The unprecedented growth of the automobile market in India over the last decade has increased the need for automobile insurance. However, the processes that govern these products have not yet changed. This article looks at some of the key issues facing the automobile insurance industry and the challenges ahead.

The automobile, or more commonly referred to as the motor insurance industry in India forms an important aspect of general (non-life) insurance market; especially in the retail segment. While fire and marine insurance forms the largest chunk of the general insurance market in India, these are primarily the preserve of commercial establishments. The products available in the general insurance market in the retail segment in India are.

This has ensured that the automobile insurance market in India has been existent for a long time. Further with a significant revolution happening in the automobile market in India, the accompanying insurance market (the automobile insurance market) is also highly vibrant and ever- increasing. The market, like other insurance markets in India, has been detariffed and thus different players (insurers) can come up with different products and not be bound by the tariff rules laid down by the Tariff Advisory Commission (TAC).

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