Market Overview:
The global new drivers' car insurance market is expected to grow at a CAGR of 7.5% during the forecast period from 2018 to 2030. The market growth can be attributed to the increasing number of new drivers, rising demand for theft insurance, fire insurance, and other types of car insurance policies. In addition, the growing demand for car insurance from intermediaries such as insurers, banks, and brokers is also contributing to the growth of this market. However, stringent government regulations and lack of awareness about available options are some factors that are restraining the growth of this market. The global new drivers' car insurance market can be segmented on the basis of type into theft insurance, fire Insurance,, and others.
Product Definition:
A new driver's car insurance is a policy that covers a person who has recently obtained their driver's license. This type of policy is important because it protects the newly licensed driver from potential financial damages in the event that they are involved in an accident.
Theft Insurance:
Theft insurance is a type of insurance that covers the cost of theft or loss of a vehicle. It can be either personal or business, based on the policy term and coverage. The main driver for this market is to reduce losses caused due to vehicle theft as it has been observed that most thefts occur during new car purchases, when the buyer does not have any protection plan in place.
Fire Insurance:
Fire insurance is a type of insurance that covers losses caused by fire. It can be defined as an agreement between an insurer and a policyholder wherein the former promises to pay the latter in case of loss or damage caused by fire. The main objective of this type of insurance is to provide protection against financial losses from covered causes such as electrical short circuits, candles, cigarettes, matches or open flame and cooking fires.
Application Insights:
The intermediaries segment held the largest share of over 50.0% in 2017. The segment is expected to witness significant growth over the forecast period as this application involves no claim settlement and there is no need for any paperwork or documents to be faxed or emailed back and forth between parties involved in a car accident, which will eventually lead to reduced processing time.
Insurance companies are expected to emerge as one of the prominent applications witnessing growth at a CAGR of XX% from 2018 to 2030 owingto their exposure towards losses caused by frauds, intentional acts and other claims such as natural disasters such as fire & theft, weather-related events like hail damage & windstorm excess etc., that crop up unexpectedly during an insurance policy's term duration.
Regional Analysis:
Asia Pacific dominated the global new drivers' car insurance market in 2017. The region is expected to continue its dominance over the forecast period as well, owing to factors such as increasing penetration of motor insurance policies and rising number of road accidents. According to WHO, approximately 1.5 million people die due to road traffic injuries every year in China alone. This has led many companies in China and other countries including India, Thailand and Singapore offer various types of coverage for new drivers under their comprehensive motor insurance schemes so that they can avoid any claim later on when it comes time for settling a dispute with an insurer or a third party payer.
The European market was valued at USD X billion in 2017 and is anticipated to grow at a significant rate over the forecast period owing high incidence rates of car crashes across several countries including Germany, Spain, Italy and France among others are expected drive up demand for theft cover fire & accident covers etcetera).
Growth Factors:
- Increasing number of young drivers: The number of young drivers is increasing day by day, and this is one of the major growth drivers for the New Drivers' Car Insurance market.
- Rising demand for car insurance: The demand for car insurance is rising due to the increase in the number of accidents and thefts. This is also contributing to the growth of the New Drivers' Car Insurance market.
- Proliferation of online platforms: Online platforms are providing a convenient way for customers to compare different types of car insurance policies and select the best one that suits their needs. This is helping to drive growth in the New Drivers' Car Insurance market.
- Growing awareness about safety features: There has been a growing awareness among people about safety features in cars, which has led to an increase in demand for car insurance policies that offer coverage against damages caused by accidents or theft incidents involving cars with these features installed therein.. This trend will help fuel growth in th eNew Drivers' Car Insurance market during th e forecast period . 5
Scope Of The Report
Report Attributes
Report Details
Report Title
New Drivers' Car Insurance Market Research Report
By Type
Theft Insurance, Fire Insurance, Others
By Application
Insurance Intermediaries, Insurance Company, Bank, Insurance Broker, Others
By Companies
AXA, Allstate Insurance, Berkshire Hathaway, Allianz, AIG, Generali, State Farm Insurance, Munich Reinsurance, Metlife, Nippon Life Insurance, Ping An, PICC, China Life Insurance
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
238
Number of Tables & Figures
167
Customization Available
Yes, the report can be customized as per your need.
