India's automobile insurance industry is expected to expand at a rate of double-digit CAGR over the forecast time frame because of rising sales of cars driven by the increasing disposable income as well as the launch of various low-cost models across the country. Every vehicle that is built under the Motor Vehicle Act must be covered by at least third-party liability insurance which is expanding the market for car insurance across the nation. Another reason behind the expanding market for insurance for cars is the rising number of road accidents resulting from an increase in traffic. Here, we will discuss the India Car Insurance Market Forecast, Growth, and size in 2027.
India the market for car insurance could be classified based on the vehicle type and type, as well as source premium type, and regions. Regarding the type of vehicle market, it can be divided into used cars and new cars. New cars dominated the market in 2019, however, the market share for used vehicles is predicted to grow over the coming years due to the increasing popularity of used vehicles due to their low cost and increased mileage.
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In terms of kind of insurance, the third party is the main segment because of its low cost. But, it cannot protect against any damage to the vehicle of one's own. Comprehensive insurance is more than liability insurance. It will cover the damages done to other vehicles as well as the vehicle of one's own from natural catastrophes and traffic accidents.
A few of the companies that operate in India insurance for cars 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, Future Generali India Insurance and many more. Insurance companies are now focused on providing various add-on insurance plans based on requirements and making sure that claims are easy to process in order to increase the market shares they hold.
The years considered for the report
- Historical Years: 2015-2018
- Base Year: 2019
- Estimated Year: 2020
- Forecast Period: 2021-2027
The objective of the Study:
- To study and forecast the size of India the car insurance market.
- To define and forecast India the car insurance market based on the vehicle type, source, premium type, and regional distribution.
- To identify the drivers and issues to India in the insurance market for cars.
- Examine the competitive landscape, like expansions and new products, launches mergers and acquisitions, etc. In India the insurance market for cars.
- To analyze and identify the competitive landscape of the top players operating in India the insurance market for cars.
- TechSci Research performed both primary as well as extensive secondary research to support this study. In the beginning, TechSci Research sourced a list of service providers in the United States. Then, TechSci Research conducted primary research surveys with these businesses. In the course of the interview, participants were also asked questions about their competition. By using this method, TechSci Research could include the service providers that were not recognized due to being unable to conduct secondary research. TechSci Research analyzed the service providers as well as distribution channels and the distribution channels of all major service providers in the United States.
- TechSci Research calculated the market size of India insurance for cars employing a bottom-up method that included data for different segments of the end-user that were recorded and forecasted for the upcoming years. TechSci Research sourced these values from industry experts and representatives of companies, and then externally verified them by analyzing the historical data for the various types of products and applications in order to arrive at an accurate, global market size. Numerous secondary sources, such as company websites and press releases, news articles annual reports as well as investor presentations along with financial documents were examined in TechSci Research.
Key Target Audience:
- Car insurance companies, and other stakeholders
- Consulting companies and research organizations.
- The government bodies, such as policymakers and regulating authorities, are also known as policymakers.
- Forums, organizations, and alliances that are related to the car insurance market
This study provides valuable information to industry stakeholders, including service providers, partners, end users, and other market participants. It also allows them to strategize investments and capitalize on market opportunities.
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