Table of contents:
New India Car Insurance Mauritius – Claim by type of motor insurance (own damage, third party); By Application (Commercial (Light Four Wheeler, Heavy Four Wheeler, Other Commercial Vehicles), Private Motor Vehicles), Distribution Channels (Private Agents, Brokers, Banks, Others); and regions (North, East, West and South)
SKU: UMBF212864 Categories: Banking, Financial Services & Insurance, Industry Reports Tags: India Motor Vehicle Insurance Market 2024, India Motor Vehicle Insurance Market Analysis, India Motor Vehicle Insurance Market Growth, India Motor Vehicle Marketing Vehicle Marketing Market Trends
New India Car Insurance Mauritius
The Indian motor insurance market is valued at USD 12.15 billion by 2023 and is expected to grow at a robust CAGR of 6.31% during the forecast period (2024-2032). Due to the booming growth of the automobile industry in India.
Mauritius Travel Guide 2024: What To See, Do, Costs, & Ways To Save
Motor insurance is a part of general insurance that provides comprehensive protection coverage to owners of various types of vehicles in case of repairs and theft. These insurance policies are issued by various public and private sector financial institutions and banks regulated under the Insurance Regulatory Development Authority of India (IRDAI). The insurance policy covers most non-consumable items and their damage during the insured period.
The Indian motor insurance market is valued at USD 12.15 billion by 2023 and is expected to grow at a robust CAGR of 6.31% during the forecast period (2024-2032). One of the main factors in the growth of the market is the increase in car sales in the country. Given the growth of the middle class population and the rise in disposable income in the country, the automobile industry has benefited from increased sales in recent years.
These growing sales have led to the demand for first and third party insurance, which is mandatory with every car purchase along with road tax. Also, with various policy changes, the demand for car insurance will continue in the coming years.
In addition, motor insurance has a significant share of the total and health insurance market in India. According to IRDAI, the total motor insurance premium in India in 2021-22 was INR 70, 433.48 which has increased to INR 81, 280.04 in 2022-23. The majority of auto insurance is managed by the state sector, with a market representation of approximately 80%.
Indians Confuse Mauritius With Maldives After Tourism Tweet: ‘not Interested…’
This section examines the key market trends affecting the various segments of the Indian motor insurance market as identified by our team of research experts.
The electric vehicle is a growing segment due to the increasing focus of consumers on sustainability. Electric vehicles have many advantages over conventional internal fuel vehicles, such as low long-term operating costs, no emissions, etc. The demand for car insurance is expected to increase in the coming years due to increasing sales of electric vehicles in both the two-wheeler and four-wheeler categories. According to Auto Sales, total EV sales are expected to reach 1.53 million in 2023, up 50% from 2022.
Additionally, government initiatives to provide road tax in most states have further boosted the sale of electric vehicles in the car, two-wheeler and e-rickshaw categories, contributing to a large number of motor insurance markets in India.
Considering the growth of cars in the electric car segment, the demand for car insurance in the respective segment will further increase in the coming years, i.e. 2024-2032.
C As In Car Sharing –shared Mobility Explained
North India has a market share in car insurance. One of the factors responsible for the growth in the northern part of India is the high sales of cars in the previous years. The region includes states such as Uttar Pradesh, New Delhi, Punjab, Haryana, Jammu and Kashmir, which have a large population and have seen a steady increase in car ownership in recent years. According to Society of Indian Automobile Manufacturers (SIAM), Uttar Pradesh, New Delhi and Haryana would account for 10.04%, 5.94% and 6.60% of vehicle sales in India by 2023. A similar trend was observed when two-wheeler sales were recorded at 14.35%, 2.5% and 2.89% respectively during the same period.
Due to high car sales in the North Indian region, the demand for motor insurance is expected to increase further in the coming year i.e. 2024-2032.
