India Two Wheeler Insurance Market To Witness Double Digit CAGR During Forecast Period
Increasing
incidents of road accidents due to rise in traffic to drive India two wheeler
insurance market until 2024.
According
to TechSci Research report, “India Two Wheeler Insurance Market By Vehicle Type, By
Type, By Source, By Premium Type, Competition, Forecast & Opportunities,
2024”, India
two wheeler insurance market is expected to grow at a double-digit CAGR during
the forecast period. With sales of 26 million two wheeler in 2018, India is the
world’s largest two wheeler market. Rise in the number of vehicles is
contributing to increasing road accidents which is further driving the two
wheeler insurance market. Also, according to motor vehicle act, 1988, licensed
drivers need to have insurance of their vehicle, which would drive growth in
the market in the coming years. The coverage of insurance depends upon the type
of insurance. For example, liability coverage does not cover any damage to
one’s own vehicle in the case of an accident. What it does cover is any damage
done to other vehicles that one is legally obligated to cover. While,
comprehensive insurance covers damage done to one’s own vehicle along with
liability coverage.
Browse market data Figures and Tables spread
through Pages and an in-depth TOC on "India Two Wheeler 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 two wheeler
insurance market can be segmented based on vehicle type, type, source, premium
type and region. In terms of type, the market can be bifurcated into third
party insurance and comprehensive insurance. Third party insurance accounts for
major share in the market due to low cost when compared with comprehensive
insurance. In terms of source, insurance agency or broker occupied the majority
share in 2018; however, the trend is changing, insurance firms have now started
launching websites and offering services online which is expected to drive the
growth of online segment in the upcoming years.
Major companies offering two wheeler
insurance in India are 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 two wheeler
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.
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“India two-wheeler insurance market is expected to witness significant
growth in the forthcoming years on account of growing disposable income,
increasing cases of road accidents and surging number of two wheelers across
the country. Moreover, insurance companies are focusing on hassle free claim
settlements and offering two wheeler customized insurance plans based on the
needs of the customer, which is further propelling the growth of the two
wheeler insurance market in India.” said Mr. Karan Chechi, Research Director
with TechSci Research, a research based global management consulting firm.
“India Two Wheeler
Insurance Market By Vehicle Type, By Type, By Source, By Premium Type, Competition,
Forecast & Opportunities, 2024” has analyzed the potential of two wheeler 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 two wheeler
insurance market.
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