Vehicle insurance is designed to cover threat of financial liability. Moreover, vehicle insurance is drafted to cover loss of an automobile that the vehicle’s owner may face after his or her vehicle is involved in an accident or a collision resulting in physical damages. It is compulsory for all motor vehicles in Latin-America region to get an insurance policy against third party liability before the vehicle come on road. For the reason of insurance, automobiles are tabulated into three main categories which includes private cars, motor scooters and motor cycles, and commercial vehicles which further includes goods carrying vehicles and passenger carrying vehicles such as taxis, buses and motorized rickshaws. The insurance premium that an automobile owner pays is generally determined by several factors including gender and age of driver, type of vehicle, vehicle owners driving history and the location where the automobile will be primarily driven. Further down,most of the insurers in the Latin-America region is adopting the digital technology which is expected to widen the insurance industry. The insurers present in the Latin-America region is also on a verge to develop familiarity with the upcoming technologies such as cybersecurity, artificial intelligence, internet of things or IoT and telematics. However, in Latin-America low enlistment in technical-degree programs has been a major problem. With increasing threats and growing digital access, cybersecurity regulations and data privacy is expected to be more prevalent in the upcoming years. Rising number of cars and other motor vehicles will augment the growth of vehicle insurance market in the Latin-America region over the next eight years.
The vehicle insurance policy provides major benefits to the end-users. Some of the benefits includes choice of workshops, free 24-hour roadside assistance & towing, personal accident coverage, and others. Rising sales of automobile in countries such as Brazil, Chile and Argentina, has primarily led to the growth of vehicle insurance market in Latin-America. Moreover, government effort to make people buy insurance policy while buying a new vehicle, creates a huge growth opportunity for the market. Additionally, large number of insurance provider present in this region and their ability to provide right operations and strategies to their customers at the right time makes the market more demanding. Moreover, rapidly growing middle class and their potential to buy new motor vehicles is expected to propel the Latin-America vehicle insurance market during the projection period of 2017-2025.
The Latin-America vehicle insurance market in report is segmented by premiums which includes commercial insurance premiums and personal insurance premiums. The Latin-America vehicle insurance market has been moreover segmented by country wise which includes Brazil, Argentina, Colombia and Rest of Latin-America.
In addition to this, new digital transformationand other technical support provided by insurance companies shows a promising growth rate of Latin-American vehicle insurance market. Further down, advertisement and hoardings presented by the leading auto insurance industries about the benefits of insurance further makes the market demanding in Latin-America region during the projection period.
Some of the major players in the Latin-America vehicle insurance marketincludePorto Seguro S.A., Bradesco Seguros, BrasilPrev, MetLife Inc. and few likely to be named.
Latin America Vehicle Insurance Market: By Premiums
Latin America Vehicle Insurance Market: By Vehicle
Latin-America Vehicle Insurance Market: By Country