Motor OD premium has increased by 16.4% as compared to previous year.
Chart 4.3.1GDPI - Motor Own Damage Insurance
Table 4.3.1Motor OD
| 2023-24 | Value |
| No. Of Policies | 10,65,32,858 |
| GDPI (in Cr) | 37,324 |
| No. Of Claims Reported | 1,04,23,286 |
| No. Of Paid Claims | 94,99,832 |
| Amt of Paid Claims(in Cr) | 27,302 |
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
Gross Incurred Claims Ratio which was 82.7% in 2022-23 has declined to 75.5% in 2023-24. Net Incurred Claim ratio which was below 70% in FY 2017-18 is now 83.9% in 2023-24. However, there is an improvement considering the ratio was 88.7% in the previous year.
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 4.3.4 to 4.3.5 – the following information is derived for FY 2023-24.
- The Motor 2W segment accounts for only 1.0% of the total Own Damage (OD) premium.
- The Motor private 4W segment contributes 15.3% of the Motor OD premium .
- The Motor commercial vehicle segment (covering both passenger and goods carriers) makes up around 73.5% of the total OD premium.