Market Share Of Non Life Insurance Companies In India

The general insurance company cholamandalam held a market share of approximately 2 72 percent in india s non life insurance sector. Lic is the only public sector insurance. The report covers major players operating in the online insurance market in india.

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Of this number the split between life insurance and non life insurance was as follows.

Market share of non life insurance companies in india. Although in the past few years private players have started gaining market share in terms of premium collected from 38 in fy 2015 to 49 in fy 2016. Investments and recent developments. Currently 24 life insurance companies and 30 non life insurance companies have been aggressive enough to rule the insurance sector in india. Gross premiums in india reached 94 48 bn in fy 18.

Online insurance is gaining traction among the consumers due to internet penetration and mobile phone usage. Combined insurance penetration of life and non life is 3 69 as of 2017. The insurance giant s share in the overall pie now stands at 72 percent in a market where several state run life insurers are increasingly outdoing their private competitors in getting new. The life insurance corporation of india held approximately 66 percent of the market share of the sector s total insurance premiums in financial year 2019.

But there are yet many more insurers who are awaiting for irdai approvals to start both life insurance and non life insurance sectors in india. In the life insurance sector private companies had a market share of 33 74 in fy 19 as of jan 19. The present of insurance sector in india. Increasing private sector contribution.

Life insurance corporation of india lic commands the leadership position in the indian insurance market with 51 market share on the basis of individual new business premium. 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 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. State run insurance giants life insurance corporation lic has further increased its dominance in india s life insurance market with a six percent jump market share between april to september.

As of now there are 35 general insurance companies and 24 life insurance companies operational in india. 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. In life insurance segment private players had a market share of 31 3 per cent in new business in fy20. The overall market for insurance is expected to be 280 bn by 2020.