India Two Wheeler Insurance Market By Vehicle Type (New Two Wheeler & Used Two Wheeler), By Type (Third Party Insurance & Comprehensive Insurance), By Source (Insurance Broker/Agency & Online), By Premium Type (Personal Insurance Premium & Commercial Insurance Premium), Competition, Forecast & Opportunities, 2024

India two wheeler insurance market is anticipated to grow at a double-digit CAGR during the forecast period on account of growing incidents of road accidents due to rise in road traffic and increasing sales of two wheelers. Generally, two wheeler insurance is valid for one year, which needs renewal by the due date. Renewal of insurance post that involves inspection of the vehicle by the insurer. Also, if the insurance is not renewed in 90 days, customer might lose claim to no claim bonus. Every two wheeler based on the motor vehicle act need be insured for at least third party liability cover, which is driving the two wheeler insurance market in the country.

India two wheeler insurance market can be segmented based on vehicle type, type, source, premium type and region. Based on the type, third party insurance is the dominant segment due to its low cost when compared with its counterpart. On the basis of premium type, the market can be bifurcated into personal insurance premium and commercial insurance premium. With the emergence of bike taxi and food delivery apps, the share of commercial insurance premium is anticipated to grow during the forecast period.

Some of the companies operating in India two wheeler 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. Insurance firms are offering benefits such as discounts on premium when the driving record is clean, add-ons on insurance based on risk factor and discount based on age in order to register positive growth in the market.

Years considered for this report:

Historical Years: 2014-2017

Base Year: 2018

Estimated Year: 2019

Forecast Period: 2020–2024

Objective of the Study:

• To analyze and forecast the market size of India two wheeler insurance market.
• To classify and forecast India two wheeler insurance market based on vehicle type, type, source, premium type and regional distribution.
• To identify drivers and challenges for India two wheeler insurance market.
• To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in India two wheeler insurance market.
• To identify and analyze the profile of leading players operating in India two wheeler 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 two wheeler 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:

• Two wheeler 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 two wheeler 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 two wheeler insurance market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

• Market, By Vehicle Type:
• New Two Wheeler
• Used Two Wheeler
• Market, By Type:
• Third Party Insurance
• Comprehensive Insurance
• Market, By Source:
• Insurance Broker/Agency
• Online
• Market, By Premium Type:
• Personal Insurance Premium
• Commercial Insurance Premium
• Market, By Region:
• North Region
• South Region
• East Region
• West Region

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in India two wheeler 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).