Press Release

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.

 

Browse over XX market data Figures spread through XX pages and an in-depth TOC on "India Two Wheeler Insurance Market


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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