From 2013 to 2023, the underwritten premium income for motor insurance in India showed an overall upward trend, standing at 569.5 Billion Indian Rupees by 2023. Notably, there were fluctuations, such as a decline in 2018 and 2020, with years like 2017 and 2022 experiencing significant growth. The year-on-year growth rate varied, with peaks like 18.79% in 2017 and a minor 2.65% increase in 2023. The Compound Annual Growth Rate (CAGR) diminished over time, resting at 2.93% by 2023. Future forecasts indicate gradual growth, with a 2.01% forecasted 5-year CAGR and an expected 10.45% growth by 2028.
Future trends to watch include regulatory changes, advancements in vehicle technology, the rise of electric vehicles, and increasing adoption of telematics, which could significantly influence the motor insurance landscape in India.
