The insurance industry has experienced significant growth driven by evolving demographics, a thriving economy, and favorable regulatory decisions. This impact is particularly evident in the Motor Gross Written Premium (GWP), which has seen substantial growth over the past few years.
Shashi Kant Dahuja, Executive Director and Chief Underwriting Officer of Shriram General Insurance, shares: "According to the General Insurance Council report for FY23-24, the industry grew by 12.77. Shriram General Insurance registered a growth of 34% in the motor line. As our major portfolio consists of the motor category, the growth registered in FY2324 in this segment is 33%. We recorded a 27% growth in FY21-22, 28% in FY2223, and 33% in FY23-24. It is noteworthy that from FY21-22 to FY23-24, SGI in the motor segment grew by 70%, writing over 4.4 million policies in 2023-24."
Vikas Mittal, Deputy CEO of Magma HDI General Insurance, shares: "At Magma HDI, our GWP within the motor line of business has grown by 25.5% over the past 3 years. This increase underscores our commitment to excellence and our ability to effectively meet the evolving needs of our customers."
CUSTOMER SEGMENTS
In FY24, overall motor industry sales registered a growth of 12.5%. Sales of private cars registered a growth of 8.4%, while commercial vehicles registered a 14.4% growth, followed by 2-wheelers at 13.3%.
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