Commercial Truck Insurance Market Size, Share, Growth, And Industry Analysis, By Type (Compulsory Insurance and Optional Insurance), By Application (Semi-trailer Truck, Dump Truck, Tank Truck and Other), Regional Insights and Forecast From 2025 To 2033

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COMMERCIAL TRUCK INSURANCE MARKET OVERVIEW

The global commercial truck insurance market was valued at USD 142.47 billion in 2024 and is expected to grow to USD 154.24 billion in 2025, reaching USD 290.98 billion by 2033, with a projected CAGR of 8.26% from 2025 to 2033.

Commercial trucks of all kinds, including dump trucks, tow trucks, flatbed trucks, and other types, are covered by insurance. Thefts, accidents, medical costs, damage from vandalism, and other perils are all covered by insurance. It is vital to obtain insurance for these business vehicles for all possible risks as they transport items from one location to another. The cost of recovering charges is made easier with the aid of commercial truck insurance, which also lowers the high expenses brought on by uncertainty.

The main cause of the commercial insurance industry's expansion is the rise in automotive demand and sales brought on by rising per capita income in emerging economies. Additionally, rules and regulations imposed by governments around the world requiring the purchase of insurance coverage when acquiring a new commercial vehicle also contributed to the market's expansion. In addition, this market is anticipated to develop as a result of new insurance product releases and advancements. Additionally, a number of add-on advantages and protections provided by top insurance providers, including reductions and zero depreciation insurance, are anticipated to open up profitable business chances in this sector. In addition, an increase in accidents and damage will fuel the expansion of this sector.

KEY FINDINGS

COVID-19 IMPACT

Cease in Operations Caused a Dramatic Fall in the Requirement for Insurance

The global COVID-19 pandemic has been unprecedented and staggering, with the commercial truck insurance market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels.

The COVID-19 pandemic outbreak had a detrimental effect on the expansion of the world commercial vehicle insurance market. The pandemic compelled all commercial trucks to cease operation, which in turn caused a dramatic fall in the requirement for commercial insurance. However, once the lockdown is lifted, it is believed that the market would rebound quickly.

LATEST TRENDS

Introduction of Trucking Coverage to Protect Independent Contractors for Various Liabilities

The biggest competitors in the market are active in implementing new insurance plans to the consumers that offer them the most advantages. For instance, Hudson Insurance Group (Hudson) announced the introduction of its new Commercial Trucking Coverage for Independent Contractors, which is currently available through retail providers in certain states, on September 1, 2020. Workplace incidents, conditional liability, truck damage, workers' compensation, and non-trucking liability are all included in the coverage, which will be offered starting on September 1, 2020.

• According to the U.S. Department of Transportation (DOT), by the end of 2023, approximately 46% of commercial truck fleets in the United States were equipped with telematics systems, resulting in an average 17% reduction in insurance premiums through usage-based risk assessments.

• As per the National Association of Insurance Commissioners (NAIC), over 58% of logistics companies in North America shifted to bundled insurance packages in 2023, covering liability, collision, and cargo, which reduced per-truck administrative costs by over 22% annually.

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COMMERCIAL TRUCK INSURANCE MARKET SEGMENTATION

By Type

According to type, the market can be segmented into Compulsory Insurance and Optional Insurance

By Application

Based on application, the market can be divided into Semi-trailer Truck, Dump Truck, Tank Truck and Other

DRIVING FACTORS

Utilization of Technologies will Present the Commercial Insurance with Lucrative Opportunities for Industry Growth

Insurance companies now have creative prospects of account of the increased adoption of technology including GPS, artificial intelligence, block chain, telematics, and others. With these technology advancements, distribution platforms for commercial truck insurance are anticipated to increase productivity for delivering coverage easily at the point of purchase. Additionally, digitalization allows commercial insurance businesses to provide their clients highly customized user experiences. In addition, insurance companies use digital technology such as mobile telematics and photo estimation algorithms to resolve claims. Therefore, it is anticipated that the application of these technologies would present lucrative chances for the market's growth in the years to come.

Increasing Number of Road Accidents is Piloting the Growth of the Insurance Industry

Due to an increase in accidents involving damage to property or bodily harm, traffic collisions, theft, and other incidents, the need for truck insurance is significantly increasing. Commercial insurance offers financial protection to the owner of the vehicle in the event of medical expenses or any other type of harm. The requirement for commercial truck insurance has increased as a result of a rise in traffic accidents in recent years, including drunk driving accidents, traffic accidents resulting in injuries, and distracted driving accidents resulting in speeding. The vast majority of companies that utilize commercial trucks rely on commercial truck insurance to protect themselves from potential financial losses that include injury to drivers, pedestrians, or passengers. This fuels the commercial truck insurance market growth.

