Third party premiums lead motor insurance growth as rates stay frozen since the pandemic

Published on 3 May 2026

TP premium growth outpaced own-damage despite no rate hike

Third party (TP) premiums are now driving motor insurance expansion. In FY26, TP premiums grew 9.3% versus 9% for own-damage (OD), lifting overall motor coverage by about 9% on an estimated ₹1.08 lakh crore base. The shift reverses FY24’s pattern, and is happening even though regulated TP premium rates have not increased since the pandemic.

TP premiums grew 9.3% in FY26, edging ahead of OD at 9%
Overall motor insurance expansion is around 9% on ₹1.08 lakh crore
Earlier years favored OD growth more strongly, especially in FY24
TP growth is accelerating despite no regulated rate increases since the pandemic

#third party premiums #motor insurance #india insurance #regulatory rates #own damage

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Third party premiums lead motor insurance growth as rates stay frozen since the pandemic

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