Motor Cover Projected at $1.5 Trillion Worldwide by 2030

Global Insurance Desk: Asia-Pacific’s motor insurance market is set to reach 460.6 billion dollars by 2030, accounting for about 30 percent of the global total, according to projections from The Business Research Company. The worldwide motor insurance sector is expected to surpass 1.5 trillion dollars by the same year, expanding at a compound annual growth rate of 10 percent.

Motor cover forms a substantial share of the broader property and casualty insurance market, which is forecast to grow to roughly 3.4 trillion dollars by 2030. Within that segment, motor insurance is projected to represent around 45 percent of premiums. It is also expected to make up nearly 3 percent of the overall financial services industry, whose total value is estimated to hit 50.6 trillion dollars by the end of the decade.

Among regional markets, North America is forecast to remain the largest at 576.6 billion dollars by 2030, followed by Western Europe at 321.1 billion dollars. South America is projected to reach 60.9 billion dollars, the Middle East 49.9 billion dollars, Africa 32.5 billion dollars and Eastern Europe 32.3 billion dollars.

These figures underscore the growing weight of Asia-Pacific in the global motor insurance landscape as vehicle ownership expands and insurance penetration deepens across the region, as per the data from The Business Research Company.