Guaranteed Asset Protection (GAP) Insurance Market

The global GAP insurance market valuation is predicted to touch a value of US$6.95 Bn toward the end of forecast year 2030.

When a car is stolen or declared a total loss following an accident, the insurance company often pays the actual worth of the car, which may be considerably less than the remaining loan or lease sum. The vehicle parc indicate a much higher potential to penetrate for the GAP insurance providers. Moreover, the consistently rising global automobile sales further continue to create an incessant need for GAP insurance providers.

Yes, absolutely. Growing integration of AI, intelligent systems, telematics, and other cutting-edge technology is creating tightly connected digital ecosystems that have now become a standard as insurers come across the demands of the evolving digitised world. The GAP insurance sector thus has healthy prospects in line with application of AI, cloud technology, and cutting-edge mobile technology.

Asia Pacific holds a dominant share of the market for GAP insurance, led by India, China, Malaysia, and Indonesia. While the market here gains from a flourishing auto scenario, the changing government regulatory guidelines for auto industry will also play a vital role in shaping the demand for guaranteed asset protection insurance across the region.

Zurich, Direct Gap, American Family Insurance, AXA, Admiral Group PLC, Allstate Insurance Company, Aviva, Allianz, and Berkshire Hathaway Inc. include some of the top players in the GAP insurance industry.