Africa Automotive Insurance Market

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Africa Automotive Insurance Market - By Vehicle Type (Passenger cars, Light Commercial Vehicles (LCV), Heavy Commercial Vehicles (HCV)); By Insurance Type (Third-party, Comprehensive, Third-party theft and Fire, Others); By Distribution Channel (Insurance Agents/Brokers, Direct Response, Banks, Others); By Country (Algeria, Egypt, Ethiopia, Ghana, Kenya, Nigeria, South Africa, Tanzania, Uganda, and Rest of Africa), Trend Analysis, Competitive Landscape & Forecast, 2019–2029

Published Date: January 2023
Report ID: BWC22627
Available Format: PDF
Page: 240

Report Overview

Increasing consumer awareness, the development of novel products and technologies, availability of third-party insurance companies, the growth of on-demand transportation, and the shifting of manufacturer liability could boost the growth of Africa Automotive Insurance during the forecast period between 2023 and 2029.

Africa Automotive Insurance Market - Industry Trends & Forecast Report, 2029

Africa automotive insurance market size is expected to expand at a CAGR of 9.10% during the forecast period between 2023 and 2029. One of the key factors driving the Africa automotive insurance industry is the increased demand for personal vehicles across the nation is expanding the Africa automotive insurance market. The industrialization of many developed and developing countries has increased citizens' disposable incomes, which has increased their purchasing power and boosted the sales of cars. Since people spend money on their cars for maintenance, they are also motivated by a desire to protect them from accidents or theft, which drives up demand for auto insurance and supports the expansion of the market.

Africa Automotive Insurance Market- Overview

Automobile insurance, also referred to as vehicle insurance or motor insurance, is a legal agreement between the owner of the vehicle, referred to as the insured, and the insurance company, referred to as the insurer, which guards the insured against monetary losses in the event of an accident or vehicle theft. Cars, trucks, motorcycles, and other commercial vehicles are all covered by vehicle insurance. Its main goal is to provide financial protection against physical harm and property damage brought on by traffic collisions as well as a potential liability. Vehicle insurance may also offer financial protection against theft and damage to vehicles brought on by events other than vehicle collisions, such as keying, natural disasters, and collisions with nearby structures.

Growth Drivers

Introduction of latest technology

The emergence of innovative technologies like artificial intelligence (AI) and the Internet of Things (IoT) has changed traditional auto insurance policies to usage-based policies. Vehicles are equipped with sensors that use these innovative technologies to track the driver's habits and driving style. The insurance company receives this information and alters the insurance premium following it. The global automotive insurance market is being stimulated by these new telematics-based insurance policies, which are rapidly gaining popularity.

Restraints

Decrease in vehicle ownership

The use of vehicles and the number of vehicle owners are declining as shared mobility becomes more prevalent. The market for auto insurance is being hampered by the decline in vehicle ownership.

Impact of COVID-19 on Africa Automotive Insurance Market

The recent outbreak of the COVID-19 pandemic harmed the automotive industry and its supply chains. Government regulations required automakers to temporarily close their facilities to stop the spread of coronavirus infection, hampered vehicle sales, and reduced demand in the automotive insurance market. However, the automotive industry is expected to regain momentum in the coming years as businesses restart operations and governments lift restrictions and announce various relief packages. This is expected to fuel the automotive insurance market.

Africa Automotive Insurance Market

Segmental Coverage

Africa Automotive Insurance Market - By Vehicle Type

Africa automotive insurance market is divided into Passenger cars, Light Commercial Vehicles (LCV), Heavy Commercial Vehicles (HCV). Over the following few years, the passenger cars market segment is expected to experience significant growth. The primary drivers in the passenger segment are an increase in consumer demand for personal vehicles, rising disposable income, and an increase in the risk of auto theft and robbery. In addition, the market for vehicle insurance will see an increase in demand due to a significant change in passenger vehicle production and sales.

