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India Motor Insurance - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2020 - 2029- Product Image

India Motor Insurance - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2020 - 2029

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  • February 2024
  • Region: India
  • Mordor Intelligence
  • ID: 5616660
  • Description

Table of Contents

  • Companies Mentioned

Methodology

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India Motor Insurance Market Trends

Increasing automobile sales witnessing upward trend of india motor insurance market, online insurance will witness new growth avenue in coming future., india motor insurance industry overview, additional benefits:.

  • The market estimate (ME) sheet in Excel format
  • 3 months of analyst support

Companies Mentioned (Partial List)

A selection of companies mentioned in this report includes, but is not limited to:

  • Lombard General Insurance
  • Bajaj Allianz General Insurance
  • Tata AIG General Insurance
  • HDFC ERGO General Insurance
  • New India Assurance Co Ltd
  • India Insurance
  • The Oriental Insurance Co Ltd
  • Bharati AXA General Insurance
  • Reliance General Insurance
  • IFFCO Tokio General Insurance
  • Other Key Players*
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India Motor Insurance Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

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 the Indian Motor Insurance Market in Revenue Value (USD) for all the Above Segments.

  • India Motor Insurance Market Size

Indian Motor Insurance Market Outlook

Study Period 2020-2029
Base Year For Estimation 2023
Market Size (2024) USD 11.96 Billion
Market Size (2029) USD 19.48 Billion
CAGR (2024 - 2029) 10.25 %
Market Concentration Low

Need a report that reflects how COVID-19 has impacted this market and its growth?

India Motor Insurance Market Analysis

The India Motor Insurance Market size in terms of gross written premiums value is expected to grow from USD 11.96 billion in 2024 to USD 19.48 billion by 2029, at a CAGR of 10.25% during the forecast period (2024-2029).

A growing population of 1.38 billion and the soaring aspirations of India’s populace present the opportunity for motor insurance companies to tap large volumes of prospective consumers. Driven by a pick-up in health and motor insurance segments, the non-life insurance industry has grown by 16% in the current year compared to 11% in the previous year. India's motor insurance market is experiencing rapid growth, driven by a dynamic automotive sector. The country's economy is steadily expanding, resulting in an increase in disposable income and a growing preference for personal transportation. This has enabled India to become the fourth-largest automotive sales market in the world. Government initiatives such as FAME II, PLI Scheme for Semiconductor Manufacturing, and Advanced Chemistry Cell have further contributed to the growth of the automobile sector, which is, in turn, contributing to the insurance market's growth. As a result, India's motor insurance industry has registered a growth in non-life insurance premiums earned. Additionally, the use of Artificial Intelligence (AI), the Internet of Things (IoT), Machine Learning, and Telematics has risen exponentially, allowing companies to digitally transform their businesses and adapt to the changes in customer behavior.

Additionally, the pandemic expedited digital adoption, and most agents felt customers were more willing to use portals/apps post-pandemic. Further, the pandemic increased the insurance penetration rate and triggered awareness of insurance and demand for protection products.

  • India Motor Insurance Market Trends

Rise in Sales of Automobiles Indicates a Positive Growth of Motor Insurance Industry

The Indian automobile industry registered its highest-ever annual domestic passenger vehicle sales last year. Passenger vehicle sales were up 6 percent year-on-year, with Utility Vehicles (UVs) being the driving force. The total motor vehicle units sold in the country are 23 percent higher than the previous year. Major four-wheeler companies like Tata Motors, Kia India, and Toyota Kirloskar Motor recorded the highest growth in annual sales. The growth in sales numbers highlights the increasing demand for cars in India. Moreover, India overtook Japan as the world's third-largest light vehicle market last year, led by a strong surge in demand for personal mobility and last-mile deliveries post-pandemic. This increasing trend of automobile sales has risen in the India Motor Insurance Industry.

India Motor Insurance Market - Sales of Automobiles in India, by Type, in Millions, 2018 - 2023

Indian Motor Insurance is Propelled by Increase in Digitalization

The online insurance segment in India has t he most rapid growth in the Indian motor insurance market over the forecasted period. This is due to the ease of purchasing online insurance policies, the availability of discounts, offers, and plans from aggregators, and the increasing penetration of the internet, which has further contributed to the segment's growth. Additionally, the initiative the Insurance Regulatory And Development Authority took to allow insurers to carry out video-based customer service confirmations has also contributed to the expansion of the online insurance market.

