India Two Wheeler Insurance Market to Be Dominated By Motorcycle Segment During the Forecast Period
The growing number of
road accidents due to increased road traffic and strict government rules
regarding road safety are the leading factors driving the India two wheeler insurance
market during the projected period.
According to TechSci Research report, “India
Two Wheeler Insurance Market–By Region, Competition Forecast &
Opportunities, 2019-2029F,” the India two wheeler insurance market is
expected to grow at a faster rate during the forecast period. The two-wheeler
insurance market in India has expanded due to the growing sales as more and
more people are opting for bikes and scooters as their primary mode of
transportation. This has resulted in an increased demand for two-wheelers. With
the rise of digital platforms, buying insurance policies has become much easier
and more convenient. This has resulted in an increase in the number of policies
sold online, further fueling the growth of the two-wheeler insurance market in
India. Moreover, two wheeler insurance consumers have more options, customized
insurance coverage, and an easier insurance experience due to digital
platforms. Online two-wheeler insurance has transformed the market, providing
advantages to both users and insurance companies.
The Indian
government has made it mandatory for all two-wheelers on the road to have at
least a third-party insurance cover due to rising number of accidents. This has
led to a greater awareness among two-wheeler owners about the importance of
having insurance coverage to protect themselves against financial liabilities
which has increased the demand for two-wheeler insurance policies in India. Insurance
companies in India are offering comprehensive insurance policy, third party
insurance policy, standalone own damage policy for two-wheelers, which includes
protection against theft, damage, accident, natural calamities, manmade
disasters to both own and third party liabilities. This has made two-wheeler
insurance policies more attractive to customers.
With the rise
of digital platforms, buying insurance policies has become much easier and more
convenient and the insurance industry in India has witnessed a significant
shift towards online platforms. Many insurance companies now offer online
purchase and renewal of two-wheeler insurance policies. This has made the
process of buying and renewing policies more convenient and accessible for
customers. This has resulted in an increase in the number of policies sold
online, further fueling the growth of the two-wheeler insurance market in
India.
Additionally,
insurers can expand their customer base, lower costs, and enhance benefits via
digital platform. Insurance companies in India are offering comprehensive
coverage for two-wheelers, which includes protection against theft, damage, and
third-party liabilities. This has made two-wheeler insurance policies more
attractive to customers. The awareness about the importance of having
two-wheeler insurance is increasing in India. People are realizing the benefits
of having insurance and the risks associated with driving without it. This
presents an opportunity for insurance companies to educate people about the
benefits of insurance and create awareness about the various policies
available. With advancements in technology and data analytics, insurers can
offer personalized insurance policies based on the individual needs of the policyholder.
This presents an opportunity for insurers to differentiate themselves in the
market and attract customers who are looking for customized insurance
solutions. Thus, the demand for two-wheeler insurance has increased in India.
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The India two
wheeler insurance market is segmented based on vehicle type, type, source, application,
region and competitive landscape.
The market is
divided into scooters/mopeds,
motorcycle, electric two-wheeler based on vehicle type. The motorcycle
is dominating due to the high sales among consumers in India.
On the basis
of type, the market is segmented into third party insurance policy,
comprehensive insurance policy, standalone own damage policy. Among which
comprehensive insurance policy has dominated the India two wheeler insurance
market as it covers for not only third-party liabilities and losses but, also
covers for damages caused to an individual or its two wheeler.
Key market players in the India two
wheeler insurance market include:
- Bajaj Allianz General Insurance Company Limited
- Tata AIG General Insurance Company
Limited
- HDFC ERGO General Insurance Company
Limited
- Future Generali India Insurance Company
Limited
- The Oriental Insurance Company Ltd.
- Reliance General Insurance Co. Ltd.
- United India Insurance Company LTD.
- Cholamandalam MS General Insurance Co.
Ltd.
- GO DIGIT General Insurance Ltd.
- Kotak Mahindra Insurance Co. Ltd.
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“Throughout the projected period, the
demand for two-wheelers’ insurance is predicted to increase due to the growing
awareness about the benefits of having two-wheeler insurance, coupled with the
mandatory requirement and the rising number of accidents. Moreover, with the
increase in income levels, people are willing to spend more on insurance to
protect their assets. With the rising awareness of road safety, people are
realizing the importance of having two-wheeler insurance, thereby expanding 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 (Scooters/Mopeds, Motorcycle,
Electric Two-Wheeler), By Type (Third Party Insurance Policy, Comprehensive
Insurance Policy, Standalone Own Damage Policy), By Source (Insurance
Companies, Insurance Agents/Brokers, Banks, and Others (Insurtech Companies,
Third Party, etc.)), By Application (Personal Insurance, Commercial Insurance),
By Region, Competition Forecast & Opportunities, 2019-2029F,” has evaluated the future
growth potential of two wheeler insurance in the Indian market and provides
statistics and information on market structure, size, share, and future growth.
The report is intended to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities present in the India two wheeler insurance market.
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