India Car Insurance Market Introduction
Over the years, continuous technologies advancements in are made the car insurance industry accessible and transparent, soon, they are anticipated to make car insurance desirable among car owners. In India, it is high time that car insurance premiums are not solely based on the car model and its specifications. Nowadays, premiums are determined based on driver’s, driving records and other such factors. Recently, the government of India has enacted legal mandates that demand the purchase of third-party liability insurance policy. This is compelling car owners in the country to opt for car insurance. In addition, availability of alluring discount and innovative offers are influencing car owners to look at car insurance in a holistic manner. Prominent players in the market are focused towards expanding their digital presence via the launch of web portals and mobile apps. This has helped the car insurance providers to optimize the operational costs, curtailed the role of traditional agents, and offer smooth aftermarket services.
Introduction of government mandates and laws to insure car for third-party risks and expected increase in car sales in the country over the forecast period is projected to expand the India car insurance market size at a significant rate. Further, increasing awareness among end users is anticipated to have an positive impact on the India car insurance market growth and is projected to create considerable revenue opportunities for prominent players offering car insurance during the forecast period.
The India car insurance market is segmented based on type, end users, channels, and region.
By type, the car insurance market is analyzed across liability, collision, and comprehensive segments. based on end users, car insurance market is segmented into commercial sector and individuals. Based on channels, the market is bifurcated into independent intermediaries/ brokers (national brokers, chain brokers and telebrokers, and others), company agents, utilities, retailers and affinity groups, banks, and others. Based on region, the car insurance market is analyzed across six major geographies such as North America, Latin America, Western Europe, Eastern Europe, Asia Pacific, and Middle East and Africa.
India Car Insurance Market Competitive Landscape
In the last decade, the India car insurance market has witnessed tremendous growth which has led to intense competition with a positive and healthy outcome. Prominent players analyzed in the India car insurance industry are Bajaj Allianz General Insurance Co. Ltd., Tata AIG General Insurance Co. Ltd., The Oriental Insurance Co. Ltd., The New India Assurance Co. Ltd., HDFC ERGO General Insurance Co. Ltd., SBI General Insurance Company Limited, National Insurance, L&T Insurance, Oriental Insurance, Reliance Insurance, and United India Insurance among others.
This research report on India car insurance market would be produced using first-hand market information gathered from industry experts and major participants across the value chain, during primary research. It would provide broad view of current market trends, growth factors and competitive analysis.