India car insurance market is
anticipated to grow at a double-digit CAGR during the forecast period on
account of growing sales of car backed by growing disposable income and launch
of several low-cost models in the country. Every car based on the motor vehicle
act needs to be insured for at least third-party liability cover, thereby driving
the car insurance market in the country. Another reason for the growing market
of car insurance is surging incidents of road accidents due to rise in road
traffic.
India car insurance market can be
segmented based on vehicle type, type, source, premium type and region. In
terms of vehicle type, the market can be bifurcated into used car and new car.
New car segment dominated the market in 2019; however, share of used car is
anticipated to increase in the next 5 years on account of growing inclination
of consumers towards used cars owing to their affordability and improved
mileage. Based on the type, third party insurance is the dominant segment due
to low cost. But, it does not cover any damage done to one’s own vehicle.
Comprehensive insurance goes beyond liability coverage. It covers the damage
done to other vehicles and to one’s own vehicle from traffic accidents &
natural disasters.
Some of the companies operating in
India car insurance market 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,
Future Generali India Insurance, among others. Insurers are now concentrating
on offering various add on insurance based on requirement and ensuring
hassle-free claims so as to increase their market share.
Years
considered for this report:
Historical Years: 2015-2018
Base Year: 2019
Estimated Year: 2020
Forecast Period: 2021–2025
Objective of the
Study:
- To analyze and forecast the market size of India
car insurance market.
- To classify and forecast India car insurance
market based on vehicle type, type, source, premium type and regional
distribution.
- To identify drivers and challenges for India car
insurance market.
- To examine competitive developments such as
expansions, new product launches, mergers & acquisitions, etc., in India
car insurance market.
- To identify and analyze the profile of leading
players operating in India car insurance market.
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TechSci Research performed both primary as well as
exhaustive secondary research for this study. Initially, TechSci Research
sourced a list of service providers across the country. Subsequently, TechSci
Research conducted primary research surveys with the identified companies.
While interviewing, the respondents were also enquired about their competitors.
Through this technique, TechSci Research could include the service providers which
could not be identified due to the limitations of secondary research. TechSci
Research analyzed the service providers, distribution channels and presence of all
major service providers across the country.
TechSci Research calculated the market size of India car insurance market by using a bottom-up approach, where data for various end-user
segments was recorded and forecast for the future years. TechSci Research
sourced these values from the industry experts and company representatives and
externally validated through analyzing historical data of these product types
and applications for getting an appropriate, overall market size. Various
secondary sources such as company websites, news articles, press releases,
company annual reports, investor presentations and financial reports were also studied
by TechSci Research.
Key Target Audience:
- Car insurance companies and
other stakeholders
- Research organizations and
consulting companies
- Government bodies such as
regulating authorities and policy makers
- Organizations, forums and
alliances related to car insurance market
The study is useful in providing answers
to several critical questions that are important for the industry stakeholders
such as service providers and partners, end users, etc.,
besides allowing them in strategizing investments and capitalizing on market opportunities.
Report Scope:
In this report, India car insurance market has
been segmented into following categories, in addition to the industry trends
which have also been detailed below:
- India Car Insurance Market, By Vehicle Type:
- India Car Insurance Market, By Type:
- Third party Insurance
- Comprehensive Insurance
- India Car Insurance Market, By Source:
- Insurance Broker/Agency
- Online
- India Car Insurance Market, By Premium Type:
- Personal Insurance Premium
- Commercial Insurance Premium
- India Car Insurance Market, By Region:
Competitive Landscape
Company Profiles: Detailed analysis of the
major companies present in India car insurance market.
Available
Customizations:
With the given market data, TechSci
Research offers customizations according to a company’s specific needs. The
following customization options are available for the report:
Company Information
- Detailed analysis and
profiling of additional market players (up to five).
India Car Insurance is an
upcoming report to be released soon. If you wish an early delivery of this
report or want to confirm the date of release, please contact us at [email protected]