Car Insurance Market to Reach Market Valuation of $1610.13 Billion by 2031 | SkyQuest Technology

Westford, USA, Oct. 16, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the global car insurance market will reach a value of USD 1610.13 Billion by 2031, with a CAGR of 7.38% during the forecast period (2024-2031). This market is a crucial sector belonging to the insurance industry. It is notably impacted by regulatory needs, growing vehicle ownership, and increasing awareness about the benefits of insurance coverage. The market is also fueled by the growing vehicle sales that impact on the demand for insurance. Furthermore, advancements in usage-based insurance and telematics are gaining traction, enabling personalized policies. With the growth of urbanization, car insurances are also rising because of high traffic density.