In India, as per the IRDA business data, Motor Insurance GPW is at Rs.59,246 crores for 2017-18, which represents 70% of the Retail lines of business overall. But as a % of the overall General Insurance premium, the Motor premium represents around 39% in terms of GPW. This premium is for both Own Damage and Third Party premium.
The overall insurance premium for this segment has been growing at between 17-20% for the past 2 years and will continue to maintain this momentum in the future years, given that Long Term policies have been approved recently by IRDA. As per a recent global study, the Motor Insurance premium is likely to double to around Rs.115,000 crores by 2025. Motor TP premium constitutes 56% of the overall Motor Insurance GPW and Own Damage Premium 44%.