Africa Automotive Insurance Market

Africa Automotive Insurance Market - By Insurance Type

On basis of insurance type, Africa automotive insurance market is divided into Third-party, Comprehensive, Third-party theft and Fire, and other segments. The third-party liability segment is expected to dominate the market in terms of coverage. Third-party insurance is a policy of insurance purchased by the insured (first party) from the insurance provider (second party) to protect against third-party claims (third party). Third-party insurance coverage is expanding because of massive investments by various companies in the insurance industry. It will also have the highest significant growth during the forecast timeframe due to rising demand.

Africa Automotive Insurance Market – By Distribution Channel

On basis of distribution channel, Africa automotive insurance market is divided into Insurance Agents/Brokers, Direct Response, Banks, and other segments. In the coming years, the direct response segment is expected to hold significant market shares. It significantly contributes to economic growth by acting as a go-between for insurers and policyholders. It offers technical and professional insurance product information as well as advice. They work closely with their customers to meet their customers' vehicle insurance needs, increasing segment demand.

Africa Automotive Insurance Market – By Country

Geographically, Africa automotive insurance market covers major countries in the region: Algeria, Egypt, Ethiopia, Ghana, Kenya, Nigeria, South Africa, Tanzania, Uganda, and Rest of Africa.

Competitive Landscape

Competition in Africa automotive insurance market is intense. Major companies in the market include Allstate, Geico, Progressive, USAA insurance, Nationwide, American family, Santam, Old Mutual, Momentum, King Price, Discovery, Dial Direct Car Insurance, AA Insurance, Hollard, AIG, and Iwyze. The key strategies used by these market leaders are new product launches, mergers & acquisitions, and alliances. To grow their market share, these companies are also focusing on investing in innovations, collaborations, and expansions.

Scope of the Report

Attributes	Details
Years Considered	Historical Data – 2019–2022
	Base Year – 2022
	Estimated Year – 2023
	Forecast Period – 2023–2029
Facts Covered	Revenue in USD Million
Market Coverage	Algeria, Egypt, Ethiopia, Ghana, Kenya, Nigeria, South Africa, Tanzania, Uganda, Rest of Africa
Product/ Service Segmentation	Vehicle Type, Insurance Type, Distribution Channel, Country
Key Players	Allstate, Geico, Progressive, USAA insurance, Nationwide, American family, Santam, Old Mutual, Momentum, King Price, Discovery, Dial Direct Car Insurance, AA Insurance, Hollard, AIG, Iwyze

By Vehicle Type

Passenger cars
Light Commercial Vehicles (LCV)
Heavy Commercial Vehicles (HCV)

By Insurance Type

Third-party
Comprehensive
Third-party theft and Fire
Others

By Distribution Channel

Insurance Agents/Brokers
Direct Response
Banks
Others

By Country

Algeria
Egypt
Ethiopia
Ghana
Kenya
Nigeria
South Africa
Tanzania
Uganda
Rest of Africa

