INDIA MOTOR INSURANCE MARKET - GROWTH, TRENDS, COVID-19 IMPACT, AND FORECASTS (2023 - 2028)

 A change in vehicle ownership patterns brought on by the post-Covid rising demand for personal mobility space may present an opportunity for motor insurers in 2021, as the motor insurance industry in India accounted for 34.1% of non-life insurance premiums earned, followed by health insurance at 29.5%. Due to the increased demand from middle class households, car insurance premiums made up approximately 39.4% of all non-life insurance premiums in 2018.

India had more than 295 million registered vehicles as of 2019. India has one of the largest automotive businesses. In 2019, it produced the most two-wheelers than any other country in the world. This market sector also dominated the domestic market. Over 17 million two-wheelers were sold domestically in the nation of South Asia in 2020. The number of two-wheeler sales has decreased during the past 12 months. The vehicle is divided into four categories: 2-wheelers, 3-wheelers, passenger cars, and commercial cars. The highest sales are displayed for FY 2019. The Indian motor insurance market has grown as a result of the rising trend in automotive sales.

During the anticipated timeframe, the Indian motor insurance market's online insurance segment will experience the quickest development. Due to the simplicity of purchasing an insurance policy online and the guidance offered by aggregators like Policybazaar regarding discounts, deals, and plans, consumers feel more confident purchasing insurance online. Internet usage is expanding and is helping this category thrive. The Insurance Regulatory and Development Authority took the initiative to allow insurers to conduct video-based KYC in order to assist the expansion of online insurance.

Major Players: The New India Assurance Co. Ltd., HDFC ERGO General Insurance Company Limited, V, Bajaj Allianz General Insurance Company Limited, CICI Lombard General Insurance Company Limited

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