Maharashtra has the highest share - over 16 per cent -- in the motor insurance premium (own damage category) of about Rs 17,098 crore (Rs 170.98 billion) collected as of 2012-13 in the country, whereas Gujarat tops in terms of annual growth rate, an Assocham study said.
"Maharashtra has the highest share of over 16 per cent in total motor insurance premium (own damage) worth about Rs 17,098 crore collected as of 2012-13.
"However, Gujarat has ranked top clocking compounded annual growth rate (CAGR) of over 123 per cent in terms of gross direct premium in motor insurance (own damage category) collected by the states during 2009-10 and 2012-13," according to the study.
The motor insurance premium collection more than doubled in Gujarat in three years, going up to around Rs 1,379 crore (Rs 13.79 billion) in 2012-13 from around Rs 618 crore (Rs 6.18 billion) in 2009-10.
Tamil Nadu has the second highest share -- over 8 per cent -- in premium collected, followed by Gujarat (8 per cent), Karnataka (7.7 per cent) and Uttar Pradesh (6.9 per cent).
With a CAGR of about 104 per cent, Bihar is ranked second in growth, followed by Madhya Pradesh (98 per cent), Maharashtra (96 per cent) and Himachal Pradesh (94 per cent).
The gross direct motor insurance (own damage) premium collection increased at a CAGR of about 83 per cent, from Rs 9,345 crore (Rs 93.45 billion) in 2009-10 to about Rs 17,098 crore (Rs 170.98 billion) as of 2012-13.
"The motor insurance segment in the country is poised to grow in tandem with the growth in automobile industry as newer and faster models are hitting Indian roads along with better and larger road surface as a result of infrastructure development," Assocham national secretary general D S Rawat said.
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