Research Framework
1. Research Objective
2. Product Overview
3. Market Segmentation
Executive Summary
Africa Automotive Insurance Market Insights
1. Industry Value Chain Analysis
2. DROC Analysis
  1. Growth Drivers
    1. Mounting awareness among end users
    2. Introduction of innovative technologies and products
    3. The availability of third-party insurance providers
  2. Restraints
    1. Lack of financial resources to integrate the latest technologies
  3. Opportunities
    1. Rise in on-demand transportation and the shifting of liability to manufacturer
    2. Significant changes in automotive industry promoting insurance
    3. Introduction of autonomous technology
  4. Challenges
    1. Dynamic nature of the automotive industry
3. Technology Advancements/Recent Developments
4. Regulatory Framework
5. Porter’s Five Forces Analysis
  1. Bargaining Power of Suppliers
  2. Bargaining Power of Buyers
  3. Threat of New Entrants
  4. Threat of Substitutes
  5. Intensity of Rivalry
Africa Automotive Insurance Market Overview
1. Market Size & Forecast by Value, 2019–2029
  1. By Value (USD Billion)
2. Market Share & Forecast
  1. By Vehicle Type
    1. Passenger cars
    2. Light Commercial Vehicles (LCV)
    3. Heavy Commercial Vehicles (HCV)
  2. By Insurance Type
    1. Third-party
    2. Comprehensive
    3. Third-party theft and Fire
    4. Others
  3. By Distribution Channel
    1. Insurance Agents/Brokers
    2. Direct Response
    3. Banks
    4. Others
  4. By Country
    1. Algeria
    2. Egypt
    3. Ethiopia
    4. Ghana
    5. Kenya
    6. Nigeria
    7. South Africa
    8. Tanzania
    9. Uganda
    10. Rest of Africa
Algeria Automotive Insurance Market Overview
1. Market Size & Forecast by Value, 2019–2029
  1. By Value (USD Billion)
2. Market Share & Forecast
  1. By Vehicle Type
  2. By Insurance Type
  3. By Distribution Channel
Egypt Automotive Insurance Market Overview
1. Market Size & Forecast by Value, 2019–2029
  1. By Value (USD Billion)
2. Market Share & Forecast
  1. By Vehicle Type
  2. By Insurance Type
  3. By Distribution Channel
Ethiopia Automotive Insurance Market Overview
1. Market Size & Forecast by Value, 2019–2029
  1. By Value (USD Billion)
2. Market Share & Forecast
  1. By Vehicle Type
  2. By Insurance Type
  3. By Distribution Channel
Ghana Automotive Insurance Market Overview
1. Market Size & Forecast by Value, 2019–2029
  1. By Value (USD Billion)
2. Market Share & Forecast
  1. By Vehicle Type
  2. By Insurance Type
  3. By Distribution Channel
Kenya Automotive Insurance Market Overview
1. Market Size & Forecast by Value, 2019–2029
  1. By Value (USD Billion)
2. Market Share & Forecast
  1. By Vehicle Type
  2. By Insurance Type
  3. By Distribution Channel
Nigeria Automotive Insurance Market Overview
1. Market Size & Forecast by Value, 2019–2029
  1. By Value (USD Billion)
2. Market Share & Forecast
  1. By Vehicle Type
  2. By Insurance Type
  3. By Distribution Channel
South Africa Automotive Insurance Market Overview
1. Market Size & Forecast by Value, 2019–2029
  1. By Value (USD Billion)
2. Market Share & Forecast
  1. By Vehicle Type
  2. By Insurance Type
  3. By Distribution Channel
Tanzania Automotive Insurance Market Overview
1. Market Size & Forecast by Value, 2019–2029
  1. By Value (USD Billion)
2. Market Share & Forecast
  1. By Vehicle Type
  2. By Insurance Type
  3. By Distribution Channel
Uganda Automotive Insurance Market Overview
1. Market Size & Forecast by Value, 2019–2029
  1. By Value (USD Billion)
2. Market Share & Forecast
  1. By Vehicle Type
  2. By Insurance Type
  3. By Distribution Channel
Rest of Africa Automotive Insurance Market Overview
1. Market Size & Forecast by Value, 2019–2029
  1. By Value (USD Billion)
2. Market Share & Forecast
  1. By Vehicle Type
  2. By Insurance Type
  3. By Distribution Channel
Competitive Landscape
1. List of Key Players and Their Offerings
2. Market Share Analysis, 2022
3. Competitive Benchmarking, By Operating Parameters
4. Key Strategic Development (Mergers, Acquisitions, Partnerships, etc.)
Impact of Covid-19 on Africa Automotive Insurance Market
Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook)
1. Allstate
2. Geico
3. Progressive
4. USAA insurance
5. Nationwide
6. American Family
7. Santam
8. Old Mutual
9. Momentum
10. King Price
11. Discovery
12. Dial Direct Car Insurance
13. AA Insurance
14. Hollard
15. AIG
16. Iwyze
17. Other Prominent Players
Key Strategic Recommendations
Research Methodology
1. Qualitative Research
  1. Primary & Secondary Research
2. Quantitative Research
3. Market Breakdown & Data Triangulation
  1. Secondary Research
  2. Primary Research
4. Breakdown of Primary Research Respondents, By Region
5. Assumption & Limitation

