Private insurers have 70 per cent of India's motor insurance market: study
06 Feb 2012
Private insurers provide nearly 70 per cent of the motor insurance cover in India and almost 90 per cent of the insurance shoppers are looking for comprehensive policies, according to a study.
About 56 per cent of the total motor insurance demand is for comprehensive renewal, making it the most popular product, according to a study by online insurance aggregator InsuringIndia.com.
Top five states, which account for 30 per cent of the nation's population make up for almost 60 per cent of the term life insurance market in India and the average national term insurance cover across all five regions is Rs46 lakh, according to the study.
There is no great difference in term insurance demand between town and big cities and is equally distributed. The average term insurance seeker starts at 31 years and one out of every two insurance shoppers is aged between 30 and 39 years, the study says.
The maximum number of online term insurance shoppers (9 out of 10) spans the 20 to 49 years age group and every alternate customer is looking for a policy period of 25 years or more, the study found.
Females are highly underinsured with only 4 per cent of the total term insurance sample while 10 per cent of online term insurance shoppers are smokers.