Kathmandu. The Asia-Pacific region is the leader of motor insurance in the world.
Market Data Forecast predicts that the Asia Pacific region will lead the global motor insurance market. By 2032, the size of the global motor insurance market is expected to reach $1.61 trillion. This size is projected to grow by an annual average of 8.6% after 2024.
In 2024, the global motor insurance business stood at $833.8 billion. Market growth in the Asia-Pacific region played an important role, according to the market data forecast report.
Vehicle sales in China and India, especially in the Asia-Pacific region, have increased significantly. The demand for motor insurance and third-party services has also increased with the increase in vehicle sales.
Increasing use of vehicles in the Middle East, Africa and South America has increased the demand for insurance. The demand for motor insurance is increasing even though vehicle owners are aware of insurance.
Motor safety and increased use of automated vehicles have increased the market for motor insurance. The trend of buying new vehicles by replacing old vehicles and increasing use of vehicles has created opportunities for insurers to expand the market.
