India Motor Insurance Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

The India Motor Insurance Market is Segmented By Motor Insurance Type(Own Damage, Third Party), By Application(Commercial Motor Insurance(Light Motor Vehicle, Heavy Motor Vehicle, Other Commercial Motors), Private Motor Insurance), By Distribution Channel(Individual Agents, Brokers, Banks, Online, Others), By State(Maharashtra, Tamil Nadu, Karnataka, Uttar Pradesh, Gujarat, Other States). The report offers Market size and forecasts for India Motor Insurance Market in volume (n) and revenue value (USD Million) for all the above segments.

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India Motor Insurance Market Size

Indian Motor Insurance Market Outlook
Study Period: 2019 - 2028
CAGR: > 3 %

Major Players

Indian Motor Insurance Market Key Players

*Disclaimer: Major Players sorted in no particular order
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Need a report that reflects how COVID-19 has impacted this market and it's growth?

India Motor Insurance Market Analysis

COVID-19 has impacted negatively on India Motor Insurance Industry because of the lockdown put across the country for a long period of time leading to halt in businesses. New automobile purchases constitute a major portion of the premiums, and hence the lockdown and virtual stoppage of business may aggravate the situation. Lack of purchase of new vehicles is one of the biggest challenges faced by industry. Normally, that would be compensated for by increasing the coverage net of existing vehicles, a vast majority of which fall out of the insurance net by the third and fourth years

In 2021, Motor insurance Industry in India accounted for 34.1% of the non-life insurance premiums earned, followed by health insurance at 29.5%, in FY21 Post-Covid rising demand for personal mobility space is leading to a shift in vehicle ownership patterns and may create an opportunity for motor insurers. Premiums from motor insurance accounted for approx 39.4% of the overall non-life insurance premiums in 2018, due to the rising demand from middle class families.

India Motor Insurance Industry Segmentation

The India Motor Insurance Market is one of the most widely demanded Motor Insurance Market as the people are keen to get secured and have the protective shield occured because of collision or other mishappening. A complete background analysis of the India Motor Insurance Market, which includes an assessment of the economy, market overview, market size estimation for key segments, and emerging trends in the market, market dynamics, and key company profiles are covered in the report. The India Motor Insurance Market is Segmented By Motor Insurance Type(Own damage, Third Party), By Application(Commercial Motor Insurance(Light Motor Vehicle, Heavy Motor Vehicle, Other Commercial Motors), Private Motor Insurance), By Distribution Channel(Individual Agents, Brokers, Banks, Online, Others), By State(Maharashtra, Tamil Nadu, Karnataka, Uttar Pradesh, Gujarat, Other States).

By Motor Insurance Type
Own Damage
Third Party
By Application?
Commercial Motor Insurance
Light Weight Four Wheelers
Heavy Weight Four Wheelers
Other Commercial Motors
Private Motor Insurance
By Distribution Channel
Individual Agents
Brokers
Banks
Online
Others
By State
Maharashtra
Tamil Nadu
Karnataka
Uttar Pradesh
Gujarat
Other States

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India Motor Insurance Market Trends

This section covers the major market trends shaping the India Motor Insurance Market according to our research experts:

Increasing automobile sales witnessing upward trend of India Motor Insurance Market

Being one of the largest automotive sectors, India had over 295 million registered vehicles since 2019. It was the largest producer of two-wheelers across the globe in 2019. The market within the country was dominated by this segment also. In 2020, over 17 million units of two-wheelers were sold domestically across the south Asian country. A drop in the sales volume of two-wheelers was witnessed in the past year. The Vehicle is categorised in 4 types of 2-wheeler, 3-wheeler, passenger and commercial vehicles. The maximum sales is shown in FY 2019. This increasing trend of automobile sales has shown rise in the India Motor Insurance Industry.

Indian Motor Insurance Market Share

Online Insurance will witness New growth avenue in coming future.

Online insurance segment witnessing fastest growth in in India Motor Insurance market during the forecast period. Because of easiness in buying online insurance policy, guidence provided regarding discount, offers and plan by aggregator like Policybazaar bossting the confiendence of consumer in buying the online insurance. Also growing penetration of internet contributing to growth of this segment. Initiative taken by Insurance Regulatory and Development Authority for permitting insurers to conduct video-based KYC supporting the growth of online insurance.

Indian Motor Insurance Market Growth

India Motor Insurance Industry Overview

The Indian Motor Insurance Market is highly competitive with the presence of major Global players. The market presents opportunities for growth during the forecasted period which is expected to further drive market competition. With the presence of multiple players holding a significant share the market has observed a competitive environment.

