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Motor Insurance Growth Report: Analyzing half year growth report

As we approach the end of September 2023, the motor insurance landscape in India is marked by resilience and growth. A meticulous analysis of Year-To-Date (YTD) performance reveals intriguing trends, market shares, and growth rates within the non-life insurance sector, particularly in the motor insurance segment.






1. Impressive Underwriting Figures:

The non-life insurance industry has underwritten a substantial GDP of Rs 40,838 Cr under the motor segment YTD September 2023, reflecting a commendable growth rate of 17.08%. This growth, although slightly lower than the previous year's 18.88%, underscores the consistent demand for motor insurance in the Indian market.


2. Diverse Insurer Landscape:

A total of 24 insurers actively participated in underwriting motor insurance business YTD September 2023. However, it's noteworthy that 4 insurers recorded negative growth rates under the Motor Own Damage segment, and 6 insurers reported negative growth rates under the Motor Third Party segment.


3. Contribution to Non-Life Insurers' GDP:

The motor segment has contributed significantly to the overall performance of non-life insurers, representing 28.40% of the total GDP YTD September 2023. This reflects a slight increase from 27.86% during the same period in 2022. Further breakdown reveals Motor Own Damage contributing 11.67% and Motor Third Party contributing 16.72% to the total non-life insurers' GDP in 2023.


4. Market Share Leaders:

Under the broader motor segment, New India emerges as the largest insurer with a market share of 10.89%, closely followed by ICICI (9.83%) and Tata AIG (8.62%). Collectively, these top three insurers command a market share of 29.33% with a growth rate of 15.65%.





5. Segment-wise Market Leaders:

  • In the Motor Own Damage segment, ICICI takes the lead with a market share of 11.80%, followed by New India (10.31%) and Tata AIG (9.22%). Together, they hold a combined market share of 31.33% with a growth rate of 20.93%.

  • For the Motor Third Party segment, New India leads with a market share of 11.29%, trailed by United (8.85%) and ICICI (8.45%). These top three insurers command a combined market share of 28.59% with a growth rate of 7.72%.

6. Dominance of Key Players:

Ten insurers boast a market share of more than 5% of the total Motor GDP YTD September 2023, collectively holding an impressive 72.08% market share with a growth rate of 38.70%.


7. PSU General Insurers:

Under the motor segment, PSU General Insurers maintain a combined market share of 28.71% YTD September 2023, with a growth rate of 15.64%. This represents a slight decrease from 29.06% market share in 2022, accompanied by a growth rate of 6.32%.

  • In the Motor Own Damage segment, PSU General Insurers collectively hold a market share of 23.68% in 2023, with a growth rate of 26.98%. This is an improvement from 22.52% market share in 2022, with a growth rate of 11.41%.

  • For the Motor Third Party segment, PSU General Insurers maintain a combined market share of 32.22% in 2023, with a growth rate of 10.58%. This is a marginal decrease from 33.40% market share in 2022, with a growth rate of 4.20%.

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