India Property and Casualty Insurance Market Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)

India Property and Casualty Insurance Market is Segmented by Line of Business (Motor, Property & Fire, and More), Customer Type (Individuals, Micro, Small & Medium Enterprises (MSMEs), and More), Distribution Channel (Agency Networks, Bancassurance, and More), Insurance Provider Type (Public-Sector General Insurers, Private-Sector General Insurers, and More), and Region. The Market Forecasts are Provided in Value (USD).

India Property And Casualty Insurance Market Size and Share

Image © Mordor Intelligence. Reuse requires attribution under CC BY 4.0.

Compare market size and growth of India Property And Casualty Insurance Market with other markets in Financial Services and Investment Intelligence Industry

India Property And Casualty Insurance Market Analysis by Mordor Intelligence

The India property and casualty insurance market is valued at USD 37.32 billion in 2025 and is forecast to reach USD 49.43 billion by 2030, translating into a 5.78% CAGR over the period. Robust premium growth stems from higher vehicle registrations, expanding government-funded schemes, and the 100% FDI cap that channels fresh capital and global expertise into domestic operations. Rising natural catastrophe losses, mandatory e-policy issuance, and ongoing digitalization nudge insurers toward advanced underwriting models, parametric solutions, and data-driven customer engagement. Competition intensifies as public-sector giants restructure, private players scale technology investments, and digital-only carriers employ low-cost operating models to gain share. Underwriting discipline remains pivotal because aggressive price competition continues to pressure combined ratios, especially in motor and commercial lines.

Key Report Takeaways

By line of business, motor insurance led with 38.2% of India property and casualty insurance market share in 2024; liability insurance is expected to post an 8.00% CAGR through 2030.

By customer type, individuals accounted for 54.5% share of the India property and casualty insurance market size in 2024, while MSMEs are projected to expand at 7.00% CAGR in 2025-2030.

By distribution channel, agency networks held 41.5% of the India property and casualty insurance market in 2024; digital / web aggregators are forecast to advance at a 9.34% CAGR by 2030.

By geography, West India represented 23.3% of overall premiums in 2024, whereas North-East India is set to record the fastest growth at 6.50% CAGR by 2030.

By provider type, public-sector general insurers commanded a 48.4% share in 2024, yet digital-only insurers are expected to grow at 10.12% CAGR over the outlook period.

Segment Analysis

By Line of Business: Motor Leadership and Liability Upswing

Motor insurance commands a 38.2% share of the India property and casualty insurance market, buoyed by sustained vehicle demand and regulatory changes that lifted premium ceilings. The segment captured 15-20% premium increases in 2025, demonstrating the pricing flexibility built into mandatory cover regulations. Liability insurance scales fastest with an 8.00% CAGR on the back of rising corporate governance requirements and escalating cyber-attack costs projected at USD 10.5 trillion by 2025. Property and fire lines benefit from industrial expansion and heightened climate risk awareness, whereas marine growth remains muted due to shallow domestic shipping volumes. 

Government-supported crop insurance receives USD 8.38 billion in funding that anchors premium inflows. With infrastructure investments reaching USD 134.94 billion, the demand for engineering covers continues to grow significantly. Gas-pipeline projects, supported by surety bonds ranging from USD 0.18 to 6.02 million, further expand the underwriting landscape by providing financial assurance for project completion. As public spending on infrastructure projects maintains its momentum, engineering insurers are increasingly leveraging these opportunities to strengthen their market presence and capitalize on the growing project pipelines.

India Property and Casualty Insurance
Image © Mordor Intelligence. Reuse requires attribution under CC BY 4.0.

Note: Segment shares of all individual segments available upon report purchase

By Customer Type: MSME Momentum

In the Indian property and casualty insurance market, individuals command a 54.5% share, largely driven by mandatory motor insurance and a growing emphasis on health coverage. This dominance is attributed to the increasing awareness of insurance benefits and the government's push for broader health insurance penetration. Micro, Small, and Medium Enterprises (MSMEs) are witnessing the fastest growth, boasting a 7.00% CAGR, fueled by streamlined compliance processes, government incentives, and the advent of digital premium financing, which enhances affordability. The rising adoption of digital tools and platforms by MSMEs further supports this growth trajectory. While large corporates represent a seasoned segment of the market, they increasingly seek advanced solutions, including captive programs and parametric triggers, navigating through intricate regulatory landscapes. These corporates demand innovative risk management strategies to address complex operational risks. Government entities, on the other hand, ensure consistent volumes but tend to focus more on tender pricing than the breadth of coverage, often prioritizing cost efficiency over comprehensive protection.

