Latest news with #InsuranceCompanies
Globe and Mail
17-07-2025
- Automotive
- Globe and Mail
Vehicle Roadside Assistance Market to Reach USD 39.55 Billion by 2030, Driven by Increased Vehicle Sales and Service Subscriptions
"Vehicle Roadside Assistance Market" Mordor Intelligence has published a new report on the Vehicle Roadside Assistance Market offering a comprehensive analysis of trends, growth drivers, and future projections. Introduction According to a 2025 report on Vehicle Roadside Assistance Market by Mordor Intelligence, the market is valued at USD 31.32 billion in 2025 and is projected to reach USD 39.55 billion by 2030, growing at a CAGR of 4.78% during the forecast period. The growth is attributed to the increasing global vehicle fleet, rising consumer awareness about vehicle safety, and expanding coverage offered by automakers and insurance companies under service plans. The vehicle roadside assistance market serves as a critical support system for drivers facing unexpected vehicle issues such as flat tires, battery failures, engine malfunctions, or fuel shortages. Designed to offer immediate help on the road, these services are increasingly bundled with auto insurance policies, vehicle warranties, and third-party memberships. Key Market Trends Technology Integration & Telematics-Enabled Services Providers are leveraging telematics data and connected-car platforms to detect vehicle issues proactively and dispatch help faster. This integration significantly boosts response times and service efficiency. Surge in EV-Related Support & Specialized Services With EV adoption on the rise, roadside operators are adding EV-specific services battery jump-starts, tow trucks capable of handling EVs, and mobile charging units in high-demand zones Rise of App-Based & Subscription Models Disruptive companies are offering pay-as-you-go or subscription-based roadside services via smartphone apps with live tracking and transparent pricing attracting younger drivers and pressuring incumbents to upgrade digitally Consolidation & Strategic Partnerships Major players including AAA, Agero, Allianz Partners, RAC, and AA plc are enhancing their reach through mergers, insurer tie-ups, and partnerships, enabling larger service networks and economies of scale Operational & Cost Challenges Providers face rising operating costs and technician shortages. However, consolidation and digital optimization help offset these pressures while improving service delivery. Market Segmentation Towing Services:Towing dominated roughly XX% of the market in 2024, as most breakdowns especially those involving advanced vehicle systems require safe transport to repair centers Tire Replacement : Flat tire assistance is gaining prominence, with tire replacement services projected to grow at a XX% CAGR through 2030 Battery Jump/Replacement : This remains a routine service, especially in regions with colder climates where battery failures are frequent. Winch/Extrication : Useful in off-road and difficult-park situations, especially prevalent in regions with heavier off-road or rural driving. By Provider Type Motor Insurance Companies : Represented XX% of the market in 2024, thanks to bundling with insurance offerings Automotive OEMs: Vehicle makers often include assistance coverage as part of warranties or loyalty packages. OEMs lead to service integration. Automotive Clubs: Clubs like AAA (U.S.), RAC (UK), and ADAC (Germany) hold a steady share and are growing at around XX% CAGR, bolstered by mobile apps and reward programs By Vehicle Type Passenger Cars : Accounted for XX% of service incidents in 2024 driven by sheer volume and private ownership Two-Wheelers (Motorcycles) : Especially important in Asia-Pacific's urban centers; these are typically serviced by mobile repair units. By End User Individual Consumers:This is the largest end-user group in the roadside assistance market. These users typically enroll through insurance providers, OEMs, or automobile clubs. Their service needs are usually limited to occasional breakdowns, lockouts, flat tires, or battery-related issues. Corporate & Fleet Operators : Businesses operating delivery vans, taxis, rental fleets, and logistics vehicles require prompt roadside support to minimize downtime. This segment is particularly sensitive to service reliability and response time. Many fleet operators partner with third-party assistance providers or opt for bundled offerings from leasing companies to ensure 24/7 coverage. Government & Municipal Agencies:This includes public transportation departments, emergency service fleets, and municipal utility vehicles. While smaller in volume compared to private and corporate segments, the demand is consistent due to mandatory service readiness. Governments may contract with large assistance providers or operate internal units for critical vehicle recovery and on-road maintenance. By Geography North America: This region holds a significant market share, supported by high per capita vehicle ownership, widespread insurance coverage, and established service networks. The United States and Canada have a large base of subscription-based and OEM-included roadside plans. South America : The market in this region is expanding, especially in urban centers where vehicle density is increasing. Countries like Brazil and Argentina are witnessing a shift toward bundled insurance services that include roadside coverage. Asia Pacific : This is the fastest-growing regional market due to a rising middle class, rapid urbanization, and booming vehicle sales, particularly in India, China, and Southeast Asia. Two-wheeler roadside assistance is particularly prominent in this region. Local providers and insurance companies are introducing mobile-based solutions to cater to a younger, tech-savvy customer base. Key Players AAA (American Automobile Association) AAA is the preeminent roadside assistance provider in North America, supporting over 60 million members. It operates an expansive logistics network that includes flatbed tow trucks and more recently, pilot programs for EV mobile charging. Agero Inc. Agero, which is part of the SVM (Samaritan Vehicle Management) ecosystem, is a major player especially in the U.S. It partners with OEMs and insurance companies to orchestrate millions of service events annually. Allianz Partners A division of the global Allianz insurance group, Allianz Partners provides integrated assistance solutions spanning insurance, travel, and roadside aid. They have strong international coverage and offer services in collaboration with automotive OEMs, extending from Europe into North America and beyond. RAC Motoring Services RAC is a leading roadside assistance provider in the UK, supporting both individual members and fleet operations. Over 2,000 patrol vehicles cover around 2.8 million breakdowns per year locally, plus backup for Europeans through RAC Europe. AA plc AA plc stands as a key competitor in the UK and Ireland, offering broad roadside support, insurance products, and EV-specific service fleets. They've been proactive in deploying electric recovery vehicles and boosting their support network in partnership with insurers across