type, By Value, 2019–2029

Figure 7     Africa Automotive Insurance Market Share, By Insurance Type, By Value, 2019–2029

Figure 8     Africa Automotive Insurance Market Share, By Application, By Value, 2019–2029

Figure 10   Africa Automotive Insurance Market Share, By Country, By Value, 2019–2029

Figure 11   Algeria Automotive Insurance Market Size, By Value (USD Billion), 2019−2029

Figure 12   Algeria Automotive Insurance Market Share, By Vehicle Type, By Value, 2019−2029

Figure 13   Algeria Automotive Insurance Market Share, By Insurance Type, By Value, 2019−2029

Figure 14   Algeria Automotive Insurance Market Share, By Application, By Value, 2019−2029

Figure 15   Egypt Automotive Insurance Market Size, By Value (USD Billion), 2019−2029

Figure 16   Egypt Automotive Insurance Market Share, By Vehicle Type, By Value, 2019−2029

Figure 17   Egypt Automotive Insurance Market Share, By Insurance Type, By Value, 2019−2029

Figure 18   Egypt Automotive Insurance Market Share, By Application, By Value, 2019−2029

Figure 19   Ethiopia Automotive Insurance Market Size, By Value (USD Billion), 2019−2029

Figure 20   Ethiopia Automotive Insurance Market Share, By Vehicle Type, By Value, 2019−2029

Figure 21   Ethiopia Automotive Insurance Market Share, By Insurance Type, By Value, 2019−2029

Figure 22   Ethiopia Automotive Insurance Market Share, By Application, By Value, 2019−2029

Figure 23   Ghana Automotive Insurance Market Size, By Value (USD Billion), 2019−2029

Figure 24   Ghana Automotive Insurance Market Share, By Vehicle Type, By Value, 2019−2029

Figure 25   Ghana Automotive Insurance Market Share, By Insurance Type, By Value, 2019−2029

Figure 26   Ghana Automotive Insurance Market Share, By Application, By Value, 2019−2029

Figure 27   Kenya Automotive Insurance Market Size, By Value (USD Billion), 2019−2029

Figure 28   Kenya Automotive Insurance Market Share, By Vehicle Type, By Value, 2019−2029

Figure 29   Kenya Automotive Insurance Market Share, By Insurance Type, By Value, 2019−2029

Figure 30   Kenya Automotive Insurance Market Share, By Application, By Value, 2019−2029

Figure 31   Nigeria Automotive Insurance Market Size, By Value (USD Billion), 2019−2029

Figure 32   Nigeria Automotive Insurance Market Share, By Vehicle Type, By Value, 2019−2029

Figure 33   Nigeria Automotive Insurance Market Share, By Insurance Type, By Value, 2019−2029

Figure 34   Nigeria Automotive Insurance Market Share, By Application, By Value, 2019−2029

Figure 35   South Africa Automotive Insurance Market Size, By Value (USD Billion), 2019−2029

Figure 36   South Africa Automotive Insurance Market Share, By Vehicle Type, By Value, 2019−2029

Figure 37   South Africa Automotive Insurance Market Share, By Insurance Type, By Value, 2019−2029

Figure 38   South Africa Automotive Insurance Market Share, By Application, By Value, 2019−2029

Figure 39   Tanzania Automotive Insurance Market Size, By Value (USD Billion), 2019−2029

Figure 40   Tanzania Automotive Insurance Market Share, By Vehicle Type, By Value, 2019−2029

Figure 41   Tanzania Automotive Insurance Market Share, By Insurance Type, By Value, 2019−2029

Figure 42   Tanzania Automotive Insurance Market Share, By Application, By Value, 2019−2029

Figure 43   Uganda Automotive Insurance Market Size, By Value (USD Billion), 2019−2029

Figure 44   Uganda Automotive Insurance Market Share, By Vehicle Type, By Value, 2019−2029

Figure 45   Uganda Automotive Insurance Market Share, By Insurance Type, By Value, 2019−2029

Figure 46   Uganda Automotive Insurance Market Share, By Application, By Value, 2019−2029

Figure 47   Rest of Africa Automotive Insurance Market Size, By Value (USD Billion), 2019−2029

Figure 48   Rest of Africa Automotive Insurance Market Share, By Vehicle Type, By Value, 2019−2029

Figure 49   Rest of Africa Automotive Insurance Market Share, By Insurance Type, By Value, 2019−2029

Figure 50   Rest of Africa Automotive Insurance Market Share, By Application, By Value, 2019−2029

List of Table

 

Table 1    Africa Automotive Insurance Market Size, By Vehicle Type, By Value, 2019−2029

