Expanding fleet of cars along with increasing incidents of road accidents to drive India car insurance market until 2024. According to TechSci Research report, “India Car Insurance Market By Vehicle Type, By Type, By Source, By Premium Type, Competition, Forecast & Opportunities, 2024”, India car insurance market is expected to grow at a double-digit CAGR on account of growing automotive sales and mandatory insurance of vehicle as per motor vehicles act 1988.
The Important Elements of the India Car Insurance Market
Automotive insurance is generally a contract between the vehicle owner and the insurance company, protecting the vehicle against financial loss in case of theft or accident. Generally, car insurance is valid for one year, which needs to be renewed by the due date, post which the renewal of insurance involves an inspection of the vehicle. Also, if the insurance is not renewed in 90 days, a customer might lose the claim to no claim bonus.
Browse market data Figures and Tables spread through Pages and an in-depth TOC on the “India Car Insurance Market“
The non-life insurance market of India is the 15th largest insurance market in the world ranking and motor insurance accounted for 49% share of non-life insurance in India, in 2018. India car insurance market can be segmented based on vehicle type, type, source, premium type, and region. In terms of type, the market can be bifurcated into third-party insurance and comprehensive insurance. Third-party insurance accounted for a major market share in 2018 due to low cost when compared with comprehensive insurance. However, the share of comprehensive insurance is anticipated to increase in the forthcoming years on account of growing awareness pertaining to its benefits. Moreover, comprehensive insurance covers both third-party liabilities and damage done to the owner’s car, thereby further propelling growth in this segment.
Major companies offering car insurance in India include
- Bajaj Allianz General Insurance Co. Ltd.
- ICICI Lombard GIC Ltd.
- TATA AIG GIC Ltd.
- Bharti AXA General Insurance
- The New India Assurance Co. Ltd.
- The Oriental Insurance Co. Ltd.
- HDFC ERGO General Insurance Co. Ltd
- United India Insurance Co. Ltd.
- National Insurance Company and Future Generali India Insurance. Major companies offering car insurance in the market are either joint ventures or mergers to cater to the needs of customers in urban and rural areas. For instance, Tata AIG GIC Ltd. is formed by a joint venture between Tata Group and American International Group and Bajaj Allianz is a joint venture between Bajaj Finserv Ltd. and Allianz SE.
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“India car insurance market is expected to witness significant growth in the forthcoming years as insurance firms have started insurance services on websites so as to create an online presence and increase their customer base. Moreover, the influence of IoT and big data is set to transform the insurance market as the market would start offering Usage Based Insurance (UBI), which is based on the driving pattern of drivers. Such advancements would steer growth in the market in the coming years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“India Car Insurance Market By Vehicle Type, By Type, By Source, By Premium Type, Competition, Forecast & Opportunities, 2024” has analyzed the potential of the car insurance market across the country, and provides statistics and information on market sizes, shares, and trends. The report will suffice in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyzes emerging trends along with essential drivers and key challenges faced by India car insurance market.
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