With digital distribution, insurers can finely tailor products to align with MSME cash-flow patterns, achieving a reduction in acquisition costs by nearly one-third compared to traditional agency models. This approach enhances affordability and improves accessibility for smaller businesses. Additionally, a potential shift in composite licensing could empower insurers to merge life and non-life products, thereby amplifying their share of customer spending across diverse cohorts. Such regulatory changes could pave the way for more integrated and customer-centric insurance offerings.

By Distribution Channel: Agency Weight Meets Digital Speed

In 2024, agency networks commanded a 41.5% market share, underscoring their pivotal role in fostering trust within a relationship-driven landscape. These networks continue to be a cornerstone for face-to-face interactions, which remain critical in building long-term customer relationships. A notable 62% surge in female POSP numbers catalyzed a 15% uptick in premiums sourced from agencies, showcasing the growing contribution of women in this domain. Bancassurance, exemplified by partnerships like Bajaj Allianz with Axis Bank, harnesses the power of 5,250 branches to penetrate rural markets effectively. This channel remains instrumental in bridging the gap between insurers and underserved regions, ensuring broader financial inclusion.

Digital and web aggregators, boasting a 9.34% CAGR, shine in areas of transparency, swift issuance, and minimized acquisition costs. These platforms have gained traction due to their ability to offer instant policy issuance and cost-effective solutions. The push for mandatory e-policy formats amplifies the economic advantages for aggregators, enabling them to scale operations efficiently. Meanwhile, brokers carve out specialized niches in intricate commercial lines, addressing complex insurance needs that require tailored expertise. As insurers blend traditional branch presence with app-driven services, "phygital" strategies are paving the way for fluid omnichannel experiences, enhancing customer convenience and engagement.

India Property and Casualty Insurance
Image © Mordor Intelligence. Reuse requires attribution under CC BY 4.0.

Note: Segment shares of all individual segments available upon report purchase

By Insurance Provider Type: Digital-Only Disruption

Public-sector general insurers command 48.4% of the total premium market. However, they grapple with solvency and efficiency challenges, including outdated operational frameworks and limited technological adoption. It has led to a proposed merger, aiming to consolidate a 31% market share, albeit with an urgent need for technological upgrades to enhance competitiveness and operational efficiency. Meanwhile, private-sector players, like ICICI Lombard with its Project Orion, are enhancing their combined ratios through automation and process optimization, which improve cost management and customer service. 

Digital-only insurers, boasting a 10.12% CAGR, leverage cloud-native cores, AI-driven underwriting, and direct-to-consumer strategies to significantly cut operating costs while offering personalized insurance solutions. Stand-alone health insurers eye consolidation, especially with LIC contemplating strategic stakes for entry into the segment, which could reshape the competitive landscape. Highlighting the segment's potential, Niva Bupa's upcoming IPO is set against a backdrop of a USD 675.6 million gross written premium for FY 2024, marking an impressive 41.27% CAGR over two years and signaling robust growth opportunities in the health insurance market.

Geography Analysis

In 2024, West India accounted for 23.3% of India's property and casualty insurance market premiums, bolstered by Mumbai's dynamic financial ecosystem and its diverse industrial base. With heightened awareness, insurers are now leveraging risk-based pricing, as seen with a 3% uptick in property rates in Q4 2024, despite soaring reinsurance costs. The region's multinational presence and intricate supply chains fuel a consistent demand for cyber solutions and directors' and officers' liability coverage. South India thrives on the back of tech hubs in Bengaluru and Hyderabad, alongside automotive clusters near Chennai. With a high level of digital readiness, the region is piloting direct-to-consumer portals and telematics-driven motor products. Moreover, ongoing infrastructure corridors and port expansions are invigorating demand for marine and engineering insurance lines.

