Motor insurance, sometimes referred to as auto insurance or car insurance, is a kind of insurance coverage intended to offer monetary security against accidental property damage or injury sustained in an automobile accident, as well as against potential legal liability. Usually, it includes automobiles, trucks, motorbikes, and other road vehicles.

Drivers: The Insurance Commission keeps pushing for more innovation and digitization by encouraging better customer service and more suitable products, which raises the penetration rate of insurance. Insurtech, or insurance technology, has become a popular tool used by insurance firms to better service their expanding clientele. To promote the use of insurtech, the Insurance Commission published a policy statement that permits insurance companies to market their policies through mobile applications and offer flexible payment methods in place of conventional ones, provided that certain security requirements are met. Recent years have seen the introduction of self-service dashboards, chatbots, email notifications, digitization of some aspects of the claims process, and insurance comparison tools that help customers find the best offer.

Challenges: The Philippine auto insurance market is confronted with some noteworthy challenges. One of the primary issues is the quantity of uninsured vehicles on the road, which increases the risks and costs for drivers who have insurance. This is exacerbated by the fact that many drivers run cars without the required insurance because insurance laws and regulations are not strictly enforced. The expense of premiums is another problem, as many drivers may find them to be too costly, particularly in a country with such a stark income divide. The protracted and delayed claims filing and settlement procedures usually cause policyholders to become dissatisfied.

The COVID-19 epidemic brought about a prolonged slump in the automotive industry, regulatory limitations, and economic instability for the Philippines Motor Insurance Market. Auto insurance was negatively impacted by it. The rise in premiums in the motor insurance market was impeded prior to the pandemic by poor economic trends, well-established market dynamics, and industry upheavals.

The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players are; AIG Philippines Insurance Company (Chartis Phils. Inc.), BPI/MS Insurance Corporation, Charter Ping An Insurance Corporation, FPG Insurance Company, Inc. (Federal Phoenix), Malayan Insurance Company, Inc., PGA Sompo Insurance Corporation, Pioneer Insurance & Surety Corporation, PNB General Insurers Company, Inc., Prudential Guarantee & Assurance, Inc., Standard Insurance Company, Inc., and others.

By Product Type: Based on the Product Type, Philippines Motor Insurance Market is segmented as; Third Party Liability Insurance, Comprehensive Motor Insurance, Others.

By Distribution Channel: Based on the Distribution Channel, Philippines Motor Insurance Market is segmented as; Agency, Banks, Direct, Others.

By Region: This research also includes data for Eastern, Western, Southern, Northern.

This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.