Global New Drivers' Car Insurance Market Report Segments:
The global New Drivers' Car Insurance market is segmented on the basis of:
Types
Theft Insurance, Fire Insurance, Others
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Insurance Intermediaries, Insurance Company, Bank, Insurance Broker, Others
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- AXA
- Allstate Insurance
- Berkshire Hathaway
- Allianz
- AIG
- Generali
- State Farm Insurance
- Munich Reinsurance
- Metlife
- Nippon Life Insurance
- Ping An
- PICC
- China Life Insurance
Highlights of The New Drivers' Car Insurance Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Theft Insurance
- Fire Insurance
- Others
- By Application:
- Insurance Intermediaries
- Insurance Company
- Bank
- Insurance Broker
- Others
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the New Drivers' Car Insurance Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
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8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
New drivers' car insurance is a policy that covers drivers who have not had a driving record for at least six months. It typically costs less than regular car insurance, and can provide coverage for accidents, theft, and other risks associated with driving.
Some of the key players operating in the new drivers' car insurance market are AXA, Allstate Insurance, Berkshire Hathaway, Allianz, AIG, Generali, State Farm Insurance, Munich Reinsurance, Metlife, Nippon Life Insurance, Ping An, PICC, China Life Insurance.
The new drivers' car insurance market is expected to grow at a compound annual growth rate of 7.5%.
1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. New Drivers' Car Insurance Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. New Drivers' Car Insurance Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. New Drivers' Car Insurance Market - Supply Chain
4.5. Global New Drivers' Car Insurance Market Forecast
4.5.1. New Drivers' Car Insurance Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. New Drivers' Car Insurance Market Size (000 Units) and Y-o-Y Growth
4.5.3. New Drivers' Car Insurance Market Absolute $ Opportunity
5. Global New Drivers' Car Insurance Market Analysis and Forecast by Type
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Type
5.2.2. Y-o-Y Growth Projections by Type
5.3. New Drivers' Car Insurance Market Size and Volume Forecast by Type
5.3.1. Theft Insurance
5.3.2. Fire Insurance
5.3.3. Others
5.4. Absolute $ Opportunity Assessment by Type
5.5. Market Attractiveness/Growth Potential Analysis by Type
6. Global New Drivers' Car Insurance Market Analysis and Forecast by Application
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by Application
6.2.2. Y-o-Y Growth Projections by Application
6.3. New Drivers' Car Insurance Market Size and Volume Forecast by Application
6.3.1. Insurance Intermediaries
6.3.2. Insurance Company
6.3.3. Bank
6.3.4. Insurance Broker
6.3.5. Others
6.4. Absolute $ Opportunity Assessment by Application
6.5. Market Attractiveness/Growth Potential Analysis by Application
7. Global New Drivers' Car Insurance Market Analysis and Forecast by Sales Channel
7.1. Market Trends
7.2. Introduction
7.2.1. Basis Point Share (BPS) Analysis by Sales Channel
7.2.2. Y-o-Y Growth Projections by Sales Channel
7.3. New Drivers' Car Insurance Market Size and Volume Forecast by Sales Channel
7.3.1. Manufacturer/Distributor/Service Provider
7.3.2. Aftermarket
7.4. Absolute $ Opportunity Assessment by Sales Channel
7.5. Market Attractiveness/Growth Potential Analysis by Sales Channel
8. Global New Drivers' Car Insurance Market Analysis and Forecast by Region
8.1. Market Trends
8.2. Introduction
8.2.1. Basis Point Share (BPS) Analysis by Region
8.2.2. Y-o-Y Growth Projections by Region
8.3. New Drivers' Car Insurance Market Size and Volume Forecast by Region
8.3.1. North America
8.3.2. Latin America
8.3.3. Europe
8.3.4. Asia Pacific
8.3.5. Middle East and Africa (MEA)
8.4. Absolute $ Opportunity Assessment by Region
8.5. Market Attractiveness/Growth Potential Analysis by Region
8.6. Global New Drivers' Car Insurance Demand Share Forecast, 2019-2026
9. North America New Drivers' Car Insurance Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.2. North America New Drivers' Car Insurance Market Size and Volume Forecast by Country
