Market Share Of Non Life Insurance Companies In India 2019
Lic is the only public sector insurance.
Market share of non life insurance companies in india 2019. Gross premiums in india reached 94 48 bn in fy 18. Investments and recent developments. In the life insurance sector private companies had a market share of 33 74 in fy 19 as of jan 19. The market share of private insurance companies were 2 00 in 2003 but has grown to 33 76 in terms of premium on the financial year 2019.
Increasing private sector contribution. Market share of non life insurers india fy 2016 2019 by type of insurer private sector motor insurance market share india fy 2008 2019 non life insurance investments in india fy 2017 2019 by sector. Combined insurance penetration of life and non life is 3 69 as of 2017. Jun 12 2019 16 48 pm ist.
The overall market for insurance is expected to be 280 bn by 2020. A strong growth has been seen in india s non life insurance segment over the last few years. In life insurance segment private players had a market share of 31 3 per cent in new business in fy20. New india assurance the country s biggest general insurance company continued its dominant position with a market share of 14 06 while in the private sector icici lombard remained on the top.
The health insurance industry in india is the fastest growing segment in the non life insurance sector. It has been the fastest growing market segment registering a cagr of 23 for the past 10 years. The market share of private sector companies in the non life insurance market rose from 15 per cent in fy04 to 56 per cent in fy21 till april 2020. The market witnessed a robust double digit growth of 24 in fy 17 with a market share of 24 in the entire non life insurance sector.
Online insurance is gaining traction among the consumers due to internet penetration and mobile phone usage. Of this number the split between life insurance and non life insurance was as follows. Furthermore rising internet penetration has improved awareness and accessibility thereby accelerating demand for insurance. The report covers major players operating in the online insurance market in india.
The market share of private companies is also increasing reaching 50 40 from 13 12 in 15 years. As of now there are 35 general insurance companies and 24 life insurance companies operational in india.
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