Auto Insurance Premiums Forecast to Rise in Most Countries

The value of auto insurance premiums is forecast to grow in most countries up to 2018 after growing at a rate of 2.9 percent in 2010 and 2014, UK-based Finaccord has reported.

According to the financial services and research firm, the global market value of auto insurance premiums rose to US$669.7 billion in gross written premiums last year.

The value is forecast to hit US$819.2 billion by 2018.

By line, the report said the worldwide market value broke down between US$460.1 billion in personal motor insurance premiums and US$209.6 billion in commercial motor insurance premiums.

The US, China and Japan were the world’s largest motor insurance markets in 2014, posting gross written premiums of US$213.9 billion, US$86.4 billion and US$46.0 billion, respectively.

David Parry, Finaccord’s managing consultant, said that the car insurance markets of China, the Philippines and Thailand are expected to expand most rapidly up to 2018. –