*Financial information in case of non-listed companies will be provided as per availability

**The segmentation and the companies are subjected to modifications based on in-depth secondary for the final deliverable

List of Figures

Figure 1 Africa Automotive Insurance Market Segmentation

Figure 2 Africa Automotive Insurance Market Value Chain Analysis

Figure 3 Company Market Share Analysis, 2022

Figure 4 Africa Automotive Insurance Market Size, By Value (USD Billion), 2019–2029

Figure 5 Africa Automotive Insurance Market Share, By Vehicle Type, By Value, 2019–2029

Figure 7 Africa Automotive Insurance Market Share, By Insurance Type, By Value, 2019–2029

Figure 8 Africa Automotive Insurance Market Share, By Application, By Value, 2019–2029

Figure 10 Africa Automotive Insurance Market Share, By Country, By Value, 2019–2029

Figure 11 Algeria Automotive Insurance Market Size, By Value (USD Billion), 2019−2029

Figure 12 Algeria Automotive Insurance Market Share, By Vehicle Type, By Value, 2019−2029

Figure 13 Algeria Automotive Insurance Market Share, By Insurance Type, By Value, 2019−2029

Figure 14 Algeria Automotive Insurance Market Share, By Application, By Value, 2019−2029

Figure 15 Egypt Automotive Insurance Market Size, By Value (USD Billion), 2019−2029

Figure 16 Egypt Automotive Insurance Market Share, By Vehicle Type, By Value, 2019−2029

Figure 17 Egypt Automotive Insurance Market Share, By Insurance Type, By Value, 2019−2029

Figure 18 Egypt Automotive Insurance Market Share, By Application, By Value, 2019−2029

Figure 19 Ethiopia Automotive Insurance Market Size, By Value (USD Billion), 2019−2029

Figure 20 Ethiopia Automotive Insurance Market Share, By Vehicle Type, By Value, 2019−2029

Figure 21 Ethiopia Automotive Insurance Market Share, By Insurance Type, By Value, 2019−2029

Figure 22 Ethiopia Automotive Insurance Market Share, By Application, By Value, 2019−2029

Figure 23 Ghana Automotive Insurance Market Size, By Value (USD Billion), 2019−2029

Figure 24 Ghana Automotive Insurance Market Share, By Vehicle Type, By Value, 2019−2029

Figure 25 Ghana Automotive Insurance Market Share, By Insurance Type, By Value, 2019−2029

Figure 26 Ghana Automotive Insurance Market Share, By Application, By Value, 2019−2029

Figure 27 Kenya Automotive Insurance Market Size, By Value (USD Billion), 2019−2029

Figure 28 Kenya Automotive Insurance Market Share, By Vehicle Type, By Value, 2019−2029

Figure 29 Kenya Automotive Insurance Market Share, By Insurance Type, By Value, 2019−2029

Figure 30 Kenya Automotive Insurance Market Share, By Application, By Value, 2019−2029

Figure 31 Nigeria Automotive Insurance Market Size, By Value (USD Billion), 2019−2029

Figure 32 Nigeria Automotive Insurance Market Share, By Vehicle Type, By Value, 2019−2029

Figure 33 Nigeria Automotive Insurance Market Share, By Insurance Type, By Value, 2019−2029

Figure 34 Nigeria Automotive Insurance Market Share, By Application, By Value, 2019−2029

Figure 35 South Africa Automotive Insurance Market Size, By Value (USD Billion), 2019−2029

Figure 36 South Africa Automotive Insurance Market Share, By Vehicle Type, By Value, 2019−2029

Figure 37 South Africa Automotive Insurance Market Share, By Insurance Type, By Value, 2019−2029

Figure 38 South Africa Automotive Insurance Market Share, By Application, By Value, 2019−2029

Figure 39 Tanzania Automotive Insurance Market Size, By Value (USD Billion), 2019−2029

Figure 40 Tanzania Automotive Insurance Market Share, By Vehicle Type, By Value, 2019−2029