9.2.1. U.S.
9.2.2. Canada
9.3. Absolute $ Opportunity Assessment by Country
9.4. North America New Drivers' Car Insurance Market Size and Volume Forecast by Application
9.4.1. Insurance Intermediaries
9.4.2. Insurance Company
9.4.3. Bank
9.4.4. Insurance Broker
9.4.5. Others
9.5. Basis Point Share (BPS) Analysis by Application
9.6. Y-o-Y Growth Projections by Application
9.7. North America New Drivers' Car Insurance Market Size and Volume Forecast by Type
9.7.1. Theft Insurance
9.7.2. Fire Insurance
9.7.3. Others
9.8. Basis Point Share (BPS) Analysis by Type
9.9. Y-o-Y Growth Projections by Type
9.10. Market Attractiveness/Growth Potential Analysis
9.10.1. By Country
9.10.2. By Product Type
9.10.3. By Application
9.10.4. By Sales Channel
9.11. North America New Drivers' Car Insurance Demand Share Forecast, 2019-2026
10. Latin America New Drivers' Car Insurance Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Latin America Average Pricing Analysis
10.2. Latin America New Drivers' Car Insurance Market Size and Volume Forecast by Country
10.2.1. Brazil
10.2.2. Mexico
10.2.3. Rest of Latin America
10.3. Absolute $ Opportunity Assessment by Country
10.4. Latin America New Drivers' Car Insurance Market Size and Volume Forecast by Application
10.4.1. Insurance Intermediaries
10.4.2. Insurance Company
10.4.3. Bank
10.4.4. Insurance Broker
10.4.5. Others
10.5. Basis Point Share (BPS) Analysis by Application
10.6. Y-o-Y Growth Projections by Application
10.7. Latin America New Drivers' Car Insurance Market Size and Volume Forecast by Type
10.7.1. Theft Insurance
10.7.2. Fire Insurance
10.7.3. Others
10.8. Basis Point Share (BPS) Analysis by Type
10.9. Y-o-Y Growth Projections by Type
10.10. Market Attractiveness/Growth Potential Analysis
10.10.1. By Country
10.10.2. By Product Type
10.10.3. By Application
10.10.4. By Sales Channel
10.11. Latin America New Drivers' Car Insurance Demand Share Forecast, 2019-2026
11. Europe New Drivers' Car Insurance Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Europe Average Pricing Analysis
11.2. Europe New Drivers' Car Insurance Market Size and Volume Forecast by Country
11.2.1. Germany
11.2.2. France
11.2.3. Italy
11.2.4. U.K.
11.2.5. Spain
11.2.6. Russia
11.2.7. Rest of Europe
11.3. Absolute $ Opportunity Assessment by Country
11.4. Europe New Drivers' Car Insurance Market Size and Volume Forecast by Application
11.4.1. Insurance Intermediaries
11.4.2. Insurance Company
11.4.3. Bank
11.4.4. Insurance Broker
11.4.5. Others
11.5. Basis Point Share (BPS) Analysis by Application
11.6. Y-o-Y Growth Projections by Application
11.7. Europe New Drivers' Car Insurance Market Size and Volume Forecast by Type
11.7.1. Theft Insurance
11.7.2. Fire Insurance
11.7.3. Others
11.8. Basis Point Share (BPS) Analysis by Type
11.9. Y-o-Y Growth Projections by Type
11.10. Market Attractiveness/Growth Potential Analysis
11.10.1. By Country
11.10.2. By Product Type
11.10.3. By Application
11.10.4. By Sales Channel
11.11. Europe New Drivers' Car Insurance Demand Share, 2019-2026
12. Asia Pacific New Drivers' Car Insurance Market Analysis and Forecast
12.1. Introduction
12.1.1. Basis Point Share (BPS) Analysis by Country
12.1.2. Y-o-Y Growth Projections by Country
12.1.3. Asia Pacific Average Pricing Analysis
12.2. Asia Pacific New Drivers' Car Insurance Market Size and Volume Forecast by Country
12.2.1. China
12.2.2. Japan
12.2.3. South Korea
12.2.4. India
12.2.5. Australia
12.2.6. Rest of Asia Pacific (APAC)
12.3. Absolute $ Opportunity Assessment by Country
12.4. Asia Pacific New Drivers' Car Insurance Market Size and Volume Forecast by Application
12.4.1. Insurance Intermediaries
12.4.2. Insurance Company
12.4.3. Bank
12.4.4. Insurance Broker
12.4.5. Others
12.5. Basis Point Share (BPS) Analysis by Application
12.6. Y-o-Y Growth Projections by Application
12.7. Asia Pacific New Drivers' Car Insurance Market Size and Volume Forecast by Type
12.7.1. Theft Insurance
12.7.2. Fire Insurance
12.7.3. Others
12.8. Basis Point Share (BPS) Analysis by Type
12.9. Y-o-Y Growth Projections by Type