the region. Conclusion The vehicle roadside assistance market is witnessing steady growth driven by the increasing number of vehicles on roads, greater customer awareness regarding safety, and enhanced service availability across both urban and rural areas. The rise of app-based services, inclusion of assistance packages in OEM and insurance offerings, and growth of electric vehicles are reshaping service expectations and pushing providers to adapt accordingly. Get More information: Industry Related Reports Automotive Remote Diagnostics Market: The Automotive Remote Diagnostics Market report is segmented by Product Type (including Diagnostic Equipment and others), Vehicle Type (Passenger Cars and Commercial Vehicles), Connectivity Type (such as 3G/4G/5G LTE, Wi-Fi, and others), Application (Vehicle System & Component Access and others), End-User (OEM-Installed and others), and Geography. The market forecasts are provided in terms of both Value (USD) and Volume (Units). Commercial Vehicle remote diagnostics market : The Commercial Vehicle Remote Diagnostics Market report is segmented by Component (Hardware, Software, and Services), Vehicle Type (Light Commercial Vehicles and Medium & Heavy Trucks), Application (including Automatic Crash Notification, Engine and Powertrain Diagnostics, Vehicle Tracking and Geofencing, among others), End-Use (OEM, Aftermarket/Fleet, and others), and Geography. The market forecasts are presented in terms of Value (USD). Automotive Repair and Maintenance Service Market: The Automotive Repair and Maintenance Service Market report is segmented by Vehicle Type (Passenger Cars, Commercial Vehicles, and others), Service Type (including Mechanical Services such as Tires, Lubricants, etc.), Component Type (Tires, Seats, and others), Service Provider (OEM Authorized Service Centers and others), and Geography (North America, Europe, and more). About Mordor Intelligence: Mordor Intelligence is a trusted partner for businesses seeking comprehensive and actionable market intelligence. Our global reach, expert team, and tailored solutions empower organizations and individuals to make informed decisions, navigate complex markets, and achieve their strategic goals. With a team of over 550 domain experts and on-ground specialists spanning 150+ countries, Mordor Intelligence possesses a unique understanding of the global business landscape. This expertise translates into comprehensive syndicated and custom research reports covering a wide spectrum of industries, including aerospace & defense, agriculture, animal nutrition and wellness, automation, automotive, chemicals & materials, consumer goods & services, electronics, energy & power, financial services, food & beverages, healthcare, hospitality & tourism, information & communications technology, investment opportunities, and logistics. For any inquiries or to access the full report, please contact:media@
CBS News
15-07-2025
- Business
- CBS News
What is the best age to buy an annuity at?
Retirement planning often feels like trying to hit a moving target. Just when you think you've figured out how much you need to save, inflation shifts the goalposts, market volatility throws you off balance and suddenly you're wondering if your Social Security benefits will be enough to cover any of your expenses during retirement. These types of issues are part of why more people are turning to annuities to lock down a reliable retirement income stream, one that guarantees you won't outlive your money. However, the timing of when you buy an annuity can make or break the benefits. While it might seem like waiting until later in life would guarantee the biggest annuity payout, that strategy doesn't always work, and neither does the flip side of that coin. Buying an annuity too early could lock you into lower returns and limit the growth potential, after all, while waiting too long can mean you miss out on years of steady income that could have supplemented Social Security or retirement savings. So, how do you know when to pull the trigger? Let's break down how your age impacts annuity payouts and what factors should guide your decision. Compare your annuity options online and lock in a great rate today. It's important to understand that the "best" age to purchase an annuity varies from one person to the next, as the right timing depends heavily on your financial goals in retirement. In general, though, annuity payouts are higher for older buyers because insurance companies use life expectancy to calculate payments. That means a 75-year-old will likely receive a larger monthly payout than a 65-year-old who invests the same amount, simply because they're expected to draw on the annuity for fewer years. But waiting to purchase an annuity isn't always the ideal approach. Many financial advisors recommend buying an annuity between the ages of 60 and 70. Purchasing during this window can help you avoid market risks while ensuring you still get significant payouts over time. Remember, though, that there are numerous types of annuities, and while it may make sense to purchase a fixed annuity between the ages of 60 and 70, the rules can differ for other annuity options. For example, deferred annuities grow tax-deferred until you start withdrawing funds, and buying this type of annuity earlier — let's say in your 50s — gives your money more time to grow. However, this strategy requires patience and some financial flexibility, as you won't see any immediate income benefits. Or, if you're leaning toward an immediate annuity to supplement your Social Security with guaranteed monthly payments, waiting until you're in your late 60s or early 70s to buy one often provides the highest payout ratio. That said, your health and life expectancy are also critical factors to consider during the process. If you're in excellent health and come from a family with a history of longevity, locking in an annuity earlier could ensure more years of income. Get prepared for retirement by adding an annuity to your portfolio now. If you're trying to time your annuity purchase correctly, it may benefit you to think about how an annuity fits into your overall financial picture rather than focusing on a particular age. Ask yourself: It's also worth considering laddering annuities, which is a strategy where you purchase multiple annuities at different times and rates to help balance payouts and flexibility. This allows you to hedge against locking all your money in at one particular rate. There's no universal answer to the question about the best age to buy an annuity. For many people, purchasing between ages 60 and 70 strikes a good balance between payout size and retirement income needs, but your health, lifestyle and financial situation, as well as the type of annuity you're planning to purchase, will ultimately determine what's right for you. If you're considering an annuity, it may benefit you to work with a financial advisor who understands your goals. They can help you evaluate whether buying now or waiting makes the most sense for your retirement plan. Timing isn't everything, but with annuities, it can make a significant difference in how much income you receive.
