Driver accident insurance - market to reach $9.5b by 2029
It is very possible that the growth will be facilitated by telematics which is to be widely used in insurance products.
The driver accident insurance industry is estimated to grow from $6.15b in 2024 to $6.73b in 2025 at a CAGR of 9.4%, as per Business Research Company.Game-Khelo.Com
The recent growth has been attributed to the factors such as increasing car ownership, the poor state of road safety in developing markets, medical costs rising from road accidents, limited public transport availability in rural areas, and unequal access to emergency services.
The market is anticipated to touch $9.51b by 2029 with a CAGR of 9.0%.
Factors like telematics being used in insurance products and the acceptance of behavior-based premium models will lead to this growth along with the financial safety net for gig economy drivers, mandatory insurance laws being more widely enforced, and the introduction of insurance products for elderly drivers.
Trends expected to be the major influencers in the market are the developments in real-time accident detection, AI usage for claims handling to a larger extent than before, consumer on-demand insurance apps for individual drivers, dynamic pricing model based on vehicle data, and new technology to thwart and uncover fraud.
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