The Indian motor insurance market is competitive and fragmented with various regional and market players. Key players are adopting various growth strategies to strengthen their market presence, such as partnerships, agreements, collaborations, new product launches, geographical expansions, and mergers and acquisitions. Some of the prominent companies operating in the market are ICICI Lombard General Insurance, Bajaj Alliance General Insurance, Tata AIG General Insurance, HDFC ERGO General Insurance, New India Assurance Co Ltd, United India Insurance Company Ltd, The Oriental Insurance Co. Ltd., Bharti Axa General Insurance, Reliance General Insurance and IFFCO Tokyo General Insurance.
By 2022, IRDAI has allowed general insurance companies to introduce Pay As You Drive, Pay How You Drive and floater policies for two-wheelers and vehicles owned by the same owners as add-ons to motor insurance policies.
Driving In Mauritius: Expert Guide To Getting Around The Island (2024)
In 2023, ICICI Lombard launched an AI-based digital campaign, Claim Your Claim. The campaign aims to tap the under-penetrated general insurance markets in India.
Motor insurance in India can be further customized according to market demand or any other market segment. In addition, UMI understands that you may have your own business needs; So don’t hesitate to contact us to get an account that perfectly suits your needs.
Answer: The Indian motor insurance market is valued at USD 12.15 billion by 2023 and is expected to grow at a CAGR of 6.31% during the forecast period (2024-2032).
Answer: Increasing demand for car insurance in the automotive sector is one of the major growth factors.
Cheapest Courier To Mauritius From India
You can also purchase parts of this account. Do you want to check the price list category wise?
Historical market analysis, current market assessment and future market forecast of the Indian motor insurance market are the three main steps taken to develop and analyze the Indian acceptance of motor insurance in key regions of India. Thorough secondary research was conducted to gather historical market numbers and estimate the current market size. Second, several findings and hypotheses were discussed to test this knowledge. Also, exhaustive primary interviews were conducted with industry experts across the value chain of the Indian motor insurance market. After inferring and verifying market numbers through initial interviews, we used a top-down/bottom-up approach to predict the full market size. After that, market segmentation and data triangulation methods were used to estimate and analyze the market size of industry segments and sub-segments. The detailed procedure is described below:
Extensive secondary research was conducted to obtain the historical market size of the Indian motor insurance market through internal company sources such as annual reports and financial statements, performance presentations, press releases and external sources including magazines, news and articles, Govt. Publications, competitor publications, industry reports, third-party databases, and other reliable publications.
After deriving the historical market size of the Indian motor insurance market, we have gathered historical knowledge of the market and conducted extensive secondary analysis to segment the key regions into various segments and sub-segments. Key segments based on motor insurance type, application, and distribution channel are included in the report. Further analysis was conducted at the regional/country level to assess the overall acceptance of the test models in that region.
Top 10 Electric Vehicle Insurance Companies In India
After deriving the historical market size of the various segments and sub-segments, we have done a detailed factor analysis to estimate the current market size of the Indian motor insurance market. Further, we conducted factor analysis using dependent and independent variables such as motor insurance type, application and distribution channel in the Indian motor insurance market. A thorough analysis has been done for the demand and supply scenarios in the Indian motor insurance market sector considering the best partnerships, mergers and acquisitions, business expansions and product launches.
Current Market Size: Based on actionable insights from the above 3 steps, we arrive at the current market size, market shares of key players and segments in the Indian car insurance market. All required percentages and market shares were determined using the secondary approach mentioned above and verified through primary interviews.
Assessment and Forecasting: For market assessment and forecasting, weightage is given to various factors, including factors and trends, constraints and opportunities available to stakeholders. After analyzing these factors, appropriate forecasting techniques, i.e., top-down/bottom-up approach, have been used to derive the market forecast to 2032 for various segments and sub-segments in major Indian markets. The research methodology adopted to estimate the market size includes:
Primary Research: In-depth interviews were conducted with key opinion leaders (KOLs), including top executives (CXO/VPs, Head of Sales, Head of Marketing, Head of Operations, Regional Head, Country Head, etc.) in key regions. . Then the primary findings are summarized and statistical analysis is done to prove the given hypothesis. Primary research data were integrated with secondary findings to transform information into actionable knowledge.
What To Do If Someone Hits Your Car
Data triangulation