Figure 41 Tanzania Automotive Insurance Market Share, By Insurance Type, By Value, 2019−2029

Figure 42 Tanzania Automotive Insurance Market Share, By Application, By Value, 2019−2029

Figure 43 Uganda Automotive Insurance Market Size, By Value (USD Billion), 2019−2029

Figure 44 Uganda Automotive Insurance Market Share, By Vehicle Type, By Value, 2019−2029

Figure 45 Uganda Automotive Insurance Market Share, By Insurance Type, By Value, 2019−2029

Figure 46 Uganda Automotive Insurance Market Share, By Application, By Value, 2019−2029

Figure 47 Rest of Africa Automotive Insurance Market Size, By Value (USD Billion), 2019−2029

Figure 48 Rest of Africa Automotive Insurance Market Share, By Vehicle Type, By Value, 2019−2029

Figure 49 Rest of Africa Automotive Insurance Market Share, By Insurance Type, By Value, 2019−2029

Figure 50 Rest of Africa Automotive Insurance Market Share, By Application, By Value, 2019−2029

List of Table

Table 1 Africa Automotive Insurance Market Size, By Vehicle Type, By Value, 2019−2029

Table 2 Africa Automotive Insurance Market Size, By Insurance Type, By Value, 2019−2029

Table 3 Africa Automotive Insurance Market Size, By Application, By Value, 2019−2029

Table 4 Algeria Automotive Insurance Market Size, By Vehicle Type, By Value, 2019−2029

Table 5 Algeria Automotive Insurance Market Size, By Insurance Type, By Value, 2019−2029

Table 6 Algeria Automotive Insurance Market Size, By Application, By Value, 2019−2029

Table 7 Egypt Automotive Insurance Market Size, By Vehicle Type, By Value, 2019−2029

Table 8 Egypt Automotive Insurance Market Size, By Insurance Type, By Value, 2019−2029

Table 9 Egypt Automotive Insurance Market Size, By Application, By Value, 2019−2029

Table 10 Ethiopia Automotive Insurance Market Size, By Vehicle Type, By Value, 2019−2029

Table 11 Ethiopia Automotive Insurance Market Size, By Insurance Type, By Value, 2019−2029

Table 12 Ethiopia Automotive Insurance Market Size, By Application, By Value, 2019−2029

Table 13 Ghana Automotive Insurance Market Size, By Vehicle Type, By Value, 2019−2029

Table 14 Ghana Automotive Insurance Market Size, By Insurance Type, By Value, 2019−2029

Table 15 Ghana Automotive Insurance Market Size, By Application, By Value, 2019−2029

Table 16 Kenya Automotive Insurance Market Size, By Vehicle Type, By Value, 2019−2029

Table 17 Kenya Automotive Insurance Market Size, By Insurance Type, By Value, 2019−2029

Table 18 Kenya Automotive Insurance Market Size, By Application, By Value, 2019−2029

Table 19 Nigeria Automotive Insurance Market Size, By Vehicle Type, By Value, 2019−2029

Table 20 Nigeria Automotive Insurance Market Size, By Insurance Type, By Value, 2019−2029

Table 21 Nigeria Automotive Insurance Market Size, By Application, By Value, 2019−2029

Table 22 South Africa Automotive Insurance Market Size, By Techonolgy, By Value, 2019−2029

Table 23 South Africa Automotive Insurance Market Size, By Insurance Type, By Value, 2019−2029

Table 24 South Africa Automotive Insurance Market Size, By Application, By Value, 2019−2029

Table 25 Tanzania Automotive Insurance Market Size, By Techonolgy, By Value, 2019−2029

Table 26 Tanzania Automotive Insurance Market Size, By Insurance Type, By Value, 2019−2029

Table 27 Tanzania Automotive Insurance Market Size, By Application, By Value, 2019−2029

Table 28 Uganda Automotive Insurance Market Size, By Techonolgy, By Value, 2019−2029

Table 29 Uganda Automotive Insurance Market Size, By Insurance Type, By Value, 2019−2029

