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Commercial Auto Insurance Market Trends

Report ID: GMI9513
Published Date: May 2024
Report Format: PDF

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Commercial Auto Insurance Market Trends

The expansion of large fleets impacts the market significantly. As businesses increase their fleet size to meet growing demands, insurers must adapt their offerings to cater to the unique needs and risks associated with managing & insuring these expansive fleets effectively. For instance, in April 2024, Delta Insurance unveiled an exclusive commercial vehicle insurance package catering to expansive fleets of 100 vehicles or more. This comprehensive policy goes beyond conventional coverage, addressing the distinctive needs of large, high-value, specialist, and corporate fleets. Along with protection against accidental loss and damage, clients can access features tailored to their unique fleet requirements.

Advancements in autonomous vehicle technology present transformative growth in the commercial auto insurance market. As self-driving technology matures, insurers face the challenge of assessing and pricing risks associated with these vehicles. Moreover, the evolving regulatory landscape surrounding autonomous vehicles adds complexity to insurance requirements. Insurers must innovate to develop specialized coverage and risk management solutions tailored to the unique needs and uncertainties posed by autonomous commercial vehicles.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of commercial auto insurance reached USD 52.8 billion in 2023 and is set to witness 6% CAGR between 2024 and 2032, owing to the rising number of commercial vehicles on the road.

The liability coverage segment is anticipated to register over 5.5% CAGR from 2024-2032, as the policy addresses emerging risks, such as cyber liability and legal developments surrounding autonomous vehicles.

North America market accounted for over 35% share in 2023, attributed to the regulatory changes, technological advancements, and economic fluctuations.

Berkshire Hathaway Inc., Chubb Limited, Fairfax Financial Holdings Limited, Liberty Mutual Insurance Company, Nationwide Mutual Insurance Company, Old Republic International Corporation, The Hartford Financial Services Group, Inc., and the Progressive Corporation, among others.