SBI General Insurance has emerged as the top performer in the motor insurance category. The company, which has partnered with 21 original equipment manufacturers (OEMs) for motor insurance, reported a moderate increase in the segment in the financial year 2024. Notably, it settled 2,70,716 motor own damage claims, with over 7,148 claims for four-wheeler private cars being resolved through its “fast lane method,” which allows for spot settlement of minor damages.
According to Naveen Chandra Jha, Managing Director and CEO of SBI General Insurance, both health insurance and motor insurance are under-penetrated markets that offer opportunities for growth. The company’s strong performance in the motor insurance category can be attributed to its strategic partnerships with OEMs and its efficient claims settlement process.
The New India Assurance and ICICI Lombard General Insurance have been jointly ranked second in the motor insurance category. Girija Subramanian, Managing Director and Chairman of The New India Assurance, attributes the company’s strong performance to its long-standing presence across the country, particularly in Tier I-IV towns. The company’s extensive network of agents and intermediaries, including brokers, motor insurance service providers, web aggregators, and insurance marketing firms, has played a crucial role in generating large volumes of business.
However, Subramanian notes that the automobile industry has experienced muted growth in the financial year 2025, with a decline in sales of private cars and commercial vehicles. This has had a negative impact on the company’s business figures, which have only recently started to pick up during the festival season. Despite this, the company remains optimistic about achieving double-digit growth in the motor insurance business by the end of the year. The New India Assurance works with 2,500 garages for cashless claims, which has helped to streamline its claims settlement process and improve customer satisfaction. Overall, the motor insurance category is expected to continue growing, driven by increasing demand for vehicle insurance and the introduction of new products and services by insurers.