Table 30 Uganda Automotive Insurance Market Size, By Application, By Value, 2019−2029

Table 31 Rest of Africa Automotive Insurance Market Size, By Techonolgy, By Value, 2019−2029

Table 32 Rest of Africa Automotive Insurance Market Size, By Insurance Type, By Value, 2019−2029

Table 33 Rest of Africa Automotive Insurance Market Size, By Application, By Value, 2019−2029

Table 34 Allstate Company Overview

Table 35 Allstate Financial Overview

Table 36 Geico Company Overview

Table 37 Geico Financial Overview

Table 38 Progressive Company Overview

Table 39 Progressive Financial Overview

Table 40 USAA Insurance Company Overview

Table 41 USAA insurance Financial Overview

Table 42 Nationwide Company Overview

Table 43 Nationwide Financial Overview

Table 44 American family Company Overview

Table 45 American family Financial Overview

Table 46 Santam Company Overview

Table 47 Santam Financial Overview

Table 48 Old Mutual Company Overview

Table 49 Old Mutual Financial Overview

Table 50 Momentum Company Overview

Table 51 Momentum Financial Overview

Table 52 King Price Company Overview

Table 53 King Price Financial Overview

Table 54 Discovery Company Overview

Table 55 Discovery Financial Overview

Table 56 Dial Direct Car Insurance Company Overview

Table 57 Dial Direct Car Insurance Financial Overview

Table 58 AA Insurance Company Overview

Table 59 AA Insurance Financial Overview

Table 60 Hollard Company Overview

Table 61 Hollard Financial Overview

Table 62 AIG Company Overview

Table 63 AIG Financial Overview

Table 64 Iwyze Company Overview

Table 65 Iwyze Financial Overview

Market Segmentation

By Vehicle Type

Passenger cars
Light Commercial Vehicles (LCV)
Heavy Commercial Vehicles (HCV)

By Insurance Type

Third-party
Comprehensive
Third-party theft and Fire
Others

By Distribution Channel

Insurance Agents/Brokers
Direct Response
Banks
Others

By Country

Algeria
Egypt
Ethiopia
Ghana
Kenya
Nigeria
South Africa
Tanzania
Uganda
Rest of Africa

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Frequently Asked Questions (FAQs):

1. What are the major factors driving the growth of the Africa Automotive Insurance Market?

Ans: Major factors driving the growth of Africa Automotive Insurance Market include Increasing consumer awareness, the development of novel products and technologies, availability of third-party insurance companies, the growth of on-demand transportation, and the shifting of manufacturer liability.

2. What is the expected growth rate of Africa Automotive Insurance Market during the forecast period?

Ans: Africa Automotive Insurance Market size is estimated to grow at a CAGR of 9.10% during the forecast period between 2023 and 2029.

3. Which distribution channel segment is the dominant one in Africa Automotive Insurance Market?

Ans: The direct response segment holds the highest market share in the Africa Automotive Insurance Market by distribution channel.

4. Which vehicle type segment accounts for the highest share in Africa Automotive Insurance Market?

Ans: The passenger cars segment accounts for the highest market share in the Africa Automotive Insurance Market by vehicle type.

5. Name the key players in Africa Automotive Insurance Market.

Ans: Key players in Africa Automotive Insurance Market include Allstate, Geico, Progressive, USAA insurance, Nationwide, American family, Santam, Old Mutual, Momentum, King Price, Discovery, Dial Direct Car Insurance, AA Insurance, Hollard, AIG, and Iwyze.

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Africa Automotive Insurance Market

Report Overview

Market Segmentation

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Frequently Asked Questions (FAQs):

1. What are the major factors driving the growth of the Africa Automotive Insurance Market?

2. What is the expected growth rate of Africa Automotive Insurance Market during the forecast period?

3. Which distribution channel segment is the dominant one in Africa Automotive Insurance Market?

4. Which vehicle type segment accounts for the highest share in Africa Automotive Insurance Market?

5. Name the key players in Africa Automotive Insurance Market.

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