North India reaps the benefits of expansive agricultural insurance schemes and government-backed health initiatives. Yet, premium growth is sensitive to pricing, a reflection of the region's relatively modest disposable income levels. The region's reliance on government-sponsored programs highlights the need for private insurers to innovate affordable products tailored to rural and semi-urban populations. Additionally, the region's large population base offers significant untapped potential for microinsurance products, which could drive future growth if effectively implemented.

Meanwhile, Central India is gaining momentum due to its burgeoning industrial corridors and logistics parks, which are amplifying the demand for commercial insurance. An uptick in climate-related exposures further bolsters this demand. The region's strategic location as a logistics hub, coupled with increasing investments in warehousing and transportation infrastructure, is creating opportunities for insurers to expand their portfolios. Furthermore, the rise in climate-related risks, such as floods and extreme weather events, is pushing businesses to seek comprehensive coverage, thereby contributing to the region's premium growth.

East India presents a mixed bag: While Kolkata upholds a longstanding insurance tradition, its neighboring states grapple with slower economic growth. However, the tourism boom in Odisha and Bihar is driving a heightened demand for travel and hospitality insurance. The region's cultural and natural attractions are drawing both domestic and international tourists, creating a niche market for insurers to offer tailored travel policies. Starting from a modest base, North-East India is on a growth trajectory, boasting the highest CAGR of 6.50% projected to 2030. This surge is attributed to aggressive financial inclusion drives and mobile distribution channels reaching hitherto untapped markets. Notably, IRDAI's literacy initiatives in Tripura, targeting 100% financial awareness, hint at a promising future for premium growth. The region's unique geographical challenges, including remote locations and limited infrastructure, are being addressed through innovative mobile-based solutions, enabling insurers to penetrate deeper into underserved areas.

Competitive Landscape

The top five players account for close to the majority of total gross written premiums, indicating a moderately concentrated yet competitive environment. Public-sector insurers leverage extensive networks and government backing, ensuring stability and widespread reach. Private insurers, on the other hand, focus on enhancing operational efficiencies through data-driven strategies, enabling them to remain competitive. Meanwhile, digital-only challengers are disrupting the market by rapidly scaling their operations with agile and technology-driven cores, targeting niche customer segments. In 2024, ICICI Lombard, Bajaj Allianz, and New India Assurance topped the profitability charts, posting net profits of USD 231.3 million, USD 186.7 million, and USD 136.1 million, respectively.

Following the FDI ceiling increase to 100%, foreign participation surged, highlighted by Zurich’s USD 670 million investment in Kotak General Insurance. This move reflects growing confidence in the Indian insurance market's potential. Allianz’s upcoming joint venture with Jio Financial underscores the merging realms of insurance and digital platforms, signaling a shift toward integrated financial ecosystems. Key technology focuses include AI-driven underwriting, which enhances risk assessment accuracy, blockchain for claims automation to improve transparency and efficiency, and IoT for real-time risk monitoring, enabling proactive risk management.

Insurers are forging ecosystem partnerships to strengthen their value propositions. Collaborations with hospitals aim to expand cashless health services, improving customer convenience and satisfaction. Partnerships with EV manufacturers focus on offering bundled motor and battery coverage, addressing the growing demand for electric vehicles. This evolution from product-centric to platform-oriented competition is reshaping customer expectations, driving insurers to invest in interconnected and customer-centric value propositions that align with the broader digital transformation of the industry.

India Property And Casualty Insurance Industry Leaders

  1. New India Assurance Co. Ltd.

  2. ICICI Lombard General Insurance

  3. Bajaj Allianz General Insurance

  4. HDFC ERGO General Insurance

  5. United India Insurance

  6. *Disclaimer: Major Players sorted in no particular order
Market Concentration
Image © Mordor Intelligence. Reuse requires attribution under CC BY 4.0.
Need More Details on Market Players and Competitors?
Download PDF

Recent Industry Developments

  • June 2025: An Air India crash leads to insurance claims nearing USD 475 million, highlighting the volatility in aviation coverage. This incident underscores the financial risks associated with aviation insurance and the challenges insurers face in managing such high-value claims.
  • April 2025: TATA AIG launches Medicare Select, aiming to boost Tier-2 and Tier-3 markets' share to 35% of health premiums by 2027. The product is designed to cater to the specific healthcare needs of these regions, reflecting the company's strategy to expand its footprint in underserved markets.
  • March 2025: LIC intensifies discussions to secure a major stake in an independent health insurer. This move aligns with LIC's broader strategy to diversify its portfolio and strengthen its presence in the growing health insurance market.
  • March 2025: Allianz partners with Jio Financial, sealing a preliminary deal for a health and general insurance venture in India. This collaboration aims to leverage Allianz's global expertise and Jio Financial's extensive local network to tap into India's expanding insurance market.
  • March 2024: New India Assurance and Niva Bupa each invest USD 0.60 million into Bima Sugam India Federation, sparking governance debates. The investment raises questions about the federation's operational transparency and the role of key stakeholders in decision-making processes.

