The Motor OD premium has grown at a CAGR of 4.62% over the period 2012-13 to 2021-22.
Chart 4.3.1GDPI - Motor Own Damage Insurance
Table 4.3.1Motor OD
| 2021-22 | Value |
| No. Of Policies | 87,163,832 |
| Premium (in Cr) | 27,173 |
| No. Of Claims Reported | 8,589,853 |
| No. Of Paid Claims | 7,829,481 |
| Amt of Paid Claims(in Cr) | 20,758 |
Source: Source: Council Compilation as per source
data submitted by companies
Both the Gross Incurred Claims Ratio and Net Incurred Claims Ratio for Motor Own Damage increased in 2021-22. Gross Incurred Claims increased by approximately 12% as compared to 2020-21. Net Incurred Claim ratio which was below 70% in FY 2017-18 has since seen a rising trend and now it is 80.32% in 2021-22. Data from the year 2017-18 shows that OD premium rates have remained flat.
Chart 4.3.2Gross & Net Incurred Claims Ratio - Motor Own Damage
Source: Council Compilation as per source
data submitted by companies
Chart 4.3.3Rural vs Urban Premium - Motor OD
Source: Council Compilation as per source
data submitted by companies
Chart 4.3.4GDPI Breakup on Categories - Motor OD
Chart 4.3.5Policies Breakup on Categories - Motor OD
Source: Council Compilation as per source
data submitted by companies
Chart 4.3.6Share of Incurred Claims - Motor OD (Amount)
Chart 4.3.7Share of Incurred Claims - Motor OD (Number)
Source: Council Compilation as per source
data submitted by companies
Chart 4.3.4 to 4.3.7 – the following information is derived for FY 2021-22.
Motor 2W segment contributes only 2% of the total OD premium. However, its share of incurred claims (amounts) in OD is roughly 34.8%.
Motor private 4W segment contributes 20.2% of the Motor OD premium. However, it’s share of overall incurred claims pertaining to OD is 46.7%.
Motor commercial vehicle segment (passenger & Goods carrying) contributes about 67.2% of the total OD premium. However, its share of incurred claims is 11.8%.
As told earlier, Motor OD premium has been flat since 2017-18.