Kathmandu. The motor insurance market in the Asia Pacific region is projected to reach $460.6 billion by 2030. This is 30 percent of the global total market.
According to The Business Research Company, the global motor insurance market could exceed $1.5 trillion by 2030. This will be maintained at an average growth rate of 10 percent.
The Asia Pacific region occupies a large share of the property and casualty insurance market. It is estimated to reach about $3.4 trillion in the same period.
Motor insurance accounts for about 45 percent of this market and about 3 percent of the total financial services industry. That is projected to reach $50.6 trillion by 2030.
According to regional data, North America will lead the market with an estimated value of $576.6 billion by 2030. It is estimated to be followed by Western Europe at $321.1 billion.
South America’s revenue is expected to reach $60.9 billion, while the Middle East is expected to reach $49.9 billion. Africa and Eastern Europe are expected to reach $32.5 billion and $32.3 billion, respectively. -Agency