Bloomberg
04-07-2025
- Business
- Bloomberg
Indian Insurers Ask Regulator to Revamp Bond Valuation Rules
Indian insurers have asked their regulator to revamp bond valuation norms, according to people familiar with the matter, a move that could encourage greater participation in the corporate debt market. Insurance companies are seeking a shift to a method that values bonds individually, for example differentiating between debt issued by state-run firms and private companies, the people said, asking not to be named as the talks are private. The current approach assigns similar valuations to bonds with the same rating, they added.
Zawya
20-06-2025
- Business
- Zawya
Egypt: FRA extends submission deadlines for insurance companies' financial statements
Arab Finance: The Financial Regulatory Authority (FRA) has issued decision No. 126 of 2025 extending the deadlines for submitting periodic financial statements for insurance companies and insurance pools, as per a statement. This comes as part of ongoing efforts to ease procedural requirements and support sector growth. The decision, issued by the FRA's board of directors under the chairmanship of Mohamed Farid, applies to financial periods ending in March, June, and September 2025. Specifically, the submission deadline for statements covering the period ending March 31st, 2025, has been extended by one month to July 30th, 2025. For the period ending June 30th, 2025, the deadline has been extended by 15 days to September 15th, 2025. Similarly, the deadline for the period ending September 30th, 2025, has been extended by 15 days to December 15th, 2025. The resolution also allows an additional 15-day extension for the submission of consolidated financial statements from companies that include affiliated insurance entities. The FRA noted that the extension is intended to give insurance sector entities sufficient time to prepare financial statements in accordance with the rules and requirements issued under the Unified Insurance Law. The decision also takes into account companies' need for a revised timeframe following the adoption of resolution No. 183 of 2024, which set the start and end dates for financial periods and required quarterly financial statements starting 2025. These quarterly reports must include comparative figures from the same period in the previous year and comply with Egyptian accounting standard No. 50 on insurance contracts. They are to be reviewed and submitted with a limited review report from the company's auditor. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Irish Times
20-05-2025
- Automotive
- Irish Times
The Irish Times view on personal injuries claims: going to court is rarely worth it
The message about the Injuries Resolution Board (IRB) is clearly not getting through to the public in general and insurance customers in particular. Established in 2004 to provide a lower cost route for settling personal injury insurance claims, nearly all cases must now be submitted to the board. Overall, it resolves one in two claims. The other fifty per cent of claims – where either side rejects the IRB settlement proposal – are resolved by litigation, which usually takes the form of an out of court settlement. The enduring popularity of the legal route for resolving motor insurance injury claims is hard to fathom, given that court awards and IRB awards are based on the same guidelines and the average value of awards made across both channels is the same. However, the litigation route takes three years longer and legal costs are on average 24 times higher. It is hard to see how the continued use of the litigation channel benefits the injured party. Why wait three years for the same result? The higher fees that are incurred – for little apparent benefit to the client in most cases – may be paid by the insurance company, but the wider pool of insurance customers ultimately foot the bill in the form of higher premiums. The presumption is that the bulk of IRB settlements are rejected by a claimant on the advice that they may do better by going down the litigation route. READ MORE The Solicitor's Guide to Professional Conduct places no specific requirement on solicitors to talk through the pros and cons of rejecting an IRB settlement and going down the litigation route with their clients. There are general guidelines about client relationships which if adhered to in the spirit intended should suffice. It perhaps asks too much of any profession to expect its members to turn down work. The time may have come when a different approach is needed to ensure that claimants are fully aware that, in the round, the benefits of rejecting an IRB settlement and taking your insurer to court are at best marginal.