Table of Contents for India Property And Casualty Insurance Industry Report

1. Introduction

  • 1.1 Study Assumptions & Market Definition
  • 1.2 Scope of the Study

2. Research Methodology

3. Executive Summary

4. Market Landscape

  • 4.1 Market Overview
  • 4.2 Market Drivers
    • 4.2.1 Rising motorisation & mandatory third-party cover
    • 4.2.2 Government?funded health schemes expanding non-life pool
    • 4.2.3 Digital-first insurtech distribution lowering CAC
    • 4.2.4 Climate-related catastrophe awareness driving property cover
    • 4.2.5 100 % FDI cap-lift unlocking foreign capital & expertise
    • 4.2.6 IRDAI ‘Insurance for All 2047’ sandbox & micro-product push
  • 4.3 Market Restraints
    • 4.3.1 Persistent price competition keeps combined ratios high
    • 4.3.2 Low penetration in Tier-3/4 towns limits scale
    • 4.3.3 Under-pricing of emerging cyber risks
    • 4.3.4 Limited domestic reinsurance capacity for NatCat events
  • 4.4 Value / Supply-Chain Analysis
  • 4.5 Regulatory Landscape
  • 4.6 Technological Outlook
  • 4.7 Porter's Five Forces Analysis
    • 4.7.1 Threat of New Entrants
    • 4.7.2 Bargaining Power of Buyers
    • 4.7.3 Bargaining Power of Suppliers
    • 4.7.4 Threat of Substitutes
    • 4.7.5 Competitive Rivalry

5. Market Size & Growth Forecasts

  • 5.1 By Line of Business (Value)
    • 5.1.1 Motor Insurance
    • 5.1.2 Property & Fire Insurance
    • 5.1.3 Crop Insurance
    • 5.1.4 Marine Insurance
    • 5.1.5 Liability Insurance
    • 5.1.6 Engineering Insurance
    • 5.1.7 Travel Insurance
  • 5.2 By Customer Type (Value)
    • 5.2.1 Individuals
    • 5.2.2 Micro, Small & Medium Enterprises (MSMEs)
    • 5.2.3 Large Corporates
    • 5.2.4 Government & Public Sector Entities
  • 5.3 By Distribution Channel (Value)
    • 5.3.1 Agency Networks
    • 5.3.2 Bancassurance
    • 5.3.3 Brokers
    • 5.3.4 Direct In-house Sales
    • 5.3.5 Digital / Web Aggregators
    • 5.3.6 Affinity & Partnership Channels
  • 5.4 By Insurance Provider Type (Value)
    • 5.4.1 Public-Sector General Insurers
    • 5.4.2 Private-Sector General Insurers
    • 5.4.3 Stand-alone Health Insurers
    • 5.4.4 Digital-only Insurers
  • 5.5 By Region – India (Value)
    • 5.5.1 North India
    • 5.5.2 South India
    • 5.5.3 East India
    • 5.5.4 West India
    • 5.5.5 Central India
    • 5.5.6 North-East India

