How about car insurance?

1. Development Status of Global Automobile Insurance Industry

Foreign automobile insurance originated in the middle and late19th century. With the rapid expansion of automobile manufacturing in Europe, America, Japan and other regions and countries, motor vehicle insurance has also been widely developed. Modern automobile insurance originated in Britain. Automobile insurance has experienced four stages: the embryonic stage before the 20th century, the construction stage in the middle of the 20th century, the development stage after the 1950s, and the mature stage since the 20th century, and it is developing in the direction of intelligence. The specific development process is as follows.

On July 13, 2022, the latest report on fitness for horses released by Swiss Reinsurance Company Research Institute (hereinafter referred to as "Swiss Reinsurance Research Institute") predicted that the global insurance market would grow strongly in 2022 and 2023, and the total global nominal premiums would exceed 7 trillion US dollars for the first time by the end of 2022. According to the report "Risk Challenge: Opportunity Evolution of Property Insurance and Accident Insurance by 2040" released by Ruizai Research Institute in September, 20021,in 2020, the global auto insurance premium will reach 766 billion US dollars, accounting for about 42% of the property insurance and accident insurance business; In 20021year, the global auto insurance market was about $789.4 billion. According to preliminary statistics, the global auto insurance market will reach 813.6 billion USD in 2022.

2. Enterprise structure of global automobile insurance industry

At present, the number of cars per thousand people in major countries in the world is as follows: about 870 in the United States, about 750 in Australia, about 730 in Canada, about 630 in Germany and Japan, and about 600 in Switzerland and Britain. In addition to the policy requirements of compulsory purchase of auto insurance in various countries, the global auto insurance demand market is large, which also drives the growth of the revenue scale of auto insurance enterprises. The world's major auto insurance companies include Forward Insurance, GEIGO of the United States, AXA, Allianz Insurance, PICC P&C Insurance, Ping An Property Insurance, etc. Because auto insurance involves the service process of car damage assessment and claim settlement, auto insurance companies mainly conduct business in areas where institutions are established. For example, the main service area of striker insurance is in the United States, and the auto insurance business of PICC P&C insurance is only carried out in China.

3. Regional pattern of global auto insurance industry

Judging from the distribution of auto insurance companies, China auto insurance companies mainly include PICC P&C insurance, Ping An property insurance and Taibao property insurance. There are also many auto insurance companies in the United States, mainly Forward Insurance, GETCO, Traveler, Costco and so on. Germany has Allianz Insurance Group, France has AXA Group and Switzerland has Swiss Reinsurance Company.

China auto insurance market has compulsory insurance purchased by the government, so cars must be insured with compulsory insurance. In addition to China, other countries in the world also have national compulsory auto insurance requirements. However, due to the different development paths of auto insurance in different countries around the world, the connotation of compulsory auto insurance in different countries is also different, which can be mainly divided into two categories. First, insurance is more compulsory. The main countries are China, Japan, South Korea and other East Asian countries. The other is the European and American countries represented by the United States and Britain. Compulsory auto insurance is more commercialized. Although it is required by the government, it is still part of commercial insurance. From the perspective of compulsory auto insurance, we can analyze the demand market of auto insurance through the sales of cars in various countries. According to preliminary statistics, in 2022, global automobile production was once reduced due to the lack of core, and then automobile sales also declined. Among them, China's automobile sales reached 26.864 million, accounting for 33%, ahead of other countries; Car sales in the United States reached 654.38+037 million, accounting for about 65.438+07%.

For more research and analysis of this industry, please refer to the Analysis Report on Market Prospect Forecast and Investment Strategic Planning of China Automobile Insurance Industry by Forward-looking Industry Research Institute.