Table 2    Africa Automotive Insurance Market Size, By Insurance Type, By Value, 2019−2029

Table 3    Africa Automotive Insurance Market Size, By Application, By Value, 2019−2029

Table 4    Algeria Automotive Insurance Market Size, By Vehicle Type, By Value, 2019−2029

Table 5    Algeria Automotive Insurance Market Size, By Insurance Type, By Value, 2019−2029

Table 6    Algeria Automotive Insurance Market Size, By Application, By Value, 2019−2029

Table 7    Egypt Automotive Insurance Market Size, By Vehicle Type, By Value, 2019−2029

Table 8    Egypt Automotive Insurance Market Size, By Insurance Type, By Value, 2019−2029

Table 9    Egypt Automotive Insurance Market Size, By Application, By Value, 2019−2029

Table 10  Ethiopia Automotive Insurance Market Size, By Vehicle Type, By Value, 2019−2029

Table 11  Ethiopia Automotive Insurance Market Size, By Insurance Type, By Value, 2019−2029

Table 12  Ethiopia Automotive Insurance Market Size, By Application, By Value, 2019−2029

Table 13  Ghana Automotive Insurance Market Size, By Vehicle Type, By Value, 2019−2029

Table 14  Ghana Automotive Insurance Market Size, By Insurance Type, By Value, 2019−2029

Table 15  Ghana Automotive Insurance Market Size, By Application, By Value, 2019−2029

Table 16  Kenya Automotive Insurance Market Size, By Vehicle Type, By Value, 2019−2029

Table 17  Kenya Automotive Insurance Market Size, By Insurance Type, By Value, 2019−2029

Table 18  Kenya Automotive Insurance Market Size, By Application, By Value, 2019−2029

Table 19  Nigeria Automotive Insurance Market Size, By Vehicle Type, By Value, 2019−2029

Table 20  Nigeria Automotive Insurance Market Size, By Insurance Type, By Value, 2019−2029

Table 21  Nigeria Automotive Insurance Market Size, By Application, By Value, 2019−2029

Table 22  South Africa Automotive Insurance Market Size, By Techonolgy, By Value, 2019−2029

Table 23  South Africa Automotive Insurance Market Size, By Insurance Type, By Value, 2019−2029

Table 24  South Africa Automotive Insurance Market Size, By Application, By Value, 2019−2029

Table 25  Tanzania Automotive Insurance Market Size, By Techonolgy, By Value, 2019−2029

Table 26  Tanzania Automotive Insurance Market Size, By Insurance Type, By Value, 2019−2029

Table 27  Tanzania Automotive Insurance Market Size, By Application, By Value, 2019−2029

Table 28  Uganda Automotive Insurance Market Size, By Techonolgy, By Value, 2019−2029

Table 29  Uganda Automotive Insurance Market Size, By Insurance Type, By Value, 2019−2029

Table 30  Uganda Automotive Insurance Market Size, By Application, By Value, 2019−2029

Table 31  Rest of Africa Automotive Insurance Market Size, By Techonolgy, By Value, 2019−2029

Table 32  Rest of Africa Automotive Insurance Market Size, By Insurance Type, By Value, 2019−2029

Table 33  Rest of Africa Automotive Insurance Market Size, By Application, By Value, 2019−2029

Table 34  Allstate Company Overview

Table 35  Allstate Financial Overview

Table 36  Geico Company Overview

Table 37  Geico Financial Overview

Table 38  Progressive Company Overview

Table 39  Progressive Financial Overview

Table 40  USAA Insurance Company Overview

Table 41  USAA insurance Financial Overview

Table 42  Nationwide Company Overview

Table 43  Nationwide Financial Overview

Table 44  American family Company Overview

Table 45  American family Financial Overview

Table 46  Santam Company Overview

Table 47  Santam Financial Overview

Table 48  Old Mutual Company Overview

Table 49  Old Mutual Financial Overview

Table 50  Momentum Company Overview

Table 51  Momentum Financial Overview

Table 52  King Price Company Overview

Table 53  King Price Financial Overview

Table 54  Discovery Company Overview

Table 55  Discovery Financial Overview

Table 56  Dial Direct Car Insurance Company Overview

Table 57  Dial Direct Car Insurance Financial Overview

Table 58  AA Insurance Company Overview

Table 59  AA Insurance Financial Overview

Table 60  Hollard Company Overview

Table 61  Hollard Financial Overview

Table 62  AIG Company Overview

Table 63  AIG Financial Overview

Table 64  Iwyze Company Overview

Table 65  Iwyze Financial Overview

 

Market Segmentation

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

  • Rest of Africa

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