Market Share Of Non Life Insurance Companies In India
Combined insurance penetration of life and non life is 3 69 as of 2017.
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. In life insurance segment private players had a market share of 31 3 per cent in new business in fy20. Online insurance is gaining traction among the consumers due to internet penetration and mobile phone usage. 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.
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. 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. 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. 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.
In the life insurance sector private companies had a market share of 33 74 in fy 19 as of jan 19. Gross premiums in india reached 94 48 bn in fy 18. As of now there are 35 general insurance companies and 24 life insurance companies operational in india. Increasing private sector contribution.
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. The overall market for insurance is expected to be 280 bn by 2020. Lic is the only public sector insurance. Currently 24 life insurance companies and 30 non life insurance companies have been aggressive enough to rule the insurance sector in india.
The present of insurance sector in india. 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. 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 report covers major players operating in the online insurance market in india.
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