North America Car Insurance Market Size & Outlook
The car insurance market in North America is expected to reach a projected revenue of US$ 566.0 million by 2030. A compound annual growth rate of 12.9% is expected of North America car insurance market from 2024 to 2030.
Revenue, 2023 (US$M)
$242.6
Forecast, 2030 (US$M)
$566.0
CAGR, 2024 - 2030
12.9%
Report Coverage
North America
North America car insurance market, 2018-2030 (US$M)
North America car insurance market highlights
- The North America car insurance market generated a revenue of USD 242.6 million in 2023.
- The market is expected to grow at a CAGR of 12.9% 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.
North America data book summary
| Market revenue in 2023 | USD 242.6 million |
| Market revenue in 2030 | USD 566.0 million |
| Growth rate | 12.9% (CAGR from 2023 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, North America region accounted for 33.2% 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 |
|---|
North America car insurance market
Related regional statistics
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