Expanding
fleet of car 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. Automotive insurance is generally a contract between vehicle
owner and insurance company, protecting 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 inspection of the vehicle. Also, if the insurance is not
renewed in 90 days, customer might lose claim to no claim bonus.
Browse
market data Figures and Tables spread through Pages and an in-depth TOC on "India Car Insurance Market"
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, market can be bifurcated into third party insurance and comprehensive insurance. Third
party insurance accounted for major market share in 2018 due to low cost when
compared with comprehensive insurance. However, 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 part liabilities and damage done to 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 joint venture between Tata Group
and American International Group and Bajaj Allianz is a joint venture between
Bajaj Finserv Ltd. and Allianz SE.
Customers can also
request for 10% free customization on this report.
“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 online presence and increase customer base. Moreover,
influence of IoT and bigdata is set to transform insurance market as the market
would start offering Usage Based Insurance (UBI), which is based on the driving
pattern of driver. 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 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.
Browse Related Report
India Credit Card Market By Type (General Purpose & Private
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Credit Score (Less than 300; 301-600; 601-670; 671-740; & Above 740), By
Credit Limit (Upto 25 K; 25-50K; 51k-2L; & 2-5L), By Card Type (Standard;
Silver; Gold; Platinum; & Signature), By Benefits (Cashback; Voucher; &
Others), Competition Forecast & Opportunities, 2014-2024
Contact
Mr. Ken Mathews
708 Third Avenue,
Manhattan, NY,
New York – 10017
Tel: +1-646-360-1656
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