Online marketplaces give Indian consumers a wide range of financial products so they can make informed decisions quickly without worrying about being scammed or misled. Insurance policies are especially appealing because online marketplaces give consumers all the necessary info, like mandatory deductibles and no-claim bonuses, claims settlement ratios, etc. Plus, most online marketplaces make it easy to pay for insurance policies with advanced digital payments. Consumers can pay for procedures with any digital payment, like debit cards, credit cards, digital wallets, or direct bank transfers. With cashback and payment plans, consumers can buy insurance policies on some of the best online marketplaces in India.

 India Motor Insurance Industry - Top Online Car Insurance Companies In India in 2023, by Claim Settlement Ratio (CSR) %

India Motor Insurance Industry Overview

The Indian Motor Insurance Market is highly competitive with major global players. The market has observed a competitive environment with multiple players holding a significant share. Some players include The New India Assurance Co. Ltd., HDFC ERGO General Insurance Company Limited, Tata AIG General Insurance Company Limited, Bajaj Allianz General Insurance Company Limited, and ICICI Lombard General Insurance Company Limited, among others. However, with technological advancement and product innovation, mid-size to smaller companies are increasing their market presence by securing new contracts and tapping new markets.

India Motor Insurance Market Leaders

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

*Disclaimer: Major Players sorted in no particular order

India Motor Insurance Market Concentration

India Motor Insurance Market News

  • February 2023: New India Assurance (NIA) launched a ‘Pay as You Drive’ (PAYD) policy, which offers a comprehensive motor insurance policy that charges a premium based on vehicle usage. The policy has two components- Third Party cover and own-damage cover.
  • June 2022: Edelweiss General Insurance introduced the country's first telematics-based motor insurance called 'SWITCH.' This on-demand policy generates a real-time driving score and dynamically rates the premium. Moreover, it detects motion and automatically activates insurance when the vehicle is driven, making it convenient and hassle-free for users.

