Global Compulsory Third-Party Insurance Market Overview: Trends, Growth, and Forecast (2025–2034)
The global Compulsory Third-Party (CTP) Insurance Market plays a pivotal role in safeguarding road users by providing mandatory liability coverage for vehicle owners against injuries or death caused to third parties. As of 2024, the market was valued at USD 812.20 billion, and it is projected to reach USD 1001.98 billion by 2034, growing at a CAGR of 2.12% over the forecast period (2025–2034).
Market Dynamics and Drivers
Legal Mandates Driving UptakeGovernments across the globe have made CTP insurance a legal requirement for motor vehicle registration and operation. This regulatory enforcement remains the single most significant driver of market growth.
Rising Vehicle Ownership WorldwideIncreased personal and commercial vehicle ownership—especially in emerging economies—continues to expand the policyholder base, leading to a steady rise in premiums collected globally.
Growing Awareness of Road Safety and LiabilityAwareness campaigns and educational efforts around road safety and financial protection are encouraging compliance and driving growth in regions with historically…