6. Competitive Landscape

  • 6.1 Market Concentration
  • 6.2 Strategic Moves
  • 6.3 Market Share Analysis
  • 6.4 Company Profiles (includes Global level Overview, Market level overview, Core Segments, Financials as available, Strategic Information, Market Rank/Share for key companies, Products & Services, and Recent Developments)
    • 6.4.1 New India Assurance Co. Ltd.
    • 6.4.2 ICICI Lombard General Insurance
    • 6.4.3 Bajaj Allianz General Insurance
    • 6.4.4 HDFC ERGO General Insurance
    • 6.4.5 United India Insurance
    • 6.4.6 Oriental Insurance
    • 6.4.7 SBI General Insurance
    • 6.4.8 Tata AIG General Insurance
    • 6.4.9 Reliance General Insurance
    • 6.4.10 Cholamandalam MS General
    • 6.4.11 Kotak Mahindra General
    • 6.4.12 IFFCO-Tokio General
    • 6.4.13 Future Generali India Insurance
    • 6.4.14 Bharti AXA General (now ICICI Lombard)
    • 6.4.15 Royal Sundaram General
    • 6.4.16 Go Digit General Insurance
    • 6.4.17 ACKO General Insurance
    • 6.4.18 Liberty General Insurance
    • 6.4.19 Magma HDI General Insurance

7. Market Opportunities & Future Outlook

  • 7.1 White-space & Unmet-need Assessment
You Can Purchase Parts Of This Report. Check Out Prices For Specific Sections
Get Price Break-up Now

India Property And Casualty Insurance Market Report Scope

Property and casualty (P&C) insurance safeguards policyholders' assets, encompassing homes, vehicles, and personal belongings. It extends to liability coverage, protecting individuals held legally accountable for accidents resulting in injury or property damage. This report delves into an in-depth examination of India's property and casualty insurance market, encompassing market dynamics, segment trends, future market projections, and product insights. Additionally, it scrutinizes the prominent players and competitive landscape within India's property and casualty insurance industry.

The Indian property and casualty insurance market is segmented by product type and distribution channel. By product type, the market is segmented into fire, marine, aviation, engineering, motor, liability, and other product types. By distribution channel, the market is segmented into direct businesses, agents, banks, brokers, micro-insurance agents, and other distribution channels. The report offers market sizes and forecasts in terms of value (USD) for all the above segments.

By Line of Business (Value) Motor Insurance
Property & Fire Insurance
Crop Insurance
Marine Insurance
Liability Insurance
Engineering Insurance
Travel Insurance
By Customer Type (Value) Individuals
Micro, Small & Medium Enterprises (MSMEs)
Large Corporates
Government & Public Sector Entities
By Distribution Channel (Value) Agency Networks
Bancassurance
Brokers
Direct In-house Sales
Digital / Web Aggregators
Affinity & Partnership Channels
By Insurance Provider Type (Value) Public-Sector General Insurers
Private-Sector General Insurers
Stand-alone Health Insurers
Digital-only Insurers
By Region – India (Value) North India
South India
East India
West India
Central India
North-East India
By Line of Business (Value)
Motor Insurance
Property & Fire Insurance
Crop Insurance
Marine Insurance
Liability Insurance
Engineering Insurance
Travel Insurance
By Customer Type (Value)
Individuals
Micro, Small & Medium Enterprises (MSMEs)
Large Corporates
Government & Public Sector Entities
By Distribution Channel (Value)
Agency Networks
Bancassurance
Brokers
Direct In-house Sales
Digital / Web Aggregators
Affinity & Partnership Channels
By Insurance Provider Type (Value)
Public-Sector General Insurers
Private-Sector General Insurers
Stand-alone Health Insurers
Digital-only Insurers
By Region – India (Value)
North India
South India
East India
West India
Central India
North-East India
Need A Different Region or Segment?
Customize Now

Key Questions Answered in the Report

What is the current size of the India property and casualty insurance market?

The market stands at USD 37.32 billion in 2025 and is projected to reach USD 49.43 billion by 2030.

Which line of business holds the largest India property and casualty insurance market share?

Motor insurance leads with a 38.2% share in 2024, supported by mandatory third-party coverage reforms.

How fast is the liability segment expected to grow?

Liability insurance is forecast to expand at an 8.00% CAGR between 2025 and 2030.

Which distribution channel is growing the quickest?

Digital / web aggregators exhibit the highest 9.34% CAGR due to mandatory e-policy issuance and lower acquisition costs.

Why is North-East India the fastest-growing regional market?

Financial inclusion drives, improving connectivity, and IRDAI literacy campaigns are lifting penetration, resulting in a 6.50% CAGR to 2030.

How does the new 100% FDI cap affect competition?

The cap allows foreign insurers to establish wholly owned subsidiaries, injecting capital and technology and intensifying competitive dynamics across segments.

India Property And Casualty Insurance Market Report Snapshots