Motor OD premium has increased by 18% as compared to previous year.
Chart 4.3.1GDPI - Motor Own Damage Insurance
Table 4.3.1Motor OD
| 2022-23 | Value |
| No. Of Policies | 10,03,32,643 |
| GDPI (in Cr) | 32,072 |
| No. Of Claims Reported | 1,02,59,064 |
| No. Of Paid Claims | 94,71,487 |
| Amt of Paid Claims(in Cr) | 25,572 |
Source: Council Compilation as per source
data submitted by companies
Chart 4.3.1aChannelwise GDPI - Motor OD
Source: Council Compilation as per source
data submitted by companies
Net Incurred Claims Ratio for Motor Own damage has increased in 2022-23 whereas, Gross Incurred Claims has decreased slightly by approximately 0.5% as compared to 2021-22. Net Incurred Claim ratio which was below 70% in FY 2017-18 and since then a rising trend is observed and now it is 88.67% in 2022-23.
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 2022-23.
- Motor 2W segment contributes only 2.40% of the total OD premium. However, it‘s share of incurred claims (amounts) in OD is roughly 8.20%.
- Motor private 4W segment contributes 14.40% of the Motor OD premium. However, it’s share of overall incurred claims pertaining to OD is 64.70%.
- Motor commercial vehicle segment (passenger and goods carrying) contributes about 70.2% of the total OD premium. However, its share of incurred claims is 22.50%.