Asia Pacific Motor Insurance Market to Grow with a CAGR of 8.60% through 2030

The Asia Pacific Motor Insurance Market is driven by rising vehicle ownership, mandatory insurance regulations, digitalization, electric vehicle (EV) adoption, telematics, usage-based insurance (UBI), increasing road accidents, expanding e-commerce logistics, and government initiatives.

According to TechSci Research report, “Asia Pacific Motor Insurance Market – By Country, Competition, Forecast & Opportunities, 2030F”, the Asia Pacific Motor Insurance Market stood at USD 145.46 Billion in 2024 and is anticipated to grow USD 238.66 Billion by 2030 with a CAGR 8.60% during forecast period. The Asia Pacific motor insurance market is experiencing rapid expansion, driven by increasing vehicle ownership, regulatory mandates, and technological advancements. Countries like China, India, Japan, and Australia are witnessing significant growth in motor insurance penetration due to rising disposable incomes and expanding middle-class populations. Government regulations mandating motor insurance coverage for all vehicle owners are further fueling demand. Additionally, the surge in ride-hailing services, logistics, and e-commerce-driven deliveries has boosted the commercial vehicle insurance segment. Insurers in the region are increasingly adopting digital platforms, AI-based claims processing, and telematics-driven policies to enhance efficiency, reduce fraud, and offer personalized insurance solutions. With the rise in electric vehicles (EVs) and autonomous driving technology, insurers are adapting their risk assessment models to cater to evolving market needs.

Several factors are driving the growth of the Asia Pacific motor insurance market. Rising vehicle ownership, particularly in developing economies like India, Indonesia, and Vietnam, has significantly increased the demand for motor insurance. The growing affordability of automobiles and the availability of financing options have accelerated vehicle purchases, making insurance coverage essential. Regulatory frameworks across countries, such as China’s compulsory third-party liability insurance and India’s mandatory motor insurance laws, ensure consistent market expansion.

The future of the Asia Pacific motor insurance market looks promising, with continued expansion driven by evolving consumer preferences, technological innovations, and regulatory support. The commercial vehicle insurance segment is expected to grow at a faster rate than personal vehicle insurance, fueled by the rise in e-commerce logistics and last-mile delivery services. Insurers are likely to invest heavily in artificial intelligence (AI), blockchain, and big data analytics to enhance customer experience and reduce operational inefficiencies.

Browse over xx market data Figures spread through xx Pages and an in-depth TOC on " Asia Pacific Motor Insurance Market” 

The Asia Pacific Motor Insurance Market is segmented into coverage, vehicle age, application, distribution channel, and company.

Based on the distribution channel, new vehicle insurance segment is the fastest-growing in the Asia Pacific motor insurance market, driven by increasing vehicle sales, mandatory insurance regulations, and rising consumer awareness. Governments across the region, including India, China, and Indonesia, have made third-party insurance mandatory for new vehicle registrations, ensuring high policy adoption. The growing demand for electric vehicles (EVs) and connected cars is also fueling this segment, as insurers introduce specialized policies covering advanced technologies. Additionally, automakers are partnering with insurers to offer embedded insurance solutions, making new vehicle policies more accessible and further accelerating market growth.

Based on country, India is the fastest-growing country in the Asia Pacific motor insurance market, driven by rising vehicle ownership, regulatory enforcement, and digital transformation. The country’s expanding middle class, increasing disposable incomes, and government-mandated third-party insurance have boosted demand. Rapid urbanization and infrastructure development are fueling commercial vehicle insurance growth, particularly in logistics and ride-hailing services. The adoption of usage-based insurance (UBI), AI-driven claims processing, and insurtech platforms is revolutionizing the sector. Additionally, the growing electric vehicle (EV) market, supported by government incentives, is driving demand for specialized insurance policies, positioning India as a key growth hub in the region.

Major companies operating in Asia Pacific Motor Insurance Market are:

• Ping An Insurance (Group) Company of China, Ltd
• China Pacific Insurance Co., Ltd.
• People's Insurance Company of China Limited
• Japan Post Insurance Co., Ltd.
• Tokio Marine Holdings, Inc.
• Sompo Holdings, Inc.
• MS&AD Insurance Group Holdings, Inc.
• Fubon Insurance
• Chubb Group Holdings Inc.
• Zurich Insurance Company Ltd

Download Free Sample Report

Customers can also request for 10% free customization in this report.

“The Asia Pacific motor insurance market is driven by rising vehicle ownership, mandatory insurance regulations, increasing digitalization, and the adoption of telematics-based usage-based insurance (UBI). The market is also witnessing key trends, such as the rise of electric vehicle (EV) insurance, AI-powered claims processing, and blockchain-based fraud prevention. Insurers are leveraging big data analytics to enhance risk assessment and offer personalized policies. The growing focus on ESG-driven insurance and green vehicle incentives is shaping sustainable insurance practices.,” said Mr. Karan Chechi, Research Director of TechSci Research, a research-based management consulting firm. 

“Asia Pacific Motor Insurance Market By Coverage (Liability Coverage, Collision Coverage, Comprehensive Insurance, Others), By Vehicle Age (New Vehicle, Old Vehicle), By Application (Commercial Vehicle, Personal Vehicle), By Distribution Channel (Insurance Agents/Brokers, Direct Response, Banks, Others), By Country, Competition, Forecast & Opportunities, 2020-2030F”, has evaluated the future growth potential of Asia Pacific Motor Insurance Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Asia Pacific Motor Insurance Market.

Contact Us-

TechSci Research LLC

420 Lexington Avenue, Suite 300,

New York, Middle East & Africa- 10170

M: +13322586602

Email: [email protected]

Website: www.techsciresearch.com