India Motor Insurance Market Report - Table of Contents

1. INTRODUCTION

1.1 Study Assumptions and Market Definitions

1.2 Scope of Study

2. RESEARCH METHODOLOGY

3. EXCEUTIVE SUMMARY

4. MARKET INSIGHTS AND DYNAMICS

4.1 Market Overview

4.2 Market Drivers

4.2.1 Increase in Disposable Income and a Growing Preference for Personal Transportation

4.3 Market Restraints

4.3.1 Heavy Reliance on Independent Agents

4.4 Market Opportunities

4.4.1 Technology Adoption by the Insurance Companies

4.4.2 Government Initiatives can be Used to Expand the Horizons of the Sector

4.5 Insights on Zonal And State-wise Motor Insurance Business in India

4.6 Insights on Regulatory Trends Shaping the Market

4.7 Insight on Impact of Technology and Innovation in Motor Insurance Market

4.8 Porter's Five Forces Analysis

4.8.1 Bargaining Power of Suppliers

4.8.2 Bargaining Power of Buyer

4.8.3 Threat of New Entrant

4.8.4 Threat of Substitute Product

4.8.5 Intensity of Competitive Rivalry

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

4.10 Impact of COVID-19 on Market

5. MARKET SEGMENTATION

5.1 By Motor Insurance Type

5.1.1 Own Damage

5.1.2 Third Party

5.2 By Application

5.2.1 Commercial Motor Insurance

5.2.1.1 Light Weight Four Wheelers

5.2.1.2 Heavy Weight Four Wheelers

5.2.1.3 Other Commercial Motors

5.2.2 Private Motor Insurance

5.3 By Distribution Channel

5.3.1 Individual Agents

5.3.2 Brokers

5.3.3 Banks

5.3.4 Online

5.3.5 Other Distribution Channels

5.4 By State

5.4.1 Maharashtra

5.4.2 Tamil Nadu

5.4.3 Karnataka

5.4.4 Uttar Pradesh

5.4.5 Gujarat

5.4.6 Other States

6. COMPETITIVE LANDSCAPE

6.1 Company Profiles

6.1.1 Lombard General Insurance

6.1.2 Bajaj Allianz General Insurance

6.1.3 Tata AIG General Insurance

6.1.4 HDFC ERGO General Insurance

6.1.5 New India Assurance Co Ltd

6.1.6 India Insurance

6.1.7 The Oriental Insurance Co Ltd

6.1.8 Bharati AXA General Insurance

6.1.9 Reliance General Insurance

6.1.10 IFFCO Tokio General Insurance*

  • *List Not Exhaustive

7. FUTURE MARKETTRENDS

8. DISCLAIMER & ABOUT US

India Motor Insurance Industry Segmentation

Motor insurance is a form of insurance that provides financial protection for the owner of a vehicle, such as a car, truck, motorcycle, or other road vehicle. It is primarily intended to protect against bodily injury or damage caused by traffic accidents and any liability that may arise from incidents occurring within the vehicle. A complete background analysis of the India Motor Insurance Market, market overview, market size estimation for key segments, 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). 

The report offers market size and forecasts for the Indian motor insurance market in revenue value (USD) for all the above segments.

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

India Motor Insurance Market Research Faqs

How big is the india motor insurance market.

The India Motor Insurance Market size is expected to reach USD 11.96 billion in 2024 and grow at a CAGR of 10.25% to reach USD 19.48 billion by 2029.

What is the current India Motor Insurance Market size?

In 2024, the India Motor Insurance Market size is expected to reach USD 11.96 billion.

Who are the key players in India Motor Insurance Market?

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

What years does this India Motor Insurance Market cover, and what was the market size in 2023?

In 2023, the India Motor Insurance Market size was estimated at USD 10.73 billion. The report covers the India Motor Insurance Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the India Motor Insurance Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

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India Motor Insurance Industry Report

Statistics for the 2024 Motor Insurance India market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Motor Insurance India analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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  • India Motor Insurance News

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JOURNAL FOR LAW STUDENTS AND RESEARCHERS

ISSN[0] : 2582-306X

THIRD-PARTY RISKS UNDER THE MOTOR VEHICLE INSURANCE IN INDIA: A CRITICAL LEGAL ANALYSIS by Tauseef Jawed & Simran Surana

Author: Tauseef Jawed, Student at School of Law, Alliance University, Bengaluru

Co-Author: Simran Surana, Student at School of Law, Alliance University, Bengaluru

Insurance is a contract between the indemnifier and the indemnified, where the indemnifier agrees to share the risks of the indemnified as per the terms of their contract in lieu of some consideration known as the premium amount. The Motor Vehicle Insurance is one of the most common types of Insurance, and the same is governed by the Motor Vehicle Act, 1939, and was recently amended in the year 2019. Under motor vehicles insurance, there is a concept called third-party risks, which denotes the risk of damage of either life or property of any person other than the parties to the Insurance contract. In India, third-party insurance has been mandated under the Motor Vehicle Act, 1939. One of the major reasons behind making third-party insurance mandatory for all motor vehicles was that to make sure that in case of an accident, if any third-party has been injured and the owner or driver of the vehicle does not have adequate wealth to compensate the injured third person, then the insurance company shall compensate them, besides this, it also aims to compensate the innocent victim of the road accident, who are at times walking pedestrians. This research paper attempts to analyze various contours of the third-party risks and liabilities in India, with reference to the related provisions under the Motor Vehicle Act, 1939. The Act was amended in the year 2019, and a number of changes were brought to the Act with an ultimate aim to make sure that the traffic rules and regulations are properly followed, an increase in penalties and also to make provisions for compensation to the victims of road accidents. The Act instructs the union government to establish Motor Vehicles Accident Fund for providing compulsory insurance to all drivers of India.

