Global Car Insurance Market Size & Outlook, 2024-2030
The global car insurance market size was estimated at USD 730.1 million in 2023 and is projected to reach USD 1,764.2 million by 2030, growing at a CAGR of 13.7% from 2024 to 2030.
Revenue, 2023 (US$M)
$730.1
Forecast, 2030 (US$M)
$1,764.2
CAGR, 2024 - 2030
13.7%
Report Coverage
Worldwide
Global car insurance market, 2018-2030 (US$M)
Global car insurance market highlights
- The global car insurance market generated a revenue of USD 730.1 million in 2023 and is expected to reach USD 1,764.2 million by 2030.
- The market is expected to grow at a CAGR (2024 - 2030) of 13.4% by 2030.
- In terms of segment, third party accounted for a revenue of USD 730.1 million in 2023.
- Third Party is the most lucrative coverage segment registering the fastest growth during the forecast period.
- In terms of region, North America was the largest revenue generating market in 2023.
Global data book summary
| Market revenue in 2023 | USD 730.1 million |
| Market revenue in 2030 | USD 1,764.2 million |
| Growth rate | 13.4% (CAGR from 2024 to 2030) |
| Largest segment | Third party |
| Fastest growing segment | Third Party |
| Historical data covered | 2018 - 2022 |
| Base year for estimation | 2023 |
| Forecast period covered | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Third Party |
Other key industry trends
- In terms of revenue, the North America accounted for 33.2% of the global car insurance market in 2023.
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Car Insurance Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|---|---|---|---|
| State Farm | View profile | 10001+ | Bloomington, Illinois, United States, North America | https://www.statefarm.com/ |
| Travelers Insurance | View profile | 10001+ | New York, New York, United States, North America | https://www.travelers.com |
| Progressive Insurance | View profile | 10001+ | Mansfield, Ohio, United States, North America | https://www.progressive.com |
| Liberty Mutual Insurance | View profile | 10001+ | Boston, Massachusetts, United States, North America | http://www.libertymutualgroup.com |
| Bajaj Finserv | View profile | 10001+ | New Delhi, Delhi, India, Asia | https://www.bajajfinserv.in/ |
| Chubb Ltd | View profile | 40000 | Baerengasse 32, Zurich, Switzerland, CH-8001 | https://www.chubb.com |
| American International Group Inc | View profile | 25200 | 1271 Avenue of the Americas, New York, NY, United States, 10020 | https://www.aig.com |
| AXA SA | View profile | 110302 | 25, Avenue Matignon, Paris, France, 75008 | https://www.axa.com |
| Allianz SE | View profile | 154862 | Koniginstrasse 28, Munich, BY, Germany, 80802 | https://www.allianz.com |
| Zurich Insurance Group AG | View profile | 59593 | Mythenquai 2, Corporate Center, Zurich, Switzerland, 8002 | https://www.zurich.com |
Global car insurance market size, by regions, 2018-2030 (US$M)
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