India Motor Insurance Market Leaders

  1. The New India Assurance Co. Ltd.

  2. HDFC ERGO General Insurance Company Limited

  3. Tata AIG General Insurance Company Limited

  4. Bajaj Allianz General Insurance Company Limited

  5. ICICI Lombard General Insurance Company Limited

*Disclaimer: Major Players sorted in no particular order

The New India Assurance Co. Ltd. HDFC ERGO General Insurance Company Limited, Tata AIG General Insurance Company Limited, Bajaj Allianz General Insurance Company Limited, ICICI Lombard General Insurance Company Limited.

India Motor Insurance Market News

In 2021, HDFC ERGO launches Optima Secure indemnity-based health insurance policy. HDFC ERGO General Insurance announced the launch of Optima Secure, a new health indemnity insurance product that seeks to redefine the value customers can get from their insurance plan. The product has the secure, plus, protect, and restore benefits built-in, which combine to offer customers up to four times their sum insured at no additional charge. 

In 2021, Bajaj Allianz General Insurance and Bank of India have entered into a corporate agency agreement. This will enable distribution of Bajaj Allianz General Insurance’s products through the bank’s vast network of 5,084 branches, 80 retail business centres and 60 SME city centres across the country. Bajaj Allianz General Insurance will be offering a bouquet of personal lines of products such as motor insurance, health insurance, home insurance, travel insurance along with commercial line of products like engineering insurance, marine insurance to bank’s customers. 

India Motor Insurance Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definitions

    2. 1.2 Scope of Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXCEUTIVE SUMMARY

  4. 4. MARKET INSIGHTS AND DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers (high uninsured vehicles, new vehicles sales growth, etc)

    3. 4.3 Market Restraints (underwriting losses, heavy reliance on independent agents, Automotive dealers dominance, etc)

    4. 4.4 Insights on Zonal And State-wise Motor Insurance Business in India

    5. 4.5 Insights on Regulatory Trends Shaping the Market

    6. 4.6 Insight on Impact of Technology and Innovation in Motor Insurance Market

    7. 4.7 Porters Five Forces Analysis

      1. 4.7.1 Threat of New Entrant

      2. 4.7.2 Bargaining Power of Buyer

      3. 4.7.3 Bargaining Power of Suppliers

      4. 4.7.4 Threat of Substitute Product

      5. 4.7.5 Intensity of Competitive Rivalry

    8. 4.8 Insights on Performance of Motor Insurance in India (Claims Incurred Ratio, Commission Expense, Retention Ratio etc.)

    9. 4.9 Impact of COVID-19 on Market

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Motor Insurance Type

      1. 5.1.1 Own Damage

      2. 5.1.2 Third Party

    2. 5.2 By Application?

      1. 5.2.1 Commercial Motor Insurance

        1. 5.2.1.1 Light Weight Four Wheelers

        2. 5.2.1.2 Heavy Weight Four Wheelers

        3. 5.2.1.3 Other Commercial Motors

      2. 5.2.2 Private Motor Insurance

    3. 5.3 By Distribution Channel

      1. 5.3.1 Individual Agents

      2. 5.3.2 Brokers

      3. 5.3.3 Banks

      4. 5.3.4 Online

      5. 5.3.5 Others

    4. 5.4 By State

      1. 5.4.1 Maharashtra

      2. 5.4.2 Tamil Nadu

      3. 5.4.3 Karnataka

      4. 5.4.4 Uttar Pradesh

      5. 5.4.5 Gujarat

      6. 5.4.6 Other States

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Company Profiles

      1. 6.1.1 Lombard General Insurance

      2. 6.1.2 Bajaj Allianz General Insurance

      3. 6.1.3 Tata AIG General Insurance

      4. 6.1.4 HDFC ERGO General Insurance

      5. 6.1.5 New India Assurance Co Ltd

      6. 6.1.6 India Insurance

      7. 6.1.7 The Oriental Insurance Co Ltd

      8. 6.1.8 Bharati AXA General Insurance

      9. 6.1.9 Reliance General Insurance

      10. 6.1.10 IFFCO Tokio General Insurance

      11. 6.1.11 Other Key Players*

      2. *List Not Exhaustive

  7. 7. FUTURE OF THE MARKET

  8. 8. DISCLAIMER & ABOUT US

**Subject to Availability
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India Motor Insurance Market Research FAQs

The India Motor Insurance Market is studied from 2019 - 2028.

The India Motor Insurance Market is growing at a CAGR of >3% over the next 5 years.

The India Motor Insurance Market is valued at 9 Billion USD in 2019.

The New India Assurance Co. Ltd., HDFC ERGO General Insurance Company Limited, Tata AIG General Insurance Company Limited, Bajaj Allianz General Insurance Company Limited, ICICI Lombard General Insurance Company Limited are the major companies operating in India Motor Insurance Market.

India Motor Insurance Industry Report

Statistics for the 2023 India Motor Insurance market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. India Motor Insurance analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.

India Motor Insurance Report Snapshots

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