12.10. Market Attractiveness/Growth Potential Analysis
12.10.1. By Country
12.10.2. By Product Type
12.10.3. By Application
12.10.4. By Sales Channel
12.11. Asia Pacific New Drivers' Car Insurance Demand Share, 2019-2026
13. Middle East & Africa New Drivers' Car Insurance Market Analysis and Forecast
13.1. Introduction
13.1.1. Basis Point Share (BPS) Analysis by Country
13.1.2. Y-o-Y Growth Projections by Country
13.1.3. Asia Pacific Average Pricing Analysis
13.2. Middle East & Africa New Drivers' Car Insurance Market Size and Volume Forecast by Country
13.2.1. Saudi Arabia
13.2.2. South Africa
13.2.3. UAE
13.2.4. Rest of Middle East & Africa (MEA)
13.3. Absolute $ Opportunity Assessment by Country
13.4. Middle East & Africa New Drivers' Car Insurance Market Size and Volume Forecast by Application
13.4.1. Insurance Intermediaries
13.4.2. Insurance Company
13.4.3. Bank
13.4.4. Insurance Broker
13.4.5. Others
13.5. Basis Point Share (BPS) Analysis by Application
13.6. Y-o-Y Growth Projections by Application
13.7. Middle East & Africa New Drivers' Car Insurance Market Size and Volume Forecast by Type
13.7.1. Theft Insurance
13.7.2. Fire Insurance
13.7.3. Others
13.8. Basis Point Share (BPS) Analysis by Type
13.9. Y-o-Y Growth Projections by Type
13.10. Market Attractiveness/Growth Potential Analysis
13.10.1. By Country
13.10.2. By Product Type
13.10.3. By Application
13.10.4. By Sales Channel
13.11. Middle East & Africa New Drivers' Car Insurance Demand Share, 2019-2026
14. Competition Landscape
14.1. Global New Drivers' Car Insurance Market: Market Share Analysis
14.2. New Drivers' Car Insurance Distributors and Customers
14.3. New Drivers' Car Insurance Market: Competitive Dashboard
14.4. Company Profiles (Details Overview, Financials, Developments, Strategy)
14.4.1. AXA
14.4.1.1. Overview
14.4.1.2. Financials
14.4.1.3. Developments
14.4.1.4. Strategic Outlook
14.4.2. Allstate Insurance
14.4.2.1. Overview
14.4.2.2. Financials
14.4.2.3. Developments
14.4.2.4. Strategic Outlook
14.4.3. Berkshire Hathaway
14.4.3.1. Overview
14.4.3.2. Financials
14.4.3.3. Developments
14.4.3.4. Strategic Outlook
14.4.4. Allianz
14.4.4.1. Overview
14.4.4.2. Financials
14.4.4.3. Developments
14.4.4.4. Strategic Outlook
14.4.5. AIG
14.4.5.1. Overview
14.4.5.2. Financials
14.4.5.3. Developments
14.4.5.4. Strategic Outlook
14.4.6. Generali
14.4.6.1. Overview
14.4.6.2. Financials
14.4.6.3. Developments
14.4.6.4. Strategic Outlook
14.4.7. State Farm Insurance
14.4.7.1. Overview
14.4.7.2. Financials
14.4.7.3. Developments
14.4.7.4. Strategic Outlook
14.4.8. Munich Reinsurance
14.4.8.1. Overview
14.4.8.2. Financials
14.4.8.3. Developments
14.4.8.4. Strategic Outlook
14.4.9. Metlife
14.4.9.1. Overview
14.4.9.2. Financials
14.4.9.3. Developments
14.4.9.4. Strategic Outlook
14.4.10. Nippon Life Insurance
14.4.10.1. Overview
14.4.10.2. Financials
14.4.10.3. Developments
14.4.10.4. Strategic Outlook
14.4.11. Ping An
14.4.11.1. Overview
14.4.11.2. Financials
14.4.11.3. Developments
14.4.11.4. Strategic Outlook
14.4.12. PICC
14.4.12.1. Overview
14.4.12.2. Financials
14.4.12.3. Developments
14.4.12.4. Strategic Outlook
14.4.13. China Life Insurance
14.4.13.1. Overview
14.4.13.2. Financials
14.4.13.3. Developments
14.4.13.4. Strategic Outlook
14.4.14. COMPANY 14
14.4.14.1. Overview
14.4.14.2. Financials
14.4.14.3. Developments
14.4.14.4. Strategic Outlook
14.4.15. COMPANY 15
14.4.15.1. Overview
14.4.15.2. Financials
14.4.15.3. Developments
14.4.15.4. Strategic Outlook
14.4.16. COMPANY 16
14.4.16.1. Overview
14.4.16.2. Financials
14.4.16.3. Developments
14.4.16.4. Strategic Outlook
14.4.17. COMPANY 17
14.4.17.1. Overview
14.4.17.2. Financials
14.4.17.3. Developments
14.4.17.4. Strategic Outlook
14.4.18. COMPANY 18
14.4.18.1. Overview
14.4.18.2. Financials
14.4.18.3. Developments
14.4.18.4. Strategic Outlook
14.4.19. COMPANY 19
14.4.19.1. Overview
14.4.19.2. Financials
14.4.19.3. Developments
14.4.19.4. Strategic Outlook
14.4.20. COMPANY 20
14.4.20.1. Overview
14.4.20.2. Financials
14.4.20.3. Developments
14.4.20.4. Strategic Outlook
