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Allstate Insurance Company and Nationwide Mutual Insurance Company hold a significant share of over 10% in the GAP insurance industry. Allstate Insurance Company is one of the largest providers of insurance products in the United States. Through its vast network of agents and direct channels, it provides a wide range of insurance services, such as business, home, auto, and life insurance.
Allstate is renowned for its potent brand awareness, cutting-edge insurance options, and dedication to providing exceptional customer service. To improve client experiences, the business places a strong emphasis on individualized insurance solutions and makes use of cutting-edge technologies. To further demonstrate its commitment to being a good corporate citizen, Allstate also funds several neighborhood projects and disaster preparedness efforts.
Nationwide Mutual Insurance Company is a major provider of insurance and financial services in the United States. It serves both individual and corporate clients nationwide through a network of subsidiaries and affiliates. Nationwide is renowned for its vast range of product offerings, dedication to community involvement, and stellar reputation for customer service. To satisfy the many needs of its policyholders and keep a leading position in the cutthroat insurance market, the company places a strong emphasis on innovation in financial services and insurance solutions.
Major players operating in the GAP insurance industry are:
Allstate Insurance Company, Arch Capital Group Ltd, Assurant Inc., Berkshire Hathaway Inc, Car Care Plan Ltd, Direct Gap Ltd, Infinity Insurance, Assurity Solutions Ltd., Nationwide Mutual Insurance Company, and Zurich Insurance Group Ltd.
The passenger vehicle segment in the GAP insurance industry is expected to reach over USD 4 billion by 2032, owing to the rising need for seat belts for added safety and comfort.
The market size of guaranteed auto protection (GAP) insurance reached USD 3.9 billion in 2023 and is set to witness 7% CAGR between 2024 and 2032, due to the necessity to safeguard significant automobile investments.
North America market accounted for over 34% share in 2023, attributed to its robust automotive sector and extensive consumer finance practices.