Table of contents:
Motor Insurance Database India – Differences by type of motor insurance (own damage, third party); By application (commercial (light ATVs, heavy ATVs, other commercial vehicles), private motor vehicles), distribution channels (special agents, brokers, banks, etc.); and Regions (North, East, West and South)
SKU: UMBF212864 Categories: Banking, Financial Services & Insurance, Industry Reports Tags: India Motor Insurance Market 2024, India Motor Insurance Market Analysis, India Motor Insurance Market Growth, India Motor Insurance Market Share, India Motor Insurance Market Size, Trends in Indian Motor Insurance market
Motor Insurance Database India
The Indian auto insurance market is estimated to be worth 12.15 billion by 2023 due to the growth of the auto industry in India.
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Car insurance is a part of general insurance and includes comprehensive protection for owners of various categories of vehicles in case of repairs and theft. These insurance policies are offered by various public and private sector financial institutions and banks regulated by the Insurance Regulatory Development Authority of India (IRDAI). The insurance policy covers most unused items and damages incurred during the insurance period.
The Indian car insurance market is estimated to be 12.15 billion by 2023. One of the most responsible factors for the growth of the market is the increasing sales of cars in the country. The auto industry has benefited from rising sales in recent years, driven by a growing middle class population and rising disposable income in the country.
The increase in sales has led to demand for first and third party insurance, which is mandatory along with road tax on any car. Also, the demand for car insurance will increase in the coming years due to various policy changes.
Additionally, car insurance accounts for a large share of the general and health insurance market in India. Total insurance premium in India for car insurance in 2021-22, according to IRDAI. 70 was INR 433.48 million. INR in 2022-23 and most of the auto insurance shares are from the public sector, which accounts for about 80% of the market.
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This section discusses key market trends affecting various segments of the Indian auto insurance market as identified by our team of research experts.
Electric vehicles are a growing segment as consumers increasingly focus on sustainability. Electric cars have various advantages over conventional fuel-powered vehicles, such as lower cost in the long run, lower emissions, etc. Demand is increasing due to high sales of electric vehicles in the two-wheeler and four-wheeler categories. Car insurance is expected to increase in the coming years. According to auto sales data, electric car sales will total 1.53 million in 2023, up 50% from 2022.
Additionally, government initiatives offering free road tax in many states have boosted sales of electric vehicles across cars, bikes and e-rickshaws, which will contribute to a larger share of the auto insurance market in India.
Considering the growth of cars in the electric car category, the demand for car insurance in the respective segment is expected to increase in the coming years. E.g. 2024-2032, development
India Motor Insurance
North India has a large share in the car insurance market. One factor for the growth of the North Indian region is the high sales of cars in the past years. State Uttar Pradesh, New Delhi, Punjab, Haryana, Jammu and Kashmir etc. States include, have a large population and have seen a steady increase in vehicle ownership in recent years. According to the Society of Indian Automobile Manufacturers (SIAM), Uttar Pradesh, New Delhi and Haryana accounted for 10.04%, 5.94% and 6.60% of car sales in India in 2023, respectively. A similar trend was observed when the two-wheeler trade was monitored at 14.35%, 2.5% and 2.89% respectively during the same period.
This is expected to continue in the coming years due to the high sales of cars in the North Indian region. For example, between 2024 and 2032, the demand for car insurance will increase.
The Indian auto insurance market is competitive and fragmented with several regional and market players. Key players are adopting various growth strategies to increase their presence in the market, including partnerships, agreements, collaborations, new product launches, geographical expansion, and mergers and acquisitions. Some of the major players operating in the market are: ICICI Lombard General Insurance, Bajaj Allianz General Insurance, Tata AIG General Insurance, HDFC ERGO General Insurance, New India Assurance Company Ltd., United India Insurance Company Ltd., Eastern Insurance Company Ltd., Bharti AXA General Insurance, Reliance General Insurance and IFFCO Tokyo General Insurance.
In 2022, IRDAI allowed general insurance companies to add pay-as-you-ride, pay-as-you-drive and floor insurance to auto insurance policies for bikes and cars owned by the same owners.
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In 2023, ICICI Lombard’s AI powered digital campaign ‘Claim Your Claim’. The campaign aimed to tap the untapped general insurance markets in India.
The Indian car insurance market can be further classified according to need or different market segments. In addition, UMI understands that you may have your own business needs; Do not hesitate to contact us for a report tailored to your specific needs.
Answer: The Indian car insurance market is estimated to be 12.15 billion by 2023. USD and is expected to grow at a CAGR of 6.31% during the forecast period (2024-2032).
Answer: Increasing demand for car insurance is the main reason behind the growth in the automotive industry.
Indian Insurance Industry Overview
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Historical market analysis, current market assessment and future market forecasting of the Indian car insurance market were the three key steps taken to develop and analyze the adoption of Indian car insurance in key regions of India. Extensive secondary research was conducted to gather historical market figures and estimate the current market size. Second, several findings and hypotheses were considered to support these concepts. Additionally, in-depth interviews were conducted with industry experts on the value chain of the Indian auto insurance market. After estimating and validating the market figures through initial interviews, we took a top-down/bottom-up approach to estimate the total market size. Market segmentation and data triangulation techniques were then adopted to estimate and analyze the market size of industry segments and sub-segments. The detailed method is described below:
Annual reports and financial statements, performance reports, press releases etc. And extensive secondary research was conducted to determine the historical market size of the Indian auto insurance market using external sources, internal company sources such as magazines, news and articles. Government publications, competitor publications, industry reports, third-party databases and other reliable publications.
After determining the historical market size of the Indian car insurance market, we conducted a detailed secondary analysis to gather historical market insights and segment it into various regional segments and sub-segments. The report includes key segments based on Auto Insurance types, applications, and distribution channels. A further regional/country-level analysis was conducted to assess the overall applicability of the test model in that region.
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After obtaining the historical market size of various segments and sub-segments, we have conducted a detailed factor analysis to estimate the current market size of the Indian car insurance market. Additionally, we have conducted factor analysis in the Indian car insurance market by car insurance type, application and distribution channel using dependent and independent variables. A detailed analysis of demand and supply scenarios, best partnerships, mergers and acquisitions, business developments and product launches has been conducted in the Indian auto insurance market sector.
Current Market Size: Based on the actionable insights from the above 3 steps, we have determined the current market size, key players and segment market shares of the Indian motor vehicle insurance market. The required percentages and market segments were identified through the secondary method mentioned above and confirmed through primary interviews.
Assessment and Forecasting: Weightage has been given to various factors such as drivers and trends, constraints and opportunities for stakeholders to assess and forecast the market. After analyzing these factors, suitable forecasting methods were used. E.g. A top-down/bottom-up approach to forecast the market to 2032 for various segments and sub-segments in major Indian markets. The research methodology adopted to estimate the market size is:
Primary Research: In-depth interviews were conducted with key opinion leaders (KOLs) in key regions including senior executives (CXO/VPs, Head of Sales, Head of Marketing, Head of Operations, Regional Head, Country Head, etc.). The first results were then summarized and statistical analysis was performed to prove the stated hypothesis. Data from primary research was combined with secondary findings to transform them into actionable insights.
Top 10 Listed Insurance Companies In India In 2024
Information triangle