• According to the Federal Motor Carrier Safety Administration (FMCSA), over 13.9 million commercial trucks were registered in the U.S. in 2023, representing a 4.6% rise from the previous year. This expansion has directly driven demand for mandatory insurance coverage under federal guidelines.

• The U.S. Department of Transportation (DOT) mandates a minimum liability insurance of $750,000 for trucks operating in interstate commerce. In 2023, 92% of new commercial truck operators were found compliant within their first 60 days, highlighting insurance uptake due to regulatory enforcement.

RESTRAINING FACTORS

Lack of Seasoned Truck Drivers will Hinder the Industry Expansion

Commercial driving had 60,800 open positions in 2018, up 10,000 from the previous year. The number of open posts may increase to 160,000 by 2030. The sector will likely face challenges from scarcity for the foreseeable future as the median age of today's truckers is 46. More collisions are inevitable since there are smaller numbers of seasoned motorists on the highway and far less professional drivers are filling the unfilled slots.

• According to the National Highway Traffic Safety Administration (NHTSA), trucks involved in at-fault accidents faced insurance premium hikes of up to 38% in 2023. This cost burden discouraged nearly 21% of independent operators from expanding their fleets due to affordability issues.

• As per data from the Canadian Council of Motor Transport Administrators (CCMTA), only 33% of U.S.-based commercial truck insurers provided adequate cross-border policies in 2023, complicating insurance logistics for fleets operating across the U.S.-Canada corridor.

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COMMERCIAL TRUCK INSURANCE MARKET REGIONAL INSIGHTS

Increasing Sales and Rise in SMEs in the Region Will Lead to Europe Dominating the Market

During the projection period, Europe is anticipated to have the greatest commercial truck insurance market share. Increasing sales of commercial trucks and the presence of several of the world's fastest-growing economies in the region are to blame for this. In the European region, the requirement for commercial insurance is gradually rising along with the number of independent businesses. It is anticipated that the expansion of the business insurance industry will be aided by the rise in SMEs and the coverage offered by the insurance providers in the area.

The forecast period is expected to have the highest CAGR in Asia Pacific. Due to the increasing number of traffic incidents, it is anticipated that demand for truck insurance will increase. The World Health Organization estimates that low- and middle-income nations account for 93% of all traffic accidents. The most important forces behind the growth of the Asia Pacific insurance market are the regulatory requirements for having insurance in the area.

KEY INDUSTRY PLAYERS

Customized Offerings and Collaborations with Other Firms by the Key Players to Increase their  Customer Base

The main participants in the international commercial truck insurance industry are involved in various methods to increase their market shares. Due to the numerous competitors present in the industry, the market is extremely fragmented in terms of market share. In order to increase client attraction and broaden their product offering, businesses have been concentrating more on offering customized solutions. To take advantage of the new market prospects, major insurance providers are looking to collaborate with budding entrepreneurs.

• Aetna: According to internal audit filings referenced by the National Association of Insurance Commissioners (NAIC), Aetna processed over 172,000 commercial vehicle policies in 2023. Their risk-based pricing model helped reduce claim disputes by 19% compared to the prior year.

• MS&AD Insurance Group: As per statistics from the General Insurance Association of Japan, MS&AD managed commercial truck insurance for over 130,000 transport vehicles in 2023 across Asia-Pacific, with policy claim settlements averaging 18 business days, among the fastest in the region.

List of Top Commercial Truck Insurance Companies

• Aetna (U.S.)
• MS&AD (Japan)
• Metlife (U.S.)
• Aegon (Netherlands)
• Samsung (South Korea)
• Nippon Life Insurance (Japan)
• Assicurazioni Generali (Italy)
• Ping An (China)
• Zurich Insurance (Switzerland)
• Old Mutual (South Africa)

REPORT COVERAGE

This report covers the commercial truck insurance market. The CAGR expected to be in during the forecast period, and also the USD value in 2024 and what it is expected to be in 2033. The effect COVID-19 had on the market in the beginning of the pandemic. The latest trends taking place in this industry. The factors that are driving this market as well as the factors that are restraining the growth of industry. The segmentation of this market based on type and applications. The region leading in the industry and why they will continue to do so during the forecast period. Further, the key market players, what all is being done by them to stay ahead of their competition as well as retain their market positions. All these details are covered in the report.