Market Share Of Private Life Insurance Companies In India
Life insurance companies in india did you know that there were around 245 life insurance companies in india in january 1956.
Market share of private 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. Of these life insurance corporation of india lic is the only public sector insurance company. 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 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 1938 the government of india introduced the insurance act which is mainly to protect. 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. Life insurance business was started in india in 1818 with the establishment of oriental life insurance company in kolkata. Combined insurance penetration of life and non life is 3 69 as of 2017.
The market share of private insurers increased to 30 64 in 2017 18 from 28 19 in. The following are some of the major investments and. In the life insurance sector private companies had a market share of 33 74 in fy 19 as of jan 19. In the non life insurance sector private companies had a market share of 54 68 in fy 19 as of jan 19.
Life insurance corporation s market share falls below 70 1 min read. Investments and recent developments. All others are private insurance companies. After that many companies started operations in india.
In life insurance segment private players had a market share of 31 3 per cent in new business in fy20. Gross premiums in india reached 94 48 bn in fy. The overall market for insurance is expected to be 280 bn by 2020. Increasing private sector contribution.
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. Many of these are joint ventures between public private sector banks and national international insurance financial companies. Lic is the only public sector insurance. Other public sector companies like the national insurance united india insurance oriental insurance and new india assurance provided non life insurance or say general insurance in india.
However with the introduction of new private sector companies the insurance sector in india gained a momentum in the year 2000. 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.
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