Keywords: Insurance, Indemnifier, Indemnified, Third-party, Risks.

research paper on motor insurance in india

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A Study on Customer Awareness on Car Insurance Policies with Special Reference to

Profile image of IJIRST - International Journal for Innovative Research in Science and Technology

Purpose: The purpose of this study is to understand the customer awareness on car insurance policies with special reference to United India Insurance with the important element to improve the customer awareness towards insurance policies based on literature review and case study of successful vehicle Insurance Company. This study mainly focused on customer's awareness and satisfaction level on the car insurance policies offered by the company. Research Design: This research study is mainly based on the method of probability sampling with random sampling techniques, this research study is conducted within shivamogga city with the sample size of 150 respondents from the Primary data which is collected through structured questionnaire as a sample tool for the information's assembly, secondary data is collected by the magazine, journals of the marketing, articles and books, Findings: From the study came to know that respondents or policy holders are not aware about the terms and conditions, procedures of claiming during the time of damage or loss of the insurance policy offered by the company. Results: United India Insurance Corporation is a well-known insurance organization in the field of vehicle insurance Business which is a leading insurance sectors in providing service to the customers and customers are well satisfied with the price of the insurance policies offered by the united India insurance organization to the customers. Conclusion: From this study it is cleared that most of the policy holders are not aware about the procedures, terms and conditions, policies premium calculation procedure based on vehicle ID value, age, model etc. The concept of car insurance policies is very much needed aspects to the people who have owned a car, having car insurance policies makes the customers feel protected from the loss or damage if caused by the accident.

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The primary purpose of vehicle insurance is to cover the vehicle against damage, personal injury, and third-party liability. In addition to this, some insurance companies also provide value-added services such as roadside assistance and other services in return of the amount called as premium which attracts a large number of customers. However, our study shows that vehicle owners give maximum importance to the cost of insurance in terms of the annual premium. Primary data has been collected through questionnaire and analysed to ascertain about the factors responsible for taking out vehicle insurance, choice between private and public sector insurance companies, preferred insurance companies among the major players in the field, factors that play a role in the customers' choice of a particular insurance company, customers' opinion about the affordability of the premium to be paid, customers' satisfaction with their chosen company, whether customers consider fast and efficient service as a deciding factor, and whether the brand value of the company plays a role in the customers' choice.

Turkish Online Journal of Qualitative Inquiry (TOJQI) Volume 12, Issue 2, March 2021: 801-815

veera venkat satyanarayana penumarthi

An effort is being made in this study to show how Vijayawada customers see insurance services. Respondents to a five-point Likert scale questionnaire were used to compile the data for this research. More than 377 people were surveyed to determine their degree of knowledge and attitude about insurance services. According to a new study, Vijayawada customers' perceptions about insurance services are strongly influenced by socioeconomic and demographic factors. Insurance businesses in Vijayawada may use the results of this research as a basis for developing marketing plans that include socio-demographic and economic factors.

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The journey of new India Insurances scheme has stated 17th century England. Insurances are the co– operative device who distribute the loss caused by a particular risk.When any insurances company face any types of mismanagement, they should look for a market for that policy instead of constantly lying to the public or with their clients. Market competition brings decrease in price of the insurances company and increase in the quality but customer play their part according to their views. In the unpredictable society insurances paly a secure part but customers face many other problems. In this paper we will discussed about the problems faced by the customers and also their reasons why many people don’t have faith in the insurances company. The paper is focused on the problems faces by the customer in insurances sector.

Pranjal Bezborah

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the present study analyzes the attitudes of policyholders of Life Insurance Corporation of India with special reference to Tiruchirappalli district, the data were collected and analysed as per the requirement of the study. The primary data were collected from the respondents through interview schedule in June 2011 to March 2012. The study has adopted proportionate stratified random sampling method for selecting 500 respondents. The results revealed the fact that the factors, age, education, marital status, family size, number of earning members, income and awareness have influenced the level of attitude of the policyholders. Whereas the factors like sex, occupation and patronage mentality did not influence the level of attitude.

IP innovative publication pvt ltd

IP Innovative Publication Pvt. Ltd.

With the increase in risk there is need of insurance to bear the losses. Insurance is the instrument used as the financial protection against various contingency. This paper examines the customer perception towards the General Insurance. A study had been conducted at Gwalior region with the sample of 200 respondents to find out the perception of the customer (policyholders). In this context, the respondents’ opinion on the various related statements were collected with a 5 point scaling. Reliability, Factor analysis, multivariate technique had been applied on the data. The result concluded that loyalty, transparency, proficiency, reliable and convenient services are the five factors from the 18 statements on the basis of the expectation of the customers. This study signifies that various customer had different expectation from the insurance company in the studied area.

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Technology trends transforming the motor insurance sector in India

The Indian insurance industry is undergoing technological transformation. Technology in the insurance sector is changing the ecosystem not only in scaling up, but also in its fundamental aspects. The digital-first business model is the end result of firms leveraging data and technology more than ever before, assessing new business models and profits streams powered by new technology. For both the insurer and the insured, advanced insurance technology is now an integral part of the industry.

Today's consumers have extra complicated needs and are more informed and conscious of their preferences than ever before. They want customized offers and personalised communications that lead insurers to digitise their services and optimize all communications.

The business ecosystem is evolving with the rapid emergence of new technologies such as artificial intelligence (AI) and the Internet of Things (IoT), and established companies in the market are adopting strategies to enable their businesses to digitally transform. The application of any emerging technology is a top-down exercise for the industry, beginning from assessing new age technology adoption to changes in customer behaviour, the insurance company must lead the show and usher in the digital transformation.

The insurance industry in India has adapted to many developments, changes and trends such as:

Artificial Intelligence (AI): Consumers are continuously seeing for customised experiences, especially when buying for something as important as insurance. AI enables insurers to build these unique experiences in reaction to the high-speed demands of new consumers.

With AI, insurers can enhance claims processing cycles and essentially change the underwriting process. AI also assists insurers to access data faster and remove the human element, resulting in more accurate reporting over shorter time frames.

Machine learning: Machine learning can not only improve complaint handling; however, can automate it. When files are digital and accessible via the cloud, they can be examined using pre-programmed algorithms, enhancing processing speed and accuracy. This automatic review can be applied for policy administration and risk assessment.

In addition, advances in ML (Machine Learning) allow current operators to systematise progressively more complex tasks, in particular by responding to all forms of customer requests. Machine learning is gradually being used to identify fraud, process automatic small claims payments and provide self-service digital damage assessments.

Telematics: The capabilities of Telematics will remain to influence auto insurance. It is wearable technology for cars as utilized in insurance technology. Cars are outfitted with monitoring equipment that assist in measuring various parameters such as speed, location and accident data. This data is then verified and processed using analysis software which in turn establishes the policy premium. The use of telematics has numerous benefits for both insurers and policyholders. It promotes better driving behaviour that is directly proportional to lower damage costs for insurers. Additionally, it facilitates companies to better assist their customers and add proactivity in relationships.

Chatbots: According to some reports, by 2025, 95% of all consumer interactions will be powered by chatbots. Effective use of AI and machine learning permits chatbots to communicate transparently with customers, saving everyone’s time in an organisation. This further helps in decreasing costs for insurance companies. A bot can assist a customer go through a policy request or complaint process, while keeping human intervention only in complex cases.

IoT: Most consumers are eager to share supplementary personal information if it means saving money on their insurance policies and the Internet of Things (IoT) can computerize much of this data exchange. Insurers can use data from IoT devices, such as the numerous elements of smart homes and wearable technologies, to better regulate prices, alleviate risk and even avert losses. The IoT will offer other insurance technologies with first-hand data, improving risk assessment accuracy and giving policyholders more power to directly influence the pricing of their policies.

Technology as a constructive influence in the auto insurance industry:  The future of insurance lies in the digitisation of processes, making them seamless for insurance agents and customers. The introduction of the IRDAI (Regulatory Sandbox) by the Insurance Regulatory and Development Authority specifies the government's vision to look into digitisation as the future of the sector. The regulation will generate an environment conducive to experimentation with insuretech solutions. Digitisation will also improve insurance penetrate in the semi-urban and rural segments of India over the next five years.

Swatch Bharat

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A Critical Analysis of the Motor Vehicle (Amendment) Act, 2019. Changes, Implementation and Effects Thereof

43 Pages Posted: 14 Apr 2020 Last revised: 8 May 2020

Date Written: October 14, 2019

Among all countries, India leads the chart with the highest numbers of deaths due to road traffic related accidents. Road traffic related accidents are the sixth leading cause in India, where every year more than seven million Indian suffer in traffic related accidents from deaths, serious accidents and simple injuries. Despite being a major public health issue that affects the most vulnerable as well as the most productive section of the society. The annual cost of traffic accidents in India stands at 2 percent of the GDP. This paper discusses how the governments Motor Vehicles Act 2019; an informed and multi-sectoral approach backed by strong willed commitment to increasing road safety and reducing accidents will bring substantial changes and will also study the effects of implementation of new regulations.

Keywords: Road Safety, Accidents, Deaths, Motor Vehicles Act 2019

Suggested Citation: Suggested Citation

Ninad Shah (Contact Author)

Gnlu ( email ).

Attalika Avenue Knowledge Corridor Koba, 382007 India

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Claim Adjusters' Enforcement and Claimant's Liability: A Study of Car Insurance Cover and Policy in Perspective of the Motor Vehicle Insurance Act in India

  • In book: https://www.ijlmh.com/publications/volume-v-issue-iv/ (pp.632-650)
  • Publisher: https://www.ijlmh.com/

Jayshree Singh at Bhupal Nobles' University, Udaipur, Rajasthan, India

  • Bhupal Nobles' University, Udaipur, Rajasthan, India

Salvatore Tolone Azzariti at Woxsen University

  • Woxsen University

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    India's insurance penetration is lower in both life and non-life insurance sectors compared to advanced countries. In 2017, insurance penetration was 11.6 per cent in South Korea, 9.6 per

  2. Motor Vehicle Insurance Industry in India: A Review

    Motor Vehicle Insurance Industry in India: A Review. July 2023. DOI: 10.1002/9781394167944.ch2. In book: The Impact of Climate Change and Sustainability Standards on the Insurance Market (pp.23-40 ...

  3. PDF A Study on Factors Influencing Motor Insurance In India

    insurance services especially in India. Motor insurance had its first phase in the United Kingdom in the beginning part of the last century. The initial motor car was introduced in England in the year 1894. The earliest motor insurance policy was established in the year1895 to cover up third party liabilities (Bashir I et al. 2013). However, by ...

  4. Motor Vehicle Insurance Industry in India

    This article examines methods for achieving targeted product advertising and regionally-specific motor vehicle insurance (VMI) in India. The authors carried out this research based on reviewing some articles and some panel discussion that were experts on motor insurance. Secondary data has been taken from different sources of government cites ...

  5. (Pdf) Motor Insurance and Its Increasing Cost With Focus on Indian

    GROWTH OF MOTOR INS NSURANCE IN INDIA The insurance sec ector is a colossal one and is growing at a speed edy rate of 1015% .Together with banking serv ervices insurance service add about 7% to the country's co GDP. 338 International Journal of Mana nagement (IJM), ISSN 0976 - 6502(Print), IISSN 0976 - 6510(Online), Volume 3, Issue 2,, M ...

  6. A Study on Customer's Preference for Personal Vehicle Insurance

    of the motor insurance claim ... The secondary data is collec ted from various sources like ex isting research papers, ... (2015). Factors affecting auto insurance in India. Indian Journal of ...

  7. PDF Role of Telematics in Motor Insurance: a Way Forward

    Pareek, Manoj Kumar Pandey, Pratik Priyadarshi, 2020 in their research paper titled. 'Emerging technologies enabling the digital transformation of motor insurance in India', found that data is very critical to decision-making and using technologies like telematics, machine learning & artificial intelligence, and insurers can draw better ...

  8. PDF Growth of Vehicle Car Insurance in India from (2005 -2013)

    Tushar Rathorea, aSymbiosis Institute of Management Studies, Pune, Email: [email protected]. The paper deals with the growth of vehicle car insurance in India from 2005 -2013. There has been a tremendous growth in India during this period. The insurance market premium amount, claim settlement amount and market share capital area has been ...

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  10. PDF India's insurance market: poised for rapid growth

    6.7% in the 10 years to 2032. India is set to become the world's sixth. ance markets in the world, and we. orecast that itlargest insurance. market by 2032.will be the sixth largest by 2032. ominal local currency terms. 9% per annum in realterms) over the next decade. We f. cast that life insurance premiums will grow by 9%annually (in real ...

  11. India Motor Insurance Market

    The India Motor Insurance Market is expected to reach USD 11.96 billion in 2024 and grow at a CAGR of 10.25% to reach USD 19.48 billion by 2029. The New India Assurance Co. Ltd., HDFC ERGO General Insurance Company Limited, Tata AIG General Insurance Company Limited, Bajaj Allianz General Insurance Company Limited and ICICI Lombard General Insurance Company Limited are the major companies ...

  12. Third-party Risks Under the Motor Vehicle Insurance in India: a

    The Motor Vehicle Insurance is one of the most common types of Insurance, and the same is governed by the Motor Vehicle Act, 1939, and was recently amended in the year 2019. ... In India, third-party insurance has been mandated under the Motor Vehicle Act, 1939. ... This research paper attempts to analyze various contours of the third-party ...

  13. PDF India's insurance sector: challenges and opportunities

    FCs are broadening the reach of the sector (IBEF, 2019). Among the 24 life insurers currently operating in the Indian market, the Life Insur. nce Corporation (LIC) is the sole public sector company. Motor, health, and crop insurance segme. ts are driving growth in the non-life insurance segment. Among the 35.

  14. Cover Policy in Perspective of the Motor Vehicle Insurance Act in India

    Academia.edu is a platform for academics to share research papers. Cover Policy in Perspective of the Motor Vehicle Insurance Act in India (PDF) Cover Policy in Perspective of the Motor Vehicle Insurance Act in India | Jayshree Singh - Academia.edu

  15. (PDF) A Study on Customer Awareness on Car Insurance ...

    Motor insurance contributes to one third of the premium income for the General Insurance industry in India. The growth of the economy and consequently, the standard of living of the people, further supported by the increased choice for the customer and entry of large number of automobile players led to a sharp increase in motor insurance.

  16. Technology trends transforming the motor insurance sector in India

    Digitisation will also improve insurance penetrate in the semi-urban and rural segments of India over the next five years. Technology trends renovating the Indian motor insurance sector with the rapid emergence of new-age technology such as Artificial Intelligence (AI) and the Inter.

  17. PDF A Study on Performance of Insurance Industry in India

    In the study carried out by Ellis et.al (2000), on a myriad of different health insurance policies available in. atmosphere and the only way for t. is to happen is forinsurance market to be opened up. The study carried. ut by Aubu (2014) contrasted the marketing strategiesused by public and private entities for the purpo.

  18. An Analytical Study of Indian General Insurance Companies

    Sakharam, Kasar Umesh. (2021).An analytical study of growth of life insurance in India (2016-2019), International Journal of Emerging Technologies and Innovative Research (www.jetir.org), ISSN ...

  19. PDF A Study of Customer Satisfaction on Motor Insurance Policies

    types of insurance for road transport vehicles. In India, it is mandatory to own a motor insurance policy for any type of vehicle and driving a vehicle without a valid insurance plan is a punishable offence as per the Motor Vehicles Act, 1988. A certificate of insurance will be issued apart from the policy by the insurer according to Rule 141 ...

  20. A Critical Analysis of the Motor Vehicle (Amendment) Act, 2019 ...

    Abstract. Among all countries, India leads the chart with the highest numbers of deaths due to road traffic related accidents. Road traffic related accidents are the sixth leading cause in India, where every year more than seven million Indian suffer in traffic related accidents from deaths, serious accidents and simple injuries.

  21. PDF The Motor Vehicle Act 1988: A Critical Evaluation

    The motor vehicle Act, 1988 contains 217 sec. and 14 chapters. In presen the motor vehicle Act (ammendment Bill) 2016 contains 223 sec. out of which Bill aims to amend 68 sections whereas chapter 10 has been deleted and chapter 11 is being replaced with new provision to simplify third party insurance claims and settlement process. II.

  22. MOTOR VEHICLE INSURANCE Research Paper

    The document provides an overview of motor insurance history and the motor insurance industry in India. It discusses how motor insurance first began in the UK in the late 19th century and was introduced in India in 1939 with the passing of the Motor Vehicles Act. It then covers the growth of the motor insurance sector in India, which now ...

  23. Claim Adjusters' Enforcement and Claimant's Liability: A Study of Car

    Claim Adjusters' Enforcement and Claimant's Liability: A Study of Car Insurance Cover and Policy in Perspective of the Motor Vehicle Insurance Act in India July 2022 DOI: 10.10000/IJLMH.113340