Europe Car Insurance Market Size & Outlook, 2024-2030
The car insurance market in Europe is expected to reach a projected revenue of US$ 527.0 million by 2030. A compound annual growth rate of 14.1% is expected of Europe car insurance market from 2024 to 2030.
Revenue, 2023 (US$M)
$213.6
Forecast, 2030 (US$M)
$527.0
CAGR, 2024 - 2030
14.1%
Report Coverage
Europe
Europe car insurance market highlights
- The Europe car insurance market generated a revenue of USD 213.6 million in 2023.
- The market is expected to grow at a CAGR of 13.8% from 2024 to 2030.
- In terms of segment, third party was the largest revenue generating coverage in 2023.
- Third Party is the most lucrative coverage segment registering the fastest growth during the forecast period.
Europe data book summary
| Market revenue in 2023 | USD 213.6 million |
| Market revenue in 2030 | USD 527.0 million |
| Growth rate | 13.8% (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 |
| Key market players worldwide | Allianz SE, AXA SA, Zurich Insurance Group AG, Bajaj Finserv, Liberty Mutual Insurance, Progressive Insurance, Travelers Insurance, Chubb Ltd, State Farm, American International Group Inc |
Other key industry trends
- In terms of revenue, Europe region accounted for 29.3% of the global car insurance market in 2023.
- Globally, North America is projected to lead the regional market in terms of revenue in 2030.
- Asia Pacific is the fastest growing regional market and is projected to reach USD 484.2 million by 2030.
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Car Insurance Market Scope
Car insurance market segmentation & scope
Distribution Channel
Insurance Agents/Brokers
Direct Response
Banks
Others
Vehicle Age
New Vehicle
Used Vehicle
Application
Personal
Commercial
Countries
U.S.
Canada
Mexico
UK
Germany
France
Denmark
Italy
Spain
Sweden
Norway
India
Japan
South Korea
Thailand
Australia
Brazil
Argentina
China
South Africa
Saudi Arabia
